<SEC-DOCUMENT>0001144204-17-022025.txt : 20170425
<SEC-HEADER>0001144204-17-022025.hdr.sgml : 20170425
<ACCEPTANCE-DATETIME>20170425170251
ACCESSION NUMBER:		0001144204-17-022025
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		135
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170425
DATE AS OF CHANGE:		20170425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tarena International, Inc.
		CENTRAL INDEX KEY:			0001592560
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36363
		FILM NUMBER:		17781763

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 100017, BUILDING E, ZHONGKUN PLAZA
		STREET 2:		A18 BEI SAN HUAN WEST ROAD
		CITY:			HAIDIAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100098
		BUSINESS PHONE:		86 10 6213-5687

	MAIL ADDRESS:	
		STREET 1:		SUITE 100017, BUILDING E, ZHONGKUN PLAZA
		STREET 2:		A18 BEI SAN HUAN WEST ROAD
		CITY:			HAIDIAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100098
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>v461874_20f.htm
<DESCRIPTION>20-F
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM 20-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(Mark One)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%; text-align: left; font-size: 10pt"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 95%; text-align: left; font-size: 10pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>For the fiscal year ended December 31,
2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 95%; text-align: left; font-size: 10pt"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 95%; text-align: left; font-size: 10pt"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission file number: 001-36363</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"></FONT>Tarena
International, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">N/A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of Registrant&rsquo;s
name into English)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Cayman Islands<BR>
(Jurisdiction of incorporation or organization)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Suite 10017, Building E, Zhongkun Plaza,
A18 Bei San Huan West Road, Haidian District<BR>
Beijing 100098, People&rsquo;s Republic of China<BR>
(Address of principal executive offices)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1/F, Block A, Training Building, 65
Kejiyuan Road, Baiyang Jie Dao, Economic Development District,<BR>
Hangzhou 310000, People&rsquo;s Republic of China<BR>
(Address of principal executive offices)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Yuduo Yang, Chief Financial Officer<BR>
E-mail: yangyd@tedu.cn<BR>
Suite 10017, Building E, Zhongkun Plaza, A18 Bei San Huan West Road, Haidian District<BR>
Beijing 100098, People&rsquo;s Republic of China<BR>
Telephone: +86 10-6213 8109<BR>
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Title
        of each class</B></P></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name
        of each exchange on which registered</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>American Depositary Shares, each</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>The NASDAQ Stock Market LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>representing one Class A ordinary share,</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>(The NASDAQ Global Select Market)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>par value US$0.001 per share</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Class A ordinary shares,</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>The NASDAQ Stock Market LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>par value US$0.001 per share</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>(The NASDAQ Global Select Market)*</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<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">*</TD><TD STYLE="text-align: justify">Not for trading, but only in connection with the listing on The NASDAQ Global Select Market of
American depositary shares, each representing one Class A ordinary share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None<BR>
(Title of Class)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None<BR>
(Title of Class)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares
of each of the issuer&rsquo;s classes of capital or common stock as of the close of the period covered by the annual report. As
of December 31, 2016, there were 56,055,497 ordinary shares outstanding, par value $0.001 per share, being the sum of 47,160,248
Class A ordinary shares and 8,895,249 Class B ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.<BR>
<FONT STYLE="font-family: Wingdings">&uml;</FONT> Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. <FONT STYLE="font-family: Wingdings">&uml;</FONT> Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. <FONT STYLE="font-family: Wingdings">x</FONT> Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>
No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).<BR>
<FONT STYLE="font-family: Wingdings">x</FONT> Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 definition of
&ldquo;accelerated filer,&rdquo; &ldquo;large accelerated filer&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 50%">Accelerated filer <FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&dagger; provided pursuant to Section 13(a)
of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&dagger; The term &ldquo;new or revised
financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has been to prepare the financial statements included in this filing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify">U.S. GAAP</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 67%; text-align: center">International Financial Reporting Standards as issued by<BR>
the International Accounting Standards Board <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">Other</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &ldquo;other&rdquo; has been checked
in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
<FONT STYLE="font-family: Wingdings">&uml;</FONT> Item 17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> Item 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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). <FONT STYLE="font-family: Wingdings">&uml;</FONT>
Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="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 COLSPAN="3"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTION</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#a_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART I.</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</FONT></TD>
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</FONT></TD>
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</FONT></TD>
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</FONT></TD>
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION ON THE COMPANY</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.A.</FONT></TD>
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">74</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</FONT></TD>
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">75</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</FONT></TD>
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">93</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</FONT></TD>
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</FONT></TD>
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">106</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9.</FONT></TD>
    <TD><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">107</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</FONT></TD>
    <TD><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11.</FONT></TD>
    <TD><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">118</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12.</FONT></TD>
    <TD><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">119</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#a_017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART II.</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13.</FONT></TD>
    <TD><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14.</FONT></TD>
    <TD><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15.</FONT></TD>
    <TD><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.A.</FONT></TD>
    <TD><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.B.</FONT></TD>
    <TD><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.C.</FONT></TD>
    <TD><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.D.</FONT></TD>
    <TD><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.E.</FONT></TD>
    <TD><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.F.</FONT></TD>
    <TD><A HREF="#a_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.G.</FONT></TD>
    <TD><A HREF="#a_027"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.H.</FONT></TD>
    <TD><A HREF="#a_028"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#a_029"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART III.</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">125</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17.</FONT></TD>
    <TD><A HREF="#a_030"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">125</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18.</FONT></TD>
    <TD><A HREF="#a_031"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">125</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19.</FONT></TD>
    <TD><A HREF="#a_032"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">125</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>INTRODUCTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this annual report, except where the
context otherwise requires and for purposes of this annual report only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company,&rdquo; &ldquo;our&rdquo; and &ldquo;Tarena&rdquo;
refer to Tarena International, Inc., a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations,
risk factors and financial results, also include our variable interest entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;China&rdquo; or &ldquo;PRC&rdquo; refers to the People&rsquo;s Republic of China, excluding,
for the purpose of this annual report only, Taiwan, Hong Kong and Macau;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;shares&rdquo; or &ldquo;ordinary shares&rdquo; refers to our ordinary shares, par value
US$0.001 per share, which include both Class A ordinary shares and Class B ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;ADSs&rdquo; refers to our American depositary shares, each of which represents one Class
A ordinary share; the ADSs are evidenced by American depositary receipts, or &ldquo;ADRs&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;IT&rdquo; refers to information technology;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;variable interest entity,&rdquo; or &ldquo;VIE,&rdquo; refers to Beijing Tarena Jinqiao
Technology Co., Ltd., which is a domestic PRC company in which we do not have any equity interests but whose financial results
have been consolidated into our consolidated financial statements in accordance with U.S. GAAP because we have effective financial
control over, and Tarena International, Inc. is the primary beneficiary of such company. As the context may require, &ldquo;variable
interest entities&rdquo; or &ldquo;VIEs&rdquo; may also include Shanghai Tarena Software Technology Co., Ltd., which used to a
variable interest entity consolidated by our Group but was wound up in December 2016; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all references to &ldquo;RMB&rdquo; or &ldquo;Renminbi&rdquo; refer to the legal currency of China;
all references to &ldquo;US$,&rdquo; &ldquo;dollars&rdquo; and &ldquo;U.S. dollars&rdquo; refer to the legal currency of the United
States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>FORWARD-LOOKING
INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This annual report on Form 20-F contains
forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking
statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from those expressed or implied by the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can identify these forward-looking
statements by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;likely to&rdquo; 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, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our goals and growth strategies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding demand for and market acceptance of our courses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to retain and increase our student enrollments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain and increase the utilization rate of our learning centers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to offer new courses in existing and new subject areas;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to replicate the success and growth of our adult education services to the kid education
market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain and increase the tuition fees of our courses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to deepen and expand our corporate employer relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain our relationships with universities and colleges;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our future business development, results of operations and financial condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the expected growth of, and trends in, the markets for our services in China;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">relevant government policies and regulations relating to our corporate structure, business and
industry; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions underlying or related to any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read thoroughly this annual
report and the documents that we refer to in this annual report with the understanding that our actual future results may be materially
different from and worse than what we expect. Other sections of this annual report include additional factors which could adversely
impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties
emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess
the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results
to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by
these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not rely upon forward-looking
statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>PART
I.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_004"></A>ITEM 1.</TD><TD STYLE="text-align: justify"> IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_005"></A>ITEM 2. </TD><TD STYLE="text-align: justify">OFFER STATISTICS AND EXPECTED TIMETABLE</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_006"></A>ITEM 3.</TD><TD STYLE="text-align: justify"> KEY INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Selected Financial Data</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Selected Consolidated
Financial Data</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following selected consolidated statements
of comprehensive income data (other than ADS data) for the years ended December 31, 2014, 2015 and 2016 and the selected consolidated
balance sheet data as of December 31, 2015 and 2016 have been derived from our audited consolidated financial statements included
elsewhere in this annual report. The following selected consolidated statements of comprehensive income data (other than ADS data)
for the years ended December 31, 2012 and 2013 and the selected consolidated balance sheet data as of December 31, 2012, 2013 and
2014 have been derived from our audited consolidated financial statements which are not included in this annual report. Our historical
results for any period are not necessarily indicative of results to be expected for any future period. 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 related notes and &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo; below. Our audited
consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the
United States, or U.S. GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands, except for share, per share and per ADS data)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</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">Selected Consolidated Statements of Comprehensive Income Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">358,667</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">575,170</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">836,941</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,178,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,579,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Cost of revenues<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112,120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(180,097</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240,084</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(333,559</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(449,104</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">596,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">844,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,130,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Selling and marketing expenses<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106,522</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(187,430</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(261,489</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(384,954</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(527,553</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">General and administrative expenses<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,800</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100,518</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(251,298</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,519</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-left: 9pt"><FONT STYLE="font-size: 10pt">Research and development expenses<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,515</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(65,594</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,537</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,834</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,974</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss on foreign currency forward contract</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,898</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: 9pt">Foreign currency exchange gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,499</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,630</TD><TD STYLE="text-align: left">&nbsp;</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 income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Net income (loss) attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106,558</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183,590</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash dividend declared per share<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Weighted average number of class A and class B ordinary shares outstanding<SUP>(3)</SUP>:</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,851,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,930,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,223,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,767,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,540,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,851,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,930,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,770,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,750,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,005,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Earnings per Class A ordinary share, and per Class B ordinary share<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Earnings per ADS<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(1)</TD><TD STYLE="text-align: justify">Share-based compensation expenses were allocated in cost of revenues and operating expenses as
follows:</TD></TR>                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(2)</TD><TD STYLE="text-align: justify">On March 7, 2016, the Board of Directors approved to declare a cash dividend of US$0.15 per
                     ordinary share to shareholders as of the close of trading on April 6, 2016.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">106</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">349</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">664</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(3)</TD><TD STYLE="text-align: justify">The weighted average number of ordinary shares represents the sum of the weighted average number
of Class A and Class B ordinary shares. See Note 15 to our audited consolidated financial statements included in this annual report
for additional information regarding the computation of the per share amounts and the weighted average numbers of Class A and Class
B ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(4)</TD><TD STYLE="text-align: justify">As holders of Class A and Class B ordinary shares have the same dividend right and the same participation
right in our undistributed earnings, the basic and diluted earnings per Class A ordinary share and Class B ordinary share are the
same for all the periods presented.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(5)</TD><TD STYLE="text-align: justify">Each ADS represents one Class A ordinary share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</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">Selected Consolidated Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">101,808</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">159,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">261,035</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">513,938</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">810,672</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Time deposits, including non-current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">759,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">564,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Restricted time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts receivable, net of allowance for doubtful accounts, including non-current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Long-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">449,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,333,661</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,653,891</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,085,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,061</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">486,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total mezzanine equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">700,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total shareholders&rsquo; equity (deficit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(228,824</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(407,735</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,119,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,338,614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,598,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Class A and Class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Number of outstanding Class A and Class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,851,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,226,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,445,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,563,321</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,055,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Change in Reporting Currency and Exchange Rate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is primarily conducted in China and all of our
revenues are denominated in RMB. We used to use U.S. dollar as our reporting currenty. Starting from the third quarter of 2016,
we changed our reporting currency from U.S. dollar to Renminbi. The aligning of the reporting currency with the underlying operations
will better depict our results of operations for each period. Assets and liabilities of entities with functional currencies other
than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses of entities with functional
currencies other than RMB are translated into RMB at average rates prevailing during the reporting period. Prior periods&rsquo;
financial information has been recasted as if we always used RMB as our reporting currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We make no representation that any
RMB or U.S.&nbsp;dollar amounts could have been, or could be, converted into U.S.&nbsp;dollars or RMB, as the case may be, at
any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct
regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. On April 25, 2017, the
noon buying rate was RMB6.8833 to US$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information concerning exchange
rates between the RMB and the U.S.&nbsp;dollar for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Noon Buying Rate</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">Period</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period-End</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Average<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">(RMB per U.S. Dollar)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.2855</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.3123</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.2670</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.3495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1710</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2266</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.9370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.6375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.9508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">January</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.9526</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">February</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">March</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.9125</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">April (through April 25, 2017)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.9042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Source: Daily Statistics
of People&rsquo;s Bank of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(1)</TD><TD STYLE="text-align: justify">Annual averages are calculated using the average of month-end rates of the relevant year. Monthly averages are calculated using
the average of the daily rates during the relevant period.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Capitalization and Indebtedness</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Reasons for the Offer and Use of Proceeds</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Risk Factors</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Risks Relating to
Our Business</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we are
not able to continue to attract students to enroll in our courses, our business and prospects will be materially and adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The success of our business depends primarily
on the number of students enrolled in our courses. Therefore, our ability to continue to attract students to enroll in our courses
is critical to the continued success and growth of our business. This in turn will depend on several factors, including our ability
to develop new courses and enhance existing courses to respond to changes in market trends and student demands, expand our learning
center network and geographic footprint, manage our growth while maintaining consistent and high education quality, broaden our
relationships with corporate employers and market our courses effectively to a broader base of prospective students, including
young kids. Furthermore, our ability to attract students also depends on our ability to provide educational content that is perceived
as more effective than the standard curricula of universities in China in terms of practical job-oriented training and as complementary
to standard curricula of primary and secondary schools in China. If we are unable to continue to attract students to enroll in
our courses, our net revenues may decline, which may have a material adverse effect on our business, financial condition and results
of operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may not
be able to continue to recruit, train and retain qualified instructors and teaching assistants, who are critical to the success
of our business and effective delivery of our education services to students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our instructors and teaching assistants
are critical to maintaining the quality of our educational services and our reputation. We seek to hire highly qualified instructors
with rich industry experience and strong teaching skills. We recruit dedicated teaching assistants primarily from outstanding graduates
of our courses. There is a limited pool of instructors and teaching assistants with these attributes and we must provide competitive
compensation packages to attract and retain them. We must also provide ongoing training to our instructors and teaching assistants
to ensure that they stay abreast of changes in curriculum, student demands, industry standards and other trends necessary to teach
and tutor effectively. We have not experienced major difficulties in recruiting, training or retaining qualified instructors and
teaching assistants in the past. However, we may not always be able to recruit, train and retain enough qualified instructors and
teaching assistants in the future to keep pace with our growth and maintain consistent education quality. A shortage of qualified
teaching staff, a decrease in the quality of our teaching staff&rsquo;s classroom performance, whether actual or perceived, or
a significant increase in compensation to retain qualified instructors and teaching assistants would have a material adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we are
not able to continually tailor our curriculum to market demand and enhance our courses to adequately and promptly respond to developments
in the professional job market, our courses may become less attractive to students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New trends in the global economy and rapid
developments in the professional services industries may change the type of skills required for professionals in the marketplace.
This requires us to continually develop, update and enhance our course materials to adapt to the needs of the professional job
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 courses to the professional services markets in China would render our courses 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we fail
to develop and introduce new courses in anticipation of market demand in a timely and cost-effective manner, our competitive position
and ability to generate revenues may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since inception, our primary focus has
been on providing IT professional education services. We have since expanded our course offerings to include non-IT training courses,
including digital art, online sales and marketing and accounting. We have also launched IT and non-IT training courses customized
for young kids since December 2015, which primarily include computer programming, robot programming and digital arts (including
3D printing). We intend to continue developing new courses in anticipation of market demand. The introduction of new courses is
subject to risks and uncertainties. Unexpected technical, operational, logistical, regulatory or other problems could delay or
prevent the introduction of one or more new courses. Moreover, we cannot assure you that any of these new courses will match the
quality or popularity of those developed by our competitors, achieve widespread market acceptance or generate the desired level
of income for our students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering new courses requires us to make
investments in content development, recruit and train additional qualified instructors and teaching assistants, increase marketing
efforts and re-allocate resources away from other uses. We may have limited experience with the content of new courses and may
need to modify our systems and strategies to incorporate new courses into our existing course offerings. In offering courses in
new subject areas, we may face new risks and challenges that we are not familiar with. Furthermore, we may experience difficulties
in recruiting or otherwise identifying qualified instructors to develop the content for these new courses. If we are unable to
offer new courses in a timely and cost-effective manner, our results of operations and financial condition could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We rely on
Java, digital art and web front courses for a majority of our total net revenues, and a decrease in the popularity and usage of
Java technology, Adobe design or web front technology would have a material adverse effect on our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of our total net revenues are
generated from the Java, digital art and web front courses. In 2014, 2015 and 2016, our Java course contributed 36.0%, 28.5% and
35.1% of our total student enrollments, our digital art course contributed 31.5%, 30.8% and 27.6% of our total student enrollments,
and our web front course contributed nil, 5.5% and 12.2% of our total student enrollments, respectively. The historical rapid growth
of our business has been driven by the popularity and usage of Java technology, Adobe design and web front development, and we
expect net revenues from these courses to continue to represent a substantial portion of our total net revenues in the near future.
We believe our reliance on Java, digital art and web front courses is mainly attributable to the wide adoption and popularity of
Java technology, Adobe design and web front development. However, whether Java as a programming language, Adobe design technology
as a digital art tool or web front development can maintain their popularity is beyond our control. Any factor that materially
and adversely affects student enrollment in our Java, digital art, or web front courses, such as a decrease in the popularity and
usage of Java technology, Adobe design or web front development, would have a material adverse effect on business and our results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our business
depends on the market recognition of our brand, and if we are unable to maintain or enhance our brand recognition, our business,
financial condition and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the market recognition
of our &ldquo;Tarena&rdquo; (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#36798;&#20869;</FONT>) brand has significantly
contributed to the success of our business and believe that maintaining and enhancing the reputation of this brand is critical
to sustaining our competitive advantage. Our ability to maintain and enhance our brand recognition and reputation depends primarily
on the perceived effectiveness and quality of our courses as well as the success of our marketing and promotion efforts. As we
continue to grow and expand into new course areas, we may not be able to maintain the quality and consistency of our educational
services as we did in the past. We have devoted significant resources to promoting our courses and brand in recent years, including
Internet-based marketing and advertising, traditional media advertising and sponsoring industry trade seminars and software design
competitions. However, our marketing and promotion efforts may not be successful or may inadvertently negatively impact our brand
recognition and reputation. For example, if any governmental authority or competitor publicly alleges that any of our advertisements
are misleading, our brand reputation may be adversely impacted. If we are unable to maintain and further enhance our brand recognition
and reputation and increase awareness of our courses, or if we incur excessive marketing and promotion expenses, our results of
operations may be materially and adversely affected. If we are unable to sustain our brand image, we may not be able to maintain
premium tuition fees over our competitors, which may further exacerbate the extent of any adverse effect on our results of operations.
Furthermore, any negative publicity relating to our company or our courses and services, regardless of its veracity, could harm
our brand image and in turn materially and adversely affect our business and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may not
be able to maintain our high job placement rate for students, which could harm our ability to attract student enrollments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We gather data on post-course job placement
rates by conducting surveys of our graduates. Based on the survey responses, we calculate the six-month post-course job placement
rates for a month by dividing (i) the number of job-seeking students enrolled in such month who (A) successfully graduated from
our programs with graduation certificates awarded and (B) indicated that they had received employment offers within six months
of graduation, by (ii) the total number of job-seeking students enrolled in such month who later successfully graduated from our
programs with graduation certificates awarded. We calculate the average six-month post-course job placement rate for a year by
averaging the six-month post-course job placement rates of each month of such year. Our average six-month post-course job placement
rate for each of 2014 and 2015 was over 90%. When calculating such job placement rates for 2014 and 2015, a majority of the employment
reported by relevant students were full-time employment, and a majority of the employment reported by relevant students were in
the fields of their studies with us. All of the students enrolled in 2014 and 2015 who later successfully graduated from our programs
with graduation certificates awarded and who were job-seeking, have filled out our surveys. Among the students enrolled in 2014
and 2015, 89% and 86% of such students, respectively, graduated from our programs with graduation certificates awarded. Among the
students enrolled in 2014 and 2015 who later successfully graduated from our programs with graduation certificates awarded, 81%
and 77% of such students, respectively, were deemed to be job-seeking students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our student job placement rate depends
on a wide range of external and internal factors. External factors include the macroeconomic conditions, the performance of the
professional services sector in China and the recruiting demand of corporate employers. Internal factors include our education
quality, the efforts of our career services personnel, our ability to provide adequate staffing to achieve desired results and
our relationships with corporate employers. A number of such external and internal factors are outside of our control. Our historical
job placement rates have been high. However, we cannot assure you that we will be able to maintain our current level of job placement
rate for our students in the future. Any decrease in our job placement rate could harm our ability to recruit students, which may
materially and adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our newly launched kid education programs may not be successfully
due to our limited experience in providing education services to minors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2015, we launched our new
kid education programs <I>Tongcheng</I> and <I>Tongmei</I> featuring IT training courses and non-IT training courses for kid students.
In March 2016, we rolled out another kid education program <I>Tongchuang</I> to offer kids robotics programming courses. Our new
kid education programs target students aged between six and eighteen. As we have been primarily engaging in adult vocational training
programs since our inception, we have very limited experience in providing education programs to minors, who have distinct learning
preference and mentality as comparing to adult students and require tailored courses and dedicated class management. Although
the courses offered through our kid education programs are designed based on minors&rsquo; learning patterns and interests, we
cannot guarantee you that our kid education programs will be able to continue to attract students or be proved to achieve satisfactory
education results. If students lose interests in our kid education programs or find the courses offered in our kid education programs
ineffective, our business, results of operations and financial conditions may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">In
addition, unlike programs designed for adult students, our courses in our kid education programs are taught by teaching assistants
face-to-face in offline classrooms. As a result, a large number of minors and their parents attend classes on our premises and/or
use our facilities, and they may suffer accidents or injuries or other harm on our premises, including those caused by or otherwise
arise from the actions of our employees or contractors. In the event of accidents or injuries or other harm caused or perceived
to be caused by us, our facilities and/or services may be perceived to be unsafe, which may discourage prospective students from
enrolled in our programs. We could also face claims alleging that we should be liable for the accidents or injuries, or we were
negligent, provided inadequate supervision to our employees and therefore should be held jointly liable for harm caused by them.
If any of these were to happen, our reputation, business, results of operations and financial conditions may be adversely affected.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our business,
financial condition and results of operations may be adversely affected by a downturn in the global or Chinese economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because our student enrollment may depend
on our students&rsquo; and potential students&rsquo; levels of disposable income, perceived job prospects and willingness to spend,
as well as the level of hiring demand of professional services positions our business and prospects may be affected by economic
conditions in China or globally. The global macroeconomic environment is facing challenges, including the escalation of the European
sovereign debt crisis since 2011, the end of quantitative easing by the U.S. Federal Reserve, the economic slowdown in the Eurozone
in 2014 and and the expected exit of The United Kingdom from the European Union. It is unclear whether the Chinese economy will
resume its high growth rate. The Chinese economy has slowed down in recent years. According to the National Bureau of Statistics
of China, in 2016, China&rsquo;s gross domestic product grew at a rate of 6.7%. There have been concerns over unrest in the Middle
East and Africa, which have resulted in volatility in oil and other markets, and over the prolonged crisis in Ukraine which contributed
to the collapse in the value of the Russian ruble, and the resulting Russian financial crisis. There have also been concerns about
the territorial disputes involving China in Asia and the economic effects. Economic conditions in China, including the performance
of the IT and other professional services industries, are sensitive to global economic conditions, as well as changes in domestic
economic and political policies and the expected or perceived overall economic growth rate in China. A decline in the economic
prospects of IT and other professionals could alter current or prospective students&rsquo; spending priorities and the recruiting
demand from professional service industries. We cannot assure you that professional education spending in general or with respect
to our course offerings in particular will increase, or not decrease, from current levels. Therefore, a slowdown in China&rsquo;s
economy or the global economy may lead to a reduction in demand for professional education services, which could materially and
adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we fail
to successfully execute our growth strategies, our business and prospects may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our growth strategies include growing our
student enrollments for existing courses, expanding our course offerings, further enhancing the quality of our education services
and expanding our corporate employer network. We may not succeed in executing our growth strategies due to a number of factors,
including, without limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may fail to market our courses in new markets or promote new courses in existing markets effectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may not be able to replicate our successful business model in other geographic markets or in
new course subject areas;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may fail to identify new cities with sufficient growth potential to expand our network;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may not be able to replicate the success and growth of our adult education services to the kid
education market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may not be able to recruit and retain learning center managers, teaching assistants and other
key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our analysis for selecting suitable new locations may not be accurate and the demand for our services
at such new locations may not materialize or increase as rapidly as we expect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may fail to obtain the requisite licenses and permits necessary to open learning centers at
our desired locations from local authorities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may not be able to continue to update our existing courses or offer new courses to adapt to
changing market demand and technological advances; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may fail to achieve the benefits we expect from our expansion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to execute our growth strategies
successfully, we may not be able to maintain our growth rate and our business and prospects may be materially and adversely affected
as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may not
be able to manage our business expansion effectively, which could harm our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have expanded rapidly and we plan to
continue to expand our operations in different geographic areas as we address the growth in our customer base and market opportunities.
We increased the number of our learning centers from 118 as of December 31, 2014 to 145 as of December 31, 2016. This expansion
has resulted, and will continue to result, in substantial demands on our management, personnel and operational, technological and
other resources. To manage the expected growth of our operations, we will be required to expand our existing operational, administrative
and technological systems and our financial systems, procedures and controls and to expand training and management of our growing
employee base. In addition, the geographic dispersion of our operations requires significant management resources. We cannot assure
you that our current and planned personnel, systems, procedures and controls will be adequate to support our future operations,
or that we will be able to effectively and efficiently manage the growth of our operations or recruit and retain qualified personnel
to support our expansion. Any failure to effectively and efficiently manage our expansion may materially and adversely affect our
ability to capitalize on new business opportunities, which in turn may have a material adverse effect on our financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The growth
of our business is in part dependent on our continuing access to a broad network of corporate employers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We derive both direct benefits, such as
increased enrollment driven by employer-specific customized courses, and indirect benefits, such as higher student job placement
rate and strengthening of the Tarena brand, from our access to a large number of corporate employers. We believe our access to
a large number of corporate employers in a wide range of industries is one of our core competitive strengths. If our access to
these corporate employers were to become constrained or limited, or the benefits we derive from these access were to be diminished,
whether by our own actions or actions of our competitors, our growth prospects and our business would be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our success
depends on the continuing efforts of our senior management team and other key personnel and our business may be adversely affected
if we lose their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future success depends heavily upon
the continuing services of our senior management team. If any member of our senior management team leaves us and we fail to effectively
manage a transition to new personnel, or if we fail to attract and retain experienced and passionate instructors, regional managers
and other key personnel on acceptable terms, our business, financial conditions and results of operations could be adversely affected.
We will need to continue to hire additional personnel, especially qualified instructors and regional managers, as our business
grows. A shortage in the supply of personnel with requisite skills or our failure to attract and retain high quality executives
or key personnel could impede our ability to increase revenues from our existing courses, to launch new course offerings and to
expand our operations and would have an adverse effect on our business and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Shaoyun Han, our founder, chairman
and chief executive officer, has played an important role in the growth and development of our business since its inception. To
date, we have relied heavily on Mr. Han&rsquo;s expertise in, and familiarity with, our business operations, his leadership, and
his reputation in the professional education services industry. If Mr. Han is unable or unwilling to continue in his present positions,
we may not be able to easily replace him and may incur additional expenses to identify and train his successor. We do not maintain
key man insurance on Mr. Han.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The operations
of certain of our learning centers are, or may be deemed by relevant PRC government authorities to be, beyond their authorized
business scope or without proper license or registration. If the relevant PRC government authorities take actions against such
learning centers, our business and operations could be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal regulations governing private
education in China consist of the <I>Education Law of the PRC</I>, the <I>Law for Promoting Private Education</I> and the <I>Implementation
Rules for the Law for Promoting Private Education</I>. Under these PRC laws and regulations and related administrative requirements,
to provide professional education services, a company may, in the capacity of a school sponsor, establish a private school which
obtains a school permit from the human resources and social security authorities under the Law for Promoting Private Education,
and such school can then establish and operate learning centers within the approved districts to provide professional education
services, provided that learning centers located outside the registered address of the private schools shall be registered with
original approving authorities. Alternatively, a company may obtain approval from the competent industry and commerce administration
authorities to include the relevant professional education services in the authorized scope of business as specified in its business
licenses. A company with &ldquo;professional education services&rdquo; or an equivalent statement included in its approved scope
of business can operate learning centers by itself or through its registered branches. On November 7, 2016, the Standing Committee
of the PRC National People's Congress, or NPC, released the amendment of the <I>Law for Promoting Private Education</I>, which
will be effective on September 1, 2017, pursuant to which private schools are classified as either non-profit private schools or
for-profit private schools. On December 30, 2016, the <I>Implementation Rules for Private School Classification Registration</I>
was issued by the Ministry of Education, or the MOE, and other relevant authorities, which requires all private schools, including
non-profit private schools and for-profit private schools, to obtain a &ldquo;school permit&rdquo;. Existing private schools that
choose to register as for-profit private schools should apply for new school permits and complete the re-registration process.
The <I>Regulatory Implementation Rules for Profitable Private School</I> issued on December 30, 2016 further indicates that for-profit
private training institutions shall be regulated with reference to such rules. The implementation of abovementioned regulations
will also rely on detailed rules of local government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, many local government authorities
have different views on the relevant rules and regulations and have adopted different practices in granting school permits to private
schools or issuing business licenses to companies that provide professional education services. Although some cities, such as Beijing,
Shanghai and Hangzhou, allow companies to include &ldquo;professional education services&rdquo; in their business scope, the industry
and commerce administration authorities in certain other areas have adopted regional policies of not allowing &ldquo;professional
education services&rdquo; or similar statement to be included in the business scope of any company. In addition, when we applied
for school permits or registrations of learning centers, the local human resources and social security authorities in some cities
in China have either informed us that no school permits will be issued to new private schools in their jurisdictions or that they
do not permit new learning centers established by private schools to be registered. These regional policies and practices have
created significant obstacles for us to comply with all applicable rules and regulations for all of our local operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use both ways discussed above to establish
learning centers. As of December 31, 2016, we had a total of 145 learning centers, of which 49 were managed by schools and 96 were
managed by our subsidiaries. Among the learning centers operated by our subsidiaries, 49 have neither professional education services
nor education information related consultation as an authorized scope of business in the licenses of our subsidiaries or their
registered branches operating these learning centers as of December 31, 2016, and these learning centers in the aggregate accounted
for 27.1% of our student enrollments in 2016. We were not able to include professional education services in these companies&rsquo;
authorized business scope mainly because the industry and commerce administration authorities in these areas have a general local
policy prohibiting the inclusion of &ldquo;professional education services&rdquo; in the business scope of any company. In addition,
nine learning centers operated by our subsidiaries only have &ldquo;education information related consultation&rdquo; rather than
&ldquo;professional education services&rdquo; in their respective authorized scopes of business, and these learning centers in
the aggregate accounted for 4.0% of our student enrollments in 2016. The difference between &ldquo;educational services&rdquo;
and &ldquo;education information related consultation&rdquo; is not very clear under applicable PRC laws and regulations, and it
is possible that the relevant PRC government authorities may determine that operating learning centers in the way as currently
conducted by our relevant subsidiaries is beyond the scope of &ldquo;education information related consultation.&rdquo; For these
learning centers, we have been communicating, and will continue to communicate, with the competent industry and commerce administration
authorities to expand the authorized business scope of the relevant subsidiaries to include &ldquo;professional education services&rdquo;
or similar statement. For regions where it becomes apparent that we will not be able to expand the authorized business scope of
the relevant subsidiaries, we will also explore the possibility of obtaining approval from the competent authorities to set up
private schools to take over the operations of the relevant subsidiaries. If the relevant PRC government authorities discover or
determine that our subsidiaries operate beyond their authorized business scope, they may order the relevant subsidiaries to complete
the registration for change of business scope within a given period, failing which each company is subject to a one-time fine of
RMB10,000 to RMB100,000, or may be ordered to cease its operation. We have been fined once for RMB50,000 for conducting business
outside the authorized business scope since 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our learning centers operated by schools,
we are also required to obtain and maintain various licenses and permits and make filings for each learning center with the competent
human resources and social security authorities and civil affairs authorities. As of December 31, 2016, one of our learning centers
are operated by schools outside their approved districts without obtaining relevant licenses and permits, and eight of our learning
centers are operated by schools outside their registered address without being registered with the original approving authorities,
which may subject us to fines of RMB10,000 to RMB50,000, confiscation of the gains derived from the noncompliant operations or
the suspension of the noncompliant learning centers. These eight learning centers in the aggregate accounted for 4.4% of our total
student enrollments in 2016. We were unable to obtain the requisite permits or make the required filings in some districts because
the local authorities discontinued granting permits or accepting filings for administrative reasons for a period of time. Although
we have not been subject to any material fines or other penalties in relation to any non-compliance of licensing requirements in
the past with respect to our learning centers operated by schools, if we fail to cure any non-compliance in a timely manner, we
may be subject to fines, confiscation of the gains derived from our noncompliant operations or the suspension of our noncompliant
learning centers, which may materially and adversely affect our business and results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may lose
market share and our profitability may be materially and adversely affected, if we fail to compete effectively with our present
and future competitors or to adjust effectively to changing market conditions and trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The professional education services market
in China is fragmented, rapidly evolving and highly competitive. We face competition in our offered courses and in many of the
geographic markets in which we operate. As the IT professional education market in China matures, there is increased demand for
highly specialized IT labor, and we may face competition from IT professional education providers that offer specialized training
programs targeting certain niche job markets in the IT industry. In the future, we may also face competition from new entrants
into the Chinese IT professional education market. As we expand beyond IT education into other fields of professional education,
we also face competition for student enrollment from existing online and offline providers of professional education services,
as well as smaller regional professional education services providers in China. Furthermore, we also face competition from providers
of IT and non-IT education programs to kids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our competitors may be able to
devote more resources than we can to the development, promotion and provision of their education services and respond more quickly
than we can to changes in student needs, market trends or new technologies. In addition, some of our competitors may be able to
respond faster to changes in student preferences in some of our geographic markets and engage in price-cutting strategies. We cannot
assure you that we will be able to compete successfully against current or future competitors. If we are unable to maintain our
competitive position or otherwise respond to competitive pressure effectively, we may be forced to reduce our tuition fees and
lose our market share, which will adversely impact our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our business
and financial results may be materially and adversely affected if we are unable to maintain our cooperative relationships with
financing service providers for student loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2014, 2015 and 2016, a substantial portion
of our students relied on loans provided or arranged by a number of financing service providers to pay our tuition fees. In 2014,
the financing service providers involved in tuition financing include Bank of China Consumer Finance Co., Ltd., or BOC CFC, CreditEase
Business Consulting (Beijing) Co., Ltd., or CreditEase, and Bank of Beijing Consumer Finance Company, or BOB CFC. In 2015 and 2016,
in addition to the above mentioned tuition financing services provided by those financing service providers, our students also
took out loans facilitated through Baidu Small Loan Co., Ltd., or Baidu Small Loan, RenRenDai and ShiTuDai, consumer financing
services provided by an independent third parties, to pay our tuitions. In 2014, 2015 and 2016, approximately 55.0%, 50.4% and
55.1% of our students took out loans provided or arranged by financing service providers to pay for our tuition fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into cooperative agreements
with Baidu Small Loan Co., Ltd, BOC CFC and BOB CFC pursuant to which they provide loans to our students for the payment of our
tuition fees. We have also entered into agreements with CreditEase and RenRenDai, whereby they assisted our students in obtaining
loans to pay for our tuition fees. Our cooperative agreement with BOC CFC has expired in March 2017 and we are in the process of
renewing our cooperative agreement with BOC CFC. However, we may not be able to renew our cooperative agreement with BOC CFC on
commercially reasonable terms or at all. Moreover, Baidu Small Loan Co., Ltd., RenRenDai, BOC CFC, CreditEase, and ShiTuDai have
full discretion in deciding whether or not to extend or arrange for loans to a particular student. Furthermore, macroeconomic conditions
in China may force the financing service providers to decrease or eliminate the amount of credit available for our students, making
it difficult for our prospective students to afford our education. In addition, if the default rates on the loans provided or arranged
by these and other financing service providers were to increase, they may raise the interest rates on the student loans, making
such financing options less attractive to our students. Although peer-to-peer lending is generally protected as private loans between
individuals under PRC law and has flourished in recent years in China, there are uncertainties as to the licensing requirements
and the nature of business provided by those intermediaries, such as CreditEase, RenRenDai and ShiTuDai, in facilitating the peer-to-peer
lending. If one or more new PRC laws and/or regulations are passed in the future prohibiting peer-to-peer lending facilitated by,
or imposing significant licensing requirements on, intermediaries such as CreditEase, RenRenDai and ShiTuDai, we cannot assure
you that CreditEase, RenRenDai or ShiTuDai will be able to obtain relevant licenses and continue facilitating peer-to-peer lending
in the future. If CreditEase, RenRenDai or ShiTuDai ceases to facilitate peer-to-peer lending to our students in the future, if
our cooperative relationships with the financing service providers are damaged or lost, or if the financing service providers significantly
increase their interest rates, our business and financial results would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we fail
to protect our intellectual property rights, we may lose our competitive advantage and our brand and operations may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider our copyrights, trademarks,
trade names and domain names invaluable to our ability to continue to develop and enhance our brand recognition. Unauthorized use
of our copyrights, trademarks, trade names and domain names may damage our reputation and brand. Our major brand names and logos
are registered trademarks in China. Our proprietary curricula and course materials, together with our <I>Tarena Teaching System</I>,
or TTS, are protected by copyrights. However, preventing copyright, trademark and trade name infringement or misuse could be difficult,
costly and time-consuming, particularly in China. The measures we take to protect our copyrights, trademarks and other intellectual
property rights are currently based upon a combination of trademark and copyright laws in China and may not be adequate to prevent
unauthorized uses. Furthermore, application of laws governing intellectual property rights in China is uncertain and evolving,
and could involve substantial uncertainties to us. There had been several incidents in the past where third parties used our &ldquo;Tarena&rdquo;
(<FONT STYLE="font-family: Times New Roman, Times, Serif">&#36798;&#20869;</FONT>) brand without our authorization, and we had
to resort to litigation to protect our intellectual property rights. These proceedings were all resolved in our favor and our brand
and business were not materially harmed. However, if we are unable to adequately protect our trademarks, copyrights and other intellectual
property rights in the future, we may lose our competitive advantage, our brand name may be harmed and our business may suffer
materially. Furthermore, our management&rsquo;s attention may be diverted by violations of our intellectual property rights, and
we may be required to enter into costly litigation to protect our proprietary rights against any infringement or violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may be
subject to intellectual property rights claims or other claims which could result in substantial costs and diversion of our financial
and management resources away from our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that our course materials,
other educational contents or other intellectual properties developed or used by us do not or will not infringe upon patents, valid
copyrights or other intellectual property rights held by third parties. We may be subject to legal proceedings and claims from
time to time relating to the intellectual property of others. In addition, some of our employees were previously employed at other
companies, including our current and potential competitors. To the extent these employees are involved in content development at
our company similar to content development in which they have been involved at their former employers, we may become subject to
claims that such employees or we may have used or disclosed trade secrets or other proprietary information of the former employers
of our employees. In addition, our competitors may file lawsuits against us. Although we are not aware of any pending or threatened
claims, if any such claim arises in the future, litigation or other dispute resolution proceedings may be necessary to retain our
ability to offer our current and future course materials or other content, which could result in substantial costs and diversion
of our financial and management resources. Furthermore, if we are found to have violated the intellectual property rights of others,
we may be enjoined from using such intellectual property rights, incur additional costs to license or develop alternative intellectual
property rights and be forced to pay fines and damages, any of which may materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We recruit
a significant portion of our students directly from our network of cooperative universities and colleges. If we lose these relationships,
or the benefits we derive from these relationships diminish, our growth and our business may be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have established various kinds of cooperative
relationships with over 690 universities and colleges in China. We enroll a significant percentage of our students directly from
these universities and colleges through jointly offered majors, on-campus learning sites and university recruiting promotional
events. We recruited approximately 14.8% of our students in 2016 from these universities and colleges. If our relationships with
any of these universities and colleges were to be damaged or lost, or the benefits we derive from these relationships were to be
diminished, whether by our own actions, actions of one or more governmental entities or actions of our competitors, our growth
and our business may be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Failure to
control rental costs, obtain leases at desired locations at reasonable prices or protect our leasehold interests could materially
and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of our offices and learning
centers are located on leased premises. At the end of each lease term we must negotiate an extension of the lease. If we are not
able to negotiate an extension on terms acceptable to us, we will be forced to move to a different location, or the rent may increase
significantly. This could disrupt our operations and adversely affect our profitability. All of our leases are subject to renewal
at market prices, which could result in a substantial rent increase each renewal period. We compete with many other businesses
for sites in certain highly desirable locations. As a result, we may not be able to obtain new leases at desirable locations or
renew our existing leases on acceptable terms or at all, which could adversely affect our business. As of December 31, 2016, we
had received from our lessors copies of title certificates or proof of authorization to lease the properties to us for all leased
properties. However, we cannot assure you that we will be able to obtain copies of title certificates
or proof of authorization to lease any properties that we may lease in the future or the title to these properties we currently
lease or any properties that we may lease in the future will not be otherwise challenged. Furthermore, several of our leased properties
are owned by universities or built on allocated land in China. Such properties may not be legally leased to us under PRC law. Our
leasehold interest in these properties may be challenged by relevant PRC governmental authorities to be invalid, and we may be
forced to move out of such premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we have not registered most
of our lease agreements with relevant PRC governmental authorities as required by PRC law, and although failure to do so does not
in itself invalidate the leases, we may not be able to defend these leases against bona fide third parties. As of the date of this
annual report, we are not aware of any actions, claims or investigations being contemplated by governmental authorities against
us or our lessors with respect to the defects in our leased real properties or any challenges by third parties to our use of these
properties. However, if any of our leases are terminated as a result of challenges by third parties or governmental authorities
for lack of title certificates or proof of authorization to lease, we may not be able to protect our leasehold interest and may
be forced to relocate the affected learning centers and incur additional expenses relating to such relocation. If we fail to find
suitable replacement sites in a timely manner or on terms acceptable to us, our business and results of operations could be materially
and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our accounts receivable have been relatively high. Inability
to collect our accounts receivable on a timely basis, if at all, could materially and adversely affect our financial condition,
liquidity and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Understanding the difficulty for recent
college graduates to afford the tuition fees of our courses, we offered qualified students the post-graduation tuition payment
option beginning in 2006, which led to our relatively high accounts receivable. As of December 31, 2014, 2015 and 2016, our outstanding
accounts receivable, net of allowance for doubtful accounts, were RMB151 million, RMB155 million and RMB99 million, respectively.
Although we conduct financial evaluations of our students applying to use our post-graduation tuition payment option, we do not
require collateral or other security from our students. Adverse changes in the macroeconomic environmental and the earnings capacity
of our students may negatively impact our ability to collect our accounts receivable. Furthermore, as time passes, it might be
more difficult for us to collect historical accounts receivables. Our bad debt allowance increased significantly between 2014 and
2015. In 2015, we observed an increase in the overall account aging for students enrolled between 2010 and 2014 who used the post-graduation
payment option, as well as an increase in the cumulative default amount of accounts receivable from such students. As a result,
we determined that the delinquency risk for the corresponding accounts receivable has increased as well. In 2016, our bad debt
allowance decreased considerably from RMB63.1 million in 2015 to RMB33.6 million in 2016. However, there is no guarantee that our
bad debt allowance and delinquency risk will keep decreasing in the following years. Our inability to collect our accounts receivable
on a timely basis, if at all, could cause our bad debt allowance to increase or remain relatively high in the future, and materially
and adversely affect our financial condition, liquidity and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Capacity
constraints of our learning centers could cause us to lose students to our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our learning centers are limited in size
and number of classrooms. We may not be able to admit all students who would like to enroll in our courses due to the capacity
constraints of our learning centers. If we fail to expand our physical capacity as quickly as the demand for our classroom-based
services grows, we could lose potential students to our competitors, which could adversely affect our results of operations and
business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>We may not be able
to recoup the capital expenditures or investments we make to expand and upgrade our teaching, administrative, research and other
capabilities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We purchased two office buildings in Beijing
for an aggregate price of RMB231.9million in 2016. The office buildings are mainly for teaching purpose, and to a lesser extent
for administrative function. We also purchased a building in Qingdao and another one in Haikou for an aggregate price of RMB49.6
million in 2016. The purpose of these two buildings is for teaching purposes as learning centers to accommodate the growing demand
in local market and enjoy local favorable policies. We may continue to invest in our teaching, administrative, research and other
capabilities as our business further develops. Although we will evaluate the feasibility of each property purchase for the good
of business operation, we are likely to incur costs associated with these investments earlier than some of the anticipated benefits
and the return on these investments may be lower, or may develop more slowly, than we expect. We may not be able to recover our
capital expenditures or investments, in part or in full, or the recovery of these capital expenditures or investments may take
longer than expected. As a result, the carrying value of the related assets may be subject to an impairment charge, which could
adversely affect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our strategy of investments and acquiring
complementary businesses and assets may fail.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of our business strategy, we have
pursued, and intend to continue to pursue, selective strategic investments and acquisitions of businesses and assets that complement
our existing business. Investments and acquisitions involve uncertainties and risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential ongoing financial obligations and unforeseen or hidden liabilities, including liability
for infringement of third-party copyrights or other intellectual property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to achieve the intended objectives, benefits or revenue-enhancing opportunities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs and difficulties of integrating acquired businesses and managing a larger business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potentially significant goodwill impairment charges;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">high acquisition and financing costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">possible loss of key employees of a target business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential claims or litigation regarding our board&rsquo;s exercise of its duty of care and other
duties required under applicable law in connection with any of our significant acquisitions or investments approved by the board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">diversion of resources and management attention; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of acquisitions of businesses or assets outside of China, the need to integrate operations
across different business cultures and languages and to address the particular economic, currency, political, and regulatory risks
associated with specific countries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Any failure to address these risks successfully
may have a material and adverse effect on our financial condition and results of operations. Investments and acquisitions may require
a significant amount of capital investment, which would decrease the amount of cash available for working capital or capital expenditures.
In addition, if we use our equity securities to pay for investments and acquisitions, we may dilute the value of our ADSs and the
underlying ordinary shares. If we borrow funds to finance investments and acquisitions, such debt instruments may contain restrictive
covenants that could, among other things, restrict us from distributing dividends. Moreover, acquisitions may also generate significant
amortization expenses related to intangible assets. We may also incur impairment charges to earnings for investments and acquired
businesses and assets which are determined to be impaired, and recognize the proportional share of the net losses of the investees
to the extent of the amount of the investments for the equity method investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Geographic
concentration of our learning centers may unfavorably impact our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We derive a substantial portion of our
net revenues from our entities in Hangzhou and Beijing. Revenue derived from the entities in Hangzhou accounted for 25.5%, 33.0%
and 31.9% of our net revenues in 2014, 2015 and 2016, respectively. Revenue derived from the entities in Beijing accounted for
15.5%, 12.3% and 12.4% of our net revenues in 2014, 2015 and 2016, respectively. As a result of this geographic concentration,
our results of operations are significantly affected by economic conditions in Hangzhou and Beijing. Furthermore, any natural disaster
or health epidemics affecting the Hangzhou and Beijing regions could significantly impact our operations. Although we have been
and will be exploring opportunities of setting up additional learning centers in second tier or third tier cities, we expect that
we will continue to derive a substantial portion of our net revenues from Hangzhou and Beijing in the near future. Deterioration
in economic conditions and the professional services industries in these markets could decrease the demand for our courses, which
in turn could negatively impact our operations and business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our historical
financial and operating results, growth rates and profitability may not be indicative of future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we commenced operations in 2002,
our significant business growth and expansion began in 2009. Our business and our prospects must be evaluated in light of the risks
and uncertainties encountered by companies at a comparable stage of development. In addition, the professional education services
market in China is still at an early stage of development, which makes it difficult to evaluate our business and future prospects.
Furthermore, our results of operations may vary from period to period in response to a variety of other factors, including general
economic conditions and regulations, government actions pertaining to the professional education services sector in China, changes
in spending on professional education services, our ability to control cost of revenues and operating expenses, and non-recurring
charges incurred in connection with acquisitions or other extraordinary transactions or under unexpected circumstances. Due to
the above factors, some of which are beyond our control, our historical financial and operating results, growth rates and profitability
may not be indicative of our future performance and you should not rely on our past results or our historic growth rates as indicators
of our future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our ability
to broadcast our lectures live and to offer online learning modules on TTS depends upon the performance and reliability of our
systems and the Internet infrastructure and telecommunications networks in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We deliver live broadcasts of our lectures
via a dedicated network provided by China Telecom and China Unicom to terminals located in selected learning centers with high
student enrollment and via public Internet infrastructure to other learning centers. Any unscheduled service interruption of the
Internet infrastructure and telecommunications networks in China could cause us to be unable to deliver these live broadcasts,
forcing us to resort to using pre-recorded lectures in the event of such service interruptions. Our inability to broadcast live
lectures during service interruptions may damage the quality of our education and student experience, which may hurt our reputation
and negatively impact our financial condition and results of operations. Furthermore, our gross profit and net income could be
adversely affected if the prices that we pay for telecommunications and Internet services rise significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to offer online learning modules
also depends on the performance and reliability of the Internet infrastructure in China. Disruptions to the Internet infrastructure
of China may deny our students access to the learning functionalities on our TTS or <I>TMOOC.cn</I>, which may hinder students
from effectively learning our education contents. Furthermore, increases in the traffic on TTS or <I>TMOOC.cn</I> could also strain
the capacity of our existing computer systems, which could lead to slower response times or system failures. This would cause a
disruption or suspension in our course offerings, which would hurt our brand and reputation and negatively affect our revenue growth.
We may need to incur additional costs to improve our systems in order to accommodate increased demand if we anticipate that our
systems cannot handle higher traffic volume in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our new CRM
system may not function properly, which may materially and adversely affect our operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We switched to a new customer relationship
management, or CRM system, in August 2015. The new CRM system is developed in-house and is intended to improve functionality and
information flow. As with any major new software system, there are inherent risks in the design, construction, implementation and
operation of our new CRM system. These risks include the potential failures to properly design the system, to efficiently construct
and implement the system and to effectively operate the system. While we believe that our new CRM system will provide the anticipated
IT and customer service enhancements we expect, no assurances can be given in this regard. The failure to properly and efficiently
operate the new CRM system could disrupt our operations and adversely affect our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Accidents
or injuries suffered by our students or other people on our premises may adversely affect our reputation, subject us to liability
and cause us to incur substantial costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not carry liability insurance for
most of our students at our learning centers. In the event of accidents, injuries or other harm to students or other people on
our premises, including those caused by or otherwise arising from the actions of our employees on our premises, our facilities
may be perceived to be unsafe, which may discourage prospective students from attending our classes. We could also face claims
alleging that we were negligent or provided inadequate supervision to our employees and therefore should be held jointly liable
for harm caused by them or are otherwise liable for injuries suffered by our students or other people on our premises. A liability
claim, even of unsuccessful, against us or any of our employees could adversely affect our reputation, enrollment and revenues,
causing us to incur substantial expenses and divert the time and attention of our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we fail
to maintain an effective system of internal controls, we may be unable to accurately report our results of operations or prevent
fraud or fail to meet our reporting obligations, and investor confidence and the market price of our ADSs may be materially and
adversely affected.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">We
are subject to reporting obligations under the U.S. securities laws. Among other things, the Securities and Exchange Commission,
or the SEC, as required by Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, adopted rules requiring every public
company, including us, to include a management report on the company&rsquo;s internal control over financial reporting in its annual
report, which contains management&rsquo;s assessment of the effectiveness of the company&rsquo;s internal control over financial
reporting. In addition, once we cease to be an &ldquo;emerging growth company,&rdquo; as such term is defined in the Jumpstart
Our Business Startups Act of 2012 (as amended by the Fixing America&rsquo;s Surface Transportation Act of 2015), or the JOBS Act,
our independent registered public accounting firm may be required to report on the effectiveness of our internal control over financial
reporting.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">Our
management has concluded that our internal control over financial reporting was effective as of December 31, 2016. See
&ldquo;Item 15. Controls and Procedures.&rdquo; <FONT STYLE="color: windowtext">In the future, however, if we fail to
maintain effective internal control over financial reporting, our management may not be able to conclude that we have
effective internal control over financial reporting at a reasonable assurance level. A failure to achieve and maintain
effective internal controls over financial reporting could result in inaccuracies in our financial statements and could also
impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely
basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of
our ADSs, may be materially and adversely affected. Moreover, 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.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 20; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; font-style: normal">Furthermore,
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, as 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. If we fail to 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.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have limited
insurance coverage for our operations in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insurance companies in China currently
do not offer as extensive an array of insurance products as insurance companies do in more developed economies. We have determined
that the risks of disruption or liability from our business, the loss or damage to our fixed assets, including our equipment and
office furniture, the cost of insuring for these risks, and the difficulties associated with acquiring such insurance on commercially
reasonable terms render it commercially impractical for us to have such insurance. As a result, we do not have any business interruption,
litigation or property insurance coverage for our operations in China. Any uninsured occurrence of personal injury, loss or damage
to fixed assets, or litigation or business disruption may result in the incurrence of substantial costs and the diversion of resources,
which could have an adverse effect on our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our business
is subject to seasonal fluctuations, which may cause our operating results to fluctuate from quarter to quarter. This may result
in volatility in and adversely affect the price of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced, and expect to continue
to experience, seasonal fluctuations in our net revenues and results of operations, primarily due to seasonal changes in student
enrollment. Historically, our courses tend to have the largest student enrollment, cash collection and net revenues in the third
and fourth quarters. We generally generate less tuition fees in the first quarter of each year due to the Chinese New Year holiday.
Our expenses, however, vary significantly and do not necessarily correspond to changes in our student enrollment and net revenues.
We make investments in marketing and promotion, instructor recruitment and training and course development throughout the year.
We expect quarterly fluctuations in our net revenues and results of operations to continue. These fluctuations could result in
volatility and adversely affect the price of our ADSs. As our net revenues grow, these seasonal fluctuations may become more pronounced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Higher labor
costs and inflation in China may adversely affect our business and our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Labor costs in China have risen in recent
years. We employed 6,257 employees in China as of December 31, 2016. The increases in labor cost may erode our profitability and
materially harm our business, financial condition and results of operations. In addition, PRC government have promulgated some
new laws and regulations to enhance labor protection in recent years, such as the Labor Contract Law and the Social Insurance Law,
which are also expected to cause our labor costs to increase. As the interpretation and implementation of these new laws and regulations
are still evolving, our employment practice may not be at all times be deemed in compliance with the new laws and regulations.
If we are subject to severe penalties or incur significant liabilities in connection with labor disputes or investigation, our
business and profitability may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have not in the past been materially
affected by inflation since our inception, we can provide no assurance that we will not be affected in the future by higher rates
of inflation in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have granted
share-based awards and may grant more share-based awards in the future, which may materially reduce our net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted a share plan in 2008, or the
2008 Plan, that permits granting of options to purchase our ordinary shares, restricted shares (or share appreciation rights or
other similar awards) and rights to purchase restricted shares. Under the 2008 Plan, the maximum aggregate number of ordinary shares
that may be issued pursuant to all awards under our share plan is 8,184,990 shares. In February 2014, we adopted a 2014 share incentive
plan, or the 2014 Plan. Pursuant to the 2014 Plan, we may issue options, restricted shares and restricted share units to our qualified
employees, directors and consultants on a regular basis. The maximum aggregate number of shares which may be issued pursuant to
all awards under the 2014 Plan, or the Award Pool, is 1,833,696, provided that the shares reserved in the Award Pool shall be increased
on the first day of each calendar year, commencing with January 1, 2015, if the unissued shares reserved in the Award Pool on such
day account for less than 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the
immediately preceding calendar year, as a result of which increase the shares unissued and reserved in the Award Pool immediately
after each such increase shall equal 2% of the total number of shares issued and outstanding on a fully-diluted basis on December
31 of the immediately preceding calendar year. As a result of grants and potential future grants under the 2008 Plan and the 2014
Plan, we have incurred and will continue to incur share-based compensation expenses. As of December 31, 2016, the unrecognized
compensation cost related to unvested options and non-vested shares amounted to RMB71.3 million and RMB0.2 million, respectively,
which will be recognized over a weighted average period of approximately 2.18 years and 0.25 year. Expenses associated with share-based
compensation awards granted under our share plan may materially reduce our future net income. However, if we limit the size of
grants under our share plan to minimize share-based compensation expenses, we may not be able to attract or retain key personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any natural
catastrophes, severe weather conditions, health epidemics and other extraordinary events could severely disrupt our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The occurrence of natural catastrophes
such as earthquakes, floods, typhoons, tsunamis or any acts of terrorism may result in significant property damages as well as
loss of revenues due to interruptions in our business operations. Health epidemics such as outbreaks of Zika, Ebola, avian influenza,
severe acute respiratory syndrome (SARS) or the influenza A (H1N1), and severe weather conditions such as snow storm and hazardous
air pollution, as well as the government measures adopted in response to these events, could require the temporary closure of our
learning centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, our ability to broadcast live
lectures and provide our education services through <I>TTS</I> or <I>TMOOC.cn</I> depends on the continuing operation of our technology
system, which is vulnerable to damage or interruption from natural catastrophes and other extraordinary events. Our disaster recovery
planning cannot account for every conceivable possibility. Any damage to or failure of our technology system could result in interruptions
in our services, and our brand could be damaged if students believe our systems are unreliable. Such disruptions could severely
interfere with our business operations and adversely affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Risks Relating to
Our Corporate Structure</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If the PRC
government finds that the agreements that establish the structure for holding our ICP license do not comply with applicable PRC
laws and regulations, we could be subject to severe penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to 2012, we conducted a substantial
portion of our operations through our consolidated VIEs and their subsidiaries and schools. On January 30, 2012, the <I>PRC Catalogue
for the Guidance of Foreign Investment Industries (amended)</I> became effective, which listed professional education service as
an industry for which foreign investments are &ldquo;encouraged&rdquo; by the government. On April 10, 2015, the new <I>PRC Catalogue
for the Guidance of Foreign Investment Industries (amended)</I> became effective, which listed non-accredited professional education
service as an industry for which foreign investments are &ldquo;encouraged&rdquo; by the government. In light of such change of
law, starting from the second half of 2012, we began to transfer the operations, including related assets and liabilities, of our
consolidated VIEs to Tarena Tech and its subsidiaries and schools. All of our learning center operations of VIEs had been transferred
to Tarena Tech and its subsidiaries and schools. In December 2016, we would up Shanghai Tarena, one of our VIEs. Pursuant to the
Provisions on Administration of Foreign Invested Telecommunications Enterprises promulgated by the State Council on December 11,
2001 and amended on September 10, 2008, the ultimate foreign equity ownership in a value-added telecommunications services provider
may not exceed 50%. Moreover, for a foreign investor to acquire any equity interest in a value-added telecommunication business
in China, it must satisfy a number of stringent performance and operational experience requirements, including demonstrating good
track records and experience in operating value-added telecommunication business overseas. Foreign investors that meet these requirements
must obtain approvals from the MIIT and the Ministry of Commerce, or the MOFCOM, or their authorized local counterparts, which
retain considerable discretion in granting approvals. Pursuant to publicly available information, the PRC government has issued
telecommunications business operating licenses to only a limited number of foreign invested companies, all of which are Sino-foreign
joint ventures engaging in the value-added telecommunication business. Although the Guidance Catalog of Industries for Foreign
Investment amended in 2015 and Circular 196 promulgated by MIIT in June 2015 allows a foreign investor to own up to 100% of the
total equity interest in an E-Commerce business, we have not engaged in any E-Commerce business. Due to the foreign ownership restriction
on Internet content and other value-added telecommunication services, we operate our <I>TMOOC.cn</I> website through our VIE, Beijing
Tarena. Beijing Tarena has added our <I>TMOOC.cn</I> website under the ICP license held by Beijing Tarena. Beijing Tarena is 70%
owned by Mr. Shaoyun Han, our founder, chairman and chief executive officer, and 30% owned by Mr. Jianguang Li, our director. Mr.
Han and Mr. Li are both PRC citizens. We entered into a series of contractual arrangements with Beijing Tarena and its shareholders,
which enable us to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exercise effective financial control over Beijing Tarena;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receive substantially all of the economic benefits and bear the obligation to absorb substantially
all of the losses of Beijing Tarena; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">have an exclusive option to purchase all or part of the equity interests in Beijing Tarena when
and to the extent permitted by PRC law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of these contractual arrangements,
we are the primary beneficiary of Beijing Tarena and consolidate its financial results in our consolidated financial statements
in accordance with U.S. GAAP. For a detailed discussion of these contractual arrangements, see &ldquo;Item 4. Information on the
Company&mdash;C. Organizational Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Han Kun Law Offices, our PRC legal counsel,
is of the opinion that (i) the ownership structure of Beijing Tarena and Tarena Tech will not result in any violation of PRC laws
or regulations currently in effect; and (ii) the contractual arrangements among Tarena Tech, Beijing Tarena and its shareholders
governed by PRC law are valid, binding and enforceable, and will not result in any violation of PRC laws or regulations currently
in effect. There are, however, substantial uncertainties regarding the interpretation and application of current or future PRC
laws and regulations concerning foreign investment in the PRC, and their application to and effect on the legality, binding effect
and enforceability of the contractual arrangements. In particular, we cannot rule out the possibility that PRC regulatory authorities,
courts or arbitral tribunals may in the future adopt a different or contrary interpretation or take a view that is inconsistent
with the opinion of our PRC legal counsel. It is uncertain whether any new PRC laws or regulations relating to VIE will be adopted
or if adopted, what they would provide. In or around September 2011, various media sources reported that the China Securities Regulatory
Commission, or the CSRC, had prepared a report proposing regulating the use of VIE structures, such as ours, in industries subject
to foreign investment restrictions in China and overseas listings by China-based companies. However, it is unclear whether the
CSRC officially issued or submitted such a report to a higher level government authority or what such report provides, or whether
any new PRC laws or regulations relating to the VIE structures will be adopted or if adopted, what they would provide. In January
2015, the MOFCOM published a discussion draft of the proposed <I>Foreign Investment Law</I> for public review and comments. Among
other things, the draft Foreign Investment Law expands the definition of foreign investment and introduces the principle of &ldquo;actual
control&rdquo; in determining whether a company is considered a foreign-invested enterprise, or an FIE. Under the draft Foreign
Investment Law, variable interest entities would also be deemed as FIEs, if they are ultimately &ldquo;controlled&rdquo; by foreign
investors, and be subject to restrictions on foreign investments. However, the draft law has not taken a position on what actions
will be taken with respect to existing companies with the &ldquo;variable interest entity&rdquo; structure, whether or not these
companies are controlled by Chinese parties. It is uncertain when the draft would be signed into law and whether the final version
would have any substantial changes from the draft. See &ldquo;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Government
Regulations&mdash;Regulations on Value&ndash;Added Telecommunications Services&mdash;The Discussion Draft PRC Foreign Investment
Law&rdquo; and &ldquo;&mdash;Risks Relating to Doing Business in China&mdash;Substantial uncertainties exist with respect to the
enactment timetable, interpretation and implementation of draft PRC Foreign Investment Law and how it may impact the viability
of our current corporate structure, corporate governance and business operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we or Beijing Tarena is found to be
in violation of any existing or future PRC laws or regulations, or such arrangement is determined as illegal and invalid by the
PRC court, arbitral tribunal or regulatory authorities, or fail to obtain, maintain or renew 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,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">revoking the business and operating licenses of our PRC subsidiaries and Beijing Tarena;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">discontinuing or restricting the conduct of any transactions between our PRC subsidiaries and Beijing
Tarena;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">imposing fines, confiscating the income from Beijing Tarena, or imposing other requirements with
which we or Beijing Tarena may not be able to comply; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requiring us to restructure our ownership structure or operations, including terminating the contractual
arrangements with Beijing Tarena and deregistering the equity pledges of Beijing Tarena.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We launched our <I>TMOOC.cn</I> online
learning platform in March 2015 to cover a broader customer base. <I>TMOOC.cn</I> features sample lecture videos and class materials
covering our course subjects. We offer our part-time class students the opportunity to complete a portion of lessons online using
<I>TMOOC.cn</I>. <I>TMOOC.cn</I> is also important for our marketing efforts. Therefore, the imposition of any of these penalties
could result in a material and adverse effect on our ability to provide online education services and conduct our marketing and
promotional activities through <I>TMOOC.cn</I>. Beijing Tarena has added our <I>TMOOC.cn</I> website under its ICP license. However,
we cannot guarantee that Beijing Tarena will be successful in applying for the ICP license annual inspection. If we fail to go
through the ICP annual inspection, our continued operation of <I>TMOOC.cn</I> may subject us to penalties, including confiscation
of illegal income and fines, and we may be ordered to shut down our <I>TMOOC.cn</I> website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If the relevant
PRC authorities determine that we can no longer own and operate certain of our learning centers through our PRC subsidiaries, we
may need to restructure the ownership and operation of these learning centers (including possibly transferring these learning centers
to our consolidated VIE), our business may be disrupted and we may be exposed to increased risks associated with the contractual
arrangements relating to our consolidated VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to 2012, we operated a substantial
portion of our learning centers through our consolidated VIE and their subsidiaries and schools. After the <I>PRC Catalogue for
the Guidance of Foreign Investment Industries (amended)</I> became effective on January 30, 2012 and as amended on April 10, 2015,
non-accredited foreign investment in professional education services is now &ldquo;encouraged&rdquo; in China and there is no limitation
with respect to maximum percentage of foreign ownership in a company conducting business in this area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of such change of law, starting
from the second half of 2012, we began to transfer the operations, including related assets and liabilities, of our consolidated
VIEs to our wholly-owned subsidiary, Tarena Tech, and its subsidiaries. All of our learning center operations of VIEs had been
transferred to Tarena Tech and its subsidiaries and schools. As of December 31, 2016, we operated 49 of our learning centers through
private schools owned by subsidiaries of Tarena Tech. These 49 learning centers in the aggregate accounted for 31.6% of our total
student enrollments in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, there are still uncertainties
under current PRC laws as to whether a wholly foreign owned enterprise (such as Tarena Tech) is allowed to indirectly invest in
and own private schools through its PRC subsidiaries. On the one hand, the <I>PRC Catalogue for the Guidance of Foreign Investment
Industries (Amended)</I> encourages and permit 100% foreign ownership of non-accredited professional training business in China
and the <I>Law for Promoting Private Education</I> does not expressly prohibit a subsidiary of a foreign-invested enterprise from
investing in private schools. On the other hand, according to the <I>Law for Promoting Private Education</I>, Chinese-foreign cooperation
in operating schools is specifically governed by the <I>Regulations on Operating Chinese-foreign Schools</I> and its implementing
rules, which requires specific approvals from those governmental authorities in charge of either human resources and social security
or education and requires any foreign party to such Chinese-foreign cooperation in operating schools to be an educational institution
with relevant experience in providing educational services outside of China. In addition, the <I>Regulations on Operating Chinese-foreign
Schools</I> prohibits foreign institutions or individuals from independently establishing schools which provide educational services
mainly for Chinese citizens in China. In practice, different local authorities have different views and administrative policies
on whether foreign institutions or individuals are permitted to use their direct or indirect wholly-owned subsidiary incorporated
in China to establish a school under the Law for Promoting Private Education without violating the <I>Regulations on Operating
Chinese-foreign Schools</I>. 24 private schools sponsored by our wholly-owned subsidiaries in China have obtained private school
operating permits, and based on the results of oral inquiries with the relevant governmental authorities of human resources and
social security or education, we believe that the relevant government authorities have not challenged and are unlikely to challenge
the ownership structure of our schools. However, if the relevant PRC government authorities determine in the future that we can
no longer own and operate our schools and their related learning centers through our PRC subsidiaries, which are considered ineligible
to act as sponsors of private schools, we may need to transfer these schools and the related learning centers to our consolidated
VIE, which may severely disrupt our business and expose us to increased risks associated with the contractual arrangements relating
to our consolidated VIE. See &ldquo;&mdash;Risks Relating to Our Corporate Structure.&rdquo; If we fail to restructure the ownership
and operation of these schools or otherwise accommodate requests from the relevant PRC human resources and social security or education
regulatory authorities in a timely manner or to their satisfaction, we may be subject to fines, the suspension or ceasing of our
operations or other penalties, which may materially and adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any failure
by Beijing Tarena or its shareholders to perform their obligations under our contractual arrangements with them would have an adverse
effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Beijing Tarena or its shareholders fail
to perform their obligations under their contractual arrangements with us, we may have to incur substantial costs and expend additional
resources to enforce such arrangements. We may also have to rely on legal remedies under PRC law, including seeking specific performance
or injunctive relief, and claiming damages, which we cannot assure you will be effective. For example, if the shareholders of Beijing
Tarena were to refuse to transfer their equity interest in Beijing Tarena to us or our designee if we exercise the exclusive option
agreements pursuant to these contractual arrangements, or if they were otherwise to act in bad faith toward us, then we may have
to take legal actions to compel them to perform their contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the agreements under our contractual
arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in China. Accordingly, these
contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures.
The legal system in the PRC is not as developed as in some other jurisdictions, such as the United States. As a result, uncertainties
in the PRC legal system could limit our ability to enforce these contractual arrangements. Under PRC law, if the losing parties
fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration
awards in PRC courts through arbitration award recognition proceedings, which would require additional expenses and delay. In the
event we are unable to enforce these contractual arrangements, we may not be able to exert effective financial control over Beijing
Tarena, and our ability to conduct our business may be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we had direct ownership of Beijing Tarena,
we would be able to exercise our rights as a shareholder to effect changes in the board of directors of Beijing Tarena, which in
turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, under the current
contractual arrangements, we rely on the performance by Beijing Tarena and its shareholders of their obligations under the contracts
to exercise control over Beijing Tarena. Therefore, our contractual arrangements with Beijing Tarena may not be as effective in
ensuring our control over the relevant portion of our business operations as direct ownership would be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The shareholders
of Beijing Tarena may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have designated individuals who are
PRC nationals to be the shareholders of Beijing Tarena. The equity interests of Beijing Tarena are held by Mr. Shaoyun Han and
Mr. Jianguang Li. The interests of these individuals as the shareholders of Beijing Tarena may differ from the interests of our
company as a whole. These shareholders may breach, or cause Beijing Tarena to breach, or refuse to renew, the existing contractual
arrangements we have with them and Beijing Tarena, which would have a material and adverse effect on our ability to effectively
control Beijing Tarena. We cannot assure you that when conflicts of interest arise, any or all of these shareholders will act in
the best interests of our company or such conflicts will be resolved in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we do not have any arrangements to address potential
conflicts of interest between these shareholders and our company, except that we could exercise our purchase option under the
purchase option agreement with these shareholders to request him to transfer all of his equity ownership in Beijing Tarena to
a PRC entity or individual designated by us. We rely on Mr. Shaoyun Han and Mr. Jianguang Li, who are both our directors and who
owe a fiduciary duty to our company, to comply with the terms and conditions of the contractual arrangements. Such fiduciary duty
requires directors to act in good faith and in the best interests of the company and not to use their positions for personal gains.
If we cannot resolve any conflict of interest or dispute between us and the shareholders of Beijing Tarena, we would have to rely
on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome
of any such legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our contractual
arrangements with our consolidated VIE may be subject to scrutiny by the PRC tax authorities, and a finding that we owe additional
taxes could substantially reduce our consolidated net income and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under PRC laws and regulations, arrangements
and transactions among related parties may be subject to audit or challenge by the PRC tax authorities. We could face material
and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements among Tarena Tech and our consolidated
VIE did not represent an arm&rsquo;s-length price and adjust our consolidated VIE&rsquo; income in the form of a transfer pricing
adjustment. A transfer pricing adjustment could, among other things, result in a reduction, for PRC tax purposes, of expense deductions
recorded by our consolidated VIE, which could in turn increase their tax liabilities without reducing our tax liabilities. In addition,
the PRC tax authorities may impose late payment fees and other penalties to our consolidated VIE for under-paid taxes. Our consolidated
net income may be materially and adversely affected if our tax liabilities increase or if we are found to be subject to late payment
fees or other penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If Beijing
Tarena becomes the subject of a bankruptcy or liquidation proceeding, we may lose the ability to use and enjoy its assets, which
could materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to foreign ownership restrictions in
the online value-added telecommunications business, we hold our ICP license through contractual arrangements with Beijing Tarena
as well as its shareholders. As part of these arrangements, Beijing Tarena holds assets that are important to the operation of
our business, including the domain name and ICP license for our <I>TMOOC.cn</I> website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have priority pledges and liens
against Beijing Tarena&rsquo;s assets. As a contractual and property right matter, this lack of priority pledges and liens has
remote risks. If Beijing Tarena undergoes an involuntary liquidation proceeding, third-party creditors may claim rights to some
or all of its assets and we may not have priority against such third-party creditors on Beijing Tarena&rsquo;s assets. If Beijing
Tarena liquidates, we may take part in the liquidation procedures as a general creditor under the PRC Enterprise Bankruptcy Law
and recover any outstanding liabilities owed by Beijing Tarena to Tarena Tech under the applicable service agreements. To ameliorate
the risks of an involuntary liquidation proceeding initiated by a third-party creditor, we closely monitor the operations and finances
of Beijing Tarena through carefully designed budgetary and internal controls to ensure that Beijing Tarena is well capitalized
and is highly unlikely to trigger any third party monetary claims in excess of its assets and cash resources. Furthermore, Tarena
Tech has the ability, if necessary, to provide financial support to Beijing Tarena to prevent such an involuntary liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the shareholders of Beijing Tarena were
to attempt to voluntarily dissolve or liquidate Beijing Tarena without obtaining our prior consent, we could effectively prevent
such unauthorized voluntary liquidation by exercising our right to request Beijing Tarena&rsquo;s shareholders to transfer all
of their equity ownership interest to a PRC entity or individual designated by us in accordance with the exclusive option agreements
with the shareholders of Beijing Tarena. In the event that the shareholders of Beijing Tarena initiates a voluntary liquidation
proceeding without our authorization or attempts to distribute the retained earnings or assets of Beijing Tarena without our prior
consent, we may need to resort to legal proceedings to enforce the terms of the contractual agreements. Any such legal proceeding
may be costly and may divert our management&rsquo;s time and attention away from the operation of our business, and the outcome
of such legal proceeding would be uncertain. The uncertainties in legal proceedings to enforce the terms of the contractual agreements
are mainly caused by PRC laws that prohibit domestic companies holding ICP licenses from assisting foreign investors in conducting
value-added telecommunications business in China. Under the MIIT Circular, a domestic company that holds an ICP license is prohibited
from leasing, transferring or selling the license to foreign investors in any form, and from providing any assistance, including
providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in
China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In China, legal documents for corporate
transactions, including agreements and contracts such as the leases and sales contracts that our business relies on, are typically
executed using the chop or seal of the signing entity or with the signature of a legal representative whose designation is registered
and filed with the relevant local branch of the State Administration for Industry and Commerce, or the SAIC. We generally execute
legal documents by affixing chops or seals, rather than having the designated legal representatives sign the documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have three major types of chops&mdash;corporate
chops, contract chops and finance chops. We use corporate chops generally for documents to be submitted to government agencies,
such as applications for changing business scope, directors or company name, and for legal letters. We use contract chops for executing
leases and commercial contracts. We use finance chops generally for making and collecting payments, including but not limited to
issuing invoices. Use of corporate chops and contract chops must be approved by our legal department and administrative department,
and use of finance chops must be approved by our finance department. The chops of our subsidiaries and our consolidated VIE are
generally held by the relevant entities so that documents can be executed locally. Although we usually utilize chops to execute
contracts, the registered legal representatives of our PRC subsidiaries and our consolidated VIE have the apparent authority to
enter into contracts on behalf of such entities without chops, unless such contracts set forth otherwise. All designated legal
representatives of our PRC subsidiaries and our consolidated VIE have signed employment agreements with us under which they agree
to abide by duties they owe to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maintain the physical security
of our chops, we generally store them in secured locations accessible only to the department heads of the legal, administrative
or finance departments. Our designated legal representatives generally do not have access to the chops. Although we monitor our
employees, including the designated legal representatives of our PRC subsidiaries and our consolidated VIE, the procedures may
not be sufficient to prevent all instances of abuse or negligence. There is a risk that our employees or designated legal representatives
could abuse their authority, for example, by binding the relevant subsidiary or consolidated VIE with contracts against our interests,
as we would be obligated to honor these contracts if the other contracting party acts in good faith in reliance on the apparent
authority of our chops or signatures of our legal representatives. If any designated legal representative obtains control of the
chop in an effort to obtain control over the relevant entity, we would need to have a shareholder or board resolution to designate
a new legal representative and to take legal action to seek the return of the chop, apply for a new chop with the relevant authorities,
or otherwise seek legal remedies for the legal representative&rsquo;s misconduct. If any of the designated legal representatives
obtains and misuses or misappropriates our chops and seals or other controlling intangible assets for whatever reason, we could
experience disruption to our normal business operations. We may have to take corporate or legal action, which could involve significant
time and resources to resolve while distracting management from our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Risks Relating to
Doing Business in China</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Uncertainties
in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC legal system is based on written
statutes. Unlike common law systems, it is a system in which legal cases have limited value as precedents. In the late 1970s, the
PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters. The overall effect
of legislation over the past three decades has significantly increased the protections afforded to various forms of foreign or
private-sector investment in China. Our PRC subsidiaries are subject to various PRC laws and regulations generally applicable to
companies in China. However, since these laws and regulations are relatively new and the PRC legal system continues to rapidly
evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations
and rules involve uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may have to resort
to administrative and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have
significant discretion in interpreting and implementing statutory terms, it may be more difficult to evaluate the outcome of administrative
and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal
system is based in part on government policies and internal rules (some of which are not published in a timely manner or at all)
some of which may have retroactive effect. As a result, we may not be aware of our violation of these policies and rules until
some time after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property
(including intellectual property) and procedural rights, and any failure to respond to changes in the regulatory environment in
China could materially and adversely affect our business and impede our ability to continue our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Changes in
China&rsquo;s economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our business operations are conducted
in China. Accordingly, our business, financial condition, results of operations and prospects may be influenced to a significant
degree by political, economic and social conditions in China generally and by continued economic growth in China as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China&rsquo;s economy differs from the
economies of most developed countries in many respects, including the level of government involvement, level of development, growth
rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented measures since the late
1970s emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets,
and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China
is still owned by the PRC government. In addition, the PRC government continues to play a significant role in regulating industry
development by imposing industrial policies. The PRC government also exercises significant control over the PRC economic growth
through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing
preferential treatment to particular industries or companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While China&rsquo;s economy has experienced
significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy,
and the rate of growth has been slowing. Some of the government measures may benefit the overall Chinese economy, but may have
a negative effect on us. For example, our financial condition and results of operations may be adversely affected by government
control over capital investments or changes in tax regulations. Any stimulus measures designed to boost the Chinese economy may
contribute to higher inflation, which could adversely affect our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may be
subject to significant limitations on our ability to operate private schools, or otherwise be materially and adversely affected
by changes in PRC laws governing private education providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the <I>Law for Promoting Private
Education</I> and the <I>Implementation Rules for The Law for Promoting Private Education</I>, a private school may elect to be
a school that does not require reasonable returns or a school that requires reasonable returns. At the end of each fiscal year,
every private school is required to allocate a certain amount to its development fund for the construction or maintenance of the
school or procurement or upgrade of educational equipment. In the case of a private school that requires reasonable returns, this
amount shall be no less than 25% of annual net income of the school, while in the case of a private school that does not require
reasonable returns, this amount shall be equivalent to no less than 25% of the annual increase in the net assets of the school,
if any. A private school that requires reasonable returns must publicly disclose such election and additional information required
under the regulations. A private school shall consider factors such as the school&rsquo;s tuition, ratio of the funds used for
education-related activities to the course fees collected, admission standards and educational quality when determining the percentage
of the school&rsquo;s net income that would be distributed to the investors as reasonable returns. However, none of the current
PRC laws and regulations provides a formula or guidelines for determining &ldquo;reasonable returns.&rdquo; In addition, the amendment
of the <I>Law for Promoting Private Education</I> released on November 7, 2016, which will become effective on September 1, 2017,
allows for-profit private schools to obtain returns, which will be further regulated by the PRC corporate law and other relevant
laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, we had five schools
registered as schools requiring reasonable returns, while 20 schools are registered as schools not requiring reasonable returns.
Unlike typical schools which grant diplomas to students upon graduation, we provide professional education and do not grant any
diploma to our students. However, the current PRC laws and regulations governing private education may be amended or replaced by
new laws and regulations that (i) impose significant limitations on the ability of our schools to operate their business, charge
course fees or make payments to related parties for services, (ii) specify the formula for calculating &ldquo;reasonable returns,&rdquo;
or (iii) change the tax treatment policies applicable to private schools. We cannot predict the timing and effects of any such
amendments or new laws and regulations. Changes in PRC laws and regulations governing private education could materially and adversely
affect our business prospects and results of operations. For example, if the PRC government imposes additional restrictions on
private schools&rsquo; ability to operate their business or restricts private schools from making payments to related parties for
services, our ability to receive service fees from our schools may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under the
PRC Enterprise Income Tax Law, we may be classified as a PRC &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes.
Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material
adverse effect on our results of operations and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC Enterprise Income Tax Law,
or the EIT Law, that became effective on January 1, 2008, an enterprise established outside the PRC with &ldquo;de facto management
bodies&rdquo; within the PRC is considered a PRC &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes and is
generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the Implementation Rules to the EIT
Law, a &ldquo;de facto management body&rdquo; 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. In addition, a
circular, known as Circular 82, issued in April 2009, as amended in January 2014, by the State Administration of Taxation, or the
SAT, specifies that certain offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified
as PRC resident enterprises if the following are located or resident in the PRC: senior management personnel and departments that
are responsible for daily production, operation and management; financial and personnel decision making bodies; key properties,
accounting books, company seal, and minutes of board meetings and shareholders&rsquo; meetings; and half or more of the senior
management or directors having voting rights. Circular 82 also clarified that dividends and other income paid by such &ldquo;resident
enterprises&rdquo; will be considered to be PRC source income, subject to PRC withholding tax, currently at a rate of 10%, when
recognized by shareholders that are non-PRC resident enterprises. Further to Circular 82, the SAT issued a bulletin, known as Bulletin
45, which took effect on September 1, 2011, to provide more guidance on the implementation of Circular 82 and clarify the reporting
and filing obligations of such &ldquo;Chinese-controlled offshore-incorporated resident enterprises.&rdquo; Bulletin 45 provides
procedures and administrative details for the determination of PRC resident enterprise status and administration on post-determination
matters. Although both Circular 82 and Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise
groups, not those controlled by PRC individuals or foreign individuals like us, the determining criteria set forth in Circular
82 and Bulletin 45 may reflect the SAT&rsquo;s general position on how the &ldquo;de facto management body&rdquo; test should be
applied in determining the tax resident enterprise status of offshore enterprises, regardless of whether they are controlled by
PRC enterprises, PRC enterprise groups or by PRC or foreign individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe that Tarena International,
Inc. meets all of the conditions above and thus we do not believe that Tarena International, Inc. is a PRC resident enterprise,
despite the fact that all of the members of our management team as well as the management team of our offshore holding company
are located in China. However, if the PRC tax authorities determine that Tarena International, Inc. is a PRC resident enterprise
for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. First, we will be subject to
the uniform 25% enterprise income tax on our world-wide income, which could materially reduce our net income. In addition, we will
also be subject to PRC enterprise income tax reporting obligations. Second, although dividends paid by one PRC tax resident to
another PRC tax resident should qualify as &ldquo;tax-exempt income&rdquo; under the EIT Law, we cannot assure you that such dividends
will not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax
on dividends, and the PRC tax authorities have not yet issued guidance with respect to the processing of outbound remittances to
entities that are not controlled by any PRC enterprise or enterprise group and treated as resident enterprises for PRC enterprise
income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, dividends we pay to our non-PRC
enterprise shareholders and gains derived by our non-PRC shareholders from the sale of our shares may be become subject to a 10%
PRC withholding tax. In addition, future guidance may extend the withholding tax to dividends we pay to our non-PRC individual
shareholders and gains derived by such shareholders from transferring our shares. In addition to the uncertainty in how the new
&ldquo;resident enterprise&rdquo; classification could apply, it is also possible that the rules may change in the future, possibly
with retroactive effect. If PRC income tax were imposed on gains realized through the transfer of our ADSs or ordinary shares or
on dividends paid to our non-resident investors, the value of the investment in our ADSs or ordinary shares may be materially and
adversely affected. Furthermore, our ADS holders whose jurisdictions of residence have tax treaties or arrangements with China
may not qualify for benefits under such tax treaties or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We face uncertainty
regarding the PRC tax reporting obligations and consequences for certain indirect transfers of our operating company&rsquo;s equity
interests. Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions
we may pursue in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the EIT Law, the Ministry
of Finance and the SAT jointly issued a Circular 59 in April 2009, and the SAT issued a Circular 698 in December 2009. Both Circular
59 and Circular 698 became effective retroactively on January 1, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Circular 698, where a non-resident
enterprise transfers the equity interests of a PRC &ldquo;resident enterprise&rdquo; indirectly by disposition of the equity interests
of an overseas holding company, or an Indirect Transfer, and the overseas holding company is located in a tax jurisdiction that:
(i) has an effective tax rate less than 12.5% or (ii) does not impose tax on foreign income of its residents, the non-resident
enterprise, being the transferor, must report to the relevant tax authority of the PRC &ldquo;resident enterprise&rdquo; this Indirect
Transfer. Using a &ldquo;substance over form&rdquo; 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 withholding tax at a rate of up to 10%. Circular
698 also provides that, where a non-PRC resident enterprise transfers its equity interests in a PRC &ldquo;resident enterprise&rdquo;
to its related parties at a price lower than the fair market value, the relevant tax authority has the power to make a reasonable
adjustment to the taxable income of the transaction. In addition, the PRC &ldquo;resident enterprise&rdquo; is supposed to provide
necessary assistance to support the enforcement of Circular 698.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2015, the SAT issued a Public
Notice [2015] No.7, or Public Notice 7, to supersede the existing tax rules in relation to the Indirect Transfer, while the other
provisions of Circular 698 remain in force. Public Notice 7 introduced a new tax regime that is significantly different from that
under Circular 698. Public Notice extend its tax jurisdiction to capture not only Indirect Transfer as set forth under Circular
698 but also transactions involving transfer of immovable property in China and assets held under the establishment and place,
in China of a foreign company through the offshore transfer of a foreign intermediate holding company. Public Notice 7 also addresses
the term transfer of the equity interest in a foreign intermediate holding company widely. In addition, Public Notice 7 provides
clearer criteria than Circular 698 on how to assess reasonable commercial purposes and introduces safe harbor scenarios applicable
to internal group restructurings. However, it also brings challenges to both the foreign transferor and transferee of the Indirect
Transfer as they have to make self-assessment on whether the transaction should be subject to PRC tax and to file or withhold the
PRC tax accordingly. Since Public Notice 7 was recently promulgated and it is unclear how this set of measures, and any future
implementation rules thereof, will be interpreted, amended and implemented by the relevant governmental authorities. Where non-resident
investors were involved in our private equity financing, if such transactions were determined by the tax authorities to lack reasonable
commercial purpose, we and our non-resident investors may become at risk of being taxed under Circular 698 and Public Notice 7
and may be required to expend valuable resources to comply with Circular 698 and Public Notice 7 or to establish that we should
not be taxed under Circular 698 and Public Notice 7, which may have a material adverse effect on our financial condition and results
of operations or the non-resident investors&rsquo; investments in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By promulgating and implementing these
circulars, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests in a PRC
resident enterprise by a non-resident enterprise. The PRC tax authorities have the discretion under Circular 59, Circular 698 and
Public Notice 7 to make adjustments to the taxable capital gains based on the difference between the fair value of the equity interests
transferred and the cost of investment. Although we currently have no confirmed plans to pursue any acquisitions in China or elsewhere
in the world, we may pursue acquisitions in the future that may involve complex corporate structures. If we are considered a non-resident
enterprise under the EIT Law and if the PRC tax authorities make adjustments under Circular 59 or Circular 698 and Public Notice
7, our income tax costs associated with such potential acquisitions will be increased, which may have an adverse effect on our
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the State Administration of
Taxation promulgated Administrative Measures on the General Anti-Avoidance Rule (Trial), or GAAR Measures, on December 12, 2014,
which shows the authority&rsquo;s intention to fight against tax avoidance scheme that is adopted to obtain unwarranted tax benefit
without reasonable commercial purpose. A press release, made by the State Administration of Taxation to clarify certain issues
relating to the application of the GAAR Measures, stated that the GAAR Measures may be applicable if any general tax-avoidance
scheme exists in the offshore indirect transfer of equity interests. Since GAAR Measures was recently promulgated and it is unclear
how this set of measures, and any future implementation rules thereof, will be interpreted, amended and implemented by the relevant
governmental authorities, we cannot predict how these regulations will affect our business operation, future acquisitions or strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We face risks
and uncertainties with respect to the licensing requirement for Internet audio-video programs and human resources intermediary
service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2007, the State Administration
of Press Publication Radio Film and Television, or SAPPRFT, and the Ministry of Industry and Information Technology, or MIIT, issued
the Administrative Measures Regarding Internet Audio-Video Program Services, or the Internet Audio-Video Program Measures, which
became effective on January 31, 2008. Among other things, the Internet Audio-Video Program Measures stipulate that no entities
or individuals may provide Internet audio-video program services without a &ldquo;License for Disseminating Audio-Video Programs
through Information Network&rdquo; issued by SAPPRFT or its local bureaus or completing the relevant registration with SAPPRFT
or its local bureaus, and only entities wholly owned or controlled by the PRC government may engage in the production, editing,
integration or consolidation, and transmission to the public through the Internet, of audio-video programs, or the provision of
audio-video program uploading and transmission services. In February 2008, SAPPRFT and MIIT jointly held a press conference in
response to inquiries related to the Internet Audio-Video Program Measures, during which SAPPRFT and MIIT officials indicated that
providers of audio-video program services established prior to the promulgation date of the Internet Audio-Video Program Measures
that do not have any regulatory non-compliance records can re-register with the relevant government authorities to continue their
current business operations. After the conference, the two authorities published a press release that confirmed the above guidelines.
There are still significant uncertainties relating to the interpretation and implementation of the Internet Audio-Video Program
Measures, in particular, the scope of &ldquo;Internet Audio-Video Programs.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on April 1, 2010, SAPPRFT
promulgated the Test Implementation of the Tentative Categories of Internet Audio-Visual Program Services, or the Categories, which
clarified the scope of Internet audio-video programs services. According to the Categories, there are four categories of Internet
audio-visual program services which are further divided into seventeen sub-categories. The third sub-category to the second category
covers the making and editing of certain specialized audio-video programs concerning, among other things, educational content,
and broadcasting such content to the general public online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We transmit our audio-video educational
programs through our TTS system and <I>TMOOC.cn</I> to enrolled course participants. In addition, we provide audio-video program
uploading and transmission services. As a result, we might be subject to the Internet Audio-Video Program Measures. If the governmental
authorities determine that our provision of lecture videos on TTS and/or <I>TMOOC.cn</I> falls within the Internet Audio-Video
Program Measures, we may not be able to obtain the License for Disseminating Audio-Video Programs through Information Network.
If this occurs, we may become subject to significant penalties, fines, legal sanctions or an order to suspend our use of audio-video
content, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Provisions on the Administration
of Human Resources Markets issued by SAIC in 2001 and as amended in 2005 and 2015, respectively, a human resources service intermediary
refers to any entity which provides intermediary services for employers and any potential employees, and no entity may provide
such services without a &ldquo;License for Human Resources Intermediary Resources.&rdquo; Any internet information service provider
which provides intermediary services for employers and any potential employees via internet shall obtain such license. In January
2015, we launched a self-developed job search website called Job Show (<I>www.jobshow.cn</I>), which serves as a dedicated open
platform for our students and other job-seeking candidates to connect with corporate employers more effectively. Although we have
not entered into any agreement with corporate employers or any job-seeking candidates, we source and list job opportunities from
both IT and non-IT employers in China through the website, which may be deemed as a human resources service intermediary. Currently,
we have recorded human resources intermediary services in our business license but we have not obtained the &ldquo;License for
Human Resources Intermediary Resources,&rdquo; and if the relevant PRC government authorities determine that we shall obtain such
license for the operation of Job Show and we fail to obtain such license, they may order us to shut down the website and subject
us to a fine of RMB10,000 and if there is any illegal income, we may be subject a fine of no more than three times of the illegal
income, which shall not exceed RMB30,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">PRC regulations
establish complex approval procedures for some acquisitions of PRC companies by foreign investors, which could make it more difficult
for us to pursue growth through acquisitions in China. The transfers of our learning centers from our consolidated VIE to our wholly-owned
subsidiaries in China may be subject to such approval procedures, in which case we may need to restructure the ownership and operation
of the affected learning centers, and as a result we may be exposed to increased risks associated with the contractual arrangements
relating to our consolidated VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Six PRC regulatory agencies promulgated
regulations effective in September 2006 that are commonly referred to as the M&amp;A Rules. The M&amp;A Rules establish procedures
and requirements that could make some acquisitions of PRC companies by foreign investors more time-consuming and complex, including
requirements in some instances that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor
takes control of a PRC domestic enterprise. In addition, national security review rules issued by the PRC governmental authorities
in 2011 require acquisitions by foreign investors of domestic companies engaged in military-related or certain other industries
that are crucial to national security to be subject to prior security review. Moreover, the Anti-Monopoly Law requires that the
MOFCOM shall be notified in advance of any concentration of undertaking if certain thresholds are triggered. We may expand our
business in part by acquiring complementary businesses. Complying with the requirements of the M&amp;A Rules, security review rules
and other PRC regulations to complete such transactions could be time-consuming, and any required approval processes, including
obtaining approval from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability
to expand our business or maintain our market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in accordance with the M&amp;A
Rules, approval of the MOFCOM is required for acquisitions of PRC domestic enterprises by foreign companies that are established
or controlled by PRC domestic companies, enterprises or individuals related to the target PRC domestic enterprises, or &ldquo;Related
Party Acquisitions&rdquo;, and the parties are not allowed to evade such requirements through investment by foreign investment
enterprises in China or other ways. Although M&amp;A Rules have become effective since September 2006, we are not aware of any
precedent of approval by the MOFCOM of any Related Party Acquisition conducted by PRC domestic individuals. Starting from the second
half of 2012, we began to transfer our operations, including related assets and liabilities, of our consolidated VIEs to our wholly-owned
subsidiary, Tarena Tech, and its subsidiaries, either through transferring the companies that operate learning centers or that
sponsor the schools, or through changing the schools&rsquo; sponsors. All of our learning center operations of VIEs had been transferred
to Tarena Tech and its subsidiaries and schools. As Mr. Shaoyun Han is a shareholder of both Tarena and our consolidated VIEs,
even though the transfers of the companies, which operated 23 of our learning centers themselves or through schools they established
as of December 31, 2016, from our consolidated VIEs to our wholly-owned subsidiaries in China are not &ldquo;acquisitions by foreign
investors of PRC domestic enterprises&rdquo; under the M&amp;A Rules, and Tarena Tech, our wholly foreign invested enterprise in
PRC, was converted into a wholly foreign invested enterprise before the effective date of M&amp;A Rules, the requirement for an
approval from the MOFCOM may still be required for such transfers because of the above anti-evasion clause. Furthermore, it is
unclear whether our transfers of the schools which operated 14 learning centers as of December 31, 2016, which are not enterprises,
from subsidiaries of our consolidated VIEs to our wholly-owned subsidiaries, could be regarded as Related Party Transactions under
the M&amp;A Rules. If the MOFCOM determines that our previous transfers of learning centers from our consolidated VIEs to our wholly-owned
subsidiaries are Related Party Transactions under the M&amp;A Rules and we fail to obtain the MOFCOM&rsquo;s approvals on such
transfers, the effectiveness of such transfers may be challenged and we may be need to transfer these companies and schools, including
the related learning centers, back to our consolidated VIE. Under such circumstances, our business may be disrupted and we may
be exposed to increased risks associated with the contractual arrangements relating to our consolidated VIE. See &ldquo;&mdash;Risks
Relating to Our Corporate Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">PRC regulations
relating to offshore investment activities by PRC residents may limit our PRC subsidiaries&rsquo; ability to increase their registered
capital or distribute profits to us, limit our ability to inject capital into our PRC subsidiaries, or otherwise expose us to liability
and penalties under PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC State Administration of Foreign
Exchange, or the SAFE, has promulgated regulations, including the Notice on Relevant Issues Relating to Domestic Residents&rsquo;
Investment and Financing and Round-Trip Investment through Special Purpose Vehicles, or SAFE Circular No. 37, effective on July
4, 2014, and its appendixes, that require PRC residents, including PRC institutions and individuals, to register with local branches
of SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment
and financing, with such PRC residents&rsquo; legally owned assets or equity interests in domestic enterprises or offshore assets
or interests, referred to in SAFE Circular No. 37 as a &ldquo;special purpose vehicle.&rdquo; SAFE Circular No. 37 further requires
amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as increase
or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. In
the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration,
the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent
and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in
their ability to contribute additional capital into its PRC subsidiary. Further, failure to comply with the various SAFE registration
requirements described above could result in liability under PRC law for foreign exchange evasion, including (i) the requirement
by SAFE to return the foreign exchange remitted overseas within a period specified by SAFE, with a fine of up to 30% of the total
amount of foreign exchange remitted overseas and deemed to have been evasive and (ii) in circumstances involving serious violations,
a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed evasive. Furthermore, the persons-in-charge
and other persons at our PRC subsidiaries who are held directly liable for the violations may be subject to criminal sanctions.
On February 28, 2015, SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on
Direct Investment, or SAFE Notice 13, which became effective on June 1, 2015. In accordance with SAFE Notice 13, entities and individuals
are required to apply for foreign exchange registration of foreign direct investment and overseas direct investment, including
those required under the SAFE Circular No. 37, with qualified banks, instead of SAFE. The qualified banks, under the supervision
of SAFE, directly examine the applications and conduct the registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These regulations apply to our direct and
indirect shareholders who are PRC residents and may apply to any offshore acquisitions or share transfers that we make in the future
if our shares are issued to PRC residents. We have requested PRC residents who we know currently hold direct or indirect interests
in our company to make the necessary applications, filings and amendments as required under SAFE Circular No. 37 and other related
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To our knowledge, all of our shareholders
who are PRC citizens and hold interest in us, have registered with the local SAFE branch and/or qualified banks as required under
SAFE Circular No. 37 and SAFE Notice 13. However, in practice, different local SAFE branches and/or qualified banks may have different
views and procedures on the application and implementation of SAFE regulations. Therefore, we cannot assure you that they can successfully
amend their foreign exchange registrations with the local SAFE branch and/or qualified banks in full compliance with applicable
laws. In addition, we may not be informed of the identities of all the PRC residents holding direct or indirect interest in our
company, and we cannot provide any assurances that these PRC residents will comply with our request to make or obtain any applicable
registrations or comply with other requirements required by SAFE Circular No. 37, SAFE Notice 13 or other related rules. A failure
by any of our current or future shareholders or beneficial owners who are PRC residents to comply with the SAFE regulations may
subject us to fines or other legal sanctions, restrict our cross-border investment activities, limit our PRC subsidiaries&rsquo;
ability to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and
prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, it is unclear how these regulations,
and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the
relevant government authorities. We cannot predict how these regulations will affect our business operations or future strategy.
For example, we may be subject to a more stringent review and approval process with respect to our foreign exchange activities,
such as remittance of dividends and foreign-currency-denominated borrowings, which may adversely affect our financial condition
and results of operations. In addition, if we decide to acquire a PRC domestic company, either we or the owners of such company,
as the case may be, may not be able to obtain the necessary approvals or complete the necessary filings and registrations required
by the foreign exchange regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect
our business and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Failure to
comply with PRC regulations regarding the registration requirements for employee share ownership plans or share option plans may
subject the PRC plan participants or us to fines and other legal or administrative sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2012, SAFE promulgated the
Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plans
of Overseas Publicly-Listed Companies, or the Stock Option Rules. Under the Stock Option Rules and other relevant rules and regulations,
PRC residents who participate in stock incentive plan in an overseas publicly-listed company are required to register with SAFE
or its local branches and complete certain other procedures. Participants of a stock incentive plan who are PRC residents must
retain a qualified PRC agent, which could be a PRC subsidiary of the overseas publicly-listed company or another qualified institution
selected by the PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock incentive plan
on behalf of its participants. The participants must also retain an overseas entrusted institution to handle matters in connection
with their exercise of stock options, the purchase and sale of corresponding stocks or interests and fund transfers. In addition,
the PRC agent is required to amend the SAFE registration with respect to the stock incentive plan if there is any material change
to the stock incentive plan, the PRC agent or the overseas entrusted institution or other material changes. See &ldquo;Item 4.
Information on the Company&mdash;B. Business Overview&mdash;Government Regulations&mdash;Regulations on Stock Incentive Plans.&rdquo;
We and our PRC employees who have been granted share options and restricted share units are subject to these regulations and we
have completed the registrations of our stock incentive plans, namely the 2008 Plan and the 2014 Plan, with the local SAFE as required
by PRC law. Failure of our PRC share option holders or restricted shareholders to complete their SAFE registrations may subject
these PRC residents to fines and legal sanctions and may also limit our ability to contribute additional capital into our PRC subsidiaries,
limited our PRC subsidiaries&rsquo; ability to distribute dividends to us, or otherwise materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">PRC regulation
of direct investment and loans by offshore holding companies to PRC entities and governmental control of currency conversion may
delay or limit us from using the proceeds of offshore offerings to make additional capital contributions or loans to our PRC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any capital contributions or loans that
we, as an offshore entity, make to our PRC subsidiaries are subject to PRC regulations. Under PRC laws and regulations, we are
permitted to utilize the proceeds from offshore offerings to fund our existing PRC subsidiaries only through loans or capital contributions
or to establish new PRC subsidiaries, subject to applicable government registration and approval requirements. None of our loans
to a PRC subsidiary can exceed the difference between its total amount of investment and its registered capital approved under
relevant PRC laws, and the loans must be registered with the local branch of SAFE. Our capital contributions to our PRC subsidiaries
or establishment of new PRC subsidiaries must be approved by the MOFCOM or its local counterpart. We cannot assure you that we
will be able to complete the necessary registration or obtain the necessary approval on a timely basis, or at all. If we fail to
complete the necessary registration or obtain the necessary approval, our ability to make loans or equity contributions to our
PRC subsidiaries may be negatively affected, which could adversely affect our PRC subsidiaries&rsquo; liquidity and their ability
to fund their working capital and expansion projects and meet their obligations and commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 30, 2015, the SAFE promulgated
Circular 19, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested
enterprises nationwide. Circular 19 came into force replacing both previous SAFE Circular 142 and SAFE Circular 36 on June 1, 2015.
Circular 19 allows all foreign-invested enterprises established in the PRC to use their foreign exchange capitals to make equity
investment and removes certain other restrictions provided under Circular 142 for these enterprises. However, Circular 19 continues
to prohibit foreign-invested enterprises from, among other things, using the Renminbi fund converted from its foreign exchange
capitals for expenditure beyond its business scope, and providing entrusted loans or repaying loans between non-financial enterprises.
The business scopes of Tarena Tech include research and development of computer software, hardware, internet technology and products
and telecommunications technology, transfer of proprietary technologies, information technology consulting, technical services,
computer technology training, sales of self-developed products and franchise business operations. The business scopes of Tarena
Software Technology (Hangzhou) Co., Ltd., or Tarena Hangzhou, include technology development, technology consulting, technical
services, computer software and hardware, network technology, telecommunication technology, services, non-certification computer
technology training for adults (excluding business subject to pre-approvals), wholesale and retail of computer software and hardware
and telecommunication equipment (excluding equipment subject to national controls and other special controls). Tarena Tech and
Tarena Hangzhou may only use Renminbi converted from foreign exchange capital contribution for activities within their respective
approved business scope. Therefore, we may not use such Renminbi funds converted to make equity investments in the PRC through
our PRC subsidiaries. In addition, the use of such Renminbi capital may not be altered without SAFE approval, and such Renminbi
capital may not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used. Violations of SAFE
Circular 19 could result in severe monetary or other penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SAFE also promulgated a SAFE Circular 45
in November 2011, which, among other things, restricts a foreign-invested enterprise from using RMB converted from its registered
capital to provide entrusted loans or repay loans between non-financial enterprises. Those circulars may significantly limit our
ability to use Renminbi converted from the net proceeds of offshore offerings to fund establishment of new PRC subsidiaries by
Tarena Tech and Tarena Hangzhou to invest in or acquire any other PRC companies, or to establish new PRC consolidated affiliated
entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our PRC subsidiaries
are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in
the Cayman Islands. We may need dividends and other distributions on equity from our PRC subsidiaries to satisfy our liquidity
requirements. Current PRC regulations permit our PRC subsidiaries to pay dividends to us only out of their accumulated profits,
if any, determined in accordance with PRC accounting standards and regulations. In addition, our PRC subsidiaries are required
to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total
amount set aside reaches 50% of their respective registered capital. Our PRC subsidiaries may also allocate a portion of its after-tax
profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are not distributable
as cash dividends. Furthermore, if our PRC subsidiaries 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 limitation on the ability of our subsidiaries
to distribute dividends to us or may restrict our ability to satisfy our liquidity requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the EIT Law, and its implementation
rules provide that withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident
enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments
of other countries or regions where the non-PRC-resident enterprises are incorporated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may not
be able to obtain certain treaty benefits on dividends paid to us by our PRC subsidiary through our Hong Kong Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the EIT Law, dividends generated
from retained earnings after January 1, 2008 from a PRC company and distributed to a foreign parent company are subject to a withholding
tax rate of 10% unless the foreign parent&rsquo;s jurisdiction of incorporation has a tax treaty with China that provides for a
preferential withholding arrangement. Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative
Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, or the Hong Kong
Tax Treaty, which became effective on December 8, 2006, a company incorporated in Hong Kong, such as Tarena HK, will be subject
to withholding income tax at a rate of 5% on dividends it receives from its PRC subsidiary if it holds a 25% or more interest in
that particular PRC subsidiary, or 10% if it holds less than a 25% interest in that subsidiary. Pursuant to the Notice of the SAT
on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, the 5% withholding tax rate
does not automatically apply and certain requirements must be satisfied, including without limitation that (a)&nbsp;the Hong Kong
enterprise must be the beneficial owner of the relevant dividends; and (b)&nbsp;the Hong Kong enterprise must directly hold at
least 25% share ownership in the PRC enterprise during the 12 consecutive months preceding its receipt of the dividends. However,
a transaction or arrangement entered into for the primary purpose of enjoying a preferential tax treatment should not be a reason
for the application of the preferential tax treatment under the Hong Kong Tax Treaty. If a taxpayer inappropriately is entitled
to such preferential tax treatment, the competent tax authority has the power to make appropriate adjustments. The SAT promulgated
a tax notice on October 27, 2009, or Circular 601, which provides that tax treaty benefits will be denied to &ldquo;conduit&rdquo;
or shell companies without business substance, and a beneficial ownership analysis will be used based on a &ldquo;substance-over-the-form&rdquo;
principle to determine whether or not to grant tax treaty benefits. On June 29, 2012, the SAT further issued the Announcement of
the SAT regarding Recognition of &ldquo;Beneficial Owner&rdquo; under Tax Treaties, or Announcement 30, which provides that a comprehensive
analysis should be made when determining the beneficial owner status based on various factors supported by various types of documents
including the articles of association, financial statements, records of cash movements, board meeting minutes, board resolutions,
staffing and materials, relevant expenditures, functions and risk assumption as well as relevant contracts and other information.
In August 2015, the SAT promulgated the Administrative Measures for Non-Resident Taxpayers to Enjoy Treatments under Tax Treaties,
or Circular 60, which became effective on November&nbsp;1, 2015. Circular 60 provides that non-resident enterprises are not required
to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate. Instead, non-resident
enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the
tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However, if
a competent tax authority finds out that it is necessary to apply the general anti-tax avoidance rules, it may start general investigation
procedures for anti-tax avoidance and adopt corresponding measures for subsequent administration.<B> </B>As a result, although
our PRC subsidiary, Tarena Hangzhou, is currently wholly owned by our Hong Kong subsidiary Tarena HK, we cannot assure you that
we would be entitled to the tax treaty benefits and enjoy the favorable 5% rate applicable under the Hong Kong Tax Treaty on dividends.
If Tarena HK cannot be recognized as the beneficial owner of the dividends to be paid by Tarena Hangzhou to us, such dividends
will be subject to a normal withholding tax of 10% as provided by the EIT Law. Besides, according to Circular 81 and Circular 60,
if the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a preferential
tax treatment, the relevant tax authorities may adjust the preferential withholding tax in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Discontinuation
or revocation of any of the preferential tax treatments and government subsidies or imposition of any additional taxes and surcharges
could adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC subsidiaries are incorporated in
the PRC and governed by applicable PRC tax laws and regulations. The EIT Law and its Implementing Rules, both became effective
on January 1, 2008, have adopted a uniform statutory enterprise income tax rate of 25% to all enterprises in China including foreign-invested
enterprises. The EIT Law and its Implementation Rules also permit qualified &ldquo;high and new technology enterprises,&rdquo;
or HNTEs, to enjoy a preferential enterprise income tax rate of 15% upon filing with relevant tax authorities. The qualification
as a HNTE generally has a valid term of three years and the renewal of such qualification is subject to review by the relevant
authorities in China. Tarena Tech obtained its HNTE certificate in 2009 and renewed its HNTE certificate in 2012 and again in 2015,
and is eligible to enjoy a preferential tax rate of 15% until the end of 2017. If Tarena Tech fails to maintain its HNTE qualification
or renew its qualification when its current term expires, its applicable enterprise income tax rate may increase to 25%, which
could have an adverse effect on our financial condition and results of operations. In addition, Tarena Hangzhou, one of our PRC
subsidiaries, was established in 2013 and is qualified as a &ldquo;newly established software enterprise&rdquo;, which entitles
it to two years of full tax exemption followed by three years of 50% tax exemption, commencing from the year in which its taxable
income is greater than zero, which was 2014. Tarena Hangzhou has also received financial subsidies from PRC local government authority
in 2013, 2015 and 2016. In 2016, Tarena Hangzhou acquired Hanru Education &amp; TechnologyCo., Ltd., or Hanru Hangzhou, which was
qualified as an eligible software enterprise and entitled to a full tax exemption of two years followed by a 50% tax exemption
of three years, commencing from 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferential tax treatments and financial
subsidies are subject to review and may be adjusted or revoked at any time in the future. The discontinuation of any preferential
tax treatments or financial subsidies or imposition of any additional taxes could adversely affect our financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Fluctuations
in exchange rates could have a material adverse effect on our results of operations and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the Renminbi against the U.S.
dollar and other currencies is affected by, among other things, changes in China&rsquo;s political and economic conditions and
China&rsquo;s foreign exchange policies. The PRC government changed its decade-old policy of pegging the value of the RMB to the
U.S. dollar in 2005, and the Renminbi appreciated more than 20% against the U.S. dollar over the following three years. However,
the People&rsquo;s Bank of China regularly intervenes in the foreign exchange market to limit fluctuations in Renminbi exchange
rates and achieve policy goals. During the period between July 2008 and June 2010, the exchange rate between the RMB and the U.S.
dollar had been stable and traded within a narrow range. However, the Renminbi fluctuated significantly during that period against
other freely traded currencies, in tandem with the U.S. dollar. Since June 2010, the RMB has fluctuated against the U.S. dollar,
at times significantly and unpredictably. In August 2015, the People&rsquo;s Bank of China changed the way it calculates the mid-point
price of Renminbi against the U.S. dollar, requiring the market-makers who submit for reference rates to consider the previous
day&rsquo;s closing spot rate, foreign-exchange demand and supply as well as changes in major currency rates. The value of the
Renminbi depreciated approximately 5.8% against the U.S. dollar in 2015 and further by approximately 6.3% in 2016. On November
30, 2015, the Executive Board of the International Monetary Fund (IMF) completed the regular five-year review of the basket of
currencies that make up the Special Drawing Right, or the SDR, and decided that with effect from October 1, 2016, Renminbi is determined
to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the Euro,
the Japanese yen and the British pound. In the fourth quarter of 2016, the RMB has depreciated significantly in the backdrop of
a surging U.S. dollar and persistent capital outflows of China. With the development of the foreign exchange market and progress
towards interest rate liberalization and Renminbi internationalisation, the PRC government may in the future announce further changes
to the exchange rate system and we cannot assure you that the 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 impact
the exchange rate between the RMB and the U.S. dollar in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant revaluation of the RMB may
have a material and adverse effect on your investment. For example, to the extent that we need to convert U.S. dollars into RMB
for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would
have an adverse effect on the RMB amount we would receive from the conversion. Conversely, if we decide to convert our RMB 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 RMB would have a negative effect on the U.S. dollar amount available to us. In addition, appreciation
or depreciation in the value of the RMB relative to U.S. dollars would affect the U.S.&nbsp;dollar equivalent of our earnings,
regardless of any underlying change in our business or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2016, we entered into a foreign
currency forward contract with China Merchants Bank Co., Ltd. The notional amounts of the foreign currency forward contracts were
RMB564.1 million and the settlement date was on May 19, 2016. We incurred a loss of RMB12.9 million as a result of such forward
foreign currency contract in 2016, due to the fluctuation in the exchange rate between U.S. dollars and RMB. We may decide to enter
into additional foreign currency contract 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. As a result, fluctuations in
exchange rates may have a material adverse effect on your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The audit
report included in this annual report is prepared by an auditor who is not inspected by the Public Company Accounting Oversight
Board and, as such, you are deprived of the benefits of such inspection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Auditors of companies that are registered
with the U.S. Securities and Exchange Commission, or the SEC, and traded publicly in the United States, including our independent
registered public accounting firm, must be registered with the U.S. Public Company Accounting Oversight Board (United States),
or PCAOB, and are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance
with the laws of the United States and professional standards. Because our auditor is located in the Peoples&rsquo; Republic of
China, a jurisdiction where the PCAOB is currently unable to conduct inspections without the approval of the PRC authorities, our
auditor is not currently inspected by the PCAOB. In May 2013, PCAOB announced that it had entered into a Memorandum of Understanding
on Enforcement Cooperation with the CSRC and the PRC Ministry of Finance, which establishes a cooperative framework between the
parties for the production and exchange of audit documents relevant to investigations undertaken by PCAOB, the CSRC or the PRC
Ministry of Finance in the United States and the PRC, respectively. PCAOB continues to be in discussions with the CSRC and the
PRC Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered with PCAOB and audit Chinese
companies that trade on U.S. exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This lack of PCAOB inspections in China
prevents the PCAOB from regularly evaluating audits and quality control procedures of any auditors operating in China, including
our auditor. As a result, investors may be deprived of the benefits of PCAOB inspections. The inability of the PCAOB to conduct
inspections of auditors in China makes it more difficult to evaluate the effectiveness of our auditor&rsquo;s audit procedures
or quality control procedures as compared to auditors outside of China that are subject to PCAOB inspections. Investors may lose
confidence in our reported financial information and procedures and the quality of our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Proceedings
instituted by the SEC against certain China-based accounting firms, including our independent registered public accounting firm,
could result in financial statements being determined to not be in compliance with the requirements of the Securities Exchange
Act of 1934, as amended, or the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 22, 2014, Judge Cameron Elliot,
an SEC administrative law judge, issued an initial decision suspending the Chinese member firms of the &ldquo;Big Four&rdquo; accounting
firms, including our independent registered public accounting firm, from, among other things, practicing before the SEC for six
months. In February 2014, the initial decision was appealed. While under appeal and in February 2015, the Chinese member firms
of the &ldquo;Big Four&rdquo; accounting firms reached a settlement with the SEC. As part of the settlement, each of the Chinese
member firms of the &ldquo;Big Four&rdquo; accounting firms agreed to settlement terms that include a censure; undertakings to
make a payment to the SEC; procedures and undertakings as to future requests for documents by the SEC; and possible additional
proceedings and remedies should those undertakings not be adhered to.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the settlement terms are not adhered
to, Chinese member firms of the &ldquo;Big Four&rdquo; accounting firms may be suspended from practicing before the SEC. If our
independent registered public accounting firm were suspended, from practicing before the SEC and we were unable to timely find
another registered public accounting firm to audit and issue an opinion on our financial statements, our financial statements could
be determined not to be in compliance with the requirements of the Exchange Act. Such a determination could ultimately lead to
our delisting from the NASDAQ Global Select Market or deregistration from the SEC, or both, which would substantially reduce or
effectively terminate the trading of our ADSs in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Substantial
uncertainties exist with respect to the enactment timetable, interpretation and implementation of draft PRC Foreign Investment
Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MOFCOM published a discussion draft
of the proposed Foreign Investment Law in January 2015 aiming to, upon its enactment, replace the trio of existing laws regulating
foreign investment in China, namely, <I>the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint
Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law</I>, together with their implementation rules and ancillary
regulations. The draft 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. While the Ministry of Commerce solicited comments on this draft earlier this year, substantial
uncertainties exist with respect to its enactment timetable, interpretation and implementation. The draft Foreign Investment Law,
if enacted as proposed, may materially impact the viability of our current corporate structure, corporate governance and business
operations in many aspects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Among other things, the draft Foreign Investment
Law expands the definition of foreign investment and introduces the principle of &ldquo;actual control&rdquo; in determining whether
a company is considered a foreign-invested enterprise, or an FIE. The draft Foreign Investment Law specifically provides that entities
established in China but &ldquo;controlled&rdquo; by foreign investors will be treated as FIEs. Once an entity is determined to
be an FIE, it will be subject to the foreign investment restrictions or prohibitions set forth in a &ldquo;negative list&rdquo;
to be separately issued by the State Council later. The &ldquo;negative list&rdquo; will consist of a list of industry categories
where foreign investments are strictly prohibited and a list of industry categories where foreign investments are subject to certain
restrictions. Foreign investments in business sectors outside of the &ldquo;negative list&rdquo; will only be subject to filing
procedures, whereas foreign investments in the restricted industries must apply for prior approval from the foreign investment
administration authority. In case the underlying business of an FIE falls within the foreign investment restricted industries,
upon market entry clearance by the MOFCOM, the FIE may file an application for being treated as a PRC domestic investment if the
FIE is &ldquo;controlled&rdquo; by PRC entities and/or citizens. In this connection, &ldquo;control&rdquo; is broadly defined in
the draft law to cover the following summarized categories: (i) holding 50% or more of the voting rights of the subject entity;
(ii) holding less than 50% of the voting rights of the subject entity but having the power to secure at least 50% of the seats
on the board or other equivalent decision making bodies, or having the voting power to exert material influence on the board, the
shareholders&rsquo; meeting or other equivalent decision making bodies; or (iii) having the power to exert decisive influence,
via contractual or trust arrangements, over the subject entity&rsquo;s operations, financial matters or other key aspects of business
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The &ldquo;variable interest entity&rdquo;
structure, or VIE structure, has been adopted by many PRC-based companies, including us, to obtain necessary licenses and permits
in the industries that are currently subject to foreign investment restrictions in China. See &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT>Risks
Relating to Our Corporate Structure&mdash;If the PRC government finds that the agreements that establish the structure for holding
our ICP license do not comply with applicable PRC laws and regulations, we could be subject to severe penalties&rdquo; and &ldquo;Item
4. Information on the Company&mdash;C. Organizational Structure.&rdquo; Under the draft Foreign Investment Law, variable interest
entities that are controlled via contractual arrangement would also be deemed as FIEs, if they are ultimately &ldquo;controlled&rdquo;
by foreign investors. Therefore, for any companies with a VIE structure in an industry category that is on the &ldquo;negative
list,&rdquo; the VIE structure may be deemed legitimate only if the ultimate controlling person(s) is/are of PRC nationality (including
PRC citizens, PRC governmental authorities and their affiliates, and the PRC companies controlled by the foregoing). Conversely,
if the actual controlling person(s) is/are of foreign nationalities, then the variable interest entities will be treated as FIEs
and any operation in the industry category on the &ldquo;negative list&rdquo; without market entry clearance may be considered
as illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Through our dual-class share structure, Mr.
Shaoyun Han, our founder, chairman and chief executive officer, a PRC citizen, possessed and controlled 67.1% of the voting power
of our company as of March 31, 2017. The draft Foreign Investment Law has not taken a position on what actions will be taken with
respect to the existing companies with a VIE structure, whether or not these companies are controlled by Chinese parties. Moreover,
it is uncertain whether the Internet content and other value-added telecommunication service industry, in which our VIE operates,
will be subject to the foreign investment restrictions or prohibitions set forth in the &ldquo;negative list&rdquo; to be issued.
If the enacted version of the Foreign Investment Law and the final &ldquo;negative list&rdquo; mandate further actions, such as
MOFCOM market entry clearance or certain restructuring of our corporate structure and operations, to be completed by companies
with existing VIE structure like us, we face substantial uncertainties as to whether these actions can be timely completed, or
at all, and our business and financial condition may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The draft Foreign Investment Law, if enacted
as proposed, may also materially impact our corporate governance practice and increase our compliance costs. For instance, the
draft Foreign Investment Law imposes stringent ad hoc and periodic information reporting requirements on foreign investors and
the applicable FIEs. Aside from investment implementation report and investment amendment report that are required at each investment
and alteration of investment specifics, an annual report is mandatory, and large foreign investors meeting certain criteria are
required to report on a quarterly basis. Any company found to be non-compliant with these information reporting obligations may
potentially be subject to fines and/or administrative or criminal liabilities, and the persons directly responsible may be subject
to criminal liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Risks Relating to Our
ADSs</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The trading prices
of our ADSs have fluctuated and may be volatile, which could result in substantial losses to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The trading prices of our ADSs have fluctuated
since we first listed our ADSs.The trading price of our ADSs has ranged from US$8.35 to US$17.75 per ADS in 2016. The last reported
trading price on April 24, 2017 was US$18.60 per ADS. The trading prices of our ADSs may continue to fluctuate and be
volatile due to factors beyond our control. This may happen because of broad market and industry factors, like the performance
and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their
securities in the United States. In recent years, the widespread negative publicity of alleged fraudulent accounting practices
and poor corporate governance of certain U.S. public companies with operations in China were believed to have negatively affected
investors&rsquo; perception and sentiment towards companies with connection with China, which significantly and negatively affected
the trading prices of some companies&rsquo; securities listed in the U.S. Any similar negative publicity or sentiment may affect
the performances of our ADSs. A number of PRC companies have recently listed or are in the process of listing their securities
on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines
in connection with their initial public offerings. The trading performances of these PRC companies&rsquo; securities after their
offerings may affect the attitudes of investors toward PRC companies listed in the United States in general and consequently may
impact the trading performance of our ADSs, regardless of our actual operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to market and industry factors,
the price and trading volume for our ADSs may be highly volatile for factors specific to our own operations, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the financial projections that we may choose to provide to the public, any changes in those projections
or our failure for any reason to meet those projections;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">variations in our net revenues, net income and cash flow;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements of new investments, acquisitions, strategic partnerships, or joint ventures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements of new services and expansions by us or our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in financial estimates by securities analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">additions or departures of key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">release of lock-up or other transfer restrictions on our outstanding equity securities or sales
of additional equity securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential litigation, regulatory investigations or other legal proceedings involving us; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">detrimental negative publicity about us or our industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">If securities
or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding
our ADSs, the market price for our ADSs and trading volume could decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The trading market for our ADSs is influenced
by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade
our ADSs or publish unfavorable research about us, the market price for our ADSs would likely decline. If one or more of these
analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which
in turn could cause the market price or trading volume for our ADSs to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our dual class
share structure with different voting rights will limit your ability to influence corporate matters and could discourage others
from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ordinary shares are divided into Class
A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to one vote per share, while holders
of Class B ordinary shares are entitled to ten votes per share, with Class A and Class B ordinary shares voting together as one
class on all matters subject to a shareholders&rsquo; vote. As of March 31, 2017, our Class B ordinary shares represent 12.6% of
our total outstanding ordinary shares on an as-converted basis and entitle their holders to 59.0% of our total voting power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the dual class share structure
and the concentration of ownership, holders of our Class B ordinary shares have substantial influence over our business, including
decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other
significant corporate actions. They may take actions that are not in the best interest of us or our other shareholders. This concentration
of ownership may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity
to receive a premium for their shares as part of a sale of our company and may reduce the price of our ADSs. This concentrated
control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger,
takeover or other change of control transactions that holders of Class A ordinary shares and ADSs may view as beneficial. For more
information regarding our principal shareholders and their affiliated entities, see &ldquo;Item 7. Major Shareholders and Related
Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The sale or availability
for sale of substantial amounts of our ADSs could adversely affect their market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. In addition, certain holders of our existing shareholders are entitled to certain
registration rights, including demand registration rights, piggyback registration rights, and Form F-3 or Form S-3 registration
rights. Registration of these shares under the Securities Act would result in these shares becoming freely tradable without restriction
under the Securities Act immediately upon the effectiveness of the registration. Sales of these registered shares in the public
market, or the perception that such sales could occur, could cause the price of our ADSs to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We may be classified
as a passive foreign investment company for United States federal income tax purposes, which could result in adverse United States
federal income tax consequences to United States investors in the ADSs or ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will be classified as a &ldquo;passive foreign
investment company,&rdquo; or &ldquo;PFIC&rdquo; if, in the case of any particular taxable year, either (a) 75% or more of our
gross income for such year consists of certain types of &ldquo;passive&rdquo; income or (b) 50% or more of the average quarterly
value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production of
passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or
exchange of passive assets (including property producing passive income) and net foreign currency gains. For this purpose, cash
is categorized as a passive asset and the company&rsquo;s unbooked intangibles associated with active business activity are taken
into account as a non-passive asset. We will be treated as owning our proportionate share of the assets and earning our proportionate
share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our current income and assets and
the value of our ADSs and outstanding ordinary shares, we do not believe that we were a PFIC for our taxable year ended December
31, 2016 and we do not expect to be classified as a PFIC for our taxable year ending December 31, 2017 or in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we do not expect to become a PFIC, because
the value of our assets for purposes of the asset test will generally be determined by reference to the market price of our ADSs
or ordinary shares, fluctuations in the market price of our ADSs or ordinary shares 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
of our income and assets, which will be affected by how, and how quickly, we use our liquid assets. Under circumstances where we
determine not to deploy significant amounts of cash for active purposes, our risk of being classified as a PFIC may substantially
increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made
annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year
or any future taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are classified as a PFIC in any taxable
year, a U.S. Holder (as defined in &ldquo;Item 10. Additional Information&mdash;E. Taxation&mdash;United States Federal Income
Tax Considerations&mdash;Passive Foreign Investment Company Considerations&rdquo;) may incur significantly increased United States
income tax on gain recognized on the sale or other disposition of the ADSs or ordinary shares and on the receipt of distributions
on the ADSs or ordinary shares to the extent such gain or distribution is treated as an &ldquo;excess distribution<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>
under the United States federal income tax rules and such holders may be subject to burdensome reporting requirements. Further,
if we are classified as a PFIC for any year during which a U.S. Holder holds 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. For more information,
see &ldquo;Item 10. Additional Information&mdash;E. Taxation&mdash;United States Federal Income Tax Considerations&mdash;Passive
Foreign Investment Company Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">You may face
difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are an exempted company incorporated under
the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the Companies
Law of the Cayman Islands (2016 Revision) and the common law of the Cayman Islands. The rights of shareholders to take action against
the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands
law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in
part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions
of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders
and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under
statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed
body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted
bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder
derivative action in a federal court of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Cayman Islands courts are also unlikely:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify">to recognize or enforce against us judgments of courts of the United States based on certain civil
liability provisions of U.S. securities laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify">to impose liabilities against us, in original actions brought in the Cayman Islands, based on certain
civil liability provisions of U.S. securities laws that are penal in nature.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no statutory recognition in the Cayman
Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize
and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of all of the above, public shareholders
may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors
or controlling shareholders than they would as public shareholders of a company incorporated in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Judgments obtained
against us by our shareholders may not be enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a Cayman Islands company and almost
all of our assets are located outside of the United States. All of our current operations are conducted in China. In addition,
most of our current directors and executive officers are nationals and residents of countries other than the United States. As
a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States
in the event that you believe that your rights have been infringed under the United States federal securities laws or otherwise.
Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of China may render you unable
to enforce a judgment against our assets or the assets of our directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The voting rights
of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to vote your
Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a holder of our ADSs, you will only be able
to exercise the voting rights with respect to the underlying Class A ordinary shares in accordance with the provisions of the deposit
agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of your voting
instructions, the depositary will vote the underlying Class A ordinary shares in accordance with these instructions. You will not
be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares. Under our
amended and restated memorandum and articles of association, as amended, the minimum notice period required for convening a general
meeting is ten clear days. When a general meeting is convened, you may not receive sufficient advance notice to withdraw the shares
underlying your ADSs to allow you to vote with respect to any specific matter. If we ask for your instructions, the depositary
will notify you of the upcoming vote and will arrange to deliver our voting materials to you. We cannot assure you that you will
receive the voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting
instructions. This means that you may not be able to exercise your right to vote and you may have no legal remedy if the shares
underlying your ADSs are not voted as you requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We are an emerging
growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various requirements that are 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 for so long as we are an emerging growth company, which may be for as long
as five years following our initial public offering in April 2014. As a result of our current status as an emerging growth company,
our investors may not have access to certain information that they may deem important.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The JOBS Act also provides that an emerging
growth company 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. However, we had elected to &ldquo;opt out&rdquo;
of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted for
public companies. The decision to opt out of the extended transition period under the JOBS Act was irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We are a foreign
private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable
to United States domestic public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
in respect of a security registered under the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sections of the Exchange Act requiring insiders to file public reports of their share ownership
and trading activities and liability for insiders who profit from trades made in a short period of time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the selective disclosure rules by issuers of material nonpublic information under Regulation FD.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are required to file an annual report on
Form 20-F within four months of the end of each fiscal year. In addition, we publish our results on a quarterly basis as press
releases, distributed pursuant to the rules and regulations of the NASDAQ Global Select Market. Press releases relating to financial
results and material events are also be furnished to the SEC on Form 6-K. However, the information we are required to file with
or furnish to the SEC are less extensive and less timely as compared to that required to be filed with the SEC by United States
domestic issuers. As a Cayman Islands company listed on the NASDAQ Global Select Market, we are subject to the NASDAQ Global Select
Market corporate governance listing standards. However, NASDAQ Global Select 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 Select Market corporate governance listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We relied on the exemption available to foreign
private issuers for the requirement that it hold an annual general meeting of shareholders no later than December 31, 2016 in 2016.
In this respect, we elected to follow home country practice and did not hold an annual general meeting of shareholders no later
than December 31, 2016 in 2016. We may also continue to rely on this and other exemptions available to foreign private issuers
in the future, and to the extent that we choose to do so in the future, our shareholders may be afforded less protection than they
otherwise would under the NASDAQ Global Select Market corporate governance listing standards applicable to U.S. domestic issuers.
As a result, you may not be afforded the same protections or information, which would be made available to you, were you investing
in a United States domestic issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">You may not receive
dividends or other distributions on our Class A ordinary shares and you may not receive any value for them, if it is illegal or
impractical to make them available to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The depositary of our ADSs has agreed to pay
to you the cash dividends or other distributions it or the custodian receives on Class A ordinary shares or other deposited securities
underlying our ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of
Class A ordinary shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical
to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of
ADSs if it consists of securities that require registration under the Securities Act but that are not properly registered or distributed
under an applicable exemption from registration. The depositary may also determine that it is not feasible to distribute certain
property through the mail. Additionally, the value of certain distributions may be less than the cost of mailing them. In these
cases, the depositary may determine not to distribute such property. We have no obligation to register under U.S. securities laws
any ADSs, ordinary shares, rights or other securities received through such distributions. We also have no obligation to take any
other action to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. This means that you
may not receive distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make
them available to you. These restrictions may cause a material decline in the value of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">You may not be
able to participate in rights offerings and may experience dilution of your holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may, from time to time, distribute rights
to our shareholders, including rights to acquire securities. Under the deposit agreement, the depositary will not distribute rights
to holders of ADSs unless the distribution and sale of rights and the securities to which these rights relate are either exempt
from registration under the Securities Act with respect to all holders of ADSs, or are registered under the provisions of the Securities
Act. The depositary may, but is not required to, attempt to sell these undistributed rights to third parties, and may allow the
rights to lapse. We may be unable to establish an exemption from registration under the Securities Act, and we are under no obligation
to file a registration statement with respect to these rights or underlying securities or to endeavor to have a registration statement
declared effective. Accordingly, holders of ADSs may be unable to participate in our rights offerings and may experience dilution
of their holdings as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">You may be subject
to limitations on transfer of your ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Your ADSs are transferable on the books of
the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient 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 our 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">We incur increased
costs as a result of being a public company, and we cannot predict or estimate the amount of additional future costs we may incur
or the timing of such costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a public company, we incur significant legal,
accounting and other expenses that we did not incur as a private company, including additional costs associated with our public
company reporting obligations. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and NASDAQ
Global Select Market, impose various requirements on the corporate governance practices of public companies. As a company with
less than US$1.07 billion in revenues for our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; 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 in the assessment of the emerging growth company&rsquo;s internal control over financial reporting and permission to delay
adopting new or revised accounting standards until such time as those standards apply to private companies. However, we had elected
to &ldquo;opt out&rdquo; of this provision and, as a result, we will comply with new or revised accounting standards as required
when they are adopted for public companies. The decision to opt out of the extended transition period under the JOBS Act was irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &ldquo;emerging growth company,&rdquo; we expect to incur significant expenses and devote substantial management effort
toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. We are currently
evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with reasonable
certainty the amount of additional costs we may incur or the timing of such costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the past, shareholders of a public company
often brought securities class action suits against the company following periods of instability in the market price of that company&rsquo;s
securities. In the fourth quarter of 2015, several law firm in the U.S. announced that they were investigating potential securities
claims on behalf of our shareholders against us. We cannot predict whether such investigations will result in lawsuits, including
class action suits, being filed against us. If we were involved in a class action suit, it could divert a significant amount of
our management&rsquo;s attention and other resources from our business and operations, which could harm our results of operations
and require us to incur significant expenses to defend the suit. 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 may be required to pay significant damages, which could have a material adverse effect on our financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_007"></A>ITEM&nbsp;4.</TD><TD STYLE="text-align: justify">INFORMATION ON THE COMPANY</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">History and Development of the Company</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We began our operations in Beijing in September
2002 through Beijing Tarena Technology Co., Ltd. In November 2012, we changed the name of Beijing Tarena Technology Co., Ltd. to
Tarena Technologies Inc., or Tarena Tech. Tarena International, Inc., an exempted company with limited liability, was incorporated
in the Cayman Islands in October 2003 and became our ultimate holding company. We established Tarena Hong Kong Limited, or Tarena
HK, as our wholly-owned subsidiary in October 2012. Tarena HK wholly owns Tarena Software Technology (Hangzhou) Co., Ltd., or Tarena
Hangzhou, an entity that we established in January 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 3, 2014, our ADSs began trading on
the NASDAQ Global Select Market under the ticker symbol &ldquo;TEDU.&rdquo; We and certain selling shareholders sold a total of
15,300,000 ADSs, representing 15,300,000 Class A ordinary shares, at an initial offering price of $9.00 per ADS. Concurrently with
our initial public offering, we also issued 1,500,000 Class A ordinary shares at a price of US$9.00 per share to New Oriental Education
&amp; Technology Group Inc. Ltd. through a private placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to 2012, we conducted a substantial portion
of our operations through our consolidated VIEs and their respective subsidiaries and schools. On January 30, 2012, the <I>PRC
Catalogue for the Guidance of Foreign Investment Industries (amended)</I> became effective, which listed professional education
service as an industry for which foreign investments are &ldquo;encouraged&rdquo; by the government and On April 10, 2015, the
new <I>PRC Catalogue for the Guidance of Foreign Investment Industries (amended)</I> became effective, which listed non accredited
professional education service as an industry for which foreign investments are &ldquo;encouraged&rdquo; by the government. In
light of such change of law, starting from the second half of 2012, we began to transfer the operations, including related assets
and liabilities, of our consolidated VIEs to Tarena Tech and its subsidiaries and schools. All of our learning center operations
of VIEs had been transferred to Tarena Tech and its subsidiaries and schools. In December 2016, we wound up Shanghai Tarena, one
of our VIEs. We expect to continue to control and consolidate Beijing Tarena, which holds an Internet Content Provider license,
or ICP license. Beijing Tarena has added our TMOOC.cn website under the ICP license held by Beijing Tarena. In 2015, we invested
RMB24.0 million in five PRC companies which are engaged in the provision of educational products and services. In 2016, we invested
RMB12.8 million in three companies which are mainly engaged in provision of educational products and services. For a description
of the risks relating to our corporate structure and the contractual arrangements we have entered into with our VIE, see &ldquo;Item
3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below sets forth the respective revenues
and assets of Tarena and our wholly-owned subsidiaries and our consolidated VIEs as of the dates and for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>Net&nbsp;Revenues</B><SUP>(1)</SUP></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>Total&nbsp;Assets<SUP>(1)</SUP></B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year<BR> ended<BR> December&nbsp;31,<BR> 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year<BR> ended<BR> December&nbsp;31,<BR> 2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year<BR> ended<BR> December&nbsp;31,<BR> 2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;of<BR> December<BR> 31,&nbsp;2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Tarena and its wholly-owned subsidiaries</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">97.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Consolidated VIEs<SUP>(2)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%<SUP>(3)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%<SUP>(3)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The percentages exclude the inter-company transactions and balances between Tarena and wholly-owned
subsidiaries and the consolidated VIEs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Shanghai Terena, one of our consolidated VIEs, were wound up in December 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The net revenues from consolidated VIEs is immaterial and accounted for 0.0% due to rounding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have dual headquarters in China. Our principal
executive offices in Beijing are located at Suite 10017, Building E, Zhongkun Plaza, A18 Bei San Huan West Road, Haidian District,
Beijing, People&rsquo;s Republic of China. Our telephone number at this address is +86 10 6213 5687. Our principal executive offices
in Hangzhou are located at 1/F, Block A, Training Building, 65 Kejiyuan Road, Baiyang Jie Dao, Economic Development District, Hangzhou
310000, People&rsquo;s Republic of China. Our telephone number at this address is +86 571 5602 0827. Our registered office in the
Cayman Islands is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681,
Grand Cayman KY1-1111, Cayman Islands. Our agent for service of process in the United States is Law Debenture Corporate Services
Inc. located at 801 2<SUP>nd</SUP> Avenue, Suite 403, New York, NY 10017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Business Overview</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We provide professional education services
in China. Our core strength is in IT professional education services. Since our inception in 2002, we have trained over 380,000
students, cooperated with more than 690 universities and colleges and placed students with approximately 90,000 corporate employers
in a variety of industries. We currently offer courses in twelve IT subjects, three non-IT subjects and three kid education programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For our adult students, our education platform
combines live distance instruction, classroom-based tutoring and online learning modules. We deliver professional education lectures
through a group of experienced and passionate instructors based in Beijing to a nationwide network of 145 directly managed learning
centers in 46 cities in China as of December 31, 2016. For each class, instructors deliver lectures from one classroom in Beijing
to students in the same classroom as well as to students at our learning centers across China via simultaneous webcast. To facilitate
a disciplined and focused learning environment, we staff each classroom at our learning centers with one or two on-site teaching
assistants to tutor and supervise students. We complement the live instruction and tutoring with our proprietary learning management
system TTS. TTS has five core functions, featuring course content, self-assessment exams, student and teaching staff interaction
tools, student management tools and an online student community. Through this education platform, we provide job-oriented education
with measurable outcomes, as demonstrated by our high job placement rates and students&rsquo; academic performance. In addition
to our TTS platform, we launched <I>TMOOC.cn</I> in March 2015, which offers not only regular teaching video contents, but also
continuing education courses and job placement training courses, in order to cover a broader customer base. We offer our part-time
class students the opportunity to complete a portion of lessons online using <I>TMOOC.cn</I>. <I>TMOOC.cn</I> is also important
for our marketing efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2015, we launched new training
programs <I>Tongcheng</I> and <I>Tongmei</I> featuring IT training courses and non-IT training courses. In March 2016, we also
rolled out <I>Tongchuang </I>to offer kids robotics programming courses. These new programs target and contain curriculum that
are customized for primary to high school students aged between six and eighteen. Unlike programs designed for adult students,
our courses for primary to high school students are taught by teaching assistants face-to-face in offline classrooms. In order
to build a more vivid and concentrated learning environment, students will watch a series of interesting courseware videos step
by step, under the lead of on-site teaching assistants. These programs are mainly delivered through the facilities of existing
learning centers to improve the utilization of the facilities. In 2016, we also set up six flagship centers for kid education programs,
which have further improved our brand recognition and teaching facilties and brought better learning experience for our students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have a strong commitment to career services.
We had 445 career counselors as of December 31, 2016, who advise students through mandatory job skill seminars, one-on-one interview
workshops and systematic career assessment and planning. We had 243 employer cooperation representatives as of December 31, 2016,
who liaise closely with employers, alumni, human resources websites and other employment recruiters to maximize job opportunities
for our students. In January 2015, we launched a self-developed job search website called Job Show (<I>www.jobshow.cn</I>), which
serves as a dedicated open platform for our students and other job-seeking candidates to connect with corporate employers more
effectively. Through Job Show, we source and list job opportunities from both IT and non-IT employers in China. We have a track
record of producing qualified, job-ready candidates for many corporate employers in China, including global <I>Fortune 500</I>
companies and leading technology companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a holding company with no material operations
of our own. We conduct our operations primarily through our wholly-owned subsidiaries in China. We also control and consolidate
a VIE, Beijing Tarena. Beijing Tarena has added our <I>TMOOC.cn</I> website under the ICP license held by Beijing Tarena as of
December 31, 2016. Our wholly-owned subsidiaries in China are currently not eligible as wholly-owned foreign-invested enterprises
to hold ICP licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our Education Platform</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For our adult students, our education platform
combines three key components: live distance instruction, classroom-based tutoring and online learning modules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Live distance
instruction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From our headquarters in Beijing, our instructors
deliver live courses primarily via live webcast to our learning centers across China. Students attending class watch live audio-video
broadcasts of lectures delivered using streaming media and other Internet-based technologies. Our full-time students typically
watch live lectures for approximately five hours a day and work on practice exercises assigned by instructors for approximately
two hours every day during the classroom sessions, which generally last from 9:00 a.m. to 6:00 p.m. five days a week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our live broadcast method of lecture delivery
ensures consistency in teaching quality across all our centers. All of our instructors to deliver the lecture through webcasting
system are located in Beijing, where we centralize our training support. Our headquarter-level quality control department monitors
the performance of each lecturer on a daily basis. We typically have multiple instructors for each course, with each instructor
focusing on separate topic areas. We believe this allows our instructors to focus, and offer more in-depth teaching, on their specific
areas of expertise within a subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Classroom-based
tutoring</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our students are generally required to physically
attend classes at our learning centers. We believe physical attendance is important as it creates a disciplined and focused learning
environment for students to effectively master the course content. Requiring students to physically attend classes also facilitates
the delivery of personalized and systematic tutoring and job placement services to our students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our classrooms are equipped with computers
for each student, as well as projectors and other equipment necessary for the live broadcast of our lectures. Our classroom technology
infrastructure allows students to interact with instructors online to receive help on course materials and to use online modules
in TTS to take notes and conduct practice exercises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our learning centers function both as classrooms
for delivering lectures and self-study rooms after class hours. As of December 31, 2016, we directly managed a total of 145 learning
centers in 46 major cities across China. Our learning centers vary in terms of size, typically having between 5 and 20 classrooms,
with each classroom typically able to host between 20 and 100 students. In addition to the learning centers that we operate directly,
we also have one franchised learning center in Xi&rsquo;an, and the franchise fee from such learning center was immaterial in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides an overview of
our national network of learning centers that we manage directly and the courses offered in each city as of December 31, 2016 and
student enrollments in each city in 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cities</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Learning</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Centers</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Java</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>C++</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Digital
    art</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Software</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>testing</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>PHP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Embedded</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Android</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>NET</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>iOS</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Linux
    and</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>network</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>engineering</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Online
    sales</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>and</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>marketing</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Accounting</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Web
    front-</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>end</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>development</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Big</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>data</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>VR/AR</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Beijing&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">15</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Hangzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Shenzhen&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Shanghai&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Guangzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Chengdu&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Nanjing&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Wuhan&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Hefei&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Zhengzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Chongqing&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Changsha&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Jinan&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Qingdao&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Taiyuan&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Shenyang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Changchun</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Shijiazhuang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Xi&rsquo;an&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Wuxi&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Suzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Harbin&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Xiamen&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Nanchang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Dalian&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Kunming&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Tianjin&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Nanning&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Ningbo&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Fuzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Zhuhai&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Daqing&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Yantai&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Dongguan&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Guiyang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Haikou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Lanzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Weifang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; "><FONT STYLE="font-size: 8pt">Luoyang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; "><FONT STYLE="font-size: 8pt">Linyi&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; "><FONT STYLE="font-size: 8pt">Yuncheng&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Wenzhou&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Hohhot&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Qinhuangdao&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Nanyang&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">Zibo&#9;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&#9679;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">currently
                                         offered</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">not
                                         currently offered</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
2016, we have entered 46 cities in China and recruited 107,493 students, approximately 62.0% of whom are from top 10 cities, namely
Beijing, Shenzhen, Shanghai, Hangzhou, Chengdu, Nanjing, Guangzhou, Wuhan, Zhengzhou and Qingdao. Other cities accounted for 38.0%
of total student enrollments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Online learning
modules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our live distance instruction and classroom-based
tutoring are supplemented by our proprietary online learning modules featured on our TTS platform. TTS has the following five core
functions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Course content</I>. TTS contains lecture slides, key lecture video recordings, case studies,
practice exercises and supplemental reading materials. In addition to recordings of past lectures, TTS also features exclusive
online videos on key course materials. Students may view lecture videos using the computers at our learning centers. To foster
effective learning of our course lecture materials, especially theoretical knowledge points, TTS features software development
case studies and practice exercises. TTS contains supplemental reading materials on areas in which we have historically received
frequent questions from students. TTS also allows students to download coding materials and study notes that they have prepared
for reference in their future jobs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Self-assessment exams</I>. TTS features daily and weekly interactive mock examinations to measure
learning outcomes. Students use the mock exams to assess their learning results and gauge their grasp of course content. After
students complete a self-assessment exam, TTS automatically provides students with detailed explanations on each of the exam questions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Student and teaching staff interaction</I>. TTS allows students to interact with instructors
and teaching assistants. In class, students may raise questions for instructors and teaching assistants using the messaging tools
on TTS. After class, students can post questions to the teaching assistants through the online question and answer board in TTS.
Teaching assistants are able to provide timely and accurate responses typically within 30 minutes after a question is submitted.
To ensure the accuracy of responses and to identify questions of common interest, our instructors also actively review questions
posted on TTS and regularly provide answers. Students are given the opportunity to provide feedback for each answer or tutorial
service provided by teaching assistants using the evaluation functions on TTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Student management tools</I>. TTS allows instructors to receive daily ratings and feedback from
students. Instructors may then adjust their lecture pace and coverage of course materials each day. TTS enables teaching assistants
to evaluate each student&rsquo;s academic performance. The teaching assistant interface of TTS contains each student&rsquo;s monthly
performance test scores, as well as each student&rsquo;s ranking within the class and nationally. Teaching assistants are required
to follow-up with underperforming students regarding their academic status and to adopt concrete action plans with such students
to improve their future performance. TTS also allows teaching assistants to monitor each student&rsquo;s attendance and to log
their daily tutoring activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Online student community</I>. TTS serves as an online student community that fosters academic
collaboration among students. We encourage students to post course-related articles and comments sharing their study experiences
on the bulletin board forum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to our TTS platform, we launched
<I>TMOOC.cn</I> in March 2015 to cover a broader customer base. TMOOC.cn offers two types of online learning products: continuing
education courses and job placement training courses. Continuing education courses, composed of a library of video clips that focus
on on-the-job practical skills, target working professionals and others with continuing education needs. Job placement training
courses are full length programs that target job seekers. These recruitment-oriented courses are carefully chosen from existing
courses at our learning centers and redesigned to be more suitable for online learning environment. Users who finish all modules
in a job placement training course and pass the relevant Tarena certification examination will receive the same job placement services
that we offer to students at learning centers. We also offer our part-time class students the opportunity to complete a portion
of lessons online using <I>TMOOC.cn</I>. The number of registered <I>TMOOC.cn</I> users has reached more than 195,000 as of December
31, 2016, and our proprietary content library offers more than 22,000 hours of video content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our Course Offerings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our courses provide students with practical
education to prepare them for jobs in industries with significant growth potential and strong hiring demand. We currently offer
courses in twelve IT subjects, three non-IT subjects and three kid education programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For adult students, we generally offer the
following two types of classes in order to accommodate the different scheduling and training needs of our students:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Full-time class</I>. The term for a full-time class is typically four months and includes approximately
1,000 learning hours. Full-time classes meet from Monday to Friday. In 2016, we also implemented &ldquo;<I>teaching at appropriate
level</I>&rdquo; strategy and launched advanced courses with terms of one to five months. In 2016, approximately 80.6% of our enrolled
students attended our full-time classes.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 49; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Part-time class</I>. Part-time classes typically have terms of three to five months. We
                                                                                                               allow students to attend part-time classes either exclusively during weekends or on a combination of weekday nights and
                                                                                                               weekends, as these students typically have full-time jobs. We offer our part-time class students the opportunity to complete
                                                                                                               a portion of lessons online by watching videos available on TTS through<I> TMOOC.cn</I>. In 2016, approximately 19.4% of our
                                                                                                               enrolled students attended our part-time classes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have adopted stringent quality control procedures
to ensure that we produce high quality graduates. We use entrance exams to assess the level of our students. Prospective full-time
students with low entrance exam scores are recommended to enroll in preparatory training camps. We have a total of four monthly
closed-book performance tests to evaluate the learning status of our students. For underperforming students who have failed the
first monthly performance test, we offer them the opportunity to re-take the first month classes at no extra cost. We believe physical
class attendance is important, and students with low attendance rates are generally not given graduation certificates and job opportunities
referrals at the end of our program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our full-time classes also include short term,
project-based training programs designed for college students to gain practical IT experience, which are not material for our business
as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">IT education
courses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We offer education courses covering the following
twelve IT subjects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 26%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Subject</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%">
</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Year&nbsp;of</B><BR>
        <B>Launch</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%">
</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Focus&nbsp;of&nbsp;Course&nbsp;Content</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Java</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2002</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Programming for Windows and Linux-based desktop software and web-based software</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>.NET</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2007</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Development of software based on the .NET framework that runs primarily on Windows</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>C++</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2009</TD>
    <TD>&nbsp;</TD>
    <TD>Programming for Windows and Linux-based desktop software</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Software testing</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2009</TD>
    <TD>&nbsp;</TD>
    <TD>Practical software testing and quality assurance training</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Embedded</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2009</TD>
    <TD>&nbsp;</TD>
    <TD>Development of software to control machines and devices</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>PHP</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2010</TD>
    <TD>&nbsp;</TD>
    <TD>Web-based software development for e-commerce industries</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Android</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD>
    <TD>&nbsp;</TD>
    <TD>Programming for Android-based applications</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>iOS</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD>
    <TD>&nbsp;</TD>
    <TD>Programming for iOS-based applications</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Linux and network engineering</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD>
    <TD>&nbsp;</TD>
    <TD>Linux operating system and network management technology</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Big Data</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD>
    <TD>&nbsp;</TD>
    <TD>Hadoop, HBase, Hive, Zookeeper</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Web front-end development</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">HTML5, CSS3, JavaScript, jQuery, AJAX, Bootstrap, AngularJS, Web APP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>VR/AR</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2016</TD>
    <TD>&nbsp;</TD>
    <TD>Programming for developing a full range of VR/AR projects</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Graduates of our IT education courses receive
<I>Tarena Certified Software Developer </I>certificates, or TCSD certificates. Holders of TCSD certificates are qualified to obtain
the intermediate-advanced software engineer certificate issued by the Ministry of Industry and Information Technology of China,
or the MIIT, for their respective field of study, subject to such graduates passing our internal examination. Graduates of our
Java courses are granted <I>ORACLE Certified Java Programmer certificates by</I> ORACLE Corporation after passing the relevant
exams. Our Linux and network engineering course graduates may also sign up for Red Hat certification exams at our learning centers.
Graduates of our embedded course are awarded the <I>Embedded Engineer Certificate </I>issued by ARM upon passing the relevant exams.
Pursuant to our strategic partnership agreement with Alibaba Cloud Computing Co., Ltd., or Aliyun, Aliyun will provide two opportunities
to take the ACF (Ali Cloud Foundation) certification exams to each Tarena student.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Non-IT education
courses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We began offering courses in non-IT subjects
in 2013. We launched our digital art course in February 2013, our online sales and marketing course in November 2013 and our accounting
course in October 2014. The following table describes the three non-IT courses that we currently offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 26%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Subject</B></P></TD>
    <TD STYLE="vertical-align: top; width: 2%">
</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; border-bottom: Black 0.5pt solid"><B>Year&nbsp;of</B><BR>
<B>Launch</B></P></TD>
    <TD STYLE="vertical-align: top; width: 2%">
</TD>
    <TD STYLE="vertical-align: bottom; width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Focus&nbsp;of&nbsp;Course&nbsp;Content</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Digital art</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Latest Adobe user interface design technology for graphic, webpage and mobile sites design</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Online sales and marketing</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Search engine marketing, search engine optimization, and other Internet based marketing, including microblog marketing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Accounting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2014</TD>
    <TD>&nbsp;</TD>
    <TD>Accounting certificate, and chief accountant practice</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since its launch in February 2013, our digital
art course has registered strong growth in student enrollments and has become one of the largest courses in terms of net revenue
contribution in 2016. Our accounting course helps us target a broader student base. Graduates of our online sales and marketing
courses are awarded the <I>Certificate </I>issued by Baidu without additional examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Kid Education
Programs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2015, we launched new training
programs <I>Tongcheng</I>, <I>Tongmei</I> and <I>Tongchuang </I>featuring IT training courses and non-IT training courses. Compared
with the curriculum for adult students, the IT and non-IT courses offered under the <I>Tongcheng</I>, <I>Tongmei</I> and <I>Tongchuang</I>
programs feature materials that are customized for young kids. Both new programs target and contain curriculum that are customized
for primary to high school students aged between 6 and 18. Unlike programs designed for adult students, our courses for primary
to high school students are taught by teaching assistants face-to-face in offline classrooms. In order to build a more vivid and
concentrated learning environment, students will watch a series of interesting courseware videos step by step, under the lead of
on-site teaching assistants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Tongcheng</I>, <I>Tongme</I>i and <I>Tongchuang
</I>programs each has three to four levels, with each level consisting of 120 learning hours per year. Students begin from level
1 and attend a 3-hour class per week. Depending on the age group, it generally takes approximately one year to complete each level.
As of December 31, 2016, our <I>Tongcheng</I>, <I>Tongmei </I>or <I>Tongchuang </I>programs are offered in 15 cities in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our Teaching Staff</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our instructors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we employed 204 full-time
instructors based in Beijing. Most of our instructors for IT education courses have industry backgrounds in global and domestic
technology companies. Instructors for non-IT education courses are typically experts or veterans in their respective specialized
fields. Our instructors also provide us with unique access to a large pool of experts on industry trends that is especially valuable
in our decision-making and development process for new courses. We believe we attract highly qualified instructors by virtue of
our respected brand, our well-established teaching infrastructure and sales team and our competitive compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that developing and maintaining
highly capable and motivated instructors is critical to our success. We seek qualified instructor candidates who have extensive
industry experience or come from other professional education service providers. These candidates are subject to multiple rounds
of interviews conducted by our director of teaching, vice-president for teaching and the chief executive officer. All instructors
are required to undergo training in teaching skills and techniques. We require our instructors to regularly update their course
materials to remain current with evolving employer needs, industry developments and other key trends necessary to teach effectively.
We typically have a backup instructor assigned to each course to meet any emergency needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To align incentives, instructors receive bonuses
based on students&rsquo; ratings and the number of class sessions taught, in addition to their base compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our teaching
assistants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that our dedicated teaching assistants
are essential to the success of our education model. Our teaching assistants interact with and tutor our students on a daily basis,
and are instrumental in facilitating a disciplined and focused learning environment. Each classroom is staffed with one or two
teaching assistants, who attend lectures together with students. Teaching assistants are available during class hours to answer
student questions in person, and after class hours to address inquiries online via TTS or on-site until 8:30 p.m. Teaching assistants
are also responsible for offering focused tutoring services to underperforming students and continuously monitoring their academic
results. We have adopted a comprehensive set of key performance indicators, or KPIs, to evaluate the performance of our teaching
assistants. Such KPIs include student satisfaction, exam scores of students on monthly performance tests, the improvement of underperforming
students and employment results after graduation, among other indicators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We primarily seek teaching assistant candidates
from our graduates who have demonstrated strong command of materials in the relevant subject areas. We provide necessary training
to newly hired teaching assistants to tutor effectively. Our teaching assistants are frequently evaluated by students on the quality
of their assistance. We had a total of 1,344 teaching assistants as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Course Content Development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to teaching, our instructors also
develop the course content in their respective subject areas. We regularly update our existing courses, typically every six months,
to stay abreast of the latest technology developments and industry trends. Our instructors are also responsible for producing practice
exercises and exam questions for monthly performance tests to evaluate the effectiveness of our student self-assessment tests in
TTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We regularly engage in new course development
in order to capture demands created by evolving job market and industry trends. We have a set of procedures for new course development.
Prior to developing a new course, we gather market intelligence by collecting job market demand information to ensure that we are
developing relevant and up-to-date courses. We conduct a series of surveys, each with clear parameters, to determine various aspects
of the proposed new course. Once we gather enough market intelligence, we recruit, or identify from within Tarena, instructors
with the appropriate industry and academic background to form a course-specific development task team. All of our new courses are
then pilot tested in selected learning center in Beijing for student satisfaction, training practicality and employment outcomes.
In 2016, we launched one new course in VR/AR and one kid program in kid robot programming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our software research and development department
is tasked with improving the technical performance and user experience of TTS. Since introducing TTS student version 1.0 in 2006,
we have produced eight upgrades to TTS. The current version that our students use is TTS student version 9.0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our Students</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of our students are college students
and graduates. In 2016, approximately 81.3% of our enrolled students were either studying towards, or already held, a post-secondary
degree. We have experienced significant growth in student enrollment in recent years. Our student enrollment reached 107,493 in
2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Student recruitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We rely primarily on Internet-based marketing
to attract students and increase enrollments. We advertise on the Internet using search engine keywords on leading search engines.
We also use banners and other advertising placements on targeted sites, such as education portals, career sites and industry-specific
websites. We actively monitor the effectiveness of our advertising and adjust marketing spending accordingly. Our learning centers
also host seminars, information sessions and preparatory training camps for prospective students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a prospective student responds to our
advertisements, an enrollment advisor generates a prospective student profile and advises the candidate, either online or in a
face-to-face meeting, on various aspects of our courses and educational experience. As of December 31, 2016, we had a total of
1,746 enrollment advisors nationally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To promote brand awareness, we place advertisements
in industry trade publications and present at industry trade seminars and conventions. We also began to host our annual T<I>arena-Discovery
Cup Chinese University Students Software Design Competition</I> in April 2012. In 2015, we changed our logo from &ldquo;Tarena
Technology&rdquo; (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#36798;&#20869;&#31185;&#25216;</FONT>) to &ldquo;Tarena
Education&rdquo; (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#36798;&#20869;&#25945;&#32946;</FONT>) to better showcase
our professional image in education.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also encourage our students at school to
introduce their friends or classmates who are interested in taking professional education courses. Student referral has become
one of the key channels we access to new students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to our marketing efforts and student
referrals, we recruit a significant portion of our students directly from universities and colleges. As of December 31, 2016, we
have cooperated with over 690 universities and colleges in China under one of the three following modes of cooperation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Joint-majors</I>. We offer joint-majors with 103 universities and colleges in China. These universities
offer students the option to include our selected courses in their standard undergraduate curriculum. Students in selected majors
at these universities take our courses full-time for one semester and receive academic credits from these universities and colleges
after successfully completing our courses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>On-campus learning sites</I>. We have established over 144 on-campus learning sites with over
a number of universities and colleges in China to offer our courses, without live broadcast, to students attending these universities
and colleges. Students enrolled in our on-campus learning sites typically attend part of our course in the on-campus learning sites
and part of the course at our learning centers. We pay universities and colleges for the cost of classroom facilities used in the
learning sites but do not share revenue with these universities and colleges.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Enrollment cooperation</I>. We have enrollment cooperation with over 690 universities and colleges
in China. These universities and colleges allow us to organize marketing and promotional events on campus in order to attract students.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We had a total of 283 university cooperation
representatives as of December 31, 2016. Our university cooperation representatives are responsible for establishing new and maintaining
current cooperative relationships between us and universities in China. In 2016, we enrolled approximately 14.8% of our students
from universities and colleges with which we cooperated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Student job placement
services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have an effective job placement program
for our adult students. Each learning center retains full-time career counselors who meet with students on the first day of class
to discuss their career goals and to build an employment profile for each student. Our career counselors host a series of mandatory
career development seminars for students throughout the term. During the final weeks of each course, our career counselors meet
with students one-on-one to offer training on interview and r&eacute;sum&eacute; preparation. In addition to the scheduled career
service activities, our career counselors are generally available to meet with students one-on-one during office hours. Our career
counselors also monitor the employment results of our students and actively offer personalized assistance to students facing difficulties
in securing job offers. We had a total of 445 career counselors as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each learning center offering courses for adult
students also retains full-time employer cooperation representatives who routinely collaborate with employers, alumni, human resources
websites and other employment recruiters to maximize opportunities for job placements. We had a total of 243 employer cooperation
representatives as of December 31, 2016. We invite corporate employers to host recruiting events and interviews at our learning
centers and offer students with interview opportunities across the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2015, we launched a self-developed
job search website called Job Show (<I>www.jobshow.cn</I>), which serves as a dedicated open platform for our students and other
job-seeking candidates to connect with corporate employers more effectively. Through Job Show, we source and list job opportunities
from both IT and non-IT employers in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">We
gather data on post-course job placement rates by conducting surveys of our graduates. Based on the survey responses, we calculate
the six-month post-course job placement rates for a month by dividing (i) the number of job-seeking students enrolled in such month
who (A) successfully graduated from our programs with graduation certificates awarded and (B) indicated that they had received
employment offers within six months of graduation, by (ii) the total number of job-seeking students enrolled in such month who
later successfully graduated from our programs with graduation certificates awarded. We calculate the average six-month post-course
job placement rate for a year by averaging the six-month post-course job placement rates of each month of such year. Our average
six-month post-course job placement rate for each of 2014 and 2015 was over 90%. When calculating such job placement rates for
2014 and 2015, a majority of the employment reported by relevant students were full-time employment, and a majority of the employment
reported by relevant students were in the fields of their studies with us. All of the students enrolled in 2014 and 2015 who later
successfully graduated from our programs with graduation certificates awarded and who were job-seeking, have filled out our surveys.
Among the students enrolled in 2014 and 2015, 89% and 86% of such students, respectively, graduated from our programs with graduation
certificates awarded. Among the students enrolled in 2014 and 2015 who later successfully graduated from our programs with graduation
certificates awarded, 81% and 77% of such students, respectively, were deemed to be job-seeking students.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Our Network of Employers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have a track record of producing job-ready
and highly qualified candidates for many corporate employers. Since our inception, our network of potential employers for our students
covered approximately 90,000 corporate employers, including Global <I>Fortune 500</I> companies, and leading technology, IT services
and Internet companies in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We offer the following recruiting services
to corporate employers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>General recruiting services</I>. We offer corporate employers candidate referral services and
other recruitment-related services. Once an employer communicates its hiring needs to us, we direct the relevant learning centers
to produce a list of student candidates that meet the hiring criteria of such employer, and refer such candidates to the employer
for interviews and assessments. We also offer space at our learning centers for employers to host recruiting events targeting our
students and to conduct interviews.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Customized courses</I>. We offer customized courses targeting specific employers with large
demands for trained professionals. Prospective students for our customized courses generally undergo interviews conducted by the
employers before the start of classes. In addition to our standard curriculum, students enrolled in customized courses must participate
in additional training provided by employers at our learning centers. Such additional training is tailored according to the particular
skill requirements of the employers. Successful graduates of our customized courses who have passed the relevant qualifying exams
are granted job offers by the employers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we currently do not generate any material
revenue from any of our recruiting services for corporate employers, we believe such services enhance our brand recognition and
are instrumental in our ability to help students achieve high job placement rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Tuition Fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For our full-time classes for adult students,
our standard tuition fees generally range from RMB16,800 to RMB20,800 per course. We raised the standard tuition fees on selected
courses offered in certain large cities by RMB1,000 to RMB 2,000 per course in March 2016. We also increased our tuition fees for
part-time classes on selected courses offered in certain large cities by RMB1,000 to RMB2,000 per course in 2016. For our kid education
programs, our standard tuition fees are between RMB15,000 and RMB19,200. Each kid education program is composed of four levels,
with each level consisting of 120 learning hours in one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We primarily offer two payment options for
our adult students, including one-time full payment upon enrollment and multiple payments within two months of enrollment. We also
offer an option whereby qualified adult students can pay our tuition fees within a period of time after graduation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 54; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To assist our students in paying our tuition
fees, we offered the following five credit sources to provide financing services for our students to make one-time, up-front tuition
payments in 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Baidu Small Loan Co., Ltd.</I> We launched the Baidu student loan program in November 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Bank of China Consumer Finance Co., Ltd</I>. We launched the BOC CFC student loan program in
April 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>RenRenDai</I>. We began to cooperate with RenRenDai, a third-party peer-to-peer lending service
provider, in arranging loans for our students to pay for their tuition fees in January 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>CreditEase</I>. CreditEase, a credit management and microfinancing company in China, assists
our students in obtaining loans to pay for their tuition. CreditEase began to offer this service to our students in July 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>ShiTuDai</I>. We have cooperated with ShiTuDai, a peer-to-peer lending service provided by an
independent third party, in arranging loans for our students to pay for their tuition fees since the second quarter of 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately 55.1% of our students enrolled
in 2016 obtained financing from one of the five abovementioned sources. Such financing arrangements are bilateral in nature, and
are carried out between our students and the respective financing institution directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Building a reliable, scalable and secure technology
infrastructure is crucial to our ability to support our live lecture broadcasts, online TTS, <I>TMOOC.cn</I> and the various services
that we provide to our students. We manage our lecture delivery system, TTS and <I>TMOOC.cn</I> using a combination of commercially
available software and hardware systems. Since 2006, we have established a powerful online platform that enables thousands of students
to simultaneously log onto our TTS and participate in activities online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of our servers and routers, including backup
servers, are currently hosted at our learning centers or by third-party service providers in multiple cities in China. We regularly
back up our databases. Our network administration department regularly monitors the performance of our websites and infrastructure
to enable us to respond quickly to potential problems. We deliver live broadcast of audio and video of the lectures given in Beijing
via the dedicated network of China Telecom and China Unicom to terminals located in selected learning centers with high student
enrollment, and via public Internet infrastructure to our other learning centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We developed our CRM software in-house to manage
our student and corporate employer information, as well as to integrate our key administrative functions. We will rely on our internal
IT resources to upgrade the CRM system as needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Seasonality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Seasonal fluctuations have affected, and are
likely to continue to affect, our business. Historically, we typically generate the highest net revenues in the third and fourth
quarters because of the increased student enrollments during summer vacation. We generally generate less tuition fees in the first
quarter of each year due to the Chinese New Year holiday. Our quarterly cost of revenue, selling and marketing expenses, general
and administrative expenses and research and development expenses have generally been increasing in absolute amounts since 2012
as we expanded our network of learning centers, increased the number of our personnel, enhanced our marketing efforts and offered
more courses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Intellectual Property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our trademarks, copyrights, domain names, trade
secrets and other intellectual property rights distinguish our courses and services from those of our competitors and contribute
to our ability to compete in our target markets. We rely on a combination of copyright and trademark law, trade secret protection
and confidentiality agreements with senior executive officers and most other employees, to protect our intellectual property rights.
In addition, we require certain of our senior executive officers and other employees to enter into agreements with us under which
they acknowledge that all inventions, utility models, designs, know-how, copyrights and other forms of intellectual property made
by them within the scope of their employment with us, pursuant to job assignments or using our materials and technology, or during
the two years after their employment that relates to their employment with us, are our property and they should assign the same
to us if we so require. We also regularly monitor any infringement or misappropriation of our intellectual property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had registered
192 domain names relating to our business, including our <I>www.tedu.cn</I>, <I>TMOOC.cn</I>, <I>jobshow.cn</I>, www.IT61.cn and
<I>www.art61.cn</I> websites, with the Internet Corporation for Assigned Names and Numbers and China Internet Network Information
Center. Tarena Tech holds 21 registered software copyrights, 35 trademarks and 190 registered domain names including <I>www.tedu.cn</I>.
Beijing Tarena holds the domain name <I>TMOOC.cn</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Competition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The professional education services market
in China is fragmented, rapidly evolving and highly competitive. We face competition in our offered courses and in many of the
geographic markets in which we operate. For our IT training courses, we face competition from IT professional education providers
that offer specialized training programs targeting certain niche job markets in the IT industry. In the future, we may also face
competition from new entrants into the Chinese IT professional education market. For our non-IT training courses, we face competition
for student enrollment from existing online and offline providers of professional education services, as well as smaller regional
professional education services providers in China. As we enter the kid professional education services market, we also face competition
from other national and regional providers of kid education services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that the principal competitive factors
in our markets include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify">scope and quality of course offerings and services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">student placement and employer satisfaction with our graduates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brand recognition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ability to effectively market course offerings and services to a broad base of prospective students;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cost effectiveness of the education; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ability to align course offerings and services to specific needs of students and employers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that we are well-positioned to effectively
compete in markets in which we operate on the basis of our innovative education platform, scalable and efficient business model,
unparalleled access to corporate employers, training quality, strong content development capabilities and experienced management
team. However, some of our current or future competitors may have longer operating histories, greater brand recognition, or greater
financial, technical or marketing resources than we do. For a discussion of risks relating to competition, see &ldquo;Item 3. Key
Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Business&mdash;We may lose market share and our profitability may
be materially and adversely affected, if we fail to compete effectively with our present and future competitors or to adjust effectively
to changing market conditions and trends.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not maintain any property insurance policies
covering students, equipment and facilities for injuries, death or losses due to fire, earthquake, flood or any other disaster.
Consistent with customary industry practice in China, we do not maintain business interruption insurance, nor do we maintain key-man
life insurance. We maintain accident injury insurance and accident injury medical insurance for our employees based in our headquarters
in Beijing, and we maintain liability insurance for our students enrolled through university and college cooperation channel. Uninsured
injury or death to our students or staff, or damage to any of our equipment or buildings could have a material adverse effect on
our results of operations. See &ldquo;Item 3. Key Information<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT>D.
Risk Factors&mdash;Risks Relating to Our Business&mdash;We have limited insurance coverage for our operations in China.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 56; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Government Regulations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Private
Education</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal regulations governing private
education in China consist of the <I>Education Law of the PRC</I>, the <I>Law for Promoting Private Education</I> and the <I>Implementation
Rules for the Law for Promoting Private Education</I>, or the PE Implementation Rules and the Regulations on Chinese-Foreign Cooperation
in Operating Schools.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Education Law
of the PRC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 18, 1995, the NPC promulgated the
<I>Education Law of the PRC</I>, or the Education Law. On December 27, 2015, the Standing Committee of the NPC released<I> the
Amendment of the Education Law of the PRC.</I> Pursuant to the Education Law, enterprises, social organizations and individuals
are generally encouraged to operate schools and other types of educational organizations in accordance with PRC laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our new kid education programs launched in
December 2015 are currently operated through our learning centers in fifteen cities in China. The kid education programs contain
IT training courses and non-IT training courses, both of which fall within the category of professional education training. Under
PRC regulations, the kid education programs offered through professional education training entities shall not be subject to supplemental
governmental pre-approval. The governmental authorities that have approved the establishment of the professional education training
entities shall be the same authorities that continue to regulate new programs launched by such training entities. In the case of
our learning centers operating our kid education programs, their establishments are approved by the relevant governmental authorities
in charge of labor and social welfare, and as such, the kid education programs will be under the governance of the same governmental
authorities. Furthermore, current PRC laws and regulations do not specifically distinguish between adult professional education
training and minor professional education training. Thus, from a regulatory prospective, the kid education programs do not have
material difference as compared with adult professional education training programs and shall follow the same PRC regulations that
apply to our adult professional education training programs. According to the <I>Regulation on Prohibiting Primary to High Schools
and Their Teachers from Paid Teaching after School</I> issued by the MOE on June 29, 2015 and the implementation documents issued
by local education authorities, only teachers of primary to high schools are not allowed to teach paid lessons after school nor
act in a separate capacity as private tutors or teachers. None of teachers in our kids education programs are teachers of primary
to high schools, and most of such teachers are our full-time employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Law for Promoting
Private Education and its Implementation Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 28, 2002, the Standing Committee
of the NPC promulgated the <I>Law for Promoting Private Education</I>, or the Private Education Law, which became effective on
September 1, 2003 and was amended on November 7, 2016. The latest amendment will become effective on September 1, 2017. On March
5, 2004, the PRC State Council promulgated the <I>Implementation Rules for the Law for Promoting Private Education</I>, which became
effective on April 1, 2004, or the PE Implementation Rules. Under the Private Education Law and the Private Education Law Implementation
Rules, &ldquo;private schools&rdquo; are defined as schools established by social organizations or individuals using non-government
funds. Private schools providing certifications, pre-school education, education for self-study aid and other academic education
shall be subject to approval by the education authorities, while private schools engaging in professional qualification training
and professional education training shall be subject to approvals from the authorities in charge of labor and social welfare. Private
schools are classified as either non-profit private schools or for-profit private schools. A duly approved private school engaging
in professional qualification training and professional education training shall (i) be granted a Permit for Operating a Private
School by the authorities in charge of human resources and social security, (ii) be registered with the Ministry of Civil Affairs
or its local counterparts as a privately run non-enterprise institution and (iii) pass the annual inspection with the Ministry
of Civil Affairs or its local counterparts. As of December 31, 2016, we operated 24 schools, all of which are engaged in professional
education training. Each has (i) obtained a Permit for Operating a Private School issued by the authorities in charge of human
resources and social security or education, (ii) been registered with the relevant local counterpart of the Ministry of Civil
Affairs and (iii) passed the annual inspection, as applicable, with the Ministry of Civil Affairs or its local counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The types and amounts of fees charged by a
private school providing certifications shall be approved by the governmental pricing authority and be publicly disclosed. A private
school that does not provide certifications shall file its pricing information with the governmental pricing authority and publicly
disclose such information. A private school shall file its advertisement and school enrollment brochure with the relevant governmental
authorities of human resources and social security or education. None of our schools provides a diploma or certification to students,
and 12 of our schools have filed their pricing information with the governmental pricing authority and publicly disclose such information.
9 of our schools have filed their advertisement and school enrollment brochure with the relevant governmental authorities of human
resources and social security or education. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our
Business&mdash;The operations of certain of our learning centers are, or may be deemed by relevant PRC government authorities to
be, beyond their authorized business scope or without proper license or registration. If the relevant PRC government authorities
take actions against such learning centers, our business and operations could be materially and adversely affected.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Private schools are divided into two categories:
for-profit private schools, which may obtain returns, and non-profit private schools, which may not obtain returns. The obtaining
of returns of for-profit private school should be regulated by the PRC corporate law and other relevant laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The election to establish a for-profit private
school shall be provided in the articles of association of the school. The percentage of the school&rsquo;s annual net balance
that can be distributed as a reasonable return shall be determined by the school&rsquo;s board of directors, taking into consideration
the following factors: (i) school fee types and collection criteria, (ii) the ratio of the school&rsquo;s expenses used for educational
activities and improving the educational conditions to the total fees collected, and (iii) the admission standards and educational
quality. The relevant information relating to the above factors shall be publicly disclosed before the school&rsquo;s board determines
the percentage of the school&rsquo;s annual net balance that can be distributed as reasonable returns. Such information and the
decision to distribute reasonable returns shall also be filed with the approval authorities within 15 days from the decision made
by the board. However, none of the current PRC laws and regulations provides a formula or guidelines for determining &ldquo;reasonable
returns&rdquo;. In addition, the amendment of the <I>Law for Promoting Private Education </I>released on November 7, 2016, which
will become effective on September 1, 2017, allow the for-profit private school to obtain returns, which will be further regulated
by the PRC corporate law and other relevant laws and regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the end of each fiscal year, every private
school is required to allocate a certain amount to its development fund for the construction or maintenance of the school or procurement
or upgrade of educational equipment. In the case of a private school that requires reasonable returns, this amount shall be no
less than 25% of the annual net income of the school, while in the case of a private school that does not require reasonable returns,
this amount shall be equal to no less than 25% of the annual increase in the net assets of the school, if any. Private schools
that do not require reasonable returns shall be entitled to the same preferential tax treatment as public schools, while the preferential
tax treatment policies applicable to private schools requiring reasonable returns shall be formulated by the finance authority,
taxation authority and other authorities under the State Council. To date, however, no regulations have been promulgated by the
relevant authorities in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The distribution of residual properties upon
termination and liquidation of a for-profit private school should be regulated by PRC corporate law and relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for aforementioned differences, the
&ldquo;sponsorship interest&rdquo; that a sponsor holds in a private school is, for all other practical purposes, substantially
equivalent under PRC law and practice to the &ldquo;equity interest&rdquo; a shareholder holds in a company. A sponsor of a private
school has the obligation to make capital contributions to the school in a timely manner. The contributed capital can be in the
form of tangible or non-tangible assets such as materials in kind, land use rights or intellectual property rights. The capital
contributed by the sponsor becomes assets of the school and the school has independent legal person status. In addition, the sponsor
of a private school has the right to exercise ultimate control over the school by becoming the member of and controlling the composition
of the school&rsquo;s decision making body. Specifically, the sponsor has control over the private school&rsquo;s constitutional
documents and has the right to elect and replace the private school&rsquo;s decision making bodies, such as the school&rsquo;s
board of directors, and therefore controls the private school&rsquo;s business and affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had five schools
registered as schools requiring reasonable returns, while all other schools are registered as schools not requiring reasonable
returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Chinese-Foreign
Cooperation in Operating Schools</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chinese-foreign cooperation in operating schools
or training programs is specifically governed by the Regulations on Operating Chinese-foreign Schools, promulgated by the State
Council in 2003 in accordance with the Education Law, the Occupational Education Law and the Private Education Law. The Implementing
Rules for the Regulations on Operating Chinese-foreign Schools, or the Implementing Rules, were issued by the MOE in 2004. The
Regulations on Chinese-Foreign Cooperation in Operating Schools and its Implementing Rules encourage substantive cooperation between
overseas educational organizations with relevant qualifications and experience in providing high-quality education and Chinese
educational organizations to jointly operate various types of schools in the PRC. Cooperation in the areas of higher education
and occupational education is especially encouraged. Chinese-foreign cooperative schools are not permitted, however, to engage
in compulsory education or military, police, political and other kinds of education that are of a special nature in China. The
Regulations on Operating Chinese-foreign Schools prohibits foreign institutions or individuals from independently establishing
schools in China, which provide educational services mainly for Chinese citizens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ministry of Human Resources and Social
Security (formerly known as Ministry of Labor and Social Security) also promulgated the Regulations on Operation Chinese-foreign
Cooperation School in Professional Education Training to implement the Regulations on Operating Chinese-foreign Schools on July
26, 2006, which took effect on October 1, 2006. The Regulations on Operation Chinese-foreign Cooperation School in Professional
Education Training prohibits foreign institutions or individuals from independently establishing professional education training
institutions in China, which provide educational services mainly for Chinese citizens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not operated or applied for any Chinese-foreign
schools. Prior to 2012, we operated a substantial portion of our learning centers through subsidiaries of our consolidated VIEs
and schools to which our consolidated VIEs or their respective subsidiaries are sponsors. Starting from the second half of 2012,
we began to transfer our operations to our wholly-owned subsidiary, Tarena Tech, and its subsidiaries. All of our learning center
operations of VIEs had been transferred to Tarena Tech and its subsidiaries and schools. As of December 31, 2016, we operated 49
of our learning centers through private schools owned by subsidiaries of Tarena Tech. However, there are still uncertainties under
the current PRC laws as to whether a wholly foreign owned enterprise (such as Tarena Tech) is allowed to indirectly invest in and
own private schools through its PRC subsidiaries. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating
to Our Business&mdash;If the relevant PRC authorities determine that we can no longer own and operate certain of our learning centers
through our PRC subsidiaries, we may need to restructure the ownership and operation of these learning centers (including possibly
transferring these learning centers to our consolidated VIE), our business may be disrupted and we may be exposed to increased
risks associated with the contractual arrangements relating to our consolidated VIE.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on
Professional Education</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 15, 1996, the Standing Committee of
the NPC promulgated the Professional Education Law of the PRC, or the Professional Education Law which became effective on September
1, 1996. Pursuant to the Professional Education Law, professional training includes training pre-employment, training for military
personnel transferring to civil positions, training for apprentices, on-the-job training, job-transfer training and other professional
training. Professional training may be classified as junior, middle or senior level according to the actual situations. It shall
be conducted by either professional training institutions or professional schools, which may develop various professional training
to satisfy the needs of the society. The PRC government encourages institutional organizations, social organizations, other social
groups and citizens to establish professional schools and professional training institutions, and the financial allocation for
professional schools and professional training institutions from the governments at various levels shall be gradually increased.
The PRC government also encourages financial institutions to support and develop professional education by means of credit facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 3, 2007, the Standing Committee of
the NPC promulgated the Employment Promotion Law of the PRC, or the <I>Employment Promotion Law</I> which became effective on January
1, 2008. Pursuant to the Employment Promotion Law, the PRC government at and above the county level shall encourage and support
professional schools, professional training institutions and corporations to carry out pre-employment training, employment training,
re-employment training and entrepreneurship training, and encourage workers to attend various types of training programs. Corporations
in China are requested to set aside financial resources for the training and continued education of their employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Foreign Investments
in Professional Education Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Catalogue for the Guidance of Foreign Investment
Industries, or the Catalogue, as promulgated and amended from time to time by the MOFCOM and the National Development and Reform
Commission, is the principal guide to foreign investors&rsquo; investment activities in the PRC. The most updated version of the
Catalogue, which was promulgated in March 2015 and became effective in April 2015, divides the industries into three categories:
encouraged, restricted and prohibited. Industries not listed in the Catalogue are generally open to foreign investment unless specifically
restricted by other PRC laws and regulations. A wholly foreign-owned enterprise is generally permitted for encouraged industries
and industries not listed in the Catalogue, while there are some limitations to the ownership and/or corporate structure of the
foreign-invested companies that operate in restricted industries. Industries in the prohibited category are not open to foreign
investors. According to the latest Catalogue, foreign investment is encouraged in non-accredited professional education services
and there is no limitation with respect to maximum percentage of foreign ownership in a company conducting business in professional
education services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on For-profit
Private Training Institutions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Private Education Law provides that the
regulations applicable to private training institutions registered with the SAIC and its local counterparts shall be formulated
by the State Council separately. On July 29, 2010, the PRC central government promulgated the Outline of China&rsquo;s National
Plan for Medium- and Long-Term Education Reform and Development (2010-2020), which announced the policy that the government will
implement a reform to divide private schools into two categories: (i) for-profit private schools and (ii) not-for-profit private
schools. On October 24, 2010, the General Office of the State Council issued the Notices on the National Education System Innovation
Pilot. Under this notice, the PRC government plans to implement a for-profit and non-profit classified management system for the
private schools in Shanghai, Zhejiang, Shenzhen and Jilin Huaqiao Foreign Language School. However, the above outline and the pilot
program is still new and no further national law or regulation has been promulgated to implement them and, except in Shanghai,
no other local government of the pilot areas has promulgated relevant regulations on differentiated management of the private schools
and for-profit training institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 20, 2013, Shanghai promulgated the
Interim Measures for Administration of Operational Private Training Institutions, or Measure No. 5, which requires for-profit private
training institutions to register with local counterparts of the SAIC. The local counterparts of the SAIC shall consult with the
local human resources and social securities authorities before completion of registration of for-profit private training institutions.
Measure No. 5 came into effect on July 20, 2013 and will remain effective for two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 30, 2016, the <I>Implementation
Rules for Private School Classification Registration</I> was issued by the MOE and other relevant authorities, which requires all
private schools, including non-profit private schools and for-profit private schools, to obtain &ldquo;school permits&rdquo;. Existing
private schools which choose to register as for-profit private schools should apply for new school permits and complete the re-registration
process. The <I>Regulatory Implementation Rules for Profitable Private School</I> issued on December 30, 2016 further indicates
that for-profit private training institutions shall be regulated with reference to such rules. The implementation of above regulations
will also rely on the detailed rules of local government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, 18 of our PRC subsidiaries,
consolidated VIE and subsidiaries of consolidated VIE had computer technology training or training in its approved business scope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Online
and Distance Education</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the <I>Administrative Regulations
on Educational Websites and Online and Distance Education Schools</I> issued by the MOE on July 5, 2000, educational websites and
online education schools may provide educational services in relation to higher education, elementary education, pre-school education,
teaching education, occupational education, adult education, other education and public educational information services. &ldquo;Educational
websites&rdquo; refer to organizations providing education or education-related information services to website visitors by means
of a database or online education platform connected via the Internet or an educational television station through an Internet
Service Provider, or ISP. &ldquo;Online education schools&rdquo; refer to education websites providing academic education services
or training services with the issuance of various certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Setting up education websites and online education
schools is subject to approval from relevant education authorities, depending on the specific types of education. Any education
website and online education school shall, upon the receipt of approval, indicate on its website such approval information as well
as the approval date and file number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2004, the State Council promulgated
the Decision on Setting Down Administrative Licenses for the Administrative Examination and Approval Items Really Necessary to
be Retained, pursuant to which the administrative license for &ldquo;online education schools&rdquo; was retained, while the administrative
license for &ldquo;educational websites&rdquo; was not retained. Accordingly, Beijing Tarena, our consolidated VIE engaging in
online education-related services, is not required to obtain approval to operate &ldquo;educational websites&rdquo; from the MOE.
On January 28, 2014, the State Council promulgated the Decision on Abolishing and Delegating Certain Administrative Examination
and Approval Items, pursuant to which the administrative approval for &ldquo;online education schools&rdquo; of higher education
was abolished. Beijing Tarena is not required to obtain a license to operate &ldquo;online education schools,&rdquo; as it does
not directly offer government accredited degrees or certifications through its online education or training services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Online
Publications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 4, 2016, the State Administration
of Press, Publication, Radio, Film and Television of the PRC (formerly the General Administration of Press and Publication), or
the SAPPRFT and the Ministry of Industry and Information Technology, or the MIIT jointly promulgated the Internet Publishing Service
Administrative Measures, or the Internet Publishing Measures, which took effect on March 10, 2016 and replaced the Tentative Internet
Publishing Administrative Measures jointly promulgated by the General Administration of Press and Publication and MIIT on June
27, 2002. The Internet Publishing Measures require entities that engage in Internet publishing to obtain an Internet Publishing
License for engaging in Internet publishing from the SAPPRFT. Pursuant to the Internet Publishing Measures, the definition of &ldquo;Internet
publishing&rdquo; is broad and refers to the act of online spreading of articles, whereby the Internet information service providers
select, edit and process works created by themselves or others and subsequently post such works on the Internet or transmit such
works to the users&rsquo; end through Internet for the public to browse. These works include contents from books, newspapers, periodicals,
audio-video products, electronic publications that have already been formally published or works that have been made public in
other media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing Tarena has offered videos of lectures
on its website <I>TMOOC.cn</I> and has not obtained an Internet Publishing License from the SAPPRFT. However, governmental authorities
could determine that Beijing Tarena&rsquo;s online content services fall within the scope of &ldquo;internet publishing,&rdquo;
and therefore require Beijing Tarena to apply for an Internet Publishing License. Beijing Tarena may not be able to obtain such
a license, and it may become subject to penalties, fines, legal sanctions or be ordered to suspend the video content on the website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulation on Broadcasting
Audio-Video Programs through the Internet or Other Information Network</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SAPPRFT promulgated the Rules for Administration
of Broadcasting of Audio-Video Programs through the Internet and Other Information Networks, or the Broadcasting Rules, in 2004,
which became effective on October 11, 2004. The Broadcasting Rules apply to the activities of broadcasting, integration, transmission,
downloading of audio-video programs with computers, televisions or mobile phones as the main terminals and through various types
of information networks. Pursuant to the Broadcasting Rules, a Permit for Broadcasting Audio-video Programs via Information Network
is required to engage in these Internet broadcasting activities. On April 13, 2005, the State Council announced a policy on private
investments in businesses in China that relate to cultural matters, which prohibits private investments in businesses relating
to the dissemination of audio-video programs through information networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 20, 2007, the SAPPRFT and MIIT
issued the Internet Audio-Video Program Measures, which became effective on January 31, 2008. Among other things, the Internet
Audio-Video Program Measures stipulate that no entities or individuals may provide Internet audio-video program services without
a Permit for Broadcasting Audio-video Programs via Information Network issued by the SAPPRFT or its local counterparts and only
entities wholly owned or controlled by the PRC government may engage in the production, editing, integration or consolidation,
and transfer to the public through the Internet, of audio-video programs, and the provision of audio-video program uploading and
transmission services. On September 15, 2009, SAPPRFT promulgated the Notice on Several Issues regarding the Permit for Broadcasting
Audio-video Programs via Information Network. The Notice restates the necessity of applying for such license and sets forth the
legal liabilities for those providing Internet audio-video program services without the license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2010, SAPPRFT promulgated the <I>Test
Implementation of the Tentative Categories of Internet Audio-Visual Program Services</I>, or the Categories, which clarified the
scope of Internet audio-video programs services. According to the Categories, there are four categories of Internet audio-visual
program services which are further divided into seventeen sub-categories. The third sub-category to the second category covers
the making and editing of certain specialized audio-video programs concerning, among other things, educational content, and broadcasting
such content to the general public online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 25, 2016, the SAPPRFT issued the <I>Provisions
on the Administration of Private Network and Targeted Communication Audiovisual Program Services</I>, or Targeted Communication
Rules, which replaced the Broadcasting Rules issued in 2004. The Target Communication Rules mainly focus on networks and services
such as IPTV and private network mobile TV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the course of offering our lecture videos,
we transmit our audio-video educational programs live through the Internet to enrolled course participants. If the governmental
authorities determine that our provision of lecture videos falls within the Internet Audio-Video Program Measures, we may not be
able to obtain the License for Disseminating Audio-Video Programs through Information Network. If this occurs, we may become subject
to significant penalties, fines, legal sanctions or an order to suspend our use of audio-video content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Value-Added
Telecommunications Services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Licenses for
Value-Added Telecommunication Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 25, 2000, the Telecommunications
Regulations of the People&rsquo;s Republic of China, or the Telecom Regulations, were issued by the PRC State Council as the primary
governing law on telecommunication services. The Telecom Regulations set out the general framework for the provision of telecommunication
services by PRC companies. Under the Telecom Regulations, it is a requirement that telecommunications service providers procure
operating licenses prior to their commencement of operations. The Telecom Regulations draw a distinction between &ldquo;basic telecommunications
services&rdquo; and &ldquo;value-added telecommunications services.&rdquo; A &ldquo;Catalog of Telecommunications Business&rdquo;
was issued as an attachment to the Telecom Regulations to categorize telecommunications services as basic or value-added. In February
2003, the Catalog was updated and the information services such as content service, entertainment and online games services are
classified as value-added telecommunications services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 1, 2009, the MIIT issued the Administrative
Measures for Telecommunications Business Operating Permit, or the Telecom Permit Measures, which took effect on April 10, 2009.
The Telecom Permit Measures confirm that there are two types of telecom operating licenses for operators in China, namely, licenses
for basic telecommunications services and licenses for value-added telecommunications services. The operation scope of the license
will detail the permitted activities of the enterprise to which it was granted. An approved telecommunication services operator
shall conduct its business in accordance with the specifications recorded on its value-added telecommunications services operating
license, or VATS License. In addition, a VATS License&rsquo;s holder is required to obtain approval from the original permit-issuing
authority prior to any change to its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 25, 2000, the State Council promulgated
the Administrative Measures on Internet Information Services, or the Internet Measures, which was amended in January 2011. Under
the Internet Measures, commercial Internet information services operators shall obtain an ICP license from the relevant government
authorities before engaging in any commercial Internet information services operations within the PRC. The ICP license has a term
of five years and shall be renewed within 90 days before expiration. Our consolidated VIE,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Foreign Investment
in Value-Added Telecommunication Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Provisions on Administration
of Foreign Invested Telecommunications Enterprises promulgated by the State Council on December 11, 2001 and amended on September
10, 2008, the ultimate foreign equity ownership in a value-added telecommunications services provider (except E-Commerce) may not
exceed 50%. The Guidance Catalog of Industries for Foreign Investment amended in 2015 allows a foreign investor to own up to 100%
of the total equity interest in an E-Commerce business. Moreover, for a foreign investor to acquire any equity interest in a value-added
telecommunication business in China, it must satisfy a number of stringent performance and operational experience requirements,
including demonstrating good track records and experience in operating value-added telecommunication business overseas. Foreign
investors that meet these requirements must obtain approvals from the MIIT and the MOFCOM or their authorized local counterparts,
which retain considerable discretion in granting approvals. Pursuant to publicly available information, the PRC government has
issued telecommunications business operating licenses to only a limited number of foreign invested companies, all of which are
Sino-foreign joint ventures engaging in the value-added telecommunication business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The MIIT Circular issued by the MIIT in July
2006 reiterated the regulations on foreign investment in telecommunications businesses, which require foreign investors to set
up foreign-invested enterprises and obtain an ICP license to conduct any value-added telecommunications business in China. Under
the MIIT Circular, a domestic company that holds an ICP license is prohibited from leasing, transferring or selling the license
to foreign investors in any form, and from providing any assistance, including providing resources, sites or facilities, to foreign
investors that conduct value-added telecommunications business illegally in China. Furthermore, the relevant trademarks and domain
names that are used in the value-added telecommunications business must be owned by the local ICP license holder or its shareholder.
The MIIT Circular further requires each ICP license holder to have the necessary facilities for its approved business operations
and to maintain such facilities in the regions covered by its license. Currently, Beijing Tarena, our consolidated VIE, owns the
domain names <I>www.it211.com.cn</I> and <I>TMOOC.cn</I> and holds the ICP license necessary to operate our <I>www.it211.com.cn</I>
website in China, while the trademarks relating to our operations are held by Tarena Tech, our WFOE. If the relevant PRC government
authorities determine in the future that the current ownership of our trademarks do not comply with the relevant regulations and
the trademarks relating to our operations must be held by our VIE, we may need to transfer the trademarks to our VIE, which may
severely disrupt our business. The Internet Electronic Messaging Service Administrative Measures promulgated by the MIIT in November
2000 require ICP operators to obtain specific approvals before providing BBS services. BBS services include electronic bulletin
boards, electronic forums, message boards and chat rooms. On July 4, 2010, the approval requirement for operating BBS services
was terminated by a decision issued by the PRC State Council. However, in practice, the competent authorities in Beijing still
require the relevant operating companies to obtain such approval for the operation of BBS services which we have not obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In light of the aforesaid restrictions, we
rely on Beijing Tarena, our consolidated VIE in China, to hold and maintain the licenses necessary to provide online education
and other value-added telecommunications services in China. We operate our <I>TMOOC.cn</I> website and value-added telecommunications
services through Beijing Tarena. Beijing Tarena, our consolidated VIE in China, holds an ICP license that is valid until March
1, 2017 for the operation of <I>www.it211.com.cn</I>. and<I> TMOOC.cn</I>. Beijing Tarena is in the process of annual inspection
for ICP license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Discussion
Draft PRC Foreign Investment Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2015, the MOFCOM published a discussion
draft of the proposed Foreign Investment Law for public review and comments. The draft Foreign Investment Law purports to change
the existing &ldquo;case-by-case&rdquo; approval regime to a &ldquo;filing or approval&rdquo; procedure for foreign investments
in China. The MOFCOM, together with other relevant authorities, will determine a catalogue for special administrative measures,
or the &ldquo;negative list,&rdquo; which will consist of a list of industry categories where foreign investments are strictly
prohibited and a list of industry categories where foreign investments are subject to certain restrictions. Foreign investments
in business sectors outside of the &ldquo;negative list&rdquo; will only be subject to filing procedures, in contrast to the existing
prior approval requirements, whereas foreign investments in the restricted industries must apply for approval from the foreign
investment administration authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The draft Foreign Investment Law for the first
time defines &ldquo;foreign investor,&rdquo; &ldquo;foreign investment,&rdquo; &ldquo;Chinese investor&rdquo; and &ldquo;actual
control.&rdquo; A foreign investor is not only determined based on the place of its incorporation, but also on the conditions of
the &ldquo;actual control.&rdquo; The draft Foreign Investment Law specifically provides that entities established in China but
&ldquo;controlled&rdquo; by foreign investors, such as via contracts or trust, will be treated as FIEs, whereas foreign investment
in China in the foreign investment restricted industries by a foreign investor may nonetheless apply for being, when approving
market entry clearance by the foreign investment administration authority, treated as a PRC domestic investment if the foreign
investor is determined by the foreign investment administration authority as being &ldquo;controlled&rdquo; by PRC entities and/or
citizens. In this connection, &ldquo;actual control&rdquo; is broadly defined in the draft Foreign Investment Law to cover the
following summarized categories: (i) holding 50% of more of the voting rights of the subject entity; (ii) holding less than 50%
of the voting rights of the subject entity but having the power to secure at least 50% of the seats on the board or other equivalent
decision making bodies, or having the voting power to material influence on the board, the shareholders&rsquo; meeting or other
equivalent decision making bodies; or (iii) having the power to exert decisive influence, via contractual or trust arrangements,
over the subject entity&rsquo;s operations, financial matters or other key aspects of business operations. According to the draft
Foreign Investment Law, variable interest entities would also be deemed as FIEs, if they are ultimately &ldquo;controlled&rdquo;
by foreign investors, and be subject to restrictions on foreign investments. However, the draft Foreign Investment Law has not
taken a position on what actions will be taken with respect to the existing companies with the &ldquo;variable interest entity&rdquo;
structure, whether or not these companies are controlled by Chinese parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The draft Foreign Investment Law emphasizes
on the security review requirements, whereby all foreign investments concerning national security must be reviewed and approved
in accordance with the security review procedure. In addition, the draft Foreign Investment Law imposes stringent ad hoc and periodic
information reporting requirements on foreign investors and the applicable FIEs. In addition to investment implementation report
and investment amendment report that are required at each investment and alteration of investment specifics, an annual report is
mandatory, and large foreign investors meeting certain criteria are required to report on a quarterly basis. Any company found
to be non-compliant with these information reporting obligations may potentially be subject to fines and/or administrative or criminal
liabilities, and the persons directly responsible may be subject to criminal liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The draft Foreign Investment Law is now open
for public review and comments. It is still uncertain when the draft would be signed into law and whether the final version would
have any substantial changes from this draft. When the Foreign Investment Law becomes effective, the trio of existing laws regulating
foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture
Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations,
will be abolished. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;Substantial
uncertainties exist with respect to the enactment timetable, interpretation and implementation of draft PRC Foreign Investment
Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Intellectual
Property Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Copyright and
Software Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The NPC adopted the Copyright Law in 1990 and
amended it in 2001 and 2010, respectively. The amended Copyright Law extends copyright protection to Internet activities, products
disseminated over the Internet and software products. In addition, there is a voluntary registration system administered by the
China Copyright Protection Center. The amended Copyright Law also requires registration of a copyright pledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To address the problem of copyright infringement
related to the content posted or transmitted over the Internet, the National Copyright Administration and the MIIT jointly promulgated
the Measures for Administrative Protection of Copyright Related to Internet on April 29, 2005. This measure became effective on
May 30, 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Administrative Measures on Software Products,
issued by the MIIT in October 2000 and subsequently amended, provide a registration and filing system with respect to software
products made in or imported into China. These software products may be registered with the relevant local authorities in charge
of software industry administration. Registered software products may enjoy preferential treatment status granted by relevant software
industry regulations. Software products can be registered for five years, and the registration is renewable upon expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to further implement the Computer
Software Protection Regulations promulgated by the State Council on December 20, 2001 and amended on January 30, 2013, the State
Copyright Bureau issued the Computer Software Copyright Registration Procedures on February 20, 2002, which apply to software copyright
registration, license contract registration and transfer contract registration. In compliance with, and in order to take advantage
of the above rules, as of December 31, 2016, we had registered 55 software copyrights in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Trademarks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trademarks are protected by the PRC Trademark
Law which was adopted in 1982 and subsequently amended in 1993, 2001 and 2013 as well as the Implementation Regulation of the PRC
Trademark Law adopted by the State Council in 2002. The Trademark Office under the SAIC handles trademark registrations and grants
a term of ten years to registered trademarks which may be renewed for consecutive ten-year periods upon request by the trademark
owner. Trademark license agreements must be filed with the Trademark Office for record. The PRC Trademark Law has adopted a &ldquo;first-to-file&rdquo;
principle with respect to trademark registration. Where a trademark for which a registration has been made is identical or similar
to another trademark which has already been registered or been subject to a preliminary examination and approval for use on the
same kind of or similar commodities or services, the application for registration of such trademark may be rejected. Any person
applying for the registration of a trademark may not prejudice the existing right first obtained by others, nor may any person
register in advance a trademark that has already been used by another party and has already gained a &ldquo;sufficient degree of
reputation&rdquo; through such party&rsquo;s use. We have registered 35 trademarks in China as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Foreign
Currency Exchange</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal regulations governing foreign
currency exchange in China are the Foreign Exchange Administration Regulations, or the Foreign Exchange Regulations, as amended
on August 5, 2008. Under the Foreign Exchange Regulations, Renminbi is freely convertible for current account items, including
the distribution of dividends, interest payments, trade and service-related foreign exchange transactions, but not for capital
account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless
the prior approval of the SAFE is obtained and prior registration with the SAFE is made. Though there are restrictions on the convertibility
of Renminbi for capital account transactions, which principally include investments and loans, we generally follow the regulations
and apply to obtain the approval of the SAFE and other relevant PRC governmental authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 30, 2015, the SAFE promulgated Circular
19, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested enterprises
nationwide. Circular 19 came into force replacing both previous SAFE Circular 142 and SAFE Circular 36 on June 1, 2015. Circular
19 allows all foreign-invested enterprises established in the PRC to use their foreign exchange capitals to make equity investment
and removes certain other restrictions provided under Circular 142 for these enterprises. However, Circular 19 continues to prohibit
foreign-invested enterprises from, among other things, using the Renminbi fund converted from its foreign exchange capitals for
expenditure beyond its business scope, and providing entrusted loans or repaying loans between non-financial enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 9, 2016, the SAFE promulgated Circular
16, which expands the application scope from only the capital of foreign-invested enterprises to the capital, foreign debt fund
and fund from oversea public offering. Furthermore, Circular 16 allows foreign-invested enterprises to use their foreign exchange
capitals under capital account to the extent permitted by the relevant laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These circulars may delay or limit us from
using the proceeds of offshore offerings to make additional capital contributions or loans to our PRC subsidiaries and violations
of these circulars could result in severe monetary or other penalties. See also &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
Relating to Doing Business in China&mdash;PRC regulation of direct investment and loans by offshore holding companies to PRC entities
and governmental control of currency conversion may delay or limit us from using the proceeds of offshore offering to make additional
capital contributions or loans to our PRC subsidiaries.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Dividend
Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our current corporate structure, our
Cayman Islands holding company primarily relies on dividend payments from Tarena Tech, which is a wholly foreign owned enterprise
incorporated in the PRC, to fund any cash and financing requirements we may have. The principal regulations governing distribution
of dividends of foreign invested enterprises include the Foreign Invested Enterprise Law, as amended on October 31, 2000, and the
Implementation Rules of the Foreign Invested Enterprise Law, as amended on April 12, 2001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under these laws and regulations, wholly foreign
owned enterprises in China may pay dividends only out of their accumulated after-tax profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, wholly foreign owned enterprises in China are required to allocate
at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until these reserves have
reached 50% of the registered capital of the enterprises. Wholly foreign owned companies may, at their discretion, allocate a portion
of their after-tax profits based on PRC accounting standards to staff welfare and bonus funds. These reserves are not distributable
as cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Foreign
Exchange Registration of Overseas Investment by PRC Residents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to SAFE&rsquo;s Notice on Relevant
Issues Relating to Domestic Residents&rsquo; Investment and Financing and Round-Trip Investment through Special Purpose Vehicles,
or SAFE Circular No. 37, issued and effective on July 4, 2014, and its appendixes, PRC residents, including PRC institutions and
individuals, must register with local branches of SAFE in connection with their direct establishment or indirect control of an
offshore entity, for the purpose of overseas investment and financing, with such PRC residents&rsquo; legally owned assets or equity
interest in domestic enterprises or offshore assets or interests, referred to in SAFE Circular No. 37 as a &ldquo;special purpose
vehicle.&rdquo; SAFE Circular No. 37 further requires amendment to the registration in the event of any significant changes with
respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer
or exchange, merger, division or other material event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2015, SAFE promulgated a Notice
on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, which became
effective on June 1, 2015. In accordance with SAFE Notice 13, entities and individuals are required to apply for foreign exchange
registration of foreign direct investment and overseas direct investment, including those required under the SAFE Circular No.
37, with qualified banks, instead of SAFE. The qualified banks, under the supervision of SAFE, directly examine the applications
and conduct the registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making distributions of profit to the offshore parent and from carrying out subsequent cross-border
foreign exchange activities and the special purpose vehicle may be restricted in their ability to contribute additional capital
into its PRC subsidiary. Further, failure to comply with the various SAFE registration requirements described above could result
in liability under PRC law for foreign exchange evasion. These regulations apply to our direct and indirect shareholders who are
PRC residents and may apply to any offshore acquisitions and share transfer that we make in the future if our shares are issued
to PRC residents. We have requested PRC residents currently holding direct or indirect interests in our company to our knowledge
to make the necessary applications, filings and amendments as required under SAFE Circular No. 37 and other related rules. To our
knowledge, all of our shareholders who are PRC citizens and hold interest in us, have registered with the local SAFE branch and/or
qualified banks as required under SAFE Circular No. 37 and SAFE Notice 13. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
Relating to Doing Business in China&mdash;PRC regulations relating to offshore investment activities by PRC residents may limit
our PRC subsidiaries&rsquo; ability to increase their registered capital or distribute profits to us, limit our ability to inject
capital into our PRC subsidiaries, or otherwise expose us to liability and penalties under PRC law.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulations on Stock
Incentive Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2012, SAFE promulgated the Stock
Option Rules. Under the Stock Option Rules and other relevant rules and regulations, PRC residents who participate in stock incentive
plan in an overseas publicly-listed company are required to register with SAFE or its local branches and complete certain other
procedures. Participants of a stock incentive plan who are PRC residents must retain a qualified PRC agent, which could be a PRC
subsidiary of the overseas publicly listed company or another qualified institution selected by the PRC subsidiary, to conduct
the SAFE registration and other procedures with respect to the stock incentive plan on behalf of its participants. The participants
must also retain an overseas entrusted institution to handle matters in connection with their exercise of stock options, the purchase
and sale of corresponding stocks or interests and fund transfers. In addition, the PRC agent is required to amend the SAFE registration
with respect to the stock incentive plan if there is any material change to the stock incentive plan, the PRC agent or the overseas
entrusted institution or other material changes. The PRC agents must, on behalf of the PRC residents who have the right to exercise
the employee share options, apply to SAFE or its local branches for an annual quota for the payment of foreign currencies in connection
with the PRC residents&rsquo; exercise of the employee share options. The foreign exchange proceeds received by the PRC residents
from the sale of shares under the stock incentive plans granted and dividends distributed by the overseas listed companies must
be remitted into the bank accounts in the PRC opened by the PRC agents before distribution to such PRC residents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 66; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We adopted two share incentive plans, namely
the 2008 Plan and the 2014 Plan. Pursuant to the 2008 Plan, we may issue options, restricted shares (or share appreciation rights
or other similar awards) and rights to purchase restricted shares to our qualified employees and directors and consultants on a
regular basis. Pursuant to the 2014 Plan, we may issue options, restricted shares and restricted share units to our qualified employees,
directors and consultants on a regular basis. We have advised our employees and directors participating in the employee stock option
plan to handle foreign exchange matters in accordance with the Stock Option Rules, and we have completed the registrations of our
stock incentive plans with the local SAFE as required by PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the State Administration for Taxation
has issued circulars concerning employee share options, under which our employees working in the PRC who exercise share options
will be subject to PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee share
options with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options.
If our employees fail to pay or if we fail to withhold their income taxes as required by relevant laws and regulations, we may
face sanctions imposed by the PRC tax authorities or other PRC government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Regulation on Tax</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">PRC Enterprise
Income Tax Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 16, 2007, the NPC enacted the EIT
Law. Both the EIT Law and its Implementing Rules, which was enacted on December 6, 2007 by the State Council, became effective
on January 1, 2008. Under the EIT Law, enterprises are classified as PRC resident enterprises and non-PRC-resident enterprises.
PRC resident enterprises typically pay an enterprise income tax at the rate of 25%. An enterprise established outside of the PRC
with its &ldquo;de facto management bodies&rdquo; located within the PRC is considered a PRC &ldquo;resident enterprise,&rdquo;
meaning that it shall be treated in a manner similar to a PRC resident enterprise for enterprise income tax purposes. The Implementing
Rules to the EIT Law defines &ldquo;de facto management body&rdquo; as a managing body that in practice exercises &ldquo;substantial
and overall management and control over the production and operations, personnel, accounting, and properties&rdquo; of an enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SAT issued Circular 82 on April 22, 2009,
as amended in January 2014. Circular 82 provides certain specific criteria for determining whether the &ldquo;de facto management
body&rdquo; of a PRC-controlled and offshore-incorporated enterprise is located in China, which include all of the following conditions:
(a) the location where senior management members responsible for an enterprise&rsquo;s daily operations discharge their duties;
(b) the location where financial and human resource decisions are made or approved by organizations or persons; (c) the location
where the major assets and corporate documents are kept; and (d) the location where more than half (inclusive) of all directors
with voting rights or senior management have their habitual residence. In addition, the SAT issued a bulletin on July 27, 2011,
effective September 1, 2011, or Bulletin 45, providing more guidance on the implementation of Circular 82. Bulletin 45 clarifies
matters including PRC resident enterprise status determination, post-determination administration and competent tax authorities
etc. Although both Circular 82 and Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise
groups, not those controlled by PRC individuals or foreign individuals like us, the determining criteria set forth in Circular
82 and Bulletin 45 may reflect the SAT&rsquo;s general position on how the &ldquo;de facto management body&rdquo; test should be
applied in determining the PRC tax resident enterprise status of offshore enterprises, regardless of whether they are controlled
by PRC enterprises, PRC enterprise groups or by PRC or foreign individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not believe that Tarena International,
Inc. meets all of the conditions above, and thus we do not believe that Tarena International, Inc. is a PRC resident enterprise
despite the fact that all members of our management team as well as the management team of our offshore holding company are located
in China. However, if the PRC tax authorities determine that Tarena International, Inc. is a PRC resident enterprise for PRC enterprise
income tax purposes, a number of unfavorable PRC tax consequences could follow. See &ldquo;Item 3. Key Information&mdash;D. Risk
Factors&mdash;Risks Relating to Doing Business in China&mdash;Under the PRC Enterprise Income Tax Law, we may be classified as
a PRC &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes. Such classification would likely result in unfavorable
tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of operations and the value
of your investment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 67; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Hong Kong Tax Treaty, and other
applicable PRC regulations, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied
the relevant conditions and requirements under such Hong Kong Tax Treaty and other applicable regulations, the 10% withholding
tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5% upon receiving
approval from in-charge tax authority. However, based on Circular 81, the 5% withholding tax rate does not automatically apply
and certain requirements must be satisfied, including without limitation that (a)&nbsp;the Hong Kong enterprise must be the beneficial
owner of the relevant dividends; and (b)&nbsp;the Hong Kong enterprise must directly hold at least 25% share ownership in the PRC
enterprise during the 12 consecutive months preceding its receipt of the dividends. However, a transaction or arrangement entered
into for the primary purpose of enjoying a preferential tax treatment should not be a reason for the application of the preferential
tax treatment under the Hong Kong Tax Treaty. If a taxpayer inappropriately is entitled to such preferential tax treatment, the
competent tax authority has the power to make appropriate adjustments. The SAT promulgated Circular 601, which provides that tax
treaty benefits will be denied to &ldquo;conduit&rdquo; or shell companies without business substance, and a beneficial ownership
analysis will be used based on a &ldquo;substance-over-the-form&rdquo; principle to determine whether or not to grant tax treaty
benefits. Based on Announcement 30, which provides that a comprehensive analysis should be made when determining the beneficial
owner status based on various factors supported by various types of documents including the articles of association, financial
statements, records of cash movements, board meeting minutes, board resolutions, staffing and materials, relevant expenditures,
functions and risk assumption as well as relevant contracts and other information. Based on Circular 60, non-resident enterprises
are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate. Instead,
non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting
documents when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However,
if a competent tax authority finds out that it is necessary to apply the general anti-tax avoidance rules, it may start general
investigation procedures for anti-tax avoidance and adopt corresponding measures for subsequent administration. See &ldquo;Item
3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;We may not be able to obtain certain
treaty benefits on dividends paid to us by our PRC subsidiary through our Hong Kong Subsidiary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2009, the SAT promulgated the Provisional
Measures for the Administration of Withholding of Enterprise Income Tax for Non-resident Enterprises, or the Non-resident Enterprises
Measures, pursuant to which, the entities which have the direct obligation to make certain payments to a non-resident enterprise
shall be the relevant tax withholders for such non-resident enterprise. Further, the Non-resident Enterprises Measures provides
that in case of an equity transfer between two non-resident enterprises which occurs outside China, the non-resident enterprise
which receives the equity transfer payment shall, by itself or engage an agent to, file tax declaration with the PRC tax authority
located at the place of the PRC company whose equity has been transferred, and the PRC company whose equity has been transferred
shall assist the tax authorities to collect taxes from the relevant non-resident enterprise. On April 30, 2009, the MOF and the
SAT jointly issued the Notice on Issues Concerning Process of Enterprise Income Tax in Enterprise Restructuring Business, or Circular
59. On December 10, 2009, the SAT issued the Notice on Strengthening the Administration of the Enterprise Income Tax concerning
Proceeds from Equity Transfers by Non-resident Enterprises, or Circular 698. Both Circular 59 and Circular 698 became effective
retroactively as of January 1, 2008. By promulgating and implementing these two circulars, the PRC tax authorities have enhanced
their scrutiny over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.
Under Circular 698, where a non-resident enterprise transfers the equity interests of a PRC &ldquo;resident enterprise&rdquo; indirectly
by disposition of the equity interests of an overseas holding company, or an Indirect Transfer, and such overseas holding company
is located in certain low tax jurisdictions, the non-resident enterprise, being the transferor, shall report to the competent tax
authority of the PRC &ldquo;resident enterprise&rdquo; this Indirect Transfer. 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 tax at a rate of up to 10%.
On February 3, 2015, the SAT issued a Public Notice [2015] No.7, or Public Notice 7, to supersede the existing tax rules in relation
to the Indirect Transfer as set forth in Circular 698, while the other provisions of Circular 698 remain in force. Public Notice
7 introduces a new tax regime that is significantly different from that under Circular 698. Public Notice extend its tax jurisdiction
to capture not only Indirect Transfer as set forth under Circular 698 but also transactions involving transfer of immovable property
in China and assets held under the establishment and place, in China of a foreign company through the offshore transfer of a foreign
intermediate holding company. Public Notice 7 also addresses the term transfer of the equity interest in a foreign intermediate
holding company widely. In addition, Public Notice 7 provides clearer criteria than Circular 698 on how to assess reasonable commercial
purposes and introduces safe harbor scenarios applicable to internal group restructurings on. However, it also brings challenges
to both the foreign transferor and transferee of the Indirect Transfer as they have to make self-assessment on whether the transaction
should be subject to PRC tax and to file or withhold the PRC tax accordingly. There is little guidance and practical experience
as to the application of Circular 698 and Public Notice 7. Where non-resident investors were involved in our private equity financing,
if such transactions were determined by the tax authorities to lack reasonable commercial purpose, we and our non-resident investors
may become at risk of being taxed under Circular 698 and Public Notice 7 and may be required to expend valuable resources to comply
with Circular 698 and Public Notice 7 or to establish that we should not be taxed under Circular 698 and Public Notice 7. The PRC
tax authorities have the discretion under SAT Circular 59, Circular 698 and Public Notice 7 to make adjustments to the taxable
capital gains based on the difference between the fair value of the equity interests transferred and the cost of investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The State Administration of Taxation promulgated
Administrative Measures on the General Anti-Avoidance Rule (Trial), or GAAR Measures, on December 12, 2014, which shows the authority&rsquo;s
intention to fight against tax avoidance scheme that is adopted to obtain unwarranted tax benefit without reasonable commercial
purpose. A press release, made by the State Administration of Taxation to clarify certain issues relating to the application of
the GAAR Measures, stated that the GAAR Measures may be applicable if any general tax-avoidance scheme exists in the offshore indirect
transfer of equity interests. Since GAAR Measures was recently promulgated and it is unclear how this set of measures, and any
future implementation rules thereof, will be interpreted, amended and implemented by the relevant governmental authorities, we
cannot predict how these regulations will affect our business operation, future acquisitions or strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the EIT Law and its Implementation
Rules permit certain &ldquo;high and new technology enterprises strongly supported by the state&rdquo; that hold independent ownership
of core intellectual property and simultaneously meet a list of other criteria, financial or non-financial, as stipulated in the
Implementation Rules and other regulations, to enjoy a reduced 15% enterprise income tax rate. The SAT, the Ministry of Science
and Technology and the Ministry of Finance jointly issued the Administrative Measures on the Recognition Criteria and Procedures
for Advance and New Technology Enterprise delineating the specific criteria and procedures for the &ldquo;high and new technology
enterprises&rdquo; certification in April 2008. Enterprises recognized as &ldquo;high and new technology enterprises,&rdquo; or
HNTEs, will enjoy a reduced 15% enterprise income tax rate after they go through tax reduction application formalities with relevant
tax authorities. Tarena Tech, renewed its HNTE certificate in 2012 and again in 2015, and is eligible to enjoy a preferential tax
rate of 15% until the end of 2017. Tarena Hangzhou was established in 2013 and is qualified as a &ldquo;newly established software
enterprise&rdquo;, which entitles it to two years of full tax exemption followed by three years of 50% tax exemption, commencing
from the year in which its taxable income is greater than zero, which was 2014. On January 25, 2016, we acquired 100% of the equity
interests in Hangzhou Han Ru Education Technology Co., Ltd, which is qualified as a &ldquo;newly established software enterprise&rdquo;,
which entitles it to two years of full tax exemption followed by three years of 50% tax exemption, commencing from the year in
which its taxable income is greater than zero, which was 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">PRC Value-added
Tax (&ldquo;VAT&rdquo;) in lieu of Business Tax (the &ldquo;VAT Pilot Program&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An enterprise or individual providing taxable
service within the territory of China has been historically required to pay BT at the rate of 3% or 5% on the revenues generated
from provision of such services in accordance with applicable PRC tax regulations. However, if the services provided are technical
transfer or technical development, or technical consulting and technical service related to technology transfer or technical development,
BT may be exempted subject to approval by the relevant tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2011, the Ministry of Finance and
the SAT promulgated the Notice on the Pilot Program in Shanghai Replacing BT with VAT in Transportation and Some Modern Service
Sectors. Pursuant to this circular and other relevant notices, VAT shall be imposed in lieu of BT in transportation and some modern
service sectors firstly in Shanghai starting from January 1, 2012. On August 1, 2013, the VAT Pilot Program was implemented throughout
China in transportation and some modern services sectors. On April 29, 2014, the Ministry of Finance and the SAT issued the Circular
on the Inclusion of Telecommunications Industry in the Pilot Collection of Value-added Tax in Lieu of Business Tax. On March 23,
2016, the Ministry of Finance and the SAT issued the Circular on Comprehensively Promoting the Pilot Program of the Collection
of Value added Tax in Lieu of Business Tax. Effective from May 1, 2016, the PRC tax authorities will collect VAT in lieu of Business
Tax on a trial basis within the territory of China, and in industries such as construction industries, real estate industries,
financial industries, and living service industries. The applicable VAT rates are 6% and 3% for the entities that are general taxpayer
and small-scale taxpayer, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Local Surcharges</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The city construction tax and education surcharge
are local surcharges imposed as a certain percentage of PRC turnover taxes (i.e., business tax, value-added tax and consumption
tax). The city construction tax is charged at rates of 1%, 5% or 7% (the applicable city construction tax rate depends on the location
of the taxpayer) of the turnover tax paid while the education surcharge rate is currently at 3% of the turnover tax paid. Though
in the past, foreign-invested enterprises, foreign enterprises and foreign individuals were exempted from such surcharges, these
entities were required to make such payments from December 1, 2010 according to a notice issued by PRC State Council in October
2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the city construction tax and
the education surcharge, the China Ministry of Finance issued Circular Caizong (2010) No. 98, or Circular 98, that requires all
entities and individuals (including foreign-invested enterprises, foreign enterprises and foreign individuals) to pay a local education
surcharge, or LES, at 2% on turnover tax paid. Local governments are required to report their implementation measures on LES to
the Ministry of Finance. LES became applicable to all entities and individuals in Beijing on January 1, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Employment Laws and
Social Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are subject to laws and regulations governing
our relationship with our employees, including wage and hour requirements, working and safety conditions, and social insurance,
housing funds and other welfare. The compliance with these laws and regulations may require substantial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">China&rsquo;s National Labor Law, which became
effective on January 1, 1995, and China&rsquo;s National Labor Contract Law, which became effective on January 1, 2008 and was
amended on December 28, 2012, permit workers in both state-owned and private enterprises in China to bargain collectively. The
National Labor Law and the National Labor Contract Law provide for collective contracts to be developed through collaboration between
the labor union (or worker representatives in the absence of a union) and management that specify such matters as working conditions,
wage scales, and hours of work. The laws also permit workers and employers in all types of enterprises to sign individual contracts,
which are to be drawn up in accordance with the collective contract. The National Labor Contract Law has enhanced rights for the
nation&rsquo;s workers, including permitting open-ended labor contracts and severance payments. The legislation requires employers
to provide written contracts to their workers, restricts the use of temporary labor and makes it harder for employers to lay off
employees. It also requires that employees with fixed-term contracts be entitled to an indefinite-term contract after a fixed-term
contract is renewed twice or the employee has worked for the employer for a consecutive ten-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2010, the NPC promulgated the
PRC Social Insurance Law, which became effective on July 1, 2011. In accordance with the PRC Social Insurance Law and other relevant
laws and regulations, China establishes a social insurance system including basic pension insurance, basic medical insurance, work-related
injury insurance, unemployment insurance and maternity insurance. An employer shall pay the social insurance for its employees
in accordance with the rates provided under relevant regulations and shall withhold the social insurance that should be assumed
by the employees. The authorities in charge of social insurance may request an employer&rsquo;s compliance and impose sanctions
if such employer fails to pay and withhold social insurance in a timely manner. Under the Regulations on the Administration of
Housing Fund effective in 1999, as amended in 2002, PRC companies must register with applicable housing fund management centers
and establish a special housing fund account in an entrusted bank. Both PRC companies and their employees are required to contribute
to the housing funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 70; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Organizational Structure</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following diagram illustrates our corporate
structure, including our subsidiaries and consolidated VIE and its subsidiaries, as of the date of this annual report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="pg73img1_20f.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Mr. Shaoyun Han, our founder, chairman and chief executive officer, owns 70% of the equity interest
in Beijing Tarena. Mr. Jianguang Li, our director, owns 30% of the equity interest in Beijing Tarena.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Mr. Shaoyun Han is the principal of Weifang Tarena Professional Education School.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Tarena (Wuhan) Technology Co., Ltd., which is a wholly-owned subsidiary of Tarena Tech, wholly
owns Wuhan Tarena Software Co., Ltd., which holds 100% of the sponsorship interest in Wuhan Tarena Professional Education School.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Shaoyun Han is the principal of Shenyang Tarena Professional
Education School, Jinan Tarena Professional Education School, Wuhan Tarena Professional Education School, Chongqing Jiulongpo Tarena
Professional Education School, Kunming Tarena Professional Education School, Nanjing Tarena Professional Education School, Shenzhen
Bao&rsquo;an Tarena Professional Education School, Harbin Tarena Professional Education School, Zhengzhou Tarena Professional Education
School, Dalian High-Tech Zone Tarena Professional Education School, Shenyang Tarena Times Professional Education School, Zhuhai
Tarena Professional Education School, Chengdu High-Tech Zone Tarena Professional Education School, Chengdu Tarena Professional
Education School, Wuhan Technology Tarena Professional Education School, Shenzhen Longhua Xinqu Tarena Professional Skills Education
School, Chongqing Nanan Tarena Professional Education School; Changchun Tarena Professional Education School and Ningbo Tarena
Professional Education School; De Xun Wang is the principal of Guangzhou Tarena Software Professional Education School; Qian Li
is the principal of Qingdao Tarena Professional Education School; Yue Qin Shen is the principal of Nanjing Weishang Tarena Professional
Education School; Jing Liu is the principal of Dalian Shahekou Tarena Accounting Professional Education School.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of foreign ownership restriction on
Internet content and other value-added telecommunication services in China, we operate our <I>TMOOC.cn</I> website through our
consolidated VIE, Beijing Tarena. Beijing Tarena has added our <I>TMOOC.cn</I> website under the ICP license held by Beijing Tarena.
Beijing Tarena is 70% owned by Mr. Shaoyun Han, our founder, chairman and chief executive officer, and 30% owned by Mr. Jianguang
Li, our director. Mr. Han and Mr. Li are both PRC citizens. We entered into a series of contractual arrangements with Beijing Tarena
and its shareholders, which enable us to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exercise effective financial control over Beijing Tarena;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receive substantially all of the economic benefits and bear the obligation to absorb substantially
all of the losses of Beijing Tarena; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">have an exclusive option to purchase all or part of the equity interests in Beijing Tarena when
and to the extent permitted by PRC law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of these contractual arrangements,
we are the primary beneficiary of Beijing Tarena and consolidate its financial results in our consolidated financial statements
in accordance with U.S. GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the currently
effective contracts by and among Tarena International, our subsidiary Tarena Tech, our VIE, Beijing Tarena, and the shareholders
of Beijing Tarena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Exclusive Business
Cooperation Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the exclusive business cooperation agreement
between Beijing Tarena and Tarena Tech, as amended and restated, Tarena Tech has the exclusive right to provide, among other things,
technical support, business support and related consulting services to Beijing Tarena and Beijing Tarena agrees to accept all the
consultation and services provided by Tarena Tech. Without Tarena Tech&rsquo;s prior written consent, Beijing Tarena is prohibited
from engaging any third party to provide any of the services under this agreement. In addition, Tarena Tech exclusively owns all
intellectual property rights arising out of or created during the performance of this agreement. Beijing Tarena agrees to pay a
monthly service fee to Tarena Tech at an amount determined solely by Tarena Tech after taking into account factors including the
complexity and difficulty of the services provided, the time consumed, the seniority of the Tarena Tech employees providing services
to Beijing Tarena, the value of services provided, the market price of comparable services and the operating conditions of Beijing
Tarena. Furthermore, to the extent permitted under the PRC law, Tarena Tech agrees to provide financial support to Beijing Tarena
if Beijing Tarena has any operating loss or suffered any critical operation adversity. The term of the agreement will remain effective
unless Tarena Tech terminates the agreement in writing or a competent governmental authority rejects the renewal applications by
either Beijing Tarena or Tarena Tech to renew its respective business license upon expiration. Without the consent of Tarena Tech,
Beijing Tarena is not permitted to terminate this agreement in any event unless required by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Power of Attorney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the power of attorney, as amended
and restated, the shareholders of Beijing Tarena each irrevocably appointed Tarena Tech as the attorney-in-fact to act on their
behalf on all matters pertaining to Beijing Tarena and to exercise all of their rights as a shareholder of Beijing Tarena, including
but not limited to attend shareholders&rsquo; meetings, vote on their behalf on all matters of Beijing Tarena requiring shareholders&rsquo;
approval under PRC laws and regulations and the articles of association of Beijing Tarena, and designate and appoint directors
and senior management members. Tarena Tech may assign its rights under this power of attorney to any other person or entity at
its sole discretion without prior notice to the shareholders of Beijing Tarena. Each power of attorney will remain in force until
the shareholder ceases to hold any equity interest in Beijing Tarena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Equity Interest
Pledge Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the equity interest
pledge agreements between Tarena Tech, Beijing Tarena and the shareholders of Beijing Tarena, as amended and restated,
the shareholders pledged all of their equity interests in Beijing Tarena to Tarena Tech to guarantee Beijing Tarena&rsquo;s
and Beijing Tarena&rsquo;s shareholders&rsquo; performance of their obligations under the contractual arrangements including,
but not limited to the service fees due to Tarena Tech. If Beijing Tarena or any of Beijing Tarena&rsquo;s shareholders
breaches its contractual obligations under the contractual arrangements, Tarena Tech, as the pledgee, will be entitled to
certain rights and entitlements, including receiving proceeds from the auction or sale of whole or part of the pledged
equity interests of Beijing Tarena in accordance with legal procedures. Tarena Tech has the right to receive dividends
generated by the pledged equity interests during the term of the pledge. If any event of default as provided in the
contractual arrangements occurs, Tarena Tech, as the pledgee, will be entitled to dispose of the pledged equity interests in
accordance with PRC laws and regulations. The equity interest pledge agreements became effective on the date when the
agreements were duly executed. The pledge was registered with Changping Bureau of Beijing Administration for Industry and
Commerce in December 2013 and April 2017, respectively. The pledge will remain binding until Beijing Tarena and its
shareholders discharge all their obligations under the contractual arrangements. The registration of the equity pledge
enables Tarena Tech to enforce the equity pledge against third parties who acquire the equity interests of Beijing Tarena in
good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Exclusive Option
Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the exclusive option agreements between
Tarena International, Inc., Tarena Tech, each of the shareholders of Beijing Tarena and Beijing Tarena, as amended and restated,
each of the shareholders irrevocably granted Tarena International, Inc. or its designated representative(s) an exclusive option
to purchase, to the extent permitted under PRC law, all or part of his equity interests in Beijing Tarena. In addition, Tarena
International, Inc. has the option to acquire the equity interests of Beijing Tarena for a specified price equal to the loan provided
by Tarena Tech to the individual shareholders. If the lowest price permitted under PRC law is higher than the above price, the
lowest price permitted under PRC law shall apply. Tarena International, Inc. or its designated representative(s) has sole discretion
as to when to exercise such options, either in part or in full. Without Tarena International, Inc.&rsquo;s prior written consent,
Beijing Tarena&rsquo;s shareholders shall not sell, transfer, mortgage, or otherwise dispose any equity interests in Beijing Tarena.
These agreements will remain effective until all equity interests in Beijing Tarena held by its shareholders are transferred or
assigned to Tarena International, Inc. or Tarena International, Inc.&rsquo;s designated representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Loan Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the loan agreements between Tarena
Tech and each individual shareholder of Beijing Tarena, as amended and restated, Tarena Tech provided loans with an aggregate amount
of RMB5 million to the individual shareholders of Beijing Tarena for the sole purpose of providing capital for Beijing Tarena.
The loans can only be repaid in a manner determined by Tarena Tech at its sole discretion, which repayment may take the form of
transferring the individual shareholders&rsquo; equity interest in Beijing Tarena to Tarena or its designated person pursuant to
the exclusive option agreements. The loan shall be interest-free, unless the transfer price exceeds the principal of the loan when
each individual shareholder of Beijing Tarena transfers his equity interests in Beijing Tarena to Tarena or its designated person(s).
Such excess over the principal of the loan shall be deemed the interest of the loan to the extent permitted under PRC law. The
term of each loan agreement is ten years from the date of the agreement expiring in 2026 and can be extended with the written consent
of both parties before expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the opinion of our PRC counsel, Han Kun
Law Offices, these contractual arrangements are valid, binding and enforceable under current PRC laws. However, these contractual
arrangements may not be as effective in providing control as direct ownership. There are substantial uncertainties regarding the
interpretation and application of current or future PRC laws and regulations. For a description of the risks relating to our contractual
arrangements, please see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">D.</TD><TD STYLE="text-align: justify">Property, Plants and Equipment</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have dual headquarters in China, located
in Beijing and Hangzhou. Our principal executive offices in Beijing comprise of approximately 1,338 square meters and accommodate
certain of our management and general and administrative activities, as well as our research and development activities. We also
have approximately 25,222 square meters in leased classroom space in Beijing. Our principal executive offices and classrooms in
Hangzhou comprise of approximately 8,836 square meters of leased space. Our principal executive offices in Hangzhou accommodate
certain of our management and general and administrative activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to our principal executive offices
in Beijing and Hangzhou, we maintain a number of offices, classrooms and student dormitories with an aggregate of approximately
176,749 square meters in 46 cities in the PRC. For our leased facilities, we leased them from unrelated third parties. Our lease
terms range from one to ten years. We purchased two office buildings in Beijing in 2016, mainly for teaching purpose, and to a
lesser extent for administrative function. We paid an aggregate of RMB232 million for these two office buildings. We also purchased
a building in Qingdao and another one in Haikou for an aggregate price of RMB50 million in 2016. The purpose of these two buildings
is mainly teaching and partly for administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that the facilities that we currently
own or lease are adequate to meet our needs for the foreseeable future, and we believe that we will be able to obtain adequate
facilities, principally through leasing of additional properties, to accommodate our future expansion plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_008"></A>ITEM&nbsp;4.A.</TD><TD STYLE="text-align: justify">UNRESOLVED STAFF COMMENTS</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_009"></A>ITEM&nbsp;5.</TD><TD STYLE="text-align: justify">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The following discussion of our financial
condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements
and their related notes included in this annual report on Form 20-F. This report contains forward-looking statements. See &ldquo;Forward-Looking
Information.&rdquo; In evaluating our business, you should carefully consider the information provided under the caption &ldquo;Item
3. Key Information&mdash;D. Risk Factors&rdquo; in this annual report on Form 20-F. We caution you that our businesses and financial
performance are subject to substantial risks and uncertainties.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Operating Results</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Overview</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Net Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We derive substantially all of our net revenues
from tuition fees that we charge students. In 2014, 2015 and 2016, we generated net revenues of RMB836.9 million, RMB1,178.0 million
and RMB1,579.6 million, respectively. We record tuition fees that we collect in advance as deferred revenues. Our net revenues
are presented net of business tax and surcharges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Number of Course and
Student Enrollments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ability to generate and increase revenues
is primarily driven by our ability to increase the number of course enrollments and student enrollments. Our total course enrollments
increased from 58,264 in 2014 to 78,729 in 2015 and further to 102,298 in 2016. Our total student enrollments increased from 59,960
in 2014 to 84,041 in 2015 and further to 107,493 in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our total student enrollments are affected
by the continuing popularity of our existing courses and programs and the number and popularity of new courses and new programs
we offer. In 2016, our Java course was the largest course in terms of revenues and number of student enrollments. Since inception,
we have developed and launched fifteen new courses, as well as three new education programs targeting kids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our total student enrollments are also affected
by our ability to maintain our cooperative relationships with financing service providers for student loans. A significant portion
of our students enrolled in 2016 relied on loans provided or arranged by Baidu Small Loan, RenRenDai, BOC CFC, CreditEase, and
ShiTuDai to pay for our tuition fees. In 2016, approximately 55.1% of our students took out loans provided or arranged by Baidu
Small Loan, RenRenDai, BOC CFC, CreditEase, and ShiTuDai to pay for our tuition fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Tuition fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our net revenues are affected by the tuition
fees for each of our courses. For our full-time classes for adult students, our standard tuition fees generally range from RMB16,800
to RMB20,800 per course. We raised the standard tuition fees on selected courses offered in certain large cities by RMB1,000 to
RMB 2,000 per course in February 2016. We also increased our tuition fees for part-time classes on selected courses offered in
certain large cities by RMB1,000 to RMB2,000 per course in 2016.<B><I> </I></B>For our kid education programs, our standard tuition
fees are between RMB15,000 and RMB19,200. Each kid education program is composed of four levels, with each level consisting of
120 learning hours in one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The actual tuition fees of our courses for
adult students may vary according to the recruiting channel through which a student is enrolled. We recruit students either through
our direct marketing efforts or from our network of cooperative universities and colleges. We generally offer a discount of approximately
RMB4,000 per person per full-time course for students enrolled through our network of cooperative universities and colleges. In
2016, we recruited approximately 14.8% of our students from these universities and colleges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our tuition fees of our courses for adult students
are also affected by the payment option selected by our students. We primarily offer two payment options for our students, including
one-time full payment upon enrollment and multiple payments within two months of enrollment. We also allow qualified students to
pay our tuition fees within a period of time after graduation. We generally charge RMB1,000 higher in tuition fees to students
electing to pay in multiple payments within two months of enrollment and charge RMB3,980 higher in tuition fees to students qualified
and electing to pay in installments post graduation, as compared to students who elect to pay in full upfront. Our tuition fees
for <I>Tongcheng</I>. <I>Tongmei</I> and <I>Tongchuang</I> education programs are required to be fully paid up-front.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2015 and 2016, 77.7% and 83.6% of our
enrolled students paid one-time in full upon enrollment, 8.8% and 7.5% of our enrolled students paid multiple times within
two months of enrollment and 13.5% and 8.9% of our enrolled students utilized the option to pay within a period of time after
graduation, respectively. For our post-graduation payment option, qualified students are given a grace period of up to
six months after graduation to look for employment, during which time no repayment needs to be made. After such grace
period, students are given a ten-month repayment period. In order to qualify for such payment option, students must pass
our credit screening by furnishing to us a number of supporting documents, for instance a credit report from the
People&rsquo;s Bank of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cost of Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cost of revenues primarily consists of
payroll and employee benefits for our instructors (as apportioned based on the amount of time that they devote to teaching), teaching
assistants, career counselors and employer cooperation representatives, as well as rental payments for our learning centers, and
to a lesser extent, depreciation relating to property and equipment used at our learning centers. The following table sets forth
a breakdown of our cost of revenues in absolute amounts and as percentages of net revenues for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR> revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR> revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR>
&nbsp;revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center">(in&nbsp;thousands,&nbsp;except&nbsp;percentages)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Personnel cost and welfare</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88,521</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">123,341</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">173,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Rental cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,291</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,008</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">240,084</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">333,559</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">449,104</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cost of revenues is primarily affected
by the number of our learning centers. We had a total of 118, 134 and 145 learning centers as of December 31, 2014, 2015 and 2016,
respectively. Our cost of revenues as a percentage of net revenues was 28.7%, 28.3% and 28.4% in 2014, 2015 and 2016, respectively.
We expect our cost of revenues to continue to increase as we plan to open more learning centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Operating Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating expenses consist primarily of
selling and marketing expenses, general and administrative expenses and, to a lesser extent, research and development expenses.
The following table sets forth our operating expenses in absolute amounts and as percentages of net revenues for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center">(in&nbsp;thousands,&nbsp;except&nbsp;percentages)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Selling and marketing expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">261,489</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">31.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">384,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">527,553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Research and development expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,515</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65,594</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">478,941</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">686,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">900,666</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 76; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our selling and marketing expenses
primarily consist of compensation expenses relating to our personnel involved in selling and marketing, including our
enrollment advisors and our university cooperation representatives based at our learning centers, advertising expenses
relating to our marketing activities, and, to a lesser extent, rental expenses relating to our selling and marketing
functions. We expect our selling and marketing expenses to increase as we further expand our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our general and administrative expenses primarily
consist of compensation expenses relating to our management and administrative personnel, including share-based compensation, and
bad debt allowance associated with our post-graduation tuition installment payment option for qualified students. To a lesser extent,
our general and administrative expenses include office expenses relating to administrative functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We expect our general and administrative expenses
to increase in the future on an absolute basis as our business grows and we incur costs related to complying with our reporting
obligations as a public company under U.S. securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our research and development expenses primarily
consist of a portion of the personnel costs of our instructors as determined based on the amount of time that they devote to research
and development-related activities, as well as the personnel costs of our software engineers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Seasonality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Seasonal fluctuations have affected, and are
likely to continue to affect, our business. Historically, we typically generate the highest net revenues in the third and fourth
quarters because of the increased student enrollments during summer vacation. We generally generate less tuition fees in the first
quarter of each year due to the Chinese New Year holiday. Our quarterly cost of revenue, selling and marketing expenses, general
and administrative expenses and research and development expenses have generally been increasing in absolute amounts since 2012
as we expanded our network of learning centers, increased the number of our personnel and enhanced our marketing efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Taxation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are incorporated in the Cayman Islands.
Under the current law of the Cayman Islands, we are not subject to income or capital gains tax. In addition, dividend payments
are not subject to withholding tax in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our wholly-owned subsidiary in Hong Kong, Tarena
Hong Kong Limited, is subject to Hong Kong profits tax on its activities conducted in Hong Kong. No provision for Hong Kong profits
tax has been made in the consolidated financial statements as Tarena Hong Kong Limited has no assessable income since its inception
on October 22, 2012 to December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the EIT Law and its Implementation
Rules, which became effective on January 1, 2008, foreign-invested enterprises and domestic companies are subject to enterprise
income tax at a uniform rate of 25%. In addition, &ldquo;high and new technology enterprises,&rdquo; or HNTEs, will enjoy a preferential
enterprise income tax rate of 15% under the EIT Law. Tarena Tech qualified as a HNTE under the EIT Law and is eligible for a preferential
enterprise income tax rate of 15% for the period from 2009 to the end of 2017. Tarena Hangzhou was established in 2013 and qualified
as a &ldquo;newly established software enterprise&rdquo;, which entitles it to two years of full exemption followed by three years
of 50% exemption, commencing from the year in which its taxable income is greater than zero, which was 2014. On Jan 25, 2016, we
acquired 100% of the equity interests in Hangzhou Han Ru Education Technology Co., Ltd, which is qualified as a &ldquo;newly established
software enterprise&rdquo;, which entitles it to two years of full tax exemption followed by three years of 50% tax exemption,
commencing from 2016. Certain of our subsidiaries qualified as &ldquo;Small Profit Enterprises&rdquo; in 2014, 2015 and 2016, and
therefore are subject to the preferential income tax rate of 20%. Subject to the approvals from the tax authorities in certain
locations in the PRC, our subsidiaries and consolidated VIE that are based in these locations are required to use the deemed profit
method to determine their income tax. Under the deemed profit method, these subsidiaries are subject to income tax at 25% on its
deemed profit which is calculated based on revenues less deemed expenses equal to 85% to 90% of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Critical Accounting
Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We prepare our consolidated financial statements
in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect (i) the reported amounts
of our assets and liabilities; (ii) the disclosure of our contingent assets and liabilities at the end of each reporting period;
and (iii) the reported amounts of revenues and expenses during each reporting period. We continually evaluate these judgments,
estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions
and our expectations regarding the future based on available information, which together form our basis for making judgments about
matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial
reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree
of judgment than others in their application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. We believe the following accounting
policies involve the most significant judgments and estimates used in the preparation of our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Revenue recognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We derive substantially all of our net revenues
from tuition fees, a portion of which we allow qualified students to pay on installment for a period of time exceeding one year.
When tuition services are sold on repayment terms that exceed one year beyond the point in time that revenue is recognized, the
receivable, and therefore the revenue is recorded at the present value of the total payments. The difference between the present
value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual
collection period using the effective interest rate method. The interest rate used to determine the present value of the total
amount receivable is the rate at which students can obtain financing of a similar nature from other sources at the date of the
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We enter into arrangements with certain students
that purchase multiple services, including classroom training and extended on-line case studies, or multiple-element arrangements.
We treat training contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes
and recognizes revenue during the contract period when each deliverable service is provided. We allocate the contract price among
all the deliverables at the inception of the arrangement on the basis of their relative selling prices according to the selling
price hierarchy established by Accounting Standard Update No. 2009-13, <I>Revenue Recognition - Multiple-Deliverable Revenue Arrangements</I>.
We first use vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling
price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, we use our best estimate of selling
price for the deliverables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Allowance for
doubtful accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain an allowance for doubtful accounts
for estimated losses resulting from the inability of our students to make payments according to their respective payment plans
stipulated on the arrangement. We determine the allowance by analyzing students&rsquo; accounts that have known or potential collection
issues and applying historical loss rates to the aging of the remaining balances of accounts receivable. In the event that we believe
an account receivable will become uncollectible, we record an additional provision to increase the allowance for doubtful accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Long-lived assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our long-lived assets include property and
equipment. We depreciate our property and equipment using the straight-line method over the estimated useful lives of the assets.
We make estimates of the useful lives of property and equipment, including the salvage values, in order to determine the amount
of depreciation expense to be recorded during each reporting period. We amortize leasehold improvements of our learning center
facilities and offices over the shorter of the lease term or the estimated useful life of the assets. We estimate the useful lives
of our other property and equipment at the time the assets are acquired based on historical experience with similar assets, as
well as anticipated technological or other changes. If technological changes were to occur more rapidly than anticipated or in
a different form than anticipated, the useful lives assigned to these assets may be shortened, which would result in the recognition
of increased depreciation expense in future periods. There has been no change to the estimated useful lives or salvage values of
our property and equipment in 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate property and equipment for impairment
whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We assess
recoverability by comparing the carrying amount of a long-lived asset or asset group to the estimated undiscounted future cash
flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated
undiscounted future cash flows, we recognize an impairment charge based on the amount by which the carrying amount exceeds the
estimated fair value of the asset or asset group. We estimate the fair value of the asset or asset group based on the best information
available, including prices for similar assets, and in the absence of an observable market price, the results of using a present
value technique to estimate the fair value of the asset or asset group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No impairment on our long-lived assets was
recognized in 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Share-based Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We measure the cost of employee services received
in exchange for an award of equity instruments based on the grant date fair value of the award and recognize the cost over the
period the employee is required to provide service in exchange for the award, which is generally the vesting period. We have elected
to recognize the compensation cost for an award with only service conditions that have a graded vesting schedule on a straight-line
basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the cumulative amount
of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at
that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 22, 2008, we adopted the 2008
Plan, pursuant to which we can issue share options and other share-based awards to our key employees, directors and consultants
to purchase up to 6,002,020 of our ordinary shares (being retroactively adjusted to reflect the effect of the share split). On
November 28, 2012, we increased the number of our ordinary shares authorized for issuance under the 2008 Plan to 8,184,990. Share
options issued before September 22, 2008 are also administered under the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2014, we adopted the 2014 Plan,
pursuant to which we were authorized to issue options, restricted shares and restricted share units to our qualified employees,
directors and consultants. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2014 Plan,
or the Award Pool, is 1,833,696, provided that the shares reserved in the Award Pool shall be increased on the first day of each
calendar year, commencing with January 1, 2015, if the unissued shares reserved in the Award Pool on such day account for less
than 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding
calendar year, as a result of which increase the shares unissued and reserved in the Award Pool immediately after each such increase
shall equal 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately
preceding calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Share options granted
prior to initial public offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From January 1, 2004 to February 20, 2014,
our board of directors has granted the following options to our executive officers and employees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Options</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise&nbsp;Price<BR> (US$)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value&nbsp;of<BR> Ordinary&nbsp;Shares<BR> (US$)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Grant date</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%">Prior to January 1, 2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,117,020</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">0.058-1.00</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">0.04-0.83</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January 1, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,029,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September 16, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488,424</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">5.69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>February 20, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,805,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.83-4.36</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to our initial public offering in April
2014, we did not have quoted market prices for our ordinary shares. Accordingly we have considered the guidance prescribed by the
<I>AICPA Audit and Accounting Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation</I>, or
the Practice Aid, which sets forth the preferred types of valuation that should be used. We have followed the &ldquo;<I>Level B</I>&rdquo;
recommendation, and established the fair value of our ordinary shares at the dates of grant using a retrospective valuation for
valuation dates prior to September 2013 with the assistance of an independent valuation firm. We obtained a retrospective valuation
instead of contemporaneous valuation for valuation dates prior to September 2013, because at that time, our financial and managerial
resources were limited. The valuation as of September 16, 2013 and February 20, 2014 was prepared on contemporaneous basis. We
are ultimately responsible for all the fair value measurements in relation to the options and ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the fair value of our ordinary
shares for the purpose of determining the fair value of the share options, we followed a two-step process. In the first step, the
equity value of our company was determined by taking into consideration the income approach, or the discounted cash flow on DCF,
method. We considered the market approach and searched for public companies located in China with business nature and in a development
stage similar to ours. However, no companies were similar to us in all aspects. We therefore did not apply any weight for the market
approach to arrive at the equity value of our company and only used the market approach to corroborate the valuation results based
on the income approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In estimating the total equity value of our
ordinary shares, we considered the DCF method, which incorporates the projected cash flow of our management&rsquo;s best estimation
as of each measurement date. The projected cash flow estimation includes, among others, analysis of projected net revenue growth,
gross margins and terminal value. The assumptions used in deriving the fair value of ordinary shares are consistent with our business
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The key assumptions used in developing the
cash flow forecasts include: (i) compounded annualized growth rates of net revenue range from 19% to 52% for the forecasted period;
(ii) gross margin forecast to improve with increasing economies of scale; and (iii) a terminal growth rate after the projection
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The DCF method of the income approach involves
applying appropriate weighted average cost of capital, or WACC, to discount the future cash flows forecast to present value. WACC
comprises a required rate of return on equity plus the current tax effected rate of return on debt, weighted by the relative percentages
of equity and debt in the capital structure of comparable public companies whose business operations are similar to that of ours.
The required rates of return on equity were based on an estimation of the market required rate of return for investing in business
similar to ours, which were derived by using the capital asset pricing model, or CAPM. Under CAPM, the discount rate was determined
with consideration of the risk-free rate, industry-average correlated relative volatility coefficient beta, equity risk premium,
size of our company, the scale of our business and our ability in achieving forecasted projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risks associated with achieving the forecasts
were assessed in selecting the appropriate WACC, which had been determined to range from 16.5% to 30%. The determined WACC decreased
from 30% as of 2004 to 16.5% as of February 20, 2014 due to decrease in uncertainties associated with our financial forecast as
we achieved millstones, progressed to later stage of development and developed solid track records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In estimating the fair value of our ordinary
shares by the DCF method, our management does not think there would be disproportionate returns of cash flows to different shareholders.
Therefore, neither control premium nor a lack of control discount was considered in our valuations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also applied a discount for lack of marketability,
or DLOM, ranging from 5% to 35%, to reflect the fact that there is no ready market for shares in a closely-held company like us.
When determining the DLOM, the Black-Scholes option pricing model was used. Under this option-pricing method, the cost of the put
option, which can hedge the price change before the privately held shares can be sold, was considered as a basis to determine the
DLOM. This option pricing method was used because it takes into account certain company-specific factors, including the timing
of the expected initial public offering and the volatility of the share price of the guideline companies engaged in the same industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The above assumptions used in determining the
fair values were consistent with our business plan and major milestones we achieved. We also applied general assumptions, including
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no major changes in the existing political, legal, fiscal and economic conditions
in countries in which we will carry on our business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no major changes in the current tax laws in countries in which we operate and, that
the rates of tax payable remain unchanged and that all applicable laws and regulations will be complied with;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exchange rates and interest rates will not differ materially from those presently prevailing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of financing will not be a constraint on the future growth of our operation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will retain and have competent management, key personnel, and technical staff to support our
ongoing operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">industry trends and market conditions for related industries will not deviate significantly from
economic forecasts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the second step, since our capital structure
comprised convertible redeemable preferred shares and ordinary shares at each grant date, we allocated our equity value among each
class of equity securities using the option-pricing method. The option-pricing method treats ordinary shares and preferred shares
as call options on our company&rsquo;s equity value and liquidation preference, redemption preference and conversion threshold
of the preferred shares as exercise price of the call options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase in the fair value of our ordinary
shares from US$3.75 per share as of January 1, 2013 to US$5.69 per share as of September 16, 2013 was primarily attributable to
the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We offered more courses at our learning centers in 2013. As a result of these offerings, we experienced
rapid revenue and student growth in the nine-month period ended September 30, 2013. Our net revenues in the nine-month period ended
September 30, 2013 were RMB400.7 million, an increase of 61.9% from RMB 247.6 million in the nine-month period ended September
30, 2012. The number of learning centers increased from 57 as of December 31, 2012 to 86 as of September 30, 2013, and the number
of student enrollments increased from 31,340 in 2012 to 33,289 in the nine months ended September 30, 2013, respectively. In view
of the above, we adjusted our estimated earning upwards when we prepared financial forecast for valuation as of September 16, 2013,
and lowered the discount rate used in valuation from 19.5% as of January 1, 2013 to 17.5% as of September 16, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As we progressed towards an initial public offering, or IPO, leading time to an expected liquidity
event decreased, resulting in a decrease of DLOM from 20% as of January 1, 2013 to 15% as of September 16, 2013. We also increased
our estimated probability of IPO from 50% to 60%. As preferred shares would be automatically converted into ordinary shares upon
IPO, the increase in estimated probability of IPO results in allocation of a higher portion of our business enterprise value to
ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase in the fair value of our ordinary
shares from US$5.69 per share as of September 16, 2013 to US$8.60 per share as of February 20, 2014 was primarily attributable
to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We adjusted our projections upward when preparing our financial forecast to determine the fair
value of our ordinary shares as of February 20, 2014 based on the following operational improvements:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;<BR>
(i) we expanded our new digital arts course offering nationally in the last quarter of 2013;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><BR>
(ii) we launched a new online sales and marketing course in November 2013; and&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><BR>
(iii) in February 2014, we implemented a new pricing strategy resulting in an overall increase in tuition fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We made the first confidential submission of the draft registration statement on Form F-1 in respect
of the proposed IPO in November 2013, increasing the probability of a successful IPO. This resulted in a decrease of the DLOM from
15% as of September 16, 2013 to 5% as of February 20, 2014. Furthermore, we increased the estimated probability of a successful
IPO from 60% as of September 16, 2013 to 90% as of February 20, 2014. Because our preferred shares will be automatically converted
into ordinary shares upon the IPO, the increase in the estimated probability of the IPO resulted in the allocation of a higher
portion of our business enterprise value to our ordinary shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The determined weighted average cost of capital decreased from 17.5% as of September 16, 2013 to
16.5% as of February 20, 2014 to reflect the decrease in uncertainties associated with our financial forecast, since we achieved
our milestones, progressed to later stage of development and maintained a solid track record.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the fair value of share options
granted to executive officers and certain employees, we have used the binomial option pricing model. Under this option pricing
model, certain assumptions, including the risk-free interest rate, the expected dividends on the underlying ordinary shares and
the expected volatility of the price of the underlying shares for the contract term of the options, are required in order to determine
the fair value of the options. Changes in these assumptions could significantly affect the fair value of share options and hence
the amount of compensation expense we recognize in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the options granted, we used the following
assumptions on the date of grant in determining the estimated fair value per option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options&nbsp;Granted&nbsp;In</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Expected volatility</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">45-46</FONT></TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">52</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">52</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Expected dividends yield</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Exercise multiple</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
    interest rate per annum</FONT></TD><TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.89%-3.93</FONT></TD><TD NOWRAP STYLE="text-align: left">%<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.27%-3.38</FONT></TD><TD NOWRAP STYLE="text-align: left">%<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.81</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated
    fair value of underlying ordinary shares (per share)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;0.63-0.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.75-5.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of determining the estimated
fair value of our share options, we believe the expected volatility and the estimated fair value of our ordinary shares are the
most critical assumptions since we are a privately-held company when we granted these share options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since we did not have a trading history at
the time the share options were granted and we did not have sufficient share price history to calculate our own historical volatility,
expected volatility of our future ordinary share price was estimated based on the price volatility of the shares of comparable
public traded companies engaged in the similar industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Share options granted
after initial public offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From January 1, 2015 to December 31, 2016,
our board of directors has granted the following options to our executive officers and employees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Options</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise&nbsp;Price&nbsp;(US$)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value&nbsp;of&nbsp;Ordinary<BR> Shares&nbsp;(US$)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Grant date</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%">March 1, 2015 to December 6, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">615,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">0.89-4.36</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">9.28-12.85</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January 1, 2016 to December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,115,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0.058-4.36</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9.99-16.54</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 16, 2015, Mr. Shaoyun Han exercised
2,439,014 share options to purchase 2,439,014 Class A ordinary shares. Mr. Shaoyun Han remitted RMB17.0 million to us on August
4, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the fair value of share options
granted to executive officers and certain employees, we have used the binomial option pricing model. Under this option pricing
model, certain assumptions, including the risk-free interest rate, the expected dividends on the underlying ordinary shares and
the expected volatility of the price of the underlying shares for the contract term of the options, are required in order to determine
the fair value of the options. Changes in these assumptions could significantly affect the fair value of share options and hence
the amount of compensation expense we recognize in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the options granted, we used the following
assumptions on the date of grant in determining the estimated fair value per option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options&nbsp;Granted&nbsp;In&nbsp;2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options&nbsp;Granted&nbsp;In&nbsp;2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Expected volatility</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">62.3%-70.9</FONT></TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63.5%-68.8</FONT></TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Expected dividends yield</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exercise multiple</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Risk-free interest rate per annum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.68%-2.99</FONT></TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.15%-3.18</FONT></TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>The fair value of underlying ordinary shares (per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">US$9.28-US$12.85</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">US$9.99-US$16.54</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair values of underlying ordinary shares
are closing prices of our stock traded in the open market as of each grant date. For the purpose of determining the estimated fair
value of our share options, we believe the expected volatility is the most critical assumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since we had a short share price history, expected
volatility of our future ordinary share price was estimated with reference to the price volatility of the shares of comparable
public traded companies engaged in the similar industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The realization of the future
tax benefits of deferred income tax assets is dependent on future taxable income against which such tax benefits can be
applied or utilized and any tax planning strategies. In assessing the realizability of deferred income tax assets, we
consider whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized.
All available evidence must be considered in determining the realizability of the deferred income tax assets. Such
evidence includes, but is not limited to, the financial performance of subsidiaries and consolidated VIE, the market
environment in which these entities operate, the utilization of past tax credits, and the length of relevant carryforward
periods. Sufficient negative evidence, such as a cumulative net loss during a three-year period that includes the current
year and the prior two years, may require that a valuation allowance be established with respect to existing and future
deferred income tax assets. In view of cumulative losses sustained by our PRC subsidiaries and consolidated VIEs, valuation
allowances of RMB14.4 million, RMB20.1 million and RMB26.5 million were provided as of December 31, 2014, 2015 and 2016,
respectively. If, in the future, taxable incomes are available for each tax-paying component, the valuation allowances
against our deferred income tax assets may be adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to assess uncertain tax positions,
we adopt a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition.
For the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available
evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals
or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is greater than 50% likely
to be realized upon settlement. The unrecognized tax benefits were RMB36.9 million, RMB53.4 million and RMB69.8 million as of December
31, 2014, 2015 and 2016, respectively. No interest and penalty expenses were recorded for the years ended December 31, 2014, 2015
and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Recently Issued Accounting
Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See note 2 to our audited consolidated financial
statements included in this annual report for recently issued accounting standards that we believe may have implications on our
consolidated financial statements for future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 83; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of
our consolidated results of operations for the periods indicated, both in absolute amounts and as percentages of our net revenues.
This information should be read together with our consolidated financial statements and related notes included elsewhere in this
annual report. The operating results in any period are not necessarily indicative of the results that may be expected for any future
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Net<BR> Revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Net<BR> Revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Net<BR> Revenues</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands, except percentages)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left; text-indent: -9pt; padding-left: 9.35pt">Net revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">836,941</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,178,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,579,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9.35pt">Cost of revenues(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240,084</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(333,559</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(449,104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28.4</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: 9.35pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">596,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">844,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,130,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Operating expenses<SUP>(1)</SUP>:</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.35pt">Selling and marketing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(261,489</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(31.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(384,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(32.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(527,553</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(33.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(251,298</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,519</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19.5</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-left: 9.35pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,515</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(65,594</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Loss on foreign currency forward</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,898</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.8</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Foreign currency exchange gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,499</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,795</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,967</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,776</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.2</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: 9.35pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Share-based compensation expenses were allocated in cost of revenues and operating expenses as
follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center">(in&nbsp;thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -9.35pt; padding-left: 9.35pt">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">349</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">664</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Year Ended
December 31, 2016 Compared to the Year Ended December 31, 2015</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Net revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our net revenues increased by 34.1% from RMB1,178.0 million in 2015 to RMB1,579.6 million in 2016. This increase was primarily due to increased student enrollments and, to
a lesser extent, an increase in the standard tuition fees. The number of total student enrollments grew by 27.9% from 84,041 in
2015 to 107,493 in 2016. The number of our total student enrollments is affected by the continuing popularity of our existing courses
and programs and the number and popularity of new courses and new programs we offer. In the past year, we experienced significant
increase in student enrollments for the courses, such as Java, Digital art, and Web front. The number of our learning centers increased
from 134 as of December 31, 2015 to 145 as of December 31, 2016 to cater to the increased demand for our courses. The increase
in our average revenue per student was primarily a result of an increase in the standard tuition fees and the decrease in the percentage
of our students recruited through our network of cooperative universities and colleges. In 2016, we raised the standard tuition
fees on selected courses offered in certain large cities by RMB1,000 to RMB 2,000 per course. We generally offer a discount of
approximately RMB4,000 per person per full-time course for students enrolled through our network of cooperative universities and
colleges. In 2016, the percentage of our students recruited from our network of cooperative universities and colleges was approximately
14.7%, as compared with 16.2% in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cost of Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cost of revenues increased by 34.6% from
RMB333.6 million in 2015 to RMB449.1 million in 2016. This increase was mainly due to an increase in personnel cost and welfare
expenses resulting from growing number of teaching and advisory staff at our learning centers, rental cost resulting from higher
seat capacity, as well as depreciation expenses for our learning centers. Our instructors, teaching assistants, career counselors
and employer cooperation representatives at our learning centers increased from 1,729 as of December 31, 2015 to 2,236 as of December
31, 2016. The number of our learning centers increased from 134 as of December 31, 2015 to 145 as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 84; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Gross Profit and Gross
Margin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the foregoing, our gross profit
increased by 33.9% from RMB844.4 million in 2015 to RMB1,130.5 million in 2016. Our gross profit margin slightly decreased from
71.7% in 2015 to 71.6% in 2016, which was mainly due to higher personnel cost and welfare expenses and higher share-based compensation
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Operating Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating expenses increased by 31.1% from
RMB686.8 million in 2015 to RMB900.7 million in 2016 as a result of increases in our selling and marketing, general and administrative
and research and development expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Selling and Marketing
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our selling and marketing expenses increased
by 37.0% from RMB385.0 million in 2015 to RMB527.6 million in 2016. This increase was partially due to increased personnel cost
and welfare expenses related to growth in our selling and marketing headcount from 2,300 as of December 31, 2015 to 2,717 as of
December 31, 2016. The amount of personnel cost and welfare expenses for our selling and marketing staff increased from RMB182.3
million in 2015 to RMB245.1 million in 2016. The increase in selling and marketing expenses was also due to expanded marketing
efforts, which increased advertising expenses from RMB151.5 million in 2015 to RMB201.3 million in 2016, primarily as a result
of increased spending on search engine advertising as we expanded our network of learning centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">General and Administrative
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our general and administrative expenses increased
by 22.4% from RMB251.3 million in 2015 to RMB307.5 million in 2016 primarily due to higher personnel costs and welfare expenses
for our increased headcount of general and administrative personnel, from 1,015 as of December 31, 2015 to 1,304 as of December
31, 2016 to support our growing operations, and an increase in share-based compensation expenses, which increased from RMB28.3
million in 2015 to RMB51.2 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since July 2015, we focused more on tracking
and updating the personal information of our alumni who used the post-graduation payment option, and we began to (i) task our career
counselors with accounts receivable collection from their former students in such class and (ii) add accounts receivable collection
rate as a KPI for our regional managers, learning center managers and career counselors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016, as we devote more resources towards
accounts receivable management, we observed a decrease in the cumulative default amount of accounts receivable for students enrolled
between 2014 and 2015 who used the post-graduation payment option. We believe that our stricter tracking and management of accounts
receivable have been effective in generally reducing the overall delinquency risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Research and Development
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our research and development expenses increased
by 29.9% from RMB50.5 million in 2015 to RMB65.6 million in 2016 primarily due to increased personnel costs and welfare expenses
of our instructors allocated to their content development activities for our new courses, as well as increased number of research
and development staff as we expanded our course offerings and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Interest Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our interest income decreased from RMB42.7
million in 2015 to RMB24.0 million in 2016. Our interest income in both periods consisted of interest earned on our cash and time
deposits in commercial banks and interest income recognized in relation to our installment payment plan for students. The decrease
in interest income was primarily due to lower bank deposits and interest rate, as well as lower tuition interest income in relation
to our installment payment plan for students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Income Tax Expense</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our income tax expense was RMB18.8 million
in 2016, compared to RMB4.0 million in 2015. The increase was mainly due to an increase in the effective income tax rate and higher
taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective income tax rate of 2.2% in 2015
was lower than the statutory income tax rate of 25% primarily because of (i) the preferential income tax rate of 15% enjoyed by
Tarena Tech, (ii) the tax holiday enjoyed by Tarena Hangzhou and (iii) the effect of research and development expenses bonus deduction
allowed under PRC tax regulations, partially offset by recognition of valuation allowances for deferred income tax assets of certain
subsidiaries, which were at cumulative loss position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective income tax rate of 7.2% in 2016
was lower than the statutory income tax rate of 25% primarily because of (i) the preferential income tax rate of 15% enjoyed by
Tarena Tech, (ii) the preferential income tax rate of 12.5% enjoyed by Tarena Hangzhou, (iii) the tax holiday enjoyed by Tarena
Hanru, and (iv) the effect of research and development expenses bonus deduction allowed under PRC tax regulations, partially offset
by recognition of valuation allowances for deferred income tax assets of certain subsidiaries, which were at cumulative loss position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the foregoing, our net income
increased by 35.3% from RMB178.8 million in 2015 to RMB241.9 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Year Ended
December 31, 2015 Compared to the Year Ended December 31, 2014</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Net revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our net revenues increased by 40.8% from RMB836.9
million in 2014 to RMB1,178.0 million in 2015. This increase was primarily due to increased student enrollments and higher average
revenue per student. The number of total student enrollments grew by 40.2% from 59,960 in 2014 to 84,041 in 2015. The number of
our student enrollments is primarily driven by the number and popularity of our course offerings and programs. We experienced significant
increase in student enrollment for our new courses in the past few years, such as digital art, iOS and accounting. The number of
our learning centers increased from 118 as of December 31, 2014 to 134 as of December 31, 2015 to cater to the increased demand
for our courses. The increase in our average revenue per student was primarily a result of our tuition fees increase in 2015 and
the decrease in the percentage of our students recruited through our network of cooperative universities and colleges. In 2015,
we raised the standard tuition fees on most of our courses by RMB1,000 per course. We generally offer a discount of approximately
RMB4,000 per person per full-time course for students enrolled through our network of cooperative universities and colleges. In
2015, the percentage of our students recruited from our network of cooperative universities and colleges was approximately 16%,
as compared with 18% in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cost of Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cost of revenues increased by 38.9% from
RMB240.1 million in 2014 to RMB333.6 million in 2015. This increase was mainly due to higher personnel cost and welfare expenses
resulting from increased number of teaching and advisory staff at our learning centers, higher rental cost resulting from increased
number of learning centers and expansion of existing learning centers, as well as higher depreciation expenses for our learning
centers. Our instructors, teaching assistants, career counselors and employer cooperation representatives at our learning centers
increased from 1,378 as of December 31, 2014 to 1,729 as of December 31, 2015. The number of our learning centers increased from
118 as of December 31, 2014 to 134 as of December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Gross Profit and Gross
Margin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the foregoing, our gross profit
increased by 41.5% from RMB596.9 million in 2014 to RMB844.4 million in 2015. Our gross profit margin increased from 71.3% in 2014
to 71.7% in 2015. The improvement in gross margin was mainly due to increased operational scale and efficiency for our learning
centers. Our overall center utilization rate in 2015 increased to 73% from 71% in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Operating Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating expenses increased by 43.4% from
RMB478.9 million in 2014 to RMB686.8 million in 2015 as a result of increases in our selling and marketing, general and administrative
and research and development expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Selling and Marketing
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our selling and marketing expenses increased
by 47.2% from RMB261.5 million in 2014 to RMB385.0 million in 2015. This increase was partially due to increased personnel cost
and welfare expenses related to growth in our selling and marketing headcount from 1,773 as of December 31, 2014 to 2,300 as of
December 31, 2015. The amount of personnel cost and welfare expenses for our selling and marketing staff increased from RMB117.4
million in 2014 to RMB182.3 million in 2015. The increase in selling and marketing expenses was also due to expanded marketing
efforts, which increased advertising expenses from RMB102.8 million in 2014 to RMB151.5 million in 2015, primarily as a result
of increased spending on search engine advertising as we expanded our network of learning centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">General and Administrative
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our general and administrative expenses increased
by 36.6% from RMB184.0 million in 2014 to RMB251.3 million in 2015 primarily due to higher personnel costs and welfare expenses
for our increased headcount of general and administrative personnel, from 742 as of December 31, 2014 to 1,015 as of December 31,
2015 to support our growing operations, higher bad debt allowance associated with our post-graduation tuition installment payment
option for qualified students enrolled from 2010 to 2014 and higher share-based compensation expenses, which increased from RMB22.3
million in 2014 to RMB28.3 million in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of bad debt allowance in 2014 mainly
reflects our assessment of the delinquency risk for students enrolled between 2010 and 2013 who used the post-graduation payment
option. In 2015, we observed an increase in the overall account aging for students enrolled between 2010 and 2014 who used the
post-graduation payment option, as well as an increase in the cumulative default amount of accounts receivable from such students.
As a result, we determined that the delinquency risk for the corresponding accounts receivable has increased as well. As we devote
more resources towards accounts receivable management, we do not believe that the overall delinquency risk for our accounts receivable
will continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since July 2015, we focused more on tracking
and updating the personal information of our alumni who used the post-graduation payment option, and we began to (i) task our career
counselors with accounts receivable collection from their former students in such class and (ii) add accounts receivable collection
rate as a KPI for our regional managers, learning center managers and career counselors. We believe that our stricter tracking
and management of accounts receivable have been effective in generally preventing the overall delinquency risk from increasing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Research and Development
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our research and development expenses increased
by 51.0% from RMB33.5 million in 2014 to RMB50.5 million in 2015 primarily due to increased personnel costs and welfare expenses
of our instructors allocated to their content development activities for our new courses, as well as increased number of research
and development staff as we expanded our course offerings and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Interest Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our interest income increased from RMB26.8
million in 2014 to RMB42.7 million in 2015. Our interest income in both periods consisted of interest earned on our cash and time
deposits deposited in commercial banks and interest income recognized in relation to our installment payment plan for students.
The increase in interest income was primarily due to higher tuition interest income in relation to our installment payment plan
for students and higher bank deposits generated ultimately from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Income Tax Expense</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our income tax expense decreased by 73.2% from
RMB14.8 million in 2014 to RMB4.0 million in 2015. The decrease was mainly due to a decrease in the effective income tax rate to
2.2% in 2015 from 8.9% in 2014, partially offset by higher taxable income. The decrease in the effective income tax rate was primarily
due to a tax holiday enjoyed by Tarena Hangzhou as a &ldquo;newly established software enterprise&rdquo;, as well as more profit
before tax being generated by this tax-exempt subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 87; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective income tax rate of 8.9% in 2014
was lower than the statutory income tax rate of 25% primarily because of (i) the preferential income tax rate of 15% enjoyed by
Tarena Tech, (ii) the tax holiday enjoyed by Tarena Hangzhou and (iii) the effect of research and development expenses bonus deduction
allowed under PRC tax regulations, partially offset by recognition of valuation allowances for deferred income tax assets of certain
subsidiaries, which were at cumulative loss position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective income tax rate of 2.2% in 2015
was lower than the statutory income tax rate of 25% primarily because of (i) the preferential income tax rate of 15% enjoyed by
Tarena Tech, (ii) the tax holiday enjoyed by Tarena Hangzhou and (iii) the effect of research and development expenses bonus deduction
allowed under PRC tax regulations, partially offset by recognition of valuation allowances for deferred income tax assets of certain
subsidiaries, which were at cumulative loss position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Net Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the foregoing, our net income
increased by 17.7% from RMB151.8 million in 2014 to RMB178.8 million in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Inflation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since our inception, inflation in China has
not materially impacted 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 2014, 2015 and 2016 were increases of 1.5%, 1.6% and 2.1%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Impact of Foreign Currency
Fluctuation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;Fluctuations in exchange rates could have a material adverse
effect on our results of operations and the value of your investment.&rdquo; and &ldquo;Item 11. Quantitative and Qualitative Disclosures
About Market Risk&mdash;Foreign Exchange Risk.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Impact of Governmental
Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Relating to Doing Business in China&rdquo; and &ldquo;Item 4. Information on the Company&mdash;B. Business
Overview&mdash;Government Regulations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Liquidity and Capital Resources</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cash Flows and
Working Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our principal sources of liquidity have been
cash generated from operating activities and proceeds from the issuance and sale of our shares. As of December 31, 2016, we had
RMB1,286.1 million in cash and time deposits and we had no bank borrowings. Our cash consists of cash on hand and cash in bank,
which are unrestricted as to withdrawal. Cash of our consolidated VIEs, in the amount of RMB0.6 million as of December 31, 2016,
can be used only to settle obligations of our consolidated VIEs. Cash equivalents consist of interest-bearing certificates of deposit
with initial term of no more than three months when purchased. Time deposits, which mature within one year as of the balance sheet
date, represent interest-bearing certificates of deposit with an initial term of greater than three months when purchased, while
the time deposits that mature over one year as of the balance sheet date are included in non-current assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that our current cash, cash equivalents,
time deposits and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash
needs for working capital and capital expenditures, for at least the next 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 88; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See<I> Cash, cash equivalents, time deposits
and restricted time deposits</I> under Note 2(d) to our audited consolidated financial statements included in this annual report
for information regarding the currencies in which cash, cash equivalents and time deposits were held as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of
our cash flows for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">(in&nbsp;thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net cash provided by operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">175,343</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">347,698</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">524,030</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(734,539</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72,309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(156,449</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: 9pt">Net cash provided by (used in) financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">655,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,899</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,044</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Effect of foreign currency exchange rate changes on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,197</TD><TD STYLE="text-align: left">&nbsp;</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 increase in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents at the beginning of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">513,938</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents at end of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">513,938</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">810,672</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Operating Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by operating activities
increased to RMB524.0 million in 2016 from RMB347.7 million in 2015, primarily due to an increase of approximately RMB546.3 million
in cash collected from our students in 2016, which were partially offset by an increase of approximately RMB368.2 million in cash
operating expenditures, an increase of approximately RMB0.9 million in income tax payment and a decrease of proceeds from tax
refund of approximately RMB0.9 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by operating activities increased
to RMB347.7 million in 2015 from RMB175.3 million in 2014, primarily due to an increase of approximately RMB400.2 million in cash
collected from our students in 2015, a decrease of approximately RMB1.3 million in income tax payment and proceeds from tax refund
of approximately RMB1.3 million in 2015, which were partially offset by an increase of approximately RMB230.4 million in cash operating
expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by operating activities decreased
to RMB175.3 million in 2014 from RMB183.9 million in 2013, primarily due to an increase of approximately RMB158.2 million in cash
operating expenditures in 2014, which were partially offset by an increase of approximately RMB141.7 million in cash collected
from our students and a decrease of approximately RMB7.9 million in income tax payment in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Investing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cash used in investing activities is primarily
related to investments in time deposits, short-term financial products and other entities with a great development prospect, and
purchase of buildings, property and equipment and leasehold improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities
was RMB156.4 million in 2016, consisting of purchase of short-term investment of approximately RMB1,937.0 million, purchase
of time deposits of approximately RMB421.2 million, purchase of four office buildings, mainly for teaching purpose, and to
a lesser extent, for administrative functions, with a total consideration of RMB282.0 million, purchase of property
and equipment, including computers and servers, of approximately RMB100.0 million in connection with the expansion of our
network of learning centers, and payment for long-term investment and acquisition of Hanru Hangzhou of approximately RMB17.0
million, and net payment for loans to employees of approximately RMB15.4 million; and partially offset by the maturity
of short-term investment of approximately RMB1,937.0 million, and maturity of time deposits of approximately
RMB678.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities was
RMB72.3 million in 2015, consisting of purchase of short-term investment of approximately RMB945.0 million, purchase of time
deposits of approximately RMB639.0 million, purchase of property and equipment, including computers and servers, of
approximately RMB100.0 million in connection with the expansion of our network of learning centers, and payment for long-term
investment and acquisition of Hanru Hangzhou of approximately RMB25.0 million; and partially offset by the maturity of
short-term investment of approximately RMB945.0 million, and maturity of time deposits of approximately RMB690.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities was RMB734.5
million in 2014, consisting of purchases of property and equipment, including computers and servers, of approximately RMB48.4 million
in connection with the expansion of our network of learning centers; purchase of time deposits of approximately RMB708.1 million;
purchase of short-term investment in the amount of approximately RMB622.8 million; and partially offset by the maturity of short-term
investment of approximately RMB622.8 million, and maturity of time deposits of approximately RMB22.3million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Financing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in financing activities in 2016
was RMB78.0 million, which was primarily attributable to the payment for repurchase of treasury stock under a share repurchase
plan in the amount of RMB44.4 million, payment for dividend in the amount of RMB54.0 million, and partially offset by proceeds
from Issuance of Class A ordinary shares in connection with exercise of share options of RMB20.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in financing activities in 2015
was RMB26.9 million, which was primarily attributable to the payment for repurchase of treasury stock under a share repurchase
plan in the amount of RMB49.4 million, and partially offset by proceeds from Issuance of Class A ordinary shares in connection
with exercise of share options of RMB22.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by financing activities in
2014 was RMB655.0 million, which was primarily attributable to the gross proceeds from our initial public offering of approximately
RMB592.2 million, payment of costs related to our initial public offering in the amount of RMB21.7 million and net proceeds from
our concurrent private placement of RMB83.1 million in April.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Capital Expenditures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our capital expenditures are primarily related
to purchase of office building, property and equipment, leasehold improvements and investments in computers, network equipment
and software. Our capital expenditures were RMB48.4 million, RMB100.0 million and RMB382.0 million in 2014, 2015 and 2016, respectively.
We have made and may continue to make acquisitions of businesses and properties that complement our operations. We purchased two
buildings in Beijing, two buildings respectively in Qingdao and in Haikou for an aggregate price of RMB282 million in 2016. The
office buildings are mainly for teaching purpose, and to a lesser extent for administrative functions. We expect our capital expenditures will continue to be significant for the near future as we continue to expand our
network of learning centers. We expect to fund our future capital expenditures with our current cash, cash equivalents, time deposits
and anticipated cash flow from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Holding Company Structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a holding company with no material operations
of our own. We conduct our operations primarily through our wholly-owned subsidiaries in China. As a result, our ability to pay
dividends depends upon dividends paid by our wholly-owned subsidiaries. If our wholly-owned subsidiaries or any newly formed subsidiaries
incur any debt in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition,
our wholly-owned subsidiaries are permitted to pay dividends to us only out of their retained earnings, if any, as determined in
accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries is required to set aside at least
10% of its after-tax profits each year, if any, to fund a statutory surplus reserve until such reserve reaches 50% of its registered
capital. Although the statutory surplus reserves can be used to increase the registered capital and eliminate future losses in
excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the
event of liquidation. As a result of these PRC laws and regulations, as of December 31, 2016, we had RMB102.1 million in statutory
surplus reserves that are not distributable as cash dividends. Our PRC subsidiaries have not historically paid any dividends to
our offshore entities from their accumulated profits. However, we do not expect that the statutory surplus reserve requirement
will materially limit our ability to pay dividends to our shareholders or our plan to expand our business because we are only required
to set aside an additional RMB159.6 million to satisfy the maximum requirement of statutory surplus reserves for all of our PRC
subsidiaries as of December 31, 2016. In addition, our private schools requiring reasonable returns are required to appropriate
no less than 25% of their net income to a statutory development fund, whereas in the case of private schools requiring no reasonable
return, this amount shall be no less than 25% of the annual increase of their net assets. As of December 31, 2016, we had RMB13.1
million in statutory development fund that are not distributable as cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 90; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Research and Development, Patents and Licenses, etc.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Research and Development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Building a reliable, scalable and secure technology
infrastructure is crucial to our ability to support our live lecture broadcasts, online TTS, <I>TMOOC.cn</I> and the various services
that we provide to our students. We manage our lecture delivery system, TTS and <I>TMOOC.cn</I> using a combination of commercially
available software, hardware systems and proprietary technology. Since 2006, we have established a powerful online platform that
enables thousands of students to simultaneously log onto our TTS and participate in activities online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We developed our CRM software in-house to manage
our student and corporate employer information, as well as to integrate our key administrative functions. We rely on our internal
IT resources to upgrade the CRM system as needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our research and development expenses primarily
consist of a portion of the personnel costs of our instructors as determined based on the amount of time that they devote to research
and development-related activities, as well as the personnel costs of our software engineers. Our research and development expenses
were RMB33.5 million, RMB50.5 million and RMB65.6 million in 2014, 2015 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Intellectual Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our trademarks, copyrights, domain names, trade
secrets and other intellectual property rights distinguish our courses and services from those of our competitors and contribute
to our ability to compete in our target markets. We rely on a combination of copyright and trademark law, trade secret protection
and confidentiality agreements with senior executive officers and most other employees, to protect our intellectual property rights.
In addition, we require certain of our senior executive officers and other employees to enter into agreements with us under which
they acknowledge that all inventions, utility models, designs, know-how, copyrights and other forms of intellectual property made
by them within the scope of their employment with us, pursuant to job assignments or using our materials and technology, or during
the one year after their employment that relates to their employment with us, are our property and they should assign the same
to us if we so require. We also regularly monitor any infringement or misappropriation of our intellectual property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had registered
192 domain names relating to our business, including our <I>www.tedu.cn</I>, <I>TMOOC.cn</I>, <I>jobshow.cn</I>, <I>www.IT61.cn</I>
and <I>www.art61.cn</I> websites, with the Internet Corporation for Assigned Names and Numbers and China Internet Network Information
Center. Tarena Tech holds 21 registered software copyrights, 35 trademarks and 190 registered domain names including <I>www.tedu.cn</I>.
Beijing Tarena holds the domain name <I>TMOOC.cn</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">D.</TD><TD STYLE="text-align: justify">Trend Information</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demands, commitments or events for the period from January 1, 2016 to December
31, 2016 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital
resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results
or financial conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">E.</TD><TD STYLE="text-align: justify">Off-Balance Sheet Arrangements</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Starting from 2011, Chuanbang, a credit-sourcing
company in China owned by Mr. Shaoyun Han, our chief executive officer, began to offer person-to-person lending services to our
students to help them pay for our tuition fees. Under the person-to-person lending service, we serve as the guarantor of the loans
taken out by students. Starting from April 2013, we had stopped providing guarantees for any new student loans arranged by Chuanbang.
See &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;B. Related Party Transactions&mdash;Transactions with
Shareholders and Affiliates&mdash;Transactions with Chuanbang.&rdquo; As of December 31, 2014, 2015 and 2016, our maximum exposure
to guarantees of student loans obtained through Chuanbang was RMB1.3 million, nil and nil, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than the above, we have not entered into
any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into
any derivative contracts that are indexed to our shares and classified as shareholders&rsquo; 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. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or research and development services with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">F.</TD><TD STYLE="text-align: justify">Tabular Disclosure of Contractual Obligations</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth our contractual
obligations as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payment&nbsp;due&nbsp;by&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022&nbsp;and<BR> thereafter</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="font-weight: bold; text-align: center">(in&nbsp;thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Operating lease commitments<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">421,897</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">116,805</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">100,736</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">70,660</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">47,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">32,542</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">53,924</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents our non-cancelable leases for our offices and learning
centers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">G.</TD><TD STYLE="text-align: justify">Safe Harbor</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This annual report on Form 20-F contains forward-looking
statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance
or achievements to be materially different from those expressed or implied by the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You can identify these forward-looking statements
by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;likely to&rdquo; 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, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our goals and growth strategies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding demand for and market acceptance of our courses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to retain and increase our student enrollments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain and increase the utilization rate of our learning centers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to offer new courses in existing and new subject areas;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to replicate the success and growth of our adult education services to the kid education
market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain and increase the tuition fees of our courses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to deepen and expand our corporate employer relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain our relationships with universities and colleges;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 92; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our future business development, results of operations and financial condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the expected growth of, and trends in, the markets for our services in China;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">relevant government policies and regulations relating to our corporate structure, business and
industry; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions underlying or related to any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You should read thoroughly this annual report
and the documents that we refer to in this annual report with the understanding that our actual future results may be materially
different from and worse than what we expect. Other sections of this annual report include additional factors which could adversely
impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties
emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess
the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results
to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by
these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You should not rely upon forward-looking statements
as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_010"></A>ITEM&nbsp;6.</TD><TD STYLE="text-align: justify">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Directors and Executive Officers</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information
regarding our executive officers and directors as of the date of this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Directors&nbsp;and&nbsp;Executive&nbsp;Officers</B></P></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Age</B></P></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 42%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Position/Title</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Shaoyun Han</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Founder, chairman and chief executive officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Jianguang Li</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Yongji Sun</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Independent director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xiaosong Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">53</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Independent director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Ya-Qin Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Independent director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Yuduo Yang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Chief financial officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Ying Sun</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Vice president</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Yinan Qi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Vice president</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Shaoyun Han</I> is our founder and has served
as chairman of our board of directors and chief executive officer since our inception. Before founding Tarena in September 2002,
Mr. Han was deputy chief engineer and director of the software division of AsiaInfo-Linkage between 1995 and 2002, responsible
for software research and development and corporate management. Mr. Han received a bachelor&rsquo;s degree in computer application
from Jilin University in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Jianguang Li</I> has served as our director
since January 2004. Mr. Li has been a partner of IDG Capital Partners since March 2006, responsible for providing venture capital
and private equity investment-related advice. Between 1999 and 2006, Mr. Li served as a vice-president of IDG Technology Venture
Investment Inc. Prior to joining IDG in 1999, Mr. Li worked in Crosby Assets Management Limited as an investment manager. Mr. Li
has been a non-executive director of China Binary Sale Technology Limited, a company listed on the Hong Kong Stock Exchange, since
April, 2015. Mr. Li received a bachelor&rsquo;s degree in management from Peking University and a master&rsquo;s of science degree
from the University of Guelph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Yongji Sun</I> has served as our independent
director since April 2014. Mr. Sun currently serves as the chairman of Dilato Infotech Inc. Between 2011 and 2014, Mr. Sun served
as the chief executive officer of Shangxue Education Technology Inc. Between 2005 and 2011, Mr. Sun served as executive vice president
of special projects and strategic relationships at HiSoft Technology International Ltd., or HiSoft . Prior to joining HiSoft in
November 2005, Mr. Sun founded Beijing Tianhai Hongye International Software Co., Ltd. (Ensemble) in 2002 and served as its chief
executive officer from 2003 to 2005. He founded and served as chief executive officer of Newland Network Co. from 2000 to 2002.
He founded Lotus China in 1993 and served as the head of the research and development center until 1998. Mr. Sun received a bachelor&rsquo;s
degree from North Eastern Machinery Institute in 1985, a master&rsquo;s degree in Computer Science from Nanjing Aerospace &amp;
Aeronautic University in 1988, and received a master of business administration from Babson College in 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 93; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Xiaosong Zhang</I> has served as our independent
director since April 2014. Mr. Zhang currently serves as the chief financial officer of Momo Inc., a NASDAQ-listed company. Mr.
Zhang served as an independent director and chairman of the audit committee of Sungy Mobile Limited, a NASDAQ-listed mobile internet
company, between November 2013 and July 2014. Mr. Zhang served as the chief financial officer of iSoftStone Holdings Limited, a
NYSE-listed company, between July 2010 and April 2014, and was an independent director of iSoftStone between February 2010 and
July 2010. Prior to joining iSoftStone, Mr. Zhang served as chief financial officer of BJB Career Education Company Limited from
2009 to June 2010, as chief financial officer of Emarket Holding Group, Ltd. from 2008 to 2009, as chief financial officer of Chinacars,
Inc. from 2007 to 2008 and as chief financial officer of Vimicro International Corporation, a NASDAQ-listed company, from 2004
to 2007. From 2000 to 2004, Mr. Zhang was a manager and then a senior manager at the Beijing office of PricewaterhouseCoopers.
From 1995 to 1999, Mr. Zhang was an auditor and then a senior auditor at the Los Angeles office of KPMG LLP. Mr. Zhang received
his master degree in accountancy from University of Illinois, his master degree in professional meteorology from Saint Louis University,
and his bachelor degree in meteorology from Peking University. Mr. Zhang is a Certified Public Accountant in the State of California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Ya-Qin Zhang </I>has served as our independent
director since April 2014. Mr. Zhang has served as president of Baidu, Inc., a NASDAQ-listed company, since September 2014. Mr.
Zhang has served as a director of ChinaCache International Holdings Ltd., a NASDAQ-listed company, since September 2010. Mr. Zhang
served as an independent director and member of the audit committee of Autohome Inc., a NYSE-listed company, between December 2013
and January 2015. Mr. Zhang served as the chairman of Microsoft Asia-Pacific R&amp;D Group between 2005 and September 2014 and
was in charge of the research and development of Microsoft Corporation in the Asia-Pacific region. Mr. Zhang is one of the founding
members of the Microsoft Research Asia lab, where he served as managing director and chief scientist, and he also founded the Advanced
Technology Center in 2003. Before joining Microsoft in 1999, Mr. Zhang was a director for the Multimedia Technology Laboratory
at Sarnoff Corp. and worked as a senior technical staff member for GTE Laboratories Inc. and Contel Corp. Mr. Zhang received his
bachelor&rsquo;s and master&rsquo;s degrees in electrical engineering from the University of Science and Technology of China and
a Ph.D. in electrical engineering from George Washington University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Yuduo Yang</I> has served as our co-chief
financial officer since November 2015 and as our chief financial officer since April 2016. Prior to joining us, Mr. Yang was a
vice president at Beijing Fengshun Lubao Car Auction Company Limited from March 2015 to November 2015. From December 2013 to October
2014, Mr. Yang was a finance director at Bybon Group Company Limited. From June 2010 to December 2013, Mr. Yang was a finance director
at South Beauty Group, a well-known restaurant chain operator in China. Prior to that, Mr. Yang was a finance manager at Google
and Lucent Technologies from December 2007 to May 2010, and from April 2005 to November 2007, respectively, and an auditing manager
at KPMG Beijing Office from July 1997 to April 2005. Mr. Yang received a bachelor's degree in economics from Renmin University
of China, as well as an MBA degree from Fordham University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Ying Sun</I> is our vice president. Ms.
Sun has served as our vice president since December 2009, responsible for our nation-wide operations. Ms. Sun joined us in June
2005 as the general manager of our Beijing learning centers. Between 2007 and 2009, she was the general manager of our northern
region. From 1999 to 2005, Ms. Sun worked in Gloria Hotels and Resorts, serving in various sales and human resources-related roles.
Ms. Sun received a bachelor&rsquo;s degree in tourism economics management from Dongbei University of Finance and Economics in
China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Yinan Qi</I> is our vice president. Mr.
Qi has served as our vice president since September 2013, responsible for student recruitment through retail channels. Mr. Qi served
as our general manager of northern region between 2010 and 2014, responsible for our operations in Northern China. Mr. Qi joined
us in March 2007, previously serving in roles including the deputy general manager of northern region, deputy general manager of
our Beijing learning centers and director of our Hangzhou learning center. Prior to joining us, Mr. Qi served as the general manager
of the Beihang campus of GAMFE between 2005 and 2006 and as director of technology at Zhonghe Wangxun (Beijing) Information Technology
Co., Ltd. between 2002 and 2005. Mr. Qi received a bachelor&rsquo;s degree in optoelectronic technology from China Jiliang University
and a master&rsquo;s degree in multimedia technologies from the University of Science and Technology Beijing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Compensation of Directors and Executive Officers</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal year ended December 31, 2016,
we paid an aggregate of approximately RMB2.6 million in cash to our executive officers, and we paid an aggregate of RMB0.7 million
in cash to our non-executive directors. For share incentive grants to our directors and executive officers, see &ldquo;&mdash;Share
Incentive Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our PRC subsidiaries and consolidated affiliated
entities are required by law to make contributions equal to certain percentages of each employee&rsquo;s salary for his or her
pension insurance, medical insurance, housing fund, unemployment and other statutory benefits. In July 2016, we purchased a health
insurance policy for Mr. Shaoyun Han with a total premium of RMB31,097 and a sum insured of RMB8.0 million.Other than the above-mentioned
statutory contributions mandated by applicable PRC law and the health insurance policy, we have not set aside or accrued any amount
to provide pension, retirement or other similar benefits to our executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Employment Agreements
and Indemnification Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have entered into employment agreements
with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period.
We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer,
such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment,
or misconduct or a failure to perform agreed duties. We may also terminate an executive officer&rsquo;s employment without cause
upon three-month advance written notice. In such case of termination by us, we will provide severance payments to the executive
officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer
may resign at any time with a three-month advance written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each executive officer has agreed to hold,
both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except
as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any confidential
information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any third
party received by us and for which we have confidential obligations. The executive officers have also agreed to disclose in confidence
to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice during the executive officer&rsquo;s
employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents,
copyrights and other legal rights for these inventions, designs and trade secrets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, each executive officer has agreed
to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for two
years following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers,
clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative
of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons
or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as a principal, partner,
licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the
services of any of our employees who is employed by us on or after the date of the executive officer&rsquo;s termination, or in
the year preceding such termination, without our express consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have also entered 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Share Incentive Plan</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The 2008 Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have adopted the 2008 Plan in September
2008. The purpose of the 2008 Plan is to attract and retain the best available personnel for positions of substantial responsibility,
to provide additional incentives to selected directors, officers, employees and consultants and to promote the success of Tarena&rsquo;s
business by offering these individuals an opportunity to acquire a proprietary interest in Tarena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 95; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the 2008 Plan, the maximum aggregate
number of shares which may be issued is 8,184,990. As of March 31, 2017, options to purchase 984,241 Class A ordinary shares are
issued and outstanding, and there are 276,412 Class A ordinary shares available for future issuance upon the exercise of future
grants under the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Options to purchase a total of 3,815,000 Class
A ordinary shares were granted prior to our adoption of the 2008 Plan. Such options were ratified by our board and included in
the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following paragraphs summarize the terms
of the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Types of Awards.</I></B> The 2008 Plan
permits the awards of options, restricted shares (or share appreciation rights or other similar awards) and rights to purchase
restricted shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Plan Administration. </I></B>Our board
of directors or a committee appointed by our board will administer the 2008 Plan. The committee or the full board of directors,
as applicable, will determine the participants to receive awards, the type and number of awards to be granted to each participant,
and the terms and conditions of each award grant, among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Award Agreement.</I></B> Awards granted
under the 2008 Plan are evidenced by an award agreement that sets forth terms, conditions and limitations for each award, which
may include the term of the award and the provisions applicable in the event of the grantee&rsquo;s employment or service terminates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Eligibility. </I></B>We may grant awards
to our employees, directors and consultants of our company, as well as trusts or companies established in connection with any of
our employee benefit plan for the benefit of our employees, directors or consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Acceleration. </I></B>The plan administrator
may accelerate the vesting or exercisability of an option or lapsing of a repurchase or redemption right to which restricted shares
may be subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Vesting Schedule.</I></B> In general,
the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Exercise of Options. </I></B>The plan
administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion of option
will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum
exercisable term is the tenth anniversary after the date of a grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Transfer Restrictions. </I></B>Awards
may not be transferred in any manner by the recipient other than by will or applicable laws of descent and distribution or pursuant
to a qualified domestic relations order and by trusts or companies established in connection with any of our employee benefit plan
for the benefit of an employee, director or consultant, except as otherwise provided by the plan administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination of Employment or Service.</I></B>
In the event that a grantee ceases employment with us or ceases to provide services to us, any vested options will generally terminate
after a period of time following the termination of employment if the grantee does not exercise the options during this period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Restrictions on Issue of Shares.</I></B>
Options granted under the 2008 Plan can only be exercised and ordinary shares can only be issued upon the occurrence of (i) the
consummation of a qualified initial public offering, (ii) the consummation of a liquidation event or (iii) the expiry of the five
year period commencing from the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination of the 2008 Plan.</I></B>
Unless terminated earlier, the 2008 Plan will terminate automatically in 2018. Our board of directors has the authority to amend
or terminate the plan subject to shareholder approval if required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 96; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The 2014
Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We adopted the 2014 Plan in February 2014.
The maximum aggregate number of shares which may be issued pursuant to all awards under the 2014 Plan, or the Award Pool, is 1,833,696,
provided that the shares reserved in the Award Pool shall be increased on the first day of each calendar year, commencing with
January 1, 2015, if the unissued shares reserved in the Award Pool on such day account for less than 2% of the total number of
shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year, as a result of
which increase the shares unissued and reserved in the Award Pool immediately after each such increase shall equal 2% of the total
number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year. The
number of Class A ordinary shares available for future issuance upon the exercise of future grants under the 2014 Plan was 1,207,867
as of January 1, 2017. As of March 31, 2017, options to purchase 2,340,140 Class A ordinary shares are issued and outstanding under
the 2014 Plan and 121,593 restricted share units were granted and outstanding under the 2014 Plan. The following paragraphs summarize
the terms of the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Types of Awards. </I></B>The 2014 Plan
permits the awards of options, restricted shares and restricted share units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Plan Administration. </I></B>Our board
or a committee of one or more members of our board duly authorized for the purpose of the 2014 Plan can act as the plan administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Award Agreement. </I></B>Options, restricted
shares or restricted share units granted under the 2014 Plan are evidenced by an award agreement that sets forth the terms, conditions
and limitations for each grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Eligibility.</I></B> We may grant awards
to our employees, consultants or directors. However, we may grant options that are intended to qualify as incentive share options
only to our employees and employees of our parent companies and subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Acceleration of Awards upon Change in
Control. </I></B>If a change in control, liquidation or dissolution of our company occurs, the plan administrator may, in its sole
discretion, provide for (i) all awards outstanding to terminate at a specific time in the future and give each participant the
right to exercise the vested portion of such awards during a specific period of time, or (ii) the purchase of any award for an
amount of cash equal to the amount that could have been attained upon the exercise of such award, or (iii) the replacement of such
award with other rights or property selected by the plan administrator in its sole discretion, or (iv) payment of award in cash
based on the value of ordinary shares on the date of the change-in-control transaction plus reasonable interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Exercise of Options.</I></B> The plan
administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion of option
will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum
exercisable term is the tenth anniversary after the date of a grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Exercise Price of Options. </I></B>The
exercise price in respect of any option shall be determined by the plan administrator and set forth in the award agreement which
may be a fixed or variable price related to the fair market value of the shares. The exercise price per share subject to an option
may be amended or adjusted in the absolute discretion of the plan administrator, the determination of which shall be final, binding
and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Vesting Schedule.</I></B> In general,
the plan administrator determines the vesting schedule, which is set forth in the award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Transfer Restrictions.</I></B> Awards
may not be transferred in any manner by the recipient other than by will or the laws of descent and distribution, except as otherwise
provided by the plan administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination. </I></B>Unless terminated
earlier, the 2014 Plan will terminate automatically in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 97; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes, as of March
31, 2017, the outstanding options granted to our directors and executive officers under our share plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ordinary<BR> Shares<BR> Underlying<BR> Options<BR> Awarded</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise<BR>
Price<BR> (US$/Share)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date&nbsp;of&nbsp;Grant</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date&nbsp;of&nbsp;Expiration</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: left">Shaoyun Han</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4.360</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 10pt">February 20, 2014</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 10pt">February 19, 2024</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 20, 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 19, 2024</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 1, 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 28, 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 29, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jianguang Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2004</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 21, 2023</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Yongji Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Xiaosong Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ya-Qin Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Yuduo Yang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 17, 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2017</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Ying Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 21, 2023</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 20, 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 19, 2024</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 1, 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 28, 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 29, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2017</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Yinan Qi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2013</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 21, 2023</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 20, 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 19, 2024</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 1, 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">February 28, 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">July 1, 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">June 30, 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">January 1, 2017</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,322,347</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">* The aggregate
number of ordinary shares underlying the outstanding options held by this individual is less than 1% of our total outstanding shares
as of March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes, as of March
31, 2017, the outstanding restricted share units we granted to our directors and executive officers under the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">Name</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"><P STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt"><B>Number&nbsp;of&nbsp;Class&nbsp;A<BR> Ordinary&nbsp;Shares<BR> Underlying<BR> Restricted&nbsp;Share<BR> Units</B></P>

</TD><TD NOWRAP STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date&nbsp;of&nbsp;Grant</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 69%">Shaoyun Han</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&mdash;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Jianguang Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Yongji Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 3, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Xiaosong Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 3, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ya-Qin Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 3, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Yuduo Yang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">February 28, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Ying Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Yinan Qi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">February 28, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">* Less than
1% of our total outstanding shares as of March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2017, other individuals as
a group hold outstanding options to purchase a total of 2,002,034 Class A ordinary shares of our company, with exercise prices
ranging from US$0.058 to US$4.36 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Board Practices</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors currently consists of
five directors. A director is not required to hold any shares in our company. Subject to the rules of the NASDAQ Global Select
Market and disqualification by the chairman of the relevant board meeting, a director may vote with respect to any contract, proposed
contract, or arrangement in which he or she is materially interested. The board may exercise all the powers of the company to borrow
money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed
or as security for any obligation of the company or of any third party. There is no age limit requirement for directors. The service
agreements between us and the directors do not provide benefits upon termination of their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 98; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Committees of the Board
of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have 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&rsquo;s members and functions are described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Audit Committee.</I></B> Our audit committee
consists of Messrs. Xiaosong Zhang, Yongji Sun and Ya-Qin Zhang and is chaired by Mr. Xiaosong Zhang. Each member of our audit
committee satisfies the &ldquo;independence&rdquo; requirements of Rule5605(c)(2) of the NASDAQ Stock Market Rules and meets the
independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended, or the Exchange Act. We have determined
that Mr. Xiaosong Zhang qualifies as an &ldquo;audit committee financial expert.&rdquo; The audit committee oversees our accounting
and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible
for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">selecting the independent registered public accounting firm and pre-approving all auditing and
non-auditing services permitted to be performed by the independent registered public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing with the independent registered public accounting firm any audit problems or difficulties
and management&rsquo;s response;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation
S-K under the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">discussing the annual audited financial statements with management and the independent registered
public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing major issues as to the adequacy of our internal controls and any special audit steps
adopted in light of material control deficiencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and reassessing annually the adequacy of our audit committee charter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">meeting separately and periodically with management and the independent registered public accounting
firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy
and effectiveness of our procedures to ensure proper compliance; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reporting regularly to the board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Compensation Committee.</I></B> Our compensation
committee consists of Messrs. Ya-Qin Zhang, Yongji Sun and Xiaosong Zhang, and is chaired by Ya-Qin Zhang. Each member of our compensation
committee satisfies the &ldquo;independence&rdquo; requirements of Rule5605(c)(2) of the NASDAQ Stock Market Rules. The compensation
committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating
to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their
compensation is deliberated upon. The compensation committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving, or recommending to the board for its approval, the compensation for our
chief executive officer and other executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and recommending to the board for determination with respect to the compensation of our
non-employee directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and recommending to the board for determination with respect to the compensation of our
non-employee directors</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">selecting compensation consultant, legal counsel or other adviser only after taking into consideration
all factors relevant to that person&rsquo;s independence from management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Nominating and Corporate Governance Committee.
</I></B>Our nominating and corporate governance committee consists of Messrs. Yongji Sun, Xiaosong Zhang and Ya-Qin Zhang, and
is chaired by Mr. Yongji Sun. Each member of our nominating and corporate governance committee satisfies the &ldquo;independence&rdquo;
requirements of Rule5605(c)(2) of the NASDAQ Stock Market Rules. The nominating and corporate governance committee assists the
board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees.
The nominating and corporate governance committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recommending nominees to the board for election or re-election to the board, or for appointment
to fill any vacancy on the board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing annually with the board the current composition of the board with regards to characteristics
such as independence, age, skills, experience and availability of service to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">selecting and recommending to the board the names of directors to serve as members of the audit
committee and the compensation committee, as well as of the nominating and corporate governance committee itself;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developing and reviewing the corporate governance principles adopted by the board and advising
the board with respect to significant developments in the law and practice of corporate governance and our compliance with such
laws and practices; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evaluating the performance and effectiveness of the board as a whole.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Duties of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Cayman Islands law, our directors have
a duty of loyalty to act honestly in good faith with a view to our best interests. Our directors also have a duty to exercise the
skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association. A
shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Terms of Directors and
Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our officers are elected by and serve at the
discretion of the board. Our directors are not subject to a term of office and hold office until such time as they resign or are
removed from office by ordinary resolution of our shareholders. A director will be removed from office automatically if, among
other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; or (ii) dies or is
found by our company to be of unsound mind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">D.</TD><TD STYLE="text-align: justify">Employees</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have dual headquartered in Beijing and Hangzhou,
where our instructors, software engineers and certain general and administrative staff are based. We have divided our national
network of learning centers into three regions, namely northern region, southern region, and central and western region, and we
have regional offices that are responsible for managing the daily operations of learning centers located within each territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We had a total of 3,904, 5,066 and 6,257 employees
as of December 31, 2014, 2015 and 2016, respectively. As of December 31, 2016, we had 570 employees in Beijing, 387 employees in
Hangzhou and 5,300 employees in other areas within China. The following table sets forth the number of our employees, categorized
by function, as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Functions</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Employees</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left">Teaching and content development</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,548</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling and marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,717</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Career development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employer cooperation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,304</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,257</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As required by regulations in China, we participate in various
employee social security plans that are organized by municipal and provincial governments, including pension, unemployment insurance,
childbirth insurance, work-related injury insurance, medical insurance and housing insurance. We are required under PRC law to
make contributions from time to time 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our employees are not covered by any collective
bargaining agreement. We believe that we maintain a good working relationship with our employees, and we have not experienced any
significant labor disputes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">E.</TD><TD STYLE="text-align: justify">Share Ownership</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as specifically noted, the following
table sets forth information with respect to the beneficial ownership of our ordinary shares as of March 31, 2017 by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each of our directors and executive officers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each person known to us to own beneficially more than 5% of our ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calculations in the table below are based
on 57,313,810 ordinary shares outstanding as of March 31, 2017, comprising of 50,107,751 Class A ordinary shares and 7,206,059
Class B ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beneficial ownership is determined in accordance
with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage
ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the
exercise of any option, warrant or other right or the conversion of any other security. These shares, however, are not included
in the computation of the percentage ownership of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ordinary&nbsp;Shares&nbsp;Beneficially&nbsp;Owned</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;A&nbsp;ordinary<BR> shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;B<BR> ordinary<BR>
shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;ordinary<BR>
    shares on&nbsp;an&nbsp;as-<BR> converted basis</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;total<BR> ordinary&nbsp;shares<BR> on&nbsp;an&nbsp;as-<BR>
converted&nbsp;basis</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;aggregate<BR> voting&nbsp;power&nbsp;&dagger;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Directors and Executive Officers:**</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Shaoyun Han<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,247,463</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,206,059</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,453,522</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">67.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Jianguang Li<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Yongji Sun<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Xiaosong Zhang<SUP>(4)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Ya-Qin Zhang<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Yuduo Yang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Ying Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Yinan Qi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">All directors and executive officers as a group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,916,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,206,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,122,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Principal&nbsp;&nbsp;Shareholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">KKR funds<SUP>(6)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,073,726</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,206,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,279,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">AERO Holdings Limited<SUP>(7)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,865,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,865,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Trafalgar Trading Fund Inc. <SUP>(8)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,368,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,368,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Learningon Limited<SUP>(9)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,060,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,560,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Connion Capital Limited<SUP>(10)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,308,449</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5,308,449</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">9.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"><FONT STYLE="font-size: 10pt">Techedu Limited<SUP>(11)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,439,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,146,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,585,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 101; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Less than 1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">** Except for Mr. Jianguang Li, Mr. Yongji
Sun, Mr. Xiaosong Zhang and Mr. Ya-Qin Zhang, the business address of our directors and executive officers is Suite 10017, Building
E, Zhongkun Plaza, A18 Bei San Huan West Road, Haidian District, Beijing, 100098, PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&dagger; For each person and group included
in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group
by the voting power of all of our Class A and Class B ordinary shares as a single class. Each holder of Class A ordinary shares
is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share on all matters
submitted to them for a vote. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters
submitted to a vote of our shareholders, except as may otherwise be required by law. Our Class B ordinary shares are convertible
at any time by the holder thereof into Class A ordinary shares on a one-for-one basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Represents (i) 6,060,000 Class B Ordinary Shares held by Learningon Limited, (ii) 1,146,059 Class
B Ordinary Shares held by Techedu Limited, (iii) 2,439,014 Class A Ordinary Shares held by Techedu Limited, (iv) 2,000,000 Class
A Ordinary Shares held by Moocon Education Limited, (v) 1,272,698 Class A Ordinary Shares held by Connion Capital Limited, (vi)
3,594,439 restricted American depositary shares (&ldquo;ADSs&rdquo;) representing 3,594,439 Class A Ordinary Shares held by Connion
Capital Limited, (vii) 500,000 restricted ADSs representing 500,000 Class A Ordinary Shares held by Learningon Limited, and (viii)
441,312 Class A Ordinary Shares that Connion Capital Limited may purchase upon exercise of options within 60 days of March 31,
2017. Each of Connion, Learningon and Techedu is principally an investment holding vehicle. Each of Connion and Learningon is a
company organized and existing under the laws of the British Virgin Islands, and is ultimately wholly owned by HANQQ Trust. TMF
(Cayman) Ltd. is the trustee of HANQQ Trust, with Mr. Han as settlor and Mr. Han and his family as beneficiaries. Techedu Limited
is a company organized and existing under the laws of the British Virgin Islands and is wholly owned by Mr. Shaoyun Han. Mr. Han
is the sole director of each of Connion, Learningon and Techedu, which do not have any executive officer. The registered office
address of each of Connion, Learningon and Techedu is the offices of Trident Trust Company, (B.V.I.) Ltd., Trident Chambers, Wickhams
Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The business address of Mr. Li is 6/F., COFCO Plaza, No.8 Jianguomennei Ave, Jiannei St, Dongcheng
District, Beijing, 100020, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The business address of Mr. Sun is 4th Floor, Jingban Xinxigang, No.3, East Yumin Road, Xicheng
District, Beijing, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The business address of Mr. Zhang is 20th Floor, Block B, Tower 2, Wangjing SOHO, No.1 Futongdong
Street, Chaoyang District, Beijing, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">The business address of Mr. Zhang is Baidu Campus, No. 10 Shangdi 10th Street, Haidian District,
Beijing 100085 PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 102; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Consists of (i) 6,826,263 Class A ordinary shares held by Talent Fortune Investment Limited, a
Cayman Islands company, as of July 14, 2015 (as reported in a Schedule 13D amendment filed by KKR &amp; Co. L.P. on July 23, 2015)
and (ii) 10,247,463 Class A ordinary shares and 7,206,059 Class B ordinary shares beneficially owned by Mr. Shaoyun Han as of March
31, 2017 as a result of a convertible bond purchase agreement entered into among, inter alia, Talent Fortune Investment Limited
and Mr. Shaoyun Han on July 14, 2015. Talent Fortune Holdings Limited is the sole shareholder of Talent Fortune Investment Limited.
KKR China Growth Fund L.P. is the controlling member of Talent Fortune Holdings Limited. KKR Associates China Growth L.P. is the
sole general partner of KKR China Growth Fund L.P. KKR China Growth Limited is the sole general partner of KKR Associates China
Growth L.P. KKR Fund Holdings L.P is the sole shareholder of KKR Associates China Growth L.P. KKR Fund Holdings GP Limited is a
general partner of KKR Fund Holdings L.P. KKR Group Holdings L.P. is the sole shareholder of KKR Fund Holdings GP Limited and a
general partner of KKR Fund Holdings L.P. KKR Group Limited is the general partner of KKR Group Holdings L.P. KKR &amp; Co. L.P.
is the sole shareholder of KKR Group Limited. KKR Management LLC is the general partner of KKR &amp; Co. L.P. The designated members
of KKR Management LLC are Messrs. Henry R. Kravis and George R. Roberts. The business address of Talent Fortune Investment Limited
is c/o KKR Asia Limited, Level 56, Cheung Kong Center, 2 Queen&rsquo;s Road Central, Hong Kong. The percentage of beneficial ownership
and voting power was calculated based on the total number of our ordinary shares outstanding as of March 31, 2017. As disclosed
in a Schedule 13D amendment filed by KKR &amp; Co. L.P. and its affiliated entities (collectively, &ldquo;KKR Parties&rdquo;) on
July 23, 2015 (the &ldquo;KKR 13D&rdquo;), KKR Parties took the view that they may be deemed to share the beneficial ownership
of our ordinary shares owned by Mr. Shaoyun Han by virtue of a convertible bond purchase agreement (the &ldquo;CBPA&rdquo;) entered
into on July 14, 2015 among (i) Moocon Education Limited (&ldquo;Moocon&rdquo;), a limited liability company incorporated in the
British Virgin Islands wholly owned by Mr. Shaoyun Han, (ii) Mr. Han, (iii) Talent Wise Investment Limited (&ldquo;Talent&rdquo;),
an exempted company with limited liability incorporated in Cayman Islands indirectly controlled by KKR &amp; Co. L.P. and its affiliated
entities and (iv) Talent Fortune Investment Limited (&ldquo;Talent Fortune&rdquo;, together with Talent, the &ldquo;Talent Parties&rdquo;),
an exempted company with limited liability incorporated in Cayman Islands indirectly controlled by KKR &amp; Co. L.P. and its affiliated
entities. Under the CBPA, neither Mr. Han nor any entity directly or indirectly controlled by him, excluding us (together with
Mr. Han, the &ldquo;Founder Entities&rdquo;) may agree to have us take any of the following actions without the approval of Talent
Wise, provided that the Talent Parties and their affiliates hold not less than 4,195,662 Class A ordinary shares of ours and Moocon
has not redeemed the Bond (as defined in the CBPA) in full: (i) issue any securities of any type or class, carry out any equity
financing or undertake any obligation in relation to any of the above, with certain exceptions; (ii) merge, amalgamate or reorganization,
or acquisition exceeding US$10 million, or take any action which would result in a change of control or a transfer of an asset
valued at US$10 million or more; (iii) carry out business other than education; or (iv) delist or change its listing place, or
take any other actions which may affect the liquidity of the KKR Parties&rsquo; investment. In the event of Talent Wise elects
to convert all of the Bond into the shares of the Moocon under the CBPA, following the occurrence of an Event of Default (as define
in the CBPA), and therefore acquires the control of Moocon, Talent Wise may be deemed to beneficially own all of the shares of
the Company held by Moocon. As of March 31, 2017, Moocon held 2,000,000 Class A ordinary shares of ours, representing approximately
1.6% of the total outstanding voting power of our company. The calculation of the voting power is based on 57,313,810 outstanding
ordinary shares as a single class, being the sum of 50,107,751 Class&nbsp;A ordinary shares and 7,206,059 Class B ordinary shares
outstanding as of March 31, 2017, assuming conversion of all Class B ordinary shares into Class&nbsp;A ordinary shares. Since Mr.
Han would still control more than 50% of the total outstanding voting power of our company following the occurrence of an Event
of Default, the operation of the CBPA would not result in a change of control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">The number of ordinary shares beneficially owned is as of April 26, 2016, as reported in a
                                                            Schedule 13G filed by AERO Holdings Limited on April 27, 2016, and consists of (i)  6,355,741 ADSs, representing 6,355,741
                                                            Class A ordinary shares, held by Orchid Asia VI, L.P. and (ii) 318,241 ADSs, representing 318,241 Class A ordinary shares,
                                                            held by Orchid Asia V Co-Investment Limited. The general partner of Orchid Asia VI, L.P. is OAVI Holdings, L.P., whose
                                                            general partner is Orchid Asia VI GP, Limited. Orchid Asia VI GP, Limited is wholly owned by Orchid Asia V Group Management,
                                                            Ltd., which is wholly owned by Orchid Asia V Group, Limited. AERO Holdings Limited is the controlling shareholder of Orchid
                                                            Asia V Group, Limited and Orchid Asia V Co-Investment Limited. Ms. Lam Lai Ming is the sole shareholder of AERO Holdings
                                                            Limited. The business address of AERO Holdings Limited is Suites 6211-12, 62<SUP>nd</SUP> Floor, The Center, 99 Queen&rsquo;s
                                                            Road, Central, Hong Kong. The percentage of beneficial ownership and voting power was calculated based on the total number of
                                                            our ordinary shares outstanding as of March 31, 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Represents 3,368,837 Class A ordinary shares held by Trafalgar
Trading Fund Inc., a Cayman Islands limited liability company, which is registered with the Cayman Islands Monetary Authority as
a mutual fund. Trafalgar Trading Fund Inc. became our principle shareholder after it acquired 1,679,647 and 1,689,190 Class A ordinary
shares in December 2016 and February 2017, respectively. The registered office address of Trafalgar Trading Fund Inc. is c/o Mourant
Ozannes Corporate Services (Cayman) Limited 94 Solaris Avenue, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. Trafalgar
Trading Fund Inc. is managed by Trafalgar Capital Management (HK) Limited, with its business address at 18/F The Workstation, 43
Lyndhurst Terrace, Central, Hong Kong.</P>


</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">Represents (i) 6,060,000 Class B ordinary shares and (ii) 500,000 restricted ADSs representing
500,000 Class A ordinary shares. The registered office address of Learingon Limited is the offices of Trident Trust Company (B.V.I.)
Limited, Trident Chambers, P.O. Box 146, Road Town, Tortola, the British Virgin Islands. Learingon Limited is ultimately owned
by Mr. Shaoyun Han through a trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(10)</TD><TD STYLE="text-align: justify">The registered office address of Connion Capital Limited is the offices of Trident Trust Company
(B.V.I.) Limited, Trident Chambers, P.O. Box 146, Road Town, Tortola, the British Virgin Islands. Connion Capital Limited is ultimately
owned by Mr. Shaoyun Han through a trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(11)</TD><TD STYLE="text-align: justify">Represents (i) 2,439,014 Class A ordinary shares and (ii) 1,146,059 Class B ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ordinary shares are divided into Class
A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to one vote per share, while holders
of Class B ordinary shares are entitled to ten votes per share. We issued Class A ordinary shares represented by our ADSs in our
initial public offering in April 2014. Holders of our Class B ordinary shares may choose to convert their Class B ordinary shares
into the same number of Class A ordinary shares at any time. Class A ordinary shares are not convertible into Class B ordinary
shares under any circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To our knowledge, we are not owned or controlled,
directly or indirectly, by another corporation, by any foreign government or by any other natural or legal persons, severally or
jointly. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To our knowledge, as of March 31, 2017, 34,509,232
of our Class A ordinary shares are held by one record holder in the United States, which is the depositary of our ADS program,
representing 68.9% of our total issued and outstanding Class A ordinary shares as of such date. The number of beneficial owners
of our ADSs in the United States is likely to be much larger than the number of record holders of our ordinary shares in the United
States. As of March 31, 2017, none of our Class B ordinary shares are held by any record holder in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For options and restricted share unit granted
to our officers, directors and employees, see &ldquo;&mdash;B. Compensation of Directors and Executive Officers&mdash;Share Incentive
Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_011"></A>ITEM 7.</TD><TD STYLE="text-align: justify">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Major Shareholders</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 6. Directors, Senior Management
and Employees&mdash;E. Share Ownership.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Related Party Transactions</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Contractual Arrangements
with our VIE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 4. Information on the Company&mdash;C.
Organizational Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Transactions with Shareholders
and Affiliates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Transactions with Chuanbang.</I></B>
Starting from the second half of 2011, Chuanbang, a company owned by our chief executive officer, Mr. Shaoyun Han, began to offer
person-to-person lending to enable qualified students to borrow unsecured loans from unrelated individuals to pay for our tuition
fees. Under the person-to-person lending service offered by Chuanbang to students enrolled prior to January 1, 2014, a student
enters into a loan agreement with Mr. Han, as the designated representative of Chuanbang, to borrow an amount equal to our tuition
fees. Mr. Han then assigns the existing loan agreement to an unrelated individual lender identified by Chuanbang, or the person-to-person
lender, with us serving as the guarantor of the loan to the student. Upon the receipt of cash from the person-to-person lenders,
Mr. Han remits the cash to us directly on behalf of the student for the payment of such student&rsquo;s tuition fees. Chuanbang
services the student loans by collecting repayments on behalf of the person-to-person lenders from students, made to an account
opened in the name of Mr. Han. The &ldquo;interest spread&rdquo; between (i) the interest rate under the loan agreement between
the student and Mr. Han and (ii) the &ldquo;anticipated annual yield&rdquo; under the assignment agreement between Mr. Han and
the person-to-person lender represents compensation for Chuanbang&rsquo;s estimated costs incurred in originating and servicing
the student loans, plus the amount payable to us for guaranteeing the student loans. Chuanbang ceased offering loan services to
our students enrolled since January 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, our maximum exposure
to guarantees of student loans was nil. All the third-party lenders were repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to our agreement with Chuanbang, Chuanbang
provided cash collection service on our accounts receivable to better manage our cash collection since August 2013. The fee is
calculated based on 2%~12% of the amount collected. The staff of Chuanbang includes our former employees who joined Chuanbang in
July 2013. Chuanbang also provides similar cash collection service to other financial institutions. The cash collection service
fees were RMB0.7 million, RMB2.1 million and RMB6.4 million for 2014, 2015 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2015, Precise, which is owned
by an executive of Kohlberg Kravis Roberts &amp; Co. L.P, or KKR, a shareholder of the Company, provided cash advances in the amount
of RMB1.4 million to us in order to fund its share repurchase plan. We have fully repaid the advances in October 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Registration Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Registration
Rights Granted in 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with our issuance of Series C
preferred shares, we and all our then shareholders entered into an amended and restated shareholders agreement on September 6,
2011. Pursuant to our amended and restated shareholders agreement dated September 6, 2011, we have granted certain registration
rights to certain of our shareholders. Set forth below is a description of the registration rights granted under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 104; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Demand Registration Rights.</I></B> At
any time after the completion of our initial public offering in April 2014, upon a written request from the holders of at least
10% of the registrable securities held by our preferred shareholders, we must file a registration statement covering the offer
and sale of the registrable securities held by the requesting shareholders and other holders of registrable securities who choose
to participate in the offering. Registrable securities include, among others, our ordinary shares issued or to be issued upon conversion
of the preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, we are not obligated to proceed with
a demand registration if we have, within the six-month period preceding the date of such request, already effected a registration
under the Securities Act pursuant to the exercise of the holders&rsquo; registration rights, unless the registrable securities
of the holders were excluded from such registration. We have the right to defer filing of a registration statement for up to 90
days if our board of directors determines in good faith that the filing of a registration statement would be materially detrimental
to us and our shareholders, but we cannot exercise the deferral right more than once in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Form F-3 Registration Rights.</I></B>
When we are eligible for registration on Form F-3, upon a written request from the holders of a majority of the registrable securities
held by our preferred shareholders, we must file a registration statement on Form F-3 covering the offer and sale of the registrable
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not obligated to effect a Form F-3 registration,
among other things, if we already effected a registration under the Securities Act pursuant to the exercise of the holders&rsquo;
demand or piggyback registration rights, unless the registrable securities of the holders were excluded from such registration.
We have the right to defer filing of a registration statement for up to 60 days if our board of directors determines in good faith
that the filing of a registration statement would be materially detrimental to us and our shareholders, but we cannot exercise
the deferral right more than once in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Piggyback Registration Rights. </I></B>If
we propose to file a registration statement for a public offering of our ordinary shares on a form that would be suitable for registrable
securities, we must offer holders of registrable securities an opportunity to include in that registration all or any part of their
registrable securities. The underwriters of any underwritten offering have the right to limit the number of shares with registration
rights to be included in the registration statement, subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Expenses of Registration.</I></B> We
will pay all expenses relating to any demand, Form F-3, or piggyback registration, with certain limited exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination of Obligations.</I></B> We
shall have no obligation to effect any demand, Form F-3, or piggyback registration on the earlier of (a) the date that is five
years after the completion of our initial public offering, or (b) as to any holder of registrable securities, the time when all
registrable securities held by such holder may be sold in any 90-day period without registration pursuant to Rule 144 under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Registration
Rights Granted in 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We entered into a registration rights agreement
with Talent Fortune Investment Limited, or KKR, an affiliate of KKR &amp; Co. L.P., on July 17, 2015, pursuant to which we granted
certain registration rights to KKR. Set forth below is a description of the registration rights granted under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Securities Act Registration on Request.</I></B>
Upon a written request from KKR, we must use reasonable best efforts to effect a registration under the Securities Act covering
the registrable securities requested by KKR to register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, we are not obligated to effect more
than a total of three registration requests and at least a period of 180 days shall have elapsed since the previous registration
request and the previous registration in which KKR had an opportunity to participate pursuant to its piggyback registration rights.
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 105; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Piggyback Registration Rights.</I></B>
If we propose to register our securities under the Securities Act, subject to limited exceptions, we must offer KKR an opportunity
to include in that registration all or any part of its registrable securities. The managing underwriter of any underwritten offering
have the right to limit the number of shares with registration rights to be included in the registration statement, subject to
certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Postponements.</I></B> We have the right
to defer filing of a registration statement for up to 90 days if our board of directors determines in good faith that the filing
of a registration statement would be materially adversely affect us and our shareholders, but we cannot exercise the deferral right
more than once in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Expenses of Registration. </I></B>We
will pay all expenses relating to any requested or piggyback registration, with certain limited exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Termination of Obligations.</I></B> Our
obligations under this registration rights agreement shall terminate when all registrable shares of KKR could be sold without restriction
under Rule 144(e) under the Securities Act within a 90-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Employment Agreements
and Indemnification Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 6. Directors, Senior Management
and Employees&mdash;B. Compensation of Directors and Executive Officers&mdash;Employment Agreements and Indemnification Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Share Option Grants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 6. Directors, Senior Management
and Employees&mdash;B. Compensation of Directors and Executive Officers&mdash;Share Incentive Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Interests of Experts and Counsel</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_012"></A>ITEM 8.</TD><TD STYLE="text-align: justify">FINANCIAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Consolidated Statements and Other Financial Information</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have appended consolidated financial statements
filed as part of this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Legal Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are currently not a party to, and are not
aware of any threat of, any legal, arbitration or administrative proceedings that, in the opinion of our management, are likely
to have a material and adverse effect on our business, financial condition or results of operations. From time to time, we have
become, and may in the future become, a party to various legal or administrative proceedings or claims arising in the ordinary
course of our business. Regardless of the outcome, legal or administrative proceedings or claims may have an adverse impact on
us because of defense and settlement costs, diversion of management attention and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Dividend Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2017, we declared a cash dividend
of RMB1.10 (US$0.16) per ordinary share. Holders of our ADS, each representing one Class A ordinary share, are accordingly entitled
to the cash dividend of RMB1.10 (US$0.16) per ADS, subject to the terms of the deposit agreement, including the fees and expenses
payable thereunder. The cash dividend was paid on or about May 30, 2017 to shareholders of record as of the close of trading on
March 27, 2017. The aggregate amount of cash dividends paid was approximately RMB64.9 million (US$9.5 million), which was funded
by surplus cash on our balance sheet. We are a holding company incorporated in the Cayman Islands. PRC regulations may restrict
the ability of our PRC subsidiaries to pay dividends to us. See &ldquo;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Government
Regulations&mdash;Regulations on Dividend Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has discretion as to
whether to distribute dividends, subject to applicable laws. Subject to our ongoing financial performance, cash position, budget
and business plan and market conditions, we may, on an annual basis, consider paying a special dividend. If we pay any dividends,
we will pay our ADS holders to the same extent as holders of our ordinary shares, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 106; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Significant Changes</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as disclosed elsewhere in this annual
report, we have not experienced any significant changes since the date of our audited consolidated financial statements included
in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_013"></A>ITEM 9.</TD><TD STYLE="text-align: justify">THE OFFER AND LISTING</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Offering and Listing Details.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ADSs, each representing one Class A ordinary
share, have been listed on the NASDAQ Global Select Market since April 3, 2014 under the symbol &ldquo;TEDU.&rdquo; Update until
April 24, 2017 (starting from April 3, 2014), the trading price of our ADSs on the NASDAQ Global Select Market ranged from
US$6.54 to US$20.00 per ADS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides the high and low
trading prices for our ADSs on the NASDAQ Global Select Market for the periods indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Trading&nbsp;Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Annual Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">2014 (since April 3, 2014)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15.85</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.54</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Quarterly Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Monthly Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">October 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">November 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">December 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">January 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.79</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">February 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">March 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">April 2017 (through April 24, 2017)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Plan of Distribution</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Markets</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our ADSs, each representing one Class A ordinary
share, have been listed on the NASDAQ Global Select Market under the symbol &ldquo;TEDU&rdquo; since April 3, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">D.</TD><TD STYLE="text-align: justify">Selling Shareholders</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 107; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">E.</TD><TD STYLE="text-align: justify">Dilution</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">F.</TD><TD STYLE="text-align: justify">Expenses of the Issue</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_014"></A>ITEM 10.</TD><TD STYLE="text-align: justify">ADDITIONAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">A.</TD><TD STYLE="text-align: justify">Share Capital</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">B.</TD><TD STYLE="text-align: justify">Memorandum and Articles of Association</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are summaries of material provisions
of our currently effective fifth amended and restated memorandum and articles of association, as well as the Companies Law (2016
Revision) insofar as they relate to the material terms of our ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Registered Office and
Objects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our registered office in the Cayman Islands
is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman
KY1-1111, Cayman Islands. As set forth in article 3 of our fifth amended and restated memorandum of association, the objects for
which our company is established are unrestricted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 6. Directors, Senior Management
and Employees&mdash;C. Board Practices.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>General.</I></B> Holders of Class A ordinary
shares and Class B ordinary shares have the same rights except for voting and conversion rights. All of our outstanding ordinary
shares are fully paid and non-assessable. Certificates representing the ordinary shares are issued in registered form. Our shareholders
who are non-residents of the Cayman Islands may freely hold and transfer their ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Dividends.</I></B> The holders of our
ordinary shares are entitled to such dividends as may be declared by our board of directors, provided that dividends may be declared
and paid out of funds legally available therefor, namely out of either profit, our share premium account or any other fund or account
which can be authorized for this purpose in accordance with the Companies Law. Holders of Class A ordinary shares and Class B ordinary
shares will be entitled to the same amount of dividends, if declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Voting Rights.</I></B> Holders of our
ordinary shares are entitled to ten calendar days notice of meetings of our shareholders. In respect of all matters subject to
a shareholders&rsquo; vote, each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to
ten votes, voting together as one class. Voting at any meeting of shareholders is by show of hands 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A quorum required for a meeting of shareholders
consists of two shareholders who hold at least 50% of all voting power of our share capital in issue at the meeting present in
person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative. Shareholders&rsquo;
meetings may be held annually. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.
Extraordinary general meetings may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders
holding at the date of deposit of the requisition not less than 1/3 of the aggregate voting power of our company. Advance notice
of at least ten calendar days is required for the convening of our annual general meeting and other general meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 108; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 2/3 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 fifth amended and restated memorandum and articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Conversion.</I></B> Each Class B ordinary
share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible
into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or
entity which is not an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted
into the equivalent number of Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Transfer of Ordinary Shares. </I></B>Subject
to the restrictions set out below and the provisions above in respect of Class B ordinary shares, 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 any other form approved by
our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors may, in its absolute
discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board
of directors may also decline to register any transfer of any ordinary share unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares
to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor
to make the transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class of ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is properly stamped, if required;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If our directors refuse to register a transfer
they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and
the transferee notice of such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The registration of transfers may, after compliance
with any notice required of the NASDAQ Global Market, be suspended and the register closed at such times and for such periods as
our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended
nor the register closed for more than thirty days in any year as our board may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Liquidation. </I></B>On a return of capital
on winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution
among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our
assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that
the losses are borne by our shareholders proportionately. Any distribution of assets or capital to a holder of a Class A ordinary
share and a holder of a Class B ordinary share will be the same in any liquidation event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Calls on Ordinary Shares and Forfeiture
of Ordinary Shares. </I></B>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 fourteen calendar days prior to the specified time of payment.
The ordinary shares that have been called upon and remain unpaid are subject to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Repurchase and Redemption of Ordinary
Shares.</I></B> The Companies Law and our fifth amended and restated articles of association permit us to purchase our own shares.
In accordance with our fifth amended and restated articles of association and provided the necessary shareholders or board approval
have been obtained, we may issue shares on terms that are subject to redemption, at our option or at the option of the holders
of these shares, on such terms and in such manner, including out of capital, as may be determined by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 109; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Variations of Rights of Shares. </I></B>All
or any of the special rights attached to any class of shares may, subject to the provisions of the Companies Law, be varied with
the written consent of the holders of three-fourths 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Inspection of Books and Records. </I></B>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. However, we will provide our shareholders with annual audited financial statements. See &ldquo;Item 10.
Additional Information&mdash;H. Documents on Display.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Issuance of Additional Shares. </I></B>Our
fifth amended and restated 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our fifth amended and restated 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of shares of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the dividend rights, dividend rates, voting rights; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rights and terms of redemption and liquidation preferences.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Anti-Takeover Provisions.</I></B> Some
provisions of our fifth amended and restated 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Exempted Company. </I></B>We are an exempted
company with limited liability under the Companies Law. &ldquo;Limited liability&rdquo; means that the liability of each shareholder
is limited to the amount unpaid by the shareholder on the shares of the company. The Companies Law distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially
the same as for an ordinary company except that an exempted company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">does not have to file an annual return of its shareholders with the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is not required to open its register of members for inspection;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">does not have to hold an annual general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may issue negotiable or bearer shares or shares with no par value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may obtain an undertaking against the imposition of any future taxation (such undertakings are
usually given for 20 years in the first instance);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 110; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register as a limited duration company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register as a segregated portfolio company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our fifth amended and restated memorandum and
articles of association do not provide provisions that are different from those that are applicable to an exempted company as set
forth above, except that they do not permit us to issue bearer shares or shares with no par value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">C.</TD><TD STYLE="text-align: justify">Material Contracts</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Commodity Housing Presale Contracts</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tarena Technologies Inc., our subsidiary, entered into a commodity
housing presale contract, or Housing Presale Contract I, with Beijing Jingkai-gongda Investment Management Co., or Beijing Jingkai
on May 5, 2016. Pursuant to the Housing Presale Contract I, Beijing Jingkai agreed to sell, and Tarena Technologies Inc. agreed
to purchase, a building numbered as B5 located in D1F1 of Beijing Economic-Technological Development Area, at a total price of
RMB114.6 million, in accordance with the terms and conditions set out in the Housing Presale Contract I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tarena Software Technology (Hangzhou) Co., Ltd., our subsidiary,
entered into a commodity housing presale contract, or Housing Presale Contract II, with Beijing Jingkai on November 5, 2016. Pursuant
to the Housing Presale Contract II, Beijing Jingkai agreed to sell, and Tarena Software Technology (Hangzhou) Co., Ltd. agreed
to purchase, a building numbered as B7 located in D1F1 of Beijing Economic-Technological Development Area, at a total price of
RMB118.3 million, in accordance with the terms and conditions set out in the Housing Presale Contract II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not entered into any
material contracts other than in the ordinary course of business and other than those described above and in &ldquo;Item 4.
Information on the Company&rdquo; or elsewhere in this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">D.</TD><TD STYLE="text-align: justify">Exchange Controls</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Item 4. Information on the Company&mdash;B.
Business Overview&mdash;Government Regulations&mdash;Regulations on Foreign Exchange Registration of Overseas Investment by PRC
Residents,&rdquo; &ldquo;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Government Regulations&mdash;Regulations
on Foreign Currency Exchange&rdquo; and &ldquo;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Government Regulations&mdash;Regulations
on Dividend Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">E.</TD><TD STYLE="text-align: justify">Taxation</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain Cayman Islands,
PRC and United States 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 this annual report, all of which are subject to change or differing interpretation,
possibly with retroactive effect. 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 other federal, state, local and other tax laws not addressed herein.
To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Conyers Dill &amp;
Pearman, our Cayman Islands counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion
of Han Kun Law Offices, our PRC counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Cayman Islands Taxation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 levied by the Government of the Cayman Islands that are likely to be material to holders
of ADSs or ordinary shares. The Cayman Islands is a party to double taxation treaty with the United Kingdom but otherwise is not
party to any double tax treaties. There are no exchange control regulations or currency restrictions in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Section 6 of the Tax Concessions
Law (2011 Revision) of the Cayman Islands, we have obtained an undertaking from the Governor-in-Council:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) that no law which is enacted in the Cayman
Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply to us or our operations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) that the aforesaid tax or any tax in the
nature of estate duty or inheritance tax shall not be payable on our shares, debentures or other obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undertaking for us is for a period of twenty
years from March 25, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 111; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">People&rsquo;s Republic
of China Taxation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the EIT Law, an enterprise established
outside the PRC with &ldquo;de facto management bodies&rdquo; within the PRC is considered a &ldquo;resident enterprise&rdquo;
for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income
as well as tax reporting obligations. Under the Implementation Rules to the EIT Law, a &ldquo;de facto management body&rdquo; 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. In addition, Circular 82 issued by the SAT in April 2009, as amended
in January 2014, specifies that certain offshore-incorporated enterprises controlled by PRC enterprises or PRC enterprise groups
will be classified as PRC resident enterprises if the following are located or resident in the PRC: senior management personnel
and departments that are responsible for daily production, operation and management; financial and personnel decision making bodies;
key properties, accounting books, company seal, minutes of board meetings and shareholders&rsquo; meetings; and half or more of
the senior management or directors having voting rights. Further to Circular 82, the SAT issued the Bulletin 45, which took effect
in September 2011, to provide more guidance on the implementation of Circular 82. Bulletin 45 provides for procedures and administration
details of determination on PRC resident enterprise status and administration on post-determination matters. We do not believe
that Tarena International, Inc. is a PRC resident enterprise. If the PRC tax authorities determine that Tarena International, Inc.
is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow.
One example is that a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders and with
respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or ADSs and potentially a 20% of withholding
tax would be imposed on dividends we pay to our non-PRC individual shareholders and with respect to gains derived by our non-PRC
individual shareholders from transferring our shares or ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the EIT Law, dividends generated from
retained earnings after January 1, 2008 from a PRC company and distributed to a foreign parent company are subject to a withholding
tax rate of 10% unless the foreign parent&rsquo;s jurisdiction of incorporation has a tax treaty with China that provides for a
preferential withholding arrangement. Pursuant to the Hong Kong Tax Treaty, which became effective on December 8, 2006, a company
incorporated in Hong Kong, such as Tarena HK, will be subject to withholding income tax at a rate of 5% on dividends it receives
from its PRC subsidiary if it holds a 25% or more interest in that particular PRC subsidiary, or 10% if it holds less than a 25%
interest in that subsidiary. However, based on Circular 81, the 5% withholding tax rate does not automatically apply and certain
requirements must be satisfied, including without limitation that (a)&nbsp;the Hong Kong enterprise must be the beneficial owner
of the relevant dividends; and (b)&nbsp;the Hong Kong enterprise must directly hold at least 25% share ownership in the PRC enterprise
during the 12 consecutive months preceding its receipt of the dividends. However, a transaction or arrangement entered into for
the primary purpose of enjoying a preferential tax treatment should not be a reason for the application of the preferential tax
treatment under the Hong Kong Tax Treaty. If a taxpayer inappropriately is entitled to such preferential tax treatment, the competent
tax authority has the power to make appropriate adjustments. The SAT promulgated Circular 601, which provides that tax treaty benefits
will be denied to &ldquo;conduit&rdquo; or shell companies without business substance, and a beneficial ownership analysis will
be used based on a &ldquo;substance-over-the-form&rdquo; principle to determine whether or not to grant tax treaty benefits. On
June 29, 2012, the SAT further issued the Announcement 30, which provides that a comprehensive analysis should be made when determining
the beneficial owner status based on various factors supported by various types of documents including the articles of association,
financial statements, records of cash movements, board meeting minutes, board resolutions, staffing and materials, relevant expenditures,
functions and risk assumption as well as relevant contracts and other information. Based on Circular 60, non-resident enterprises
are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate. Instead,
non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting
documents when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However,
if a competent tax authority finds out that it is necessary to apply the general anti-tax avoidance rules, it may start general
investigation procedures for anti-tax avoidance and adopt corresponding measures for subsequent administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 112; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The State Administration of Tax issued a Public
Notice, or Public Notice 16, on March 18, 2015, to further regulate and strengthen the transfer pricing administration on outbound
payments by a PRC enterprise to its overseas related parties. In addition to emphasizing that outbound payments by a PRC enterprise
to its overseas related parties must comply with arm&rsquo;s-length principles, Public Notice 16 specifies certain circumstances
whereby such payments are not deductible for the purpose of the enterprise income tax of the PRC enterprise, including payments
to an overseas related party which does not undertake any function, bear any risk or has no substantial operation or activities,
payments for services which do not enable the PRC enterprise to obtain direct or indirect economic benefits, or for services that
are unrelated to the functions and risks borne by the PRC enterprise, or relate to the protection of the investment interests of
the direct or indirect investor of the PRC enterprise, or for services that have already been purchased from a third party or undertaken
by the PRC enterprise itself, and royalties paid to an overseas related party which only owns the legal rights of the intangible
assets but has no contribution to the creation of such intangible assets. Although we believe all our related party transactions,
including all payments by our PRC subsidiaries and consolidated affiliated entities to our non-PRC entities, are made on an arm&rsquo;s-length
basis and our estimates are reasonable, the ultimate decisions by the relevant tax authorities may differ from the amounts recorded
in our financial statements and may materially affect our financial results in the period or periods for which such determination
is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is unclear whether, if we are considered
a PRC resident enterprise, holders of our shares or ADSs would be able to claim the benefit of income tax treaties or agreements
entered into between China and other countries or areas. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating
to Doing Business in China&mdash;Under the PRC Enterprise Income Tax Law, we may be classified as a PRC &ldquo;resident enterprise&rdquo;
for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC
shareholders and have a material adverse effect on our results of operations and the value of your investment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SAT issued a Circular 59 together with
the Ministry of Finance in April 2009 and a Circular 698 in December 2009. Both Circular 59 and Circular 698 became effective retroactively
as of January 1, 2008. By promulgating and implementing these two circulars, the PRC tax authorities have enhanced their scrutiny
over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise. Under Circular
698, where a non-resident enterprise transfers the equity interests of a PRC &ldquo;resident enterprise&rdquo; indirectly by disposition
of the equity interests of an overseas holding company, and such overseas holding company is located in certain low tax jurisdictions,
the non-resident enterprise, being the transferor, must report to the relevant tax authority of the PRC &ldquo;resident enterprise&rdquo;
this Indirect Transfer. 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 tax at a rate of up to 10%. On February 3, 2015, the SAT issued a Public Notice [2015]
No.7, or Public Notice 7, to supersede the existing tax rules in relation to the Indirect Transfer as set forth in Circular 698,
while the other provisions of Circular 698 remain in force. Public Notice 7 introduces a new tax regime that is significantly different
from that under Circular 698. Public Notice extend its tax jurisdiction to capture not only Indirect Transfer as set forth under
Circular 698 but also transactions involving transfer of immovable property in China and assets held under the establishment and
place, in China of a foreign company through the offshore transfer of a foreign intermediate holding company. Public Notice 7 also
addresses the term transfer of the equity interest in a foreign intermediate holding company widely. In addition, Public Notice
7 provides clearer criteria than Circular 698 on how to assess reasonable commercial purposes and introduces safe harbor scenarios
applicable to internal group restructurings. Where non-resident investors were involved in our private equity financing, if such
transactions were determined by the tax authorities to lack reasonable commercial purpose, we and our non-resident investors may
become at risk of being taxed under Circular 698 and Public Notice 7 and may be required to expend valuable resources to comply
with Circular 698 and Public Notice 7 or to establish that we should not be taxed under Circular 698 and Public Notice 7. The PRC
tax authorities have the discretion under SAT Circular 59, Circular 698 and Public Notice 7 to make adjustments to the taxable
capital gains based on the difference between the fair value of the equity interests transferred and the cost of investment. See
&ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Doing Business in China&mdash;We face uncertainty
regarding the PRC tax reporting obligations and consequences for certain indirect transfers of our operating company&rsquo;s equity
interests. Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions
we may pursue in the future.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 113; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">United States Federal
Income Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following discussion is a summary of United
States federal income tax considerations relating to the ownership and disposition of our ADSs or ordinary shares by a U.S. Holder,
as defined below, that holds our ADSs or ordinary shares as &ldquo;capital assets&rdquo; (generally, property held for investment)
under the United States Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). This discussion is based upon existing
United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect.
No ruling has been sought from the Internal Revenue Service (the &ldquo;IRS&rdquo;) with respect to any United States federal income
tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This
discussion does not address all aspects of United States federal income taxation that may be important to particular investors
in light of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial
institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities
that elect mark-to-market treatment, partnerships and their partners, tax-exempt organizations (including private foundations),
investors who are not U.S. Holders, investors that own (directly, indirectly, or constructively) 10% or more of our voting stock,
investors that hold their ADSs or ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated
transaction, or investors that have a functional currency other than the United States dollar, all of whom may be subject to tax
rules that differ significantly from those summarized below). In addition, this discussion does not address any state, local, alternative
minimum tax, non-United States tax considerations, or the Medicare contribution tax on net investment income. Each potential investor
is urged to consult its tax advisor regarding the United States federal, state, local and non-United States income and other tax
considerations of an investment in our ADSs or ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this discussion, a &ldquo;U.S.
Holder&rdquo; is a beneficial owner of our ADSs or ordinary shares that is, for United States federal income tax purposes, (i)
an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for
United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or
the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax
purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United
States court and which has one or more United States persons who have the authority to control all substantial decisions of the
trust or (B) that has otherwise elected to be treated as a United States person under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a partnership (or other entity treated as
a partnership for United States federal income tax purposes) is a beneficial owner of our ADSs or ordinary shares, the tax treatment
of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships
and partners of a partnership holding our ADSs or ordinary shares are urged to consult their tax advisors regarding an investment
in our ADSs or ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based in part on certain representations from
the depositary bank, a U.S. Holder of ADSs will be treated as the beneficial owner for United States federal income tax purposes
of the underlying shares represented by the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Passive Foreign
Investment Company Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A non-United States corporation, such as our
company, will be classified as a &ldquo;passive foreign investment company,&rdquo; or PFIC, for United States federal income tax
purposes, if, in the case of any particular taxable year, either (i) 75% or more of its gross income for such year consists of
certain types of &ldquo;passive&rdquo; income or (ii) 50% or more of its average quarterly assets (as determined on the basis of
fair market value) during such year produce or are held for the production of passive income. For this purpose, cash is categorized
as a passive asset and the company&rsquo;s unbooked intangibles associated with active business activities may generally be classified
as active assets. Passive income generally includes, among other things, dividends, interest, royalties, rents, annuities, net
gains from the sale or exchange of passive assets (including property producing passive income) and net foreign currency gains.
We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other
corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our current income and assets and
the value of our ADSs and ordinary shares, we do not believe that we were a PFIC for our taxable year ended December 31, 2016 and
we do not expect to be classified as a PFIC for our taxable year ending December 31, 2017 or in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we do not expect to become a PFIC in
the current or future taxable years, the determination of whether we will be or become a PFIC will depend upon the composition
of our income and assets and the value of our assets from time to time, including, in particular the value of our goodwill and
other unbooked intangibles (which may depend upon the market value of our ADSs or ordinary shares from time to time, which may
be volatile). Among other factors, if market capitalization is less than anticipated or subsequently declines, we may be classified
as a PFIC for the current or future taxable years. It is also possible that the IRS, may challenge our classification or valuation
of our goodwill and other unbooked intangibles, or determine that such assets should not be included in the determination of whether
we are classified as a PFIC, which may result in our company being, or becoming classified as, a PFIC for the current or one or
more future taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 114; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The determination of whether we will be or
become a PFIC may also depend, in part, on how, and how quickly, we use our liquid assets. Under circumstances where we determine
not to deploy significant amounts of cash for active purposes, our risk of being classified as a PFIC may substantially increase.
Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually
after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any
future taxable year. If we were classified as a PFIC for any year during which a U.S. holder held our ADSs or ordinary shares,
we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. holder held our ADSs or ordinary
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The discussion below under &ldquo;Dividends&rdquo;
and &ldquo;Sale or Other Disposition of ADSs or Ordinary Shares&rdquo; is written on the basis that we will not be classified as
a PFIC for United States federal income tax purposes. The United States federal income tax rules that apply if we are classified
as a PFIC for the current taxable year or any subsequent taxable year are generally discussed below under &ldquo;Passive Foreign
Investment Company Rules.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any cash distributions paid on our ADSs or
ordinary shares (including the amount of any PRC tax withheld) out of our current or accumulated earnings and profits, as determined
under United States federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend
income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares, or by the depositary
bank, in the case of ADSs. Because we do not intend to determine our earnings and profits on the basis of United States federal
income tax principles, any distribution paid will generally be treated as a &ldquo;dividend&rdquo; for United States federal income
tax purposes. Individuals and other non-corporate recipients of dividend income will generally be subject to tax on dividend income
from a &ldquo;qualified foreign corporation&rdquo; at a lower applicable capital gains rate rather than the marginal tax rates
generally applicable to ordinary income provided that certain holding period and other requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A non-United States corporation (other than
a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will
generally be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty
with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision
and which includes an exchange of information program, or (b) with respect to any dividend it pays on stock (or ADSs in respect
of such stock) which is readily tradable on an established securities market in the United States. United States Treasury guidance
indicates that common or ordinary shares, or ADSs representing such shares, are considered for the purpose of clause (b) above
to be readily tradable on an established securities market in the United States if they are listed on the NASDAQ Global Select
Market, as are our ADSs. Since we do not expect that our ordinary shares will be listed on established securities markets, it is
unclear whether dividends that we pay on our ordinary shares that are not backed by ADSs currently meet the conditions required
for the reduced tax rate. There can be no assurance that our ADSs will continue to be considered readily tradable on an established
securities market in later years. In the event we are deemed to be a resident enterprise under the EIT Law, we may be eligible
for the benefits of the United States-PRC income tax treaty (which the U.S. Treasury Department has determined is satisfactory
for this purpose) and we would be treated as a qualified foreign corporation with respect to dividends paid on our ordinary shares
or ADSs. U.S. Holders are urged to consult their tax advisors regarding the availability of the reduced tax rate on dividends in
their particular circumstances. Dividends received on our ADSs or ordinary shares will not be eligible for the dividends received
deduction allowed to corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For United States 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. In the event that we are deemed to be a PRC resident enterprise under the EIT Law, a U.S. Holder may be
subject to PRC withholding taxes on dividends paid, if any, on our ADSs or ordinary shares. A U.S. Holder may be eligible, subject
to a number of complex limitations, to claim a foreign tax credit in respect of any nonrefundable foreign withholding taxes imposed
on dividends received on our ADSs or ordinary shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign
tax withheld may instead claim a deduction for United States federal income tax purposes in respect of such withholding, but only
for a year in which such holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit
are complex. U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their
particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 115; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Sale or Other
Disposition of ADSs or Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A U.S. Holder will generally recognize capital
gain or loss, if any, 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&rsquo;s adjusted tax basis in such ADSs or ordinary shares. Any capital
gain or loss will be long-term gain or loss if the ADSs or ordinary shares have been held for more than one year and will generally
be United States source gain or loss for United States foreign tax credit purposes. In the event that we are treated as a PRC resident
enterprise under the PRC Enterprise Income Tax Law, and gain from the disposition of the ADSs or ordinary shares is subject to
tax in the PRC, such gain may be treated as PRC source gain for foreign tax credit purposes under the United States-PRC income
tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors
regarding the tax consequences if a foreign tax is imposed on a disposition of our ADSs or ordinary shares, including the availability
of the foreign tax credit under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Passive Foreign
Investment Company Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are classified as a PFIC for any taxable
year during which a U.S. Holder holds our ADSs or ordinary shares, 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 that have a penalizing effect, regardless of whether we
remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution received
during a taxable year by a U.S. Holder that is greater than 125% of the average annual distributions received by such U.S. Holder
during the three preceding taxable years or, if shorter, the U.S. Holder&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess distribution and/or gain will be allocated ratably over the U.S. Holder&rsquo;s holding
period for the ADSs or ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year and any taxable years in the U.S. Holder&rsquo;s
holding period prior to the first taxable year in which we are classified as a PFIC, or pre-PFIC year, will be taxable as ordinary
income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to each prior taxable year, other than the current taxable year or a pre-PFIC
year, will be subject to tax at the highest tax rate in effect applicable to the individuals or corporations, as appropriate, for
that year, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will be increased by an additional tax equal to interest on the resulting tax deemed deferred with
respect to each such other taxable year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are a PFIC for any taxable year during
which a U.S. Holder holds our ADSs or ordinary shares and any of our non-United States subsidiaries is also a PFIC, such U.S. Holder
would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application
of these rules. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to any of our
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As an alternative to the foregoing rules, a
U.S. Holder of &ldquo;marketable stock&rdquo; in a PFIC may make a mark-to-market election with respect to our ADSs, provided that
the ADSs are regularly traded on the NASDAQ Global Market. In addition, we do not expect that holders of ordinary shares that are
not represented by ADSs will be eligible to make a mark-to-market election. We believe that our ADSs qualify as being regularly
traded, but no assurances can be given in this regard. If a mark-to-market election is made, the U.S. 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 only to the
extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder&rsquo;s adjusted
tax basis in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder
makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition
of the ADSs will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount
previously included in income as a result of the mark-to-market election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 116; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a U.S. Holder makes a mark-to-market election
in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not
be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not
classified as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because, as a technical matter, a mark-to-market
election cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect
to our ADSs may continue to be subject to the general PFIC rules with respect to such U.S. Holder&rsquo;s indirect interest in
any of our non-United States subsidiaries that is classified as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not intend to provide information necessary
for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the
general tax treatment for PFICs described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed above under &ldquo;Dividends&rdquo;,
dividends that we pay on our ADSs 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. In addition,
if a U.S. Holder owns our ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must file an annual report
with the IRS. U.S. Holders are urged to consult their tax advisors concerning the United States federal income tax consequences
of purchasing, holding, and disposing ADSs or ordinary shares if we are or become a PFIC, including the possibility of making a
mark-to-market election and the unavailability of the qualified electing fund election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Information Reporting
and Backup Withholding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Individual U.S. Holders and certain entities
may be required to submit to the IRS certain information with respect to his or her beneficial ownership of the ADSs or ordinary
shares, if such ADSs or ordinary shares are not held on his or her behalf by a U.S. financial institution. An individual U.S. Holder
may be subject to penalties if such U.S. Holder is required to submit such information to the IRS and fails to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, U.S. Holders may be subject to
information reporting to the IRS and United States backup withholding with respect to dividends on and proceeds from the sale or
other disposition of our ADSs or ordinary shares. Backup withholding will not apply to you, however, if you furnish a correct taxpayer
identification number and make any other required certification or that are otherwise exempt from backup withholding. U.S. Holders
that are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders should
consult their tax advisors regarding the application of the United States information reporting and backup withholding rules to
their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Backup withholding is not an additional tax.
Amounts withheld as backup withholding can be credited against your United States federal income tax liability, and you may obtain
a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with
the IRS and furnishing any required information in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">F.</TD><TD STYLE="text-align: justify">Dividends and Paying Agents</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">G.</TD><TD STYLE="text-align: justify">Statement by Experts</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">H.</TD><TD STYLE="text-align: justify">Documents on Display</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We previously filed with the SEC our registration
statement on Form F-1 (Registration No. 333-194191), as amended, including the prospectus contained therein, to register our Class
A 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. 333-194662) to register the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 117; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are subject to the periodic reporting and
other informational requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Under the Exchange Act,
we are required to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F
within four months after the end of each fiscal year, which is December 31. Copies of reports and other information, when so filed,
may be inspected without charge and may be obtained at prescribed rates at the public reference facilities maintained by the Securities
and Exchange Commission at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. The public may obtain information regarding the
Washington, D.C. Public Reference Room by calling the Commission at 1-800-SEC-0330. The SEC also maintains a website at www.sec.gov
that contains reports, proxy and information statements, and other information regarding registrants that make electronic filings
with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing
the furnishing and content of quarterly reports and proxy statements, and officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will furnish Citibank, N.A., the depositary
of our ADSs, with our annual reports, which will include a review of operations and annual audited consolidated financial statements
prepared in conformity with U.S. GAAP, and all notices of shareholders&rsquo; meetings and other reports and communications that
are made generally available to our shareholders. The depositary will make such notices, reports and communications available to
holders of ADSs and, upon our request, will mail to all record holders of ADSs the information contained in any notice of a shareholders&rsquo;
meeting received by the depositary from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with NASDAQ Stock Market Rules
5250(d), we will post this annual report on Form 20-F on our website at<I> http://ir.tarena.com.cn</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">I.</TD><TD STYLE="text-align: justify">Subsidiary Information</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A NAME="a_015"></A>ITEM 11.</TD><TD STYLE="text-align: justify">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Foreign Exchange
Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of our net revenues, costs
and expenses are denominated in Renminbi. The Renminbi is not freely convertible into foreign currencies for capital account transactions.
Our exposure to foreign exchange risk primarily relates to the U.S. dollar proceeds of the offerings of our equity securities.
We had a net foreign exchange gain of RMB3.8 million in 2016. In January 2016, we entered into foreign currency forward contracts
with China Merchants Bank Co., Ltd. The notional amounts of the foreign currency forward contracts were RMB564.1 million and the
settlement date was on May 19, 2016. We incurred a loss of RMB12.9 million as a result of such contracts in 2016, due to the fluctuation
in the exchange rate between U.S. dollars and RMB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value of the Renminbi against the U.S.
dollar and other currencies is affected by, among other things, changes in China&rsquo;s political and economic conditions and
China&rsquo;s foreign exchange policies. In 2005, the PRC government changed its decade-old policy of pegging the value of the
RMB 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 the Renminbi and the U.S. dollar remained within
a narrow band. Since June 2010, the RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. In August
2015, the People&rsquo;s Bank of China changed the way it calculates the mid-point price of Renminbi against the U.S. dollar, requiring
the market-makers who submit for reference rates to consider the previous day&rsquo;s closing spot rate, foreign-exchange demand
and supply as well as changes in major currency rates. The value of the Renminbi depreciated approximately 5.8% against the U.S.
dollar in 2015 and further by approximately 6.3% in 2016. On November 30, 2015, the Executive Board of the International Monetary
Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR,
and decided that with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in
the SDR basket as a fifth currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth
quarter of 2016, the RMB has depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows
of China. With the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalisation,
the PRC government may in the future announce further changes to the exchange rate system and we cannot assure you that the 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 impact the exchange rate between the RMB and the U.S. dollar in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 118; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that we need to convert the
U.S. dollars we received from our equity offerings into Renminbi to fund our operations, acquisitions, or for other uses within
the PRC, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we receive from
the conversion. To the extent that we seek to convert Renminbi into U.S. dollars, depreciation of the Renminbi against the U.S.
dollar would have an adverse effect on the U.S. dollar amount we receive from the conversion. On the other hand, a decline in the
value of the Renminbi against the U.S. dollar could reduce the value of your investment in the company and the dividends that we
may pay in the future, if any, all of which may have a material adverse effect on the prices of our ADS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A hypothetical 10% decrease in the exchange
rate of the U.S. dollar against the RMB would have resulted in an increase of RMB41.8 million in the value of our U.S. dollar-denominated
financial assets at December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Interest
Rate Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exposure to interest rate risk primarily
relates to interest income generated by excess cash invested in demand deposits with original maturities of 6 months to 5 years.
Interest-earning instruments carry a degree of interest rate risk. We have not used any significant derivative financial instruments
to manage our interest rate risk exposure. We have not been exposed, nor do we anticipate being exposed to, material risks due
to changes in interest rates. However, our future interest income may be different from expectations due to changes in market interest
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_016"></A>ITEM 12.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">A.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">Debt Securities</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">B.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">Warrants and Rights</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">C.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">Other Securities</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">D.</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; font-weight: bold">American Depositary Shares</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Fees and Charges
Our ADS holders May Have to Pay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ADSs will be required to
pay the following service fees to the depositary bank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Service</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Fees</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Issuance of ADSs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS issued</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Cancellation of ADSs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS canceled</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Distribution of cash dividends or other cash distributions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Distribution of ADSs pursuant to stock dividends, free stock distributions or exercise of rights</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Distribution of securities other than ADSs or rights to purchase additional ADSs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Depositary Services</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held on the applicable record date(s) established by the depositary bank</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ADSs will also be responsible
to pay certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fees for the transfer and registration of ordinary shares charged by the registrar and transfer
agent for the ordinary shares in the Cayman Islands (i.e., upon deposit and withdrawal of ordinary shares);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 119; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses incurred for converting foreign currency into U.S. dollars;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses for cable, telex and fax transmissions and for delivery of securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">taxes and duties upon the transfer of securities (i.e., when ordinary shares are deposited or withdrawn
from deposit); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fees and expenses incurred in connection with the delivery or servicing of ordinary shares on deposit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depositary fees payable upon the issuance
and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly
issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank
for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions
of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank to the holders of record
of ADSs as of the applicable ADS record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary fees payable for cash distributions
are generally deducted from the cash being distributed. In the case of distributions other than cash (i.e., stock dividend, rights),
the depositary bank charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of
ADSs registered in the name of the investor (whether certificated or uncertificated in direct registration), the depositary bank
sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via DTC),
the depositary bank generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of
the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their
clients&rsquo; ADSs in DTC accounts in turn charge their clients&rsquo; accounts the amount of the fees paid to the depositary
banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of refusal to pay the depositary
fees, the depositary bank 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees and charges holders of our ADSs
may be required to pay may vary over time and may be changed by us and by the depositary bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Fees and Other Payments
Made by the Depositary to Us</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary has agreed to reimburse
us for certain expenses we incur that are related to establishment and maintenance of the ADS program upon such terms and conditions
as we and the depositary may agree from time to time. In 2016, we did not receive any payment from the depository for expenses
incurred in connection with the establishment and maintenance of the ADS program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_017"></A>PART
II.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_018"></A>ITEM 13.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_019"></A>ITEM 14.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Material Modifications
to the Rights of Security Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;Item 10. Additional Information&mdash;B.
Memorandum and Articles of Association&mdash;Ordinary Shares&rdquo; for a description of the rights of securities holders, which
remain unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 120; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Use of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following &ldquo;Use of Proceeds&rdquo;
information relates to the Registration Statement on Form F-1, as amended (File number: 333-19419) in relation to the initial public
offering of 15,300,000 ADSs representing 15,300,000 of our Class A ordinary shares, at an initial offering price of US$9.00 per
ADS. We offered and sold 11,500,000 ADSs and the selling shareholders offered and sold 3,800,000 ADSs in our initial public offering.
Our initial public offering closed in April 2014. Goldman Sachs (Asia) L.L.C. and Credit Suisse Security (USA) LLC were the representatives
of the underwriters for our initial public offering. The aggregate price of the offering amount registered and sold were US$137.7
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We received net proceeds of approximately
US$92.2 million from our initial public offering. Our expenses incurred and paid to others in connection with the issuance and
distribution of the ADSs in our initial public offering totaled US$13.6 million, which included US$9.6 million for underwriting
discounts and commissions and US$4.0 million for other expenses. Among the US$13.6 million in expenses, US$4.8 million were paid
to Goldman Sachs (Asia) L.L.C., an affiliate of ours and one of the underwriters for our initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the period from April 2, 2014, the
date that the F-1 Registration Statement was declared effective by the SEC, to December 31, 2016, we invested the net proceeds
from our initial public offering in term deposits and still intend to use the proceeds from our initial public offering for general
corporate purposes, which may include investing in course development, expanding our learning center network, sales and marketing
activities, technology infrastructure and capital expenditures, upgrading facilities and other general and administrative matters.
We may also use a portion of the net proceeds for investing in, or acquiring, complementary businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 121; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_020"></A>ITEM 15.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">CONTROLS AND PROCEDURES</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Evaluation of Disclosure
Controls and Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">As
of the end of the period covered by this annual report, our management, with the participation of our chief executive officer and
chief financial officer, has performed an evaluation of the effectiveness of our disclosure controls and procedures within the
meaning of Rules 13a-15(e) and 15d-15(e) of the Exchange Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Based
upon this evaluation, our management has concluded that, as of December 31, 2016, our existing disclosure controls and procedures
were effective to provide reasonable assurance that material information required to be disclosed by us in the reports that we
file with, or submit to, the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in by the SEC&rsquo;s rules, regulations 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.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Management&rsquo;s
Annual Report on Internal Control over Financial Reporting and Attestation Report of the Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance
with U.S. GAAP and 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 a company&rsquo;s assets, (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally
accepted accounting principles, and that a company&rsquo;s receipts and expenditures are being made only in accordance with authorizations
of a company&rsquo;s management and directors, and (iii) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of a company&rsquo;s assets that could have a material effect on the consolidated
financial statements. Our management, with the participation of our chief executive officer and chief financial officer, conducted
an evaluation of the effectiveness of our company&rsquo;s internal control over financial reporting as of December 31, 2016 based
on criteria established in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (2013 Framework). Based on this evaluation, our management concluded that our internal control over financial
reporting was effective as of December 31, 2016. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: windowtext">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting 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 and procedures
may deteriorate. </FONT><FONT STYLE="font-weight: normal">See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks
Relating to Our Business&mdash;If we fail to maintain an effective system of internal controls, we may be unable to accurately
report our results of operations or prevent fraud or fail to meet our reporting obligations, and investor confidence and the market
price of our ADSs may be materially and adversely affected.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">This
annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting as we qualify as an &ldquo;emerging growth company&rdquo; under section 3(a) of the Securities Exchange
Act of 1934, as amended, and are therefore exempt from the attestation requirement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Changes in Internal
Control over Financial Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">We
have adopted the following measures during the year ended December 31, 2016, which effectively improved our internal controls over
financial reporting in areas subject to financial reporting disclosure. We have (i) executed improved workflow of system upgrade
and performed quality control procedures regarding system design, development, testing and implementation, etc. (ii) reinforced
the reasonableness test by accounting personnel over the system extracted data; and (iii) continuously reinforced the oversight
and review procedure over high risk areas subject to significant estimates and judgments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 122; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">We
will continue to implement the necessary procedures and policies, including those outlined above, to improve our internal controls
over financial reporting and remediate any potential significant deficiencies as we prepare for our initial Section 404 reporting
requirement under the Sarbanes-Oxley Act of 2002.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Other
than those measures mentioned above, 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.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_021"></A>ITEM 16.A.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">AUDIT COMMITTEE FINANCIAL EXPERT</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has determined that
Mr. Xiaosong Zhang, an independent director and member of our audit committee, is an audit committee financial expert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_022"></A>ITEM 16.B.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">CODE OF ETHICS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has adopted a code
of ethics that applies to all of the directors, officers and employees of us and our subsidiaries, whether they work for us on
a full-time, part-time, consultative, or temporary basis. Certain provisions of the code apply specifically to our chief executive
officer, chief financial officer, senior finance officer, controller, senior vice presidents, vice presidents and any other persons
who perform similar functions for us. We have posted a copy of our code of business conduct and ethics on our website at http://ir.tarena.com.cn/phoenix.zhtml?c=253008&amp;p=irol-govhighlights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_023"></A>ITEM 16.C.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">PRINCIPAL ACCOUNTANT FEES AND SERVICES</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the aggregate
fees by the categories specified below in connection with certain professional services rendered by KPMG Huazhen LLP, formerly
known as KPMG Huazhen (SGP), our independent registered public accounting firm, for the periods indicated. We did not pay any other
fees to our auditors during the periods indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">Audit Fees<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,988</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,659</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Tax Fees<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">All Other Fees<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(1)</TD><TD STYLE="text-align: justify">&ldquo;Audit fees&rdquo; means the aggregate fees in each of the fiscal years listed for professional
services rendered by our independent registered public accounting firm for the audit of our annual financial statements or services
that are normally provided by the auditors in connection with and regulatory filing or engagements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(2)</TD><TD STYLE="text-align: justify">&ldquo;Tax fees&rdquo; consist of fees billed for the aggregate fees for professional services
rendered by our independent registered public accounting firm for tax compliance work and other tax related services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(3)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All Other Fees represent the aggregate fees for services rendered
by our independent registered public accounting firm for risk management advisory services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of our audit committee is to
pre-approve all audit and non-audit services provided by KPMG Huazhen LLP, including audit services, tax services and other services
as described above, other than those for de minimis services which are approved by the Audit Committee prior to the completion
of the audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_024"></A>ITEM 16.D.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 123; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_025"></A>ITEM 16.E.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2015, our board of directors
authorized a share repurchase plan under which we may repurchase up to US$20 million of our shares over the next 12 months. The
share repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions,
in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable
rules and regulations. For the period from May 27, 2016 to July 20, 2016, we repurchased 648,867ADSs for an aggregate consideration
of RMB44.4 million (US$6.7 million) under our share repurchase plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary
of our repurchase of our ADSs made in the year 2016 under the share repurchase programs described in the paragraph above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Period</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Number&nbsp;of<BR> ADSs&nbsp;Purchased(1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average&nbsp;Price&nbsp;Paid<BR> Per&nbsp;ADS(1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Number&nbsp;of<BR> ADSs&nbsp;Purchased&nbsp;as<BR> Part&nbsp;of&nbsp;Publicly<BR> Announced&nbsp;Plans<BR> or&nbsp;Programs</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maximum&nbsp;Dollar&nbsp;Value<BR> of&nbsp;ADSs&nbsp;that&nbsp;May&nbsp;Yet<BR> Be&nbsp;Purchased&nbsp;Under<BR> Plans&nbsp;or&nbsp;Programs<BR> (US$)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -9.35pt; padding-left: 9.35pt">May (from May 27 to May 31)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10.4304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: left">US$</TD>
    <TD STYLE="width: 6%; text-align: right">11,837,327</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">June (from June 1 to June 30)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">US$</TD>
    <TD STYLE="text-align: right">8,205,228</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">July (from July 1 to July 20)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.4230</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">US$</TD>
    <TD STYLE="text-align: right">5,559,954</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">(1)</TD><TD STYLE="text-align: justify">Each ADS represents one Class A ordinary share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_026"></A>ITEM 16.F.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_027"></A>ITEM 16.G.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">CORPORATE GOVERNANCE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a Cayman Islands company listed on the
NASDAQ Global Select Market, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We relied on the exemption available to
foreign private issuers for the requirement that it hold an annual general meeting of shareholders no later than December 31, 2016
in 2016. In this respect, we elected to follow home country practice and did not hold an annual general meeting of shareholders
in 2016. If we continue to rely on this and other exemptions available to foreign private issuers in the future, our shareholders
may be afforded less protection than they otherwise would under the NASDAQ corporate governance listing standards applicable to
U.S. domestic issuers. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our ADSs&mdash;We are a
foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_028"></A>ITEM 16.H.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">MINE SAFETY DISCLOSURE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 124; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_029"></A>PART
III.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_030"></A>ITEM 17.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">FINANCIAL STATEMENTS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to provide financial statements
pursuant to Item 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_031"></A>ITEM 18.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">FINANCIAL STATEMENTS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
Tarena International, Inc. and its subsidiaries are included at the end of this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; text-align: justify; text-indent: 0in; font-weight: bold"><A NAME="a_032"></A>ITEM 19.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold">EXHIBITS</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit </B><BR>
<B>Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Fifth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>Registrant&rsquo;s Specimen American Depositary Receipt (included in Exhibit 2.3)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>Registrant&rsquo;s Specimen Certificate for Class A ordinary shares (incorporated herein by reference to Exhibit 4.2 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>Deposit Agreement, among the Registrant, the depositary and holder of the American Depositary Receipts (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form S-8 (File No. 333-197226) filed with the SEC on July 3, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Shareholders Agreement dated as of September 6, 2011 among the Registrant and certain shareholders of the Registrant. (incorporated herein by reference to Exhibit 4.4 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement dated as of April 8, 2014 among the Registrant and New Oriental Education &amp; Technology Group Inc. (incorporated herein by reference to Exhibit 2.5 to the annual report on Form 20-F (File No. 001-36363) filed with the SEC on April 15, 2015)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement dated as of July 17, 2015 among the Registrant and Talent Fortune Investment Limited (incorporated herein by reference to Exhibit 2.6 to the annual report on Form 20-F (File No. 001-36363) filed with the SEC on April 20, 2016)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>2008 Share Incentive Plan, as amended on November 28, 2012 (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>2014 Share Incentive Plan (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Indemnification Agreement with the Registrant&rsquo;s directors (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Employment Agreement between the Registrant and an Executive Officer of the Registrant (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 125; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit </B><BR>
<B>Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Business Cooperation Agreement dated November 25, 2013 between Tarena Tech and Beijing Tarena (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney dated November 25, 2013 granted to Tarena Tech by Mr. Shaoyun Han and acknowledged by Beijing Tarena (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney dated November 25, 2013 granted to Tarena Tech by Mr. Jianguang Li and acknowledged by Beijing Tarena (incorporated herein by reference to Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Option Agreement dated November 25, 2013 among Tarena, Tarena Tech, Mr. Shaoyun Han and Beijing Tarena (incorporated herein by reference to Exhibit 10.9 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Option Agreement dated November 25, 2013 among Tarena, Tarena Tech, Mr. Jianguang Li and Beijing Tarena (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Loan Agreement dated November 25, 2013 between Tarena Tech and Mr. Shaoyun Han in connection with Beijing Tarena (incorporated herein by reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.11</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Loan Agreement dated November 25, 2013 between Tarena Tech and Mr. Jianguang Li in connection with Beijing Tarena (incorporated herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.12</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Share Pledge Agreement dated November 25, 2013 among Tarena Tech, Mr. Shaoyun Han and Beijing Tarena (incorporated herein by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.13</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Share Pledge Agreement dated November 25, 2013 among Tarena Tech, Mr. Jianguang Li and Beijing Tarena (incorporated herein by reference to Exhibit 10.14 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.14</TD>
    <TD>&nbsp;</TD>
    <TD>Spousal consent letter dated November 25, 2013 signed by Ying Sun in connection with Beijing Tarena (incorporated herein by reference to Exhibit 10.15 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.15</TD>
    <TD>&nbsp;</TD>
    <TD>Spousal consent letter dated November 25, 2013 signed by Nan Li in connection with Beijing Tarena (incorporated herein by reference to Exhibit 10.16 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 126; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit </B><BR>
<B>Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.16</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Business Cooperation Agreement dated November 25, 2013 between Tarena Tech and Shanghai Tarena (incorporated herein by reference to Exhibit 10.17 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.17</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney dated November 25, 2013 granted to Tarena Tech by Mr. Shaoyun Han and acknowledged by Shanghai Tarena (incorporated herein by reference to Exhibit 10.18 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.18</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney dated November 25, 2013 granted to Tarena Tech by Mr. Jianguang Li and acknowledged by Shanghai Tarena (incorporated herein by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.19</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Option Agreement dated November 25, 2013 among Tarena, Tarena Tech, Mr. Shaoyun Han and Shanghai Tarena (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.20</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Exclusive Option Agreement dated November 25, 2013 among Tarena, Tarena Tech, Mr. Jianguang Li and Shanghai Tarena (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.21</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Loan Agreement dated November 25, 2013 between Tarena Tech and Mr. Shaoyun Han in connection with Shanghai Tarena (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.22</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Loan Agreement dated November 25, 2013 between Tarena Tech and Mr. Jianguang Li in connection with Shanghai Tarena (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.23</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Share Pledge Agreement dated November 25, 2013 among Tarena Tech, Mr. Shaoyun Han and Shanghai Tarena (incorporated herein by reference to Exhibit 10.24 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.24</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Share Pledge Agreement dated November 25, 2013 among Tarena Tech, Mr. Jianguang Li and Shanghai Tarena (incorporated herein by reference to Exhibit 10.25 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>Spousal consent letter dated November 25, 2013 signed by Ying Sun in connection with Shanghai Tarena (incorporated herein by reference to Exhibit 10.26 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.26</TD>
    <TD>&nbsp;</TD>
    <TD>Spousal consent letter dated November 25, 2013 signed by Nan Li in connection with Shanghai Tarena (incorporated herein by reference to Exhibit 10.27 to the registration statement on Form F-1 (File No. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 127; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit </B><BR>
<B>Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.27*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: none">Power of Attorney dated July 5, 2016 granted to Tarena Tech by Mr. Shaoyun Han and
    acknowledged     by Beijing Tarena </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.28*</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney dated&nbsp;&nbsp;July 5, 2016 granted to Tarena Tech by Mr. Jianguang Li and acknowledged by Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.29*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Exclusive Option Agreement dated July 5, 2016 among Tarena, Tarena Tech, Mr. Shaoyun Han and Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.30*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Exclusive Option Agreement dated July 5, 2016 among Tarena, Tarena Tech, Mr. Jianguang Li and Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.31*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Loan Agreement dated July 5, 2016 between Tarena Tech and Mr. Shaoyun Han in connection with Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.32*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Loan Agreement dated July 5, 2016 between Tarena Tech and Mr. Jianguang Li in connection with Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.33*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Share Pledge Agreement dated July 5, 2016 among Tarena Tech, Mr. Shaoyun Han and Beijing Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.34*</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Share Pledge Agreement dated July 5, 2016 among Tarena Tech, Mr. Jianguang Li and Shanghai Tarena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.35* </TD>
    <TD>&nbsp;</TD>
    <TD>Commodity Housing Presale Contract dated
May 5, 2016 between Beijing Jingkai-Gongda Investment Management Co., Ltd. and Tarena Technologies Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.36* </TD>
    <TD>&nbsp;</TD>
    <TD>Commodity Housing Presale Contract dated
November 5, 2016 between Beijing Jingkai-Gongda Investment Management Co., Ltd. and Tarena Software Technology (Hangzhou) Co.,
Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">8.1*</TD>
    <TD>&nbsp;</TD>
    <TD>List of Subsidiaries of the Registrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">11.1</TD>
    <TD>&nbsp;</TD>
    <TD>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. 333-194191), as amended, initially filed with the SEC on February 27, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">12.1*</TD>
    <TD>&nbsp;</TD>
    <TD>CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">12.2*</TD>
    <TD>&nbsp;</TD>
    <TD>CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">13.1**</TD>
    <TD>&nbsp;</TD>
    <TD>CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">13.2**</TD>
    <TD>&nbsp;</TD>
    <TD>CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">15.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Conyers Dill &amp; Pearman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">15.2*</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Han Kun Law Offices</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">15.3*</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of KPMG Huazhen LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.INS*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Instance Document</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F497D"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F497D"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 128; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit </B><BR>
<B>Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.SCH*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Schema Document</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.CAL*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Calculation Linkbase Document</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.DEF*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Definition Linkbase Document</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.LAB*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Label Linkbase Document</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">101.PRE*</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Presentation Linkbase Document</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 129; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant hereby certifies that it
meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Shaoyun Han</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Shaoyun Han</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chairman and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: April 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 130; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Financial Statements</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_01"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_02"><FONT STYLE="font-size: 10pt">Consolidated Balance Sheets as of December&nbsp;31, 2015 and 2016</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_03"><FONT STYLE="font-size: 10pt">Consolidated Statements of Comprehensive Income for the years ended December&nbsp;31, 2014, 2015 and 2016</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-4</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_04"><FONT STYLE="font-size: 10pt">Consolidated Statements of Changes in Equity (Deficit) for the years ended December&nbsp;31, 2014, 2015 and 2016</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-5</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_05"><FONT STYLE="font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December&nbsp;31, 2014, 2015 and 2016</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-6</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#fin_06"><FONT STYLE="font-size: 10pt">Notes to the Consolidated Financial Statements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-7</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>


<!-- Field: Page; Sequence: 131; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fin_01"></A>Report of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Board of Directors and Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tarena International, Inc.:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">We have audited the
accompanying consolidated balance sheets of Tarena International, Inc. and subsidiaries (the &ldquo;Company&rdquo;) as of December
31, 2015 and 2016, and the related consolidated statements of comprehensive income, changes in equity (deficit) and cash flows
for each of the years in the three-year period ended December 31, 2016. These consolidated financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on these consolidated financial statements based
on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In our opinion, the
consolidated financial statements referred to above present fairly, in all material respects, the financial position of Tarena
International, Inc. and subsidiaries as of December 31, 2015 and 2016, and the results of their operations and their cash flows
for each of the years in the three-year period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">As described in note
2(c) to the consolidated financial statements, the Company has elected to change its reporting currency from U.S. dollars to Chinese
Renminbi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">/s/ KPMG Huazhen LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beijing, China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 132; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="fin_02"></A>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of Renminbi (&ldquo;RMB&rdquo;)
and US Dollar (&ldquo;US$&rdquo;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -12pt; padding-left: 0.25in">Cash (including cash of VIEs of RMB1,043 and RMB630 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 7%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">513,938</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">810,672</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">449,878</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,724</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Restricted time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Accounts receivable, net of allowance for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,374</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">66,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">126,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,326,918</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,450,858</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Accounts receivable, net of allowance for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Property and equipment, net (including property and equipment, net of VIEs of RMB18 and RMB3 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,365</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Long term investments, including investment measured at fair value of nil and RMB15,000 as of December 31, 2015 and 2016 (including long term investments of VIEs of RMB18,000 and RMB35,000 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Other non-current assets (including other non-current assets of VIEs of RMB266&nbsp;&nbsp;and RMB716 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">53,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">91,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,653,891</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">2,085,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,502</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Amounts due to a related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Income taxes payable (including income taxes payable of VIEs of RMB3,737 and RMB3,729 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,061</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs of RMB892 and RMB176 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">79,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">117,867</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">305,944</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">479,749</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in; padding-bottom: 1pt">Other non-current liabilities (including other non-current liabilities of VIEs of RMB267 and RMB267 as of December&nbsp;31, 2015 and 2016, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">9,333</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,043</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">315,277</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">486,792</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 0.25in">Class A ordinary shares (US$0.001 par value, 860,000,000 shares authorized, 44,914,538 and 48,735,228&nbsp;&nbsp;shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 0.25in">Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Treasury shares (926,113 and 1,574,980 Class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,761</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: -12pt; padding-left: 0.25in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">995,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">450,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">638,173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in">Total shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,338,614</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,598,220</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 60pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 0.375in">Total liabilities and shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,653,891</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">2,085,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 133; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="fin_03"></A>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 51%; text-align: left; text-indent: -12pt; padding-left: 12pt">Net revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 7%; text-align: center">8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">836,941</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,178,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,579,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cost of revenues<SUP>(a)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(240,084</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(333,559</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(449,104</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">596,857</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">844,449</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,130,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Selling and marketing expenses<SUP>(a)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(261,489</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(384,954</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(527,553</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">General and administrative expenses<SUP>(a)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(251,298</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,519</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: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Research and development expenses<SUP>(a)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(33,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(50,515</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(65,594</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">117,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">157,682</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">229,834</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,974</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,960</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Loss on foreign currency forward contract</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,898</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: -12pt; padding-left: 12pt">Foreign currency exchange gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,499</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">166,645</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">182,727</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">260,630</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,795</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,967</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,776</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">151,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">178,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">241,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accretion of convertible redeemable preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,530</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income attributable to Class A and Class B ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">148,320</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">178,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">241,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Basic earnings per Class A and Class B ordinary share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.11</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.32</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.35</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Diluted earnings per Class A and Class B ordinary share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2.69</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.04</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.10</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 0.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">151,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">178,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">241,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Other comprehensive income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Foreign currency translation adjustment, net of nil income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,896</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Less: reclassification adjustment for gains on available for sale securities realized in net income, net
of RMB42 income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(235</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">148,954</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">213,508</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">269,826</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -24pt; padding-left: 24pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes share-based compensation expense as follows (note 14):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Cost of revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(664</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,124</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: -12pt; padding-left: 12pt">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,036</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,959</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,496</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,302</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,274</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,154</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: -12pt; padding-left: 12pt">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,289</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,022</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,050</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 134; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="fin_04"></A>TARENA INTERNATIONAL,
INC. AND SUBSIDIARIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY (DEFICIT)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$, except for number of shares and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Ordinary Shares</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of<BR> Class A <BR>
    Ordinary <BR> Shares</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of<BR> Class B<BR>
    Ordinary<BR> &nbsp;Shares</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Treasury <BR> Shares</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Additional<BR> Paid-in<BR>
    Capital</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Accumulated&nbsp;Other<BR>
    Comprehensive<BR> Income (loss)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Retained <BR> Earnings<BR>
    (Accumulated<BR> Deficit)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total<BR> Shareholders&rsquo;<BR>
    Equity (Deficit)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-weight: bold; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Balance as
    of December&nbsp;31, 2013</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,226,558</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">107</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,620</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(406,222</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(407,735</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">151,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">151,850</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustment, net of nil income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,896</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(2,896</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Share-based compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,976</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">24,976</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Accretion of convertible
    redeemable preferred shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,030</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(3,530</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Issuance of Class A ordinary
    shares, upon initial public offering (&ldquo;IPO&rdquo;), net of issuance cost of RMB24,801</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,500,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">71</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">567,289</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">567,360</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Issuance of Class A ordinary
    shares in private placement concurrent with the IPO</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">83,052</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Series A convertible
    redeemable preferred shares to Class B ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,196,159</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,604</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,648</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Series B convertible
    redeemable preferred shares to Class B ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,319,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">107,949</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">107,994</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Series C convertible
    redeemable preferred shares to Class B ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,914,852</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">592,781</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">592,849</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Issuance of Class A ordinary
    shares upon exercise of share options and vesting of non-vested shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,788,393</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,518</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Class B ordinary
    shares to Class A ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,924,365</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(8,924,365</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Reclassification
    of APIC and retained earnings (note 12(d))</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(526,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">526,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Balance as of December&nbsp;31,
    2014</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23,712,758</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">146</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,733,024</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">209</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">851,662</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(4,516</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">271,585</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,119,086</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">178,760</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">178,760</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Class B ordinary
    shares to Class A ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,158,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">111</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(18,158,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(111</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Issuance of Class A ordinary
    shares upon exercise of share options and vesting of non-vested shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,043,652</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">22,456</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustment, net of nil income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,748</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">34,748</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Share-based compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,919</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">32,919</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Purchase
    of Class A ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(49,355</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(49,355</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Balance
    as of December&nbsp;31, 2015</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">44,914,538</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">276</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">10,574,896</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">98</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(49,355</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">907,018</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">30,232</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">450,345</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,338,614</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 0.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 0.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 0.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">241,854</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">241,854</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Conversion of Class B ordinary
    shares to Class A ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,679,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,679,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Issuance of Class A ordinary
    shares upon exercise of share options and vesting of non-vested shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,141,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,374</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">20,388</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustment, net of nil income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,972</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">22,972</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Share-based compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67,824</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">67,824</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Unrealized holding gains
    on available-for-sale security, net of RMB42 income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,235</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,235</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Reclassification adjustment
    for gains on available for sale securities realized in net income, net of RMB42 income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(235</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(235</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(54,026</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(54,026</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Purchase
    of Class A ordinary shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(44,406</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(44,406</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Balance
    as of December&nbsp;31, 2016</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">48,735,228</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">302</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,895,249</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">86</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(93,761</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">995,216</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">58,204</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">638,173</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,598,220</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 135; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="fin_05"></A>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">(Amounts
in thousands RMB and US$, except for number of shares and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<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-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">151,850</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">178,760</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">241,854</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: -12pt; padding-left: 12pt">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,478</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">54,981</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,757</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Bad debt expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63,103</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33,605</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Loss on disposal of property and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,102</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">297</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Deferred income tax benefit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,190</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,614</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(18,895</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Share based compensation expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,976</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,919</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">67,824</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Foreign currency exchange losses (gains), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,605</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,499</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,760</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; text-indent: -12pt; padding-left: 12pt">Changes in operating assets and liabilities, net of effects from acquisition of Hanru Hangzhou</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(102,974</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(66,901</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,928</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(15,125</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16,713</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(60,362</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued interest income on time deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,587</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(655</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,264</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Other non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,042</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,757</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,071</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(269</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">533</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(248</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Amounts due to a related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">879</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(800</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Income taxes payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,287</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,947</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Deferred revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,528</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">101,439</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued expenses and other current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,992</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,362</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">36,781</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Other non-current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,568</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,055</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,559</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.5in">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">175,343</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">347,698</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">524,030</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Investing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Purchase of property and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(48,405</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(99,961</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(381,982</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds from disposal of property and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">227</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,040</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">358</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Purchase of short term investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(622,800</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(945,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,937,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds from maturity of short term investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">622,800</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">945,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,937,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Purchase of long-term investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(24,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,755</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Payment for acquisition of Hanru Hangzhou</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,360</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Cash acquired from acquisition of Hanru Hangzhou</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Purchase of time deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(708,124</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(639,019</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(421,170</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds from maturity of time deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,325</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">690,250</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">678,741</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Issuance of loans to employees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,030</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,227</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(18,525</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Proceeds from repayment of loans from employees</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,468</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,608</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,096</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.5in">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(734,539</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(72,309</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(156,449</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Financing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Amounts received on behalf of a related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,432</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Repayment of amounts received on behalf of a related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,432</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Issuance of Class A ordinary shares upon the IPO</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">592,161</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Issuance of Class A ordinary shares in private placement concurrent with the IPO</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">83,052</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Issuance of Class A ordinary shares in connection with exercise of share options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,518</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,456</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,388</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Payment of dividend</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(54,026</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Repurchase of treasury shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(49,355</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(44,406</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Payment of IPO costs</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,705</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.5in">Net cash provided by (used in) financing activities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">655,026</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(26,899</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(78,044</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Effect of foreign currency exchange rate changes on cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,837</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,413</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,197</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Net increase in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">101,667</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">252,903</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">296,734</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Cash and cash equivalents at beginning of year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">159,368</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">261,035</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">513,938</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Cash and cash equivalents at end of year</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">261,035</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">513,938</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">810,672</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 0.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 0.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 0.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Supplemental disclosure of cash flow information:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 0.5in">Income taxes paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,479</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,246</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,096</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Non-cash investing and financing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 0.5in">Accrual for purchase of equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,758</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,685</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,692</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 0.5in">Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,648</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 0.5in">Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">107,994</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 0.5in">Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">592,849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 136; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="fin_06"></A>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; font-size: 10pt"><B>1</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS
    AND RISKS </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt; font-size: 10pt"><B><I>(a)</I></B></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><B><I>Description of business </I></B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Tarena International, Inc.
(&ldquo;Tarena International&rdquo;), through its wholly-owned subsidiaries and consolidated variable interest entities or VIEs
(collectively referred to hereinafter as the &ldquo;Company&rdquo;), is principally engaged in providing professional education
services including professional information technology (&ldquo;IT&rdquo;) training courses and non-IT training courses across
the People&rsquo;s Republic of China (&ldquo;PRC&rdquo;). To a lesser extent, the Company is also engaged in providing IT and
non-IT training courses for children. All of the Company&rsquo;s operations are located in the PRC with nearly all of its customers
located in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(b)</I></B></TD><TD STYLE="text-align: justify"><B><I>Organization</I></B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Tarena International is a
holding company that was incorporated in the Cayman Islands on October&nbsp;8, 2003 by Mr.&nbsp;Han Shaoyun (&ldquo;Mr. Han&rdquo;),
the founder and chief executive officer of the Company, and five other individuals. Tarena International is the parent company
of a number of wholly-owned subsidiaries that are engaged in professional education services. The Company&rsquo;s education services
in certain locations of the PRC were previously conducted through Beijing Tarena Jinqiao Technology Co., Ltd. (&ldquo;Beijing
Tarena&rdquo;) and Shanghai Tarena Software Technology Co., Ltd. (&ldquo;Shanghai Tarena&rdquo;)(collectively, the &ldquo;Tarena
Entities&rdquo;), and their subsidiaries, in order to comply with the PRC laws and regulations which restricted foreign investments
in companies that were engaged in education services. Tarena Entities and their subsidiaries were principally engaged in providing
professional education services including professional IT training courses in those locations and operated 23 learning centers
as of December 31, 2011. Pursuant to the VIE Agreements as described below, Tarena International has effective financial control
over Tarena Entities and their initial capital funding was provided by Tarena Technologies Inc., (a wholly-owned subsidiary of
Tarena International or the &ldquo;WOFE&rdquo;, formerly known as Beijing Tarena Technology Co., Ltd.). The recognized and unrecognized
revenue-producing assets that were held by Tarena Entities and their subsidiaries primarily consisted of property and equipment,
operating leases for the learning premises, ICP license, www.tmooc.cn website and assembled workforce in those learning centers.
Because of change in PRC laws and regulations in 2012 which encourages foreign investments in education services, the Company
began to transfer most of the operations, including related assets and liabilities of Tarena Entities and their subsidiaries to
the wholly-owned subsidiaries of Tarena International. As of December 31, 2013, all of the learning center operations of Tarena
Entities and their subsidiaries have been transferred to other subsidiaries of Tarena International. As of December 31, 2016 Beijing
Tarena invested RMB35,000 in five PRC companies, which are mainly engaged in provision of educational products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Upon the establishment
of Tarena Entities in 2005, the registered capital of Beijing Tarena and Shanghai Tarena were RMB2,000 and
RMB1,000, respectively. In 2016, Beijing Tarena received additional capital injection of RMB3,000 through its nominee equity
holders. All of the equity interests of Tarena Entities are legally held by Mr.&nbsp;Han and Mr. Li Jianguang (&ldquo;Mr.
Li&rdquo;), a director of Tarena International. Both individuals are nominee equity holders of Tarena Entities and holding
their equity interests on behalf of Tarena International. Through a series of contractual agreements and arrangements as
amended (the &ldquo;VIE Agreements&rdquo;), among Tarena International, WOFE, Tarena Entities and their nominee equity
holders, the nominee equity holders of Tarena Entities have granted all their legal rights including voting rights and
disposition rights of their equity interests in Tarena Entities to Tarena International. The nominee equity holders of Tarena
Entities do not participate significantly in income and loss and do not have the power to direct the activities of the Tarena
Entities that most significantly impact their economic performance. Accordingly, the Tarena Entities are considered variable
interest entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 137; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt; text-align: left"><B>1</B></TD><TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION
AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED)</B></TD>
</TR></TABLE>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(b)</I></B></TD><TD STYLE="text-align: justify"><B><I>Organization (continued)</I></B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In accordance with Accounting
Standards Codification (&ldquo;ASC&rdquo;) 810-10-25-38A, Tarena International has a controlling financial interest in Tarena Entities
because Tarena International has (i) the power to direct activities of Tarena Entities that most significantly impact the economic
performance of Tarena Entities; and (ii)&nbsp;the obligation to absorb the expected losses and the right to receive expected residual
return of Tarena Entities that could potentially be significant to Tarena Entities. Thus, Tarena International is the primary beneficiary
of the Tarena Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Under the terms of the VIE
Agreements, Tarena International has (i)&nbsp;the right to receive economic benefits that could potentially be significant to Tarena
Entities in the form of service fees under the exclusive business cooperation agreements; (ii)&nbsp;the right to receive all dividends
declared by Tarena Entities and the right to all undistributed earnings of Tarena Entities; (iii)&nbsp;the right to receive the
residual benefits of Tarena Entities through its exclusive option to acquire 100% of the equity interests in Tarena Entities, to
the extent permitted under PRC law. Accordingly, the financial statements of Tarena Entities are consolidated in Tarena International&rsquo;s
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Under the terms of the VIE
Agreements, Tarena Entities&rsquo; nominee equity holders have no rights to the net assets nor have the obligations to fund the
deficit, and such rights and obligations have been vested to Tarena International. All of the equity (net assets) and net income
of Tarena Entities are attributed to Tarena International.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The key terms of the VIE Agreements
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Loan
Agreements:</B> The WOFE provided RMB6,000 loans in aggregate to Tarena Entities&rsquo; nominee equity holders for the sole
purpose of their contribution of Tarena Entities&rsquo; registered capital. The nominee equity holders of Tarena Entities can
only repay the loans by transferring all of their legal equity interest in Tarena Entities to the WOFE or its designated
representatives pursuant to the exclusive option agreements. The loans shall be interest-free, unless the transfer price
exceeds the principal of the loans when each nominee equityholder of Tarena Entities transfers his equity interests in Tarena
Entities to Tarena International or its designated representatives. Such excess over the principal of the loan shall be
deemed as the interest of the loans to the extent permitted under the PRC law. The terms of the loans expire in 2026 as
amended, which can be extended with the written notice of both the WOFE and Tarena Entities before expiration. In December
2016, the Company wound up Shanghai Tarena and received the repayment of RMB1,000 from Shanghai Tarena&rsquo;s nominee equity
holders in March 2017.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Exclusive Option Agreements:
</B>Each of the nominee equity holders irrevocably granted Tarena International, Inc. or its designated representatives an exclusive
option to purchase, to the extent permitted under PRC law, all or part of his equity interests in Tarena Entities. In addition,
Tarena International has the option to acquire the equity interests of Tarena Entities for a specified price equal to the loan
provided by the WOFE to the nominee equity holders. If the lowest price permitted under PRC law is higher than the above price,
the lowest price permitted under PRC law shall apply. Without Tarena International&rsquo;s prior written consent, the nominee equity
holders shall not sell, transfer, mortgage, or otherwise dispose any equity interests in Tarena Entities. These agreements will
remain effective until all equity interests held in Tarena Entities by the nominee equity holders are transferred or assigned to
Tarena International or its designated representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 138; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt; text-align: left"><B>1</B></TD><TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION
AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED)</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(b)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Organization (continued) </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Exclusive Business Cooperation
Agreements:</B> The WOFE has the exclusive right to provide, among other things, technical support, business support and related
consulting services to Tarena Entities and Tarena Entities agree to accept all the consultation and services provided by the WOFE.
Without the WOFE&rsquo;s prior written consent, Tarena Entities are prohibited from engaging any third party to provide any of
the services under this agreement. In addition, the WOFE exclusively owns all intellectual property rights arising out of or created
during the performance of this agreement. Tarena Entities agree to pay a monthly service fee to the WOFE at an amount determined
solely by the WOFE after taking into account factors including the complexity and difficulty of the services provided, the time
consumed, the seniority of the WOFE employees providing services to Tarena Entities, the value of services provided, the market
price of comparable services and the operating conditions of Tarena Entities. Furthermore, to the extent permitted under the PRC
law, the WOFE agrees to provide financial support to Tarena Entities. The term of the agreement will remain effective unless the
WOFE terminates the agreement in writing or a competent governmental authority rejects the renewal applications by either Tarena
Entities or the WOFE to renew its respective business license upon expiration. Tarena Entities are not permitted to terminate this
agreement in any event unless required by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Power of Attorney:</B>
Each nominee equity holder of Tarena Entities appointed the WOFE as the attorney-in-fact to act on all matters pertaining to Tarena
Entities and to exercise all of their rights as an equity holder of Tarena Entities, including but not limited to attend shareholders&rsquo;
meetings, vote on their behalf on all matters of Tarena Entities requiring shareholders&rsquo; approval under PRC laws and regulations
and the articles of association of Tarena Entities, designate and appoint directors and senior management members. The WOFE may
authorize or assign its rights under this appointment to any other person or entity at its sole discretion without prior notice
to the nominee equity holders of Tarena Entities. Each power of attorney will remain effective until the nominee equity holder
ceases to hold any equity interest in Tarena Entities.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Equity Interest Pledge
Agreements:</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the equity interest
pledge agreement, Tarena Entities&rsquo; nominee equity holders pledged all of their equity interests in Tarena Entities to
the WOFE to guarantee their performance of the obligations under the contractual arrangements including but not limited to,
the service fees due to the WOFE. If Tarena Entities or any of Tarena Entities&rsquo; nominee equity holders breaches its
contractual obligations under the contractual arrangements, the WOFE, as the pledgee, will be entitled to certain rights and
entitlements, including receiving proceeds from the auction or sale of whole or part of the pledged equity interests of
Tarena Entities in accordance with legal procedures. The WOFE has the right to receive dividends generated by the pledged
equity interests during the term of the pledge. If any event of default as provided in the contractual arrangements occurs,
the WOFE, as the pledgee, will be entitled to dispose of the pledged equity interests in accordance with PRC laws and
regulations. The equity interest pledge agreements became effective on the date when the agreements were duly executed. The
pledge was registered with relevant local administration for industry and commerce in December 2013 and April 2017,
respectively, and will remain binding until Tarena Entities and their nominee equity holders discharge all their obligations
under the contractual arrangements. The registration of the equity pledge enables the WOFE to enforce the equity pledge
against third parties who acquire the equity interests of Tarena Entities in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 139; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>1</B></TD>
    <TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(b)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Organization (continued) </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Tarena International relies
on the VIE Agreements to operate and control the Tarena Entities. However, these contractual arrangements may not be as effective
as direct equity ownership in providing Tarena International with control over Tarena Entities. Any failure by Tarena Entities
or the nominee equity holders to perform their obligations under the VIE Agreements would have a material adverse effect on the
consolidated financial position and consolidated financial performance of the Company. All the VIE Agreements are governed by PRC
law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted
in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal system in the
PRC is not as developed as some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system
could limit Tarena International&rsquo;s ability to enforce these contractual arrangements. In addition, if the legal structure
and the VIE Agreements were found to be in violation of any existing or future PRC laws and regulations, Tarena International may
be subject to fines or other legal or administrative sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In the opinion of management,
based on the legal opinion obtained from the Company&rsquo;s PRC legal counsel, the above contractual arrangements are legally
binding and enforceable and do not violate current PRC laws and regulations. However, there are uncertainties regarding the interpretation
and application of existing and future PRC laws and regulations. Accordingly, Tarena International cannot be assured that PRC regulatory
authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and the
VIE Arrangements are found to be in violation of any existing or future PRC laws and regulations, the PRC government could:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<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: 35.3pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">revoke the business and operating licenses of the WOFE, its subsidiaries and Tarena Entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">discontinue or restrict the conduct of any transactions between the WOFE, its subsidiaries and Tarena Entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.3pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">impose fines, confiscate the income from Tarena Entities, or impose other requirements with which the Company may not be able
to comply;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.3pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">require Tarena International to restructure its ownership structure or operations, including terminating the contractual arrangements
with Tarena Entities and deregistering the equity pledges of Tarena Entities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.3pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">restrict or prohibit the use of the proceeds of future offering to finance the Company&rsquo;s business and operations in the
PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">If the imposition of any of
these government actions causes Tarena International to lose its right to direct the activities of Tarena Entities or its right
to receive substantially all the economic benefits and residual returns from Tarena Entities and Tarena International is not able
to restructure its ownership structure and operations in a satisfactory manner, Tarena International would no longer be able to
consolidate the financial results of Tarena Entities and their subsidiaries. In the opinion of management, the likelihood of deconsolidation
of the Tarena Entities and their subsidiaries is remote based on current facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 140; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>1</B></TD>
    <TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(b)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Organization (continued) </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The equity interests of Tarena
Entities are legally held by Mr. Han and Mr. Li as nominee equity holders on behalf of the Company. Mr. Han and Mr. Li are also
directors of Tarena International. Mr.&nbsp;Han and Mr. Li each holds 58.8% and 12.2% of the total voting rights as of December
31, 2016, respectively, assuming the exercise of all outstanding options held by Mr. Han and Mr. Li as of such date. The Company
cannot assure that when conflicts of interest arise, either of the nominee equity holders will act in the best interests of the
Company or such conflicts will be resolved in the Company&rsquo;s favor. Currently, the Company does not have any arrangements
to address potential conflicts of interest between the nominee equity holders and the Company, except that Tarena International
could exercise the purchase option under the exclusive option agreement with the nominee equity holders to request them to transfer
all of their equity&nbsp;ownership in Tarena Entities to a PRC entity or individual designated by Tarena International. The Company
relies on the nominee equity holders, who are bothTarena International&rsquo;s directors and who owe a fiduciary duty to Tarena
International, to comply with the terms and conditions of the contractual arrangements. Such fiduciary duty requires directors
to act in good faith and in the best interests of Tarena International and not to use their positions for personal gains. If the
Company cannot resolve any conflict of interest or dispute between the Company and the nominee equity holders of Tarena Entities,
the Company would have to rely on legal proceedings, which could result in disruption of the Company&rsquo;s business and subject
the Company to substantial uncertainty as to the outcome of any such legal proceedings.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company&rsquo;s involvement
with Tarena Entities under the VIE Agreements affected the Company&rsquo;s consolidated financial position, results of operations
and cash flows as indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The assets and liabilities
of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements as of December
31, 2015 and 2016 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-indent: -12pt; padding-left: 12pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,043</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">630</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Amounts due from related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">25,109</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,650</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt">Total current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,152</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,280</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Long term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">266</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">716</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">44,436</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">57,999</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Income taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,737</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,729</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued expenses and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Amounts due to related parties, including amounts due to WOFE for accrued service fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">39,307</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">46,486</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt">Total current liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,936</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">50,391</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Other non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">267</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">267</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt; padding-bottom: 2.5pt">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">44,203</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">50,658</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Amounts due from/to related
parties represents the amounts due from/to Tarena International and its wholly-owned subsidiaries, which are eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 141; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>1</B></TD>
    <TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(b)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Organization (continued) </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The financial performance and
cash flows of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements for
the years ended December 31, 2014, 2015 and 2016 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Net revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,902</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">177</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,542</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,415</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(892</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Net cash used in operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,252</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,201</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,166</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash provided by (used in) investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,886</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,639</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">All of the assets of Tarena
Entities and their subsidiaries can be used only to settle obligations of Tarena Entities and their subsidiaries. None of the assets
of Tarena Entities and their subsidiaries have been pledged or collateralized. The creditors of Tarena Entities and their subsidiaries
do not have recourse to the general credit of Tarena International and its wholly-owned subsidiaries. Assets of Tarena Entities
and their subsidiaries that can be used only to settle obligations of Tarena Entities and their subsidiaries and liabilities of
Tarena Entities and their subsidiaries for which creditors (or beneficial interest holders) do not have recourse to the general
credit of Tarena International and its wholly owned subsidiaries have been presented parenthetically alongside each balance sheet
caption on the face of the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">During the periods presented,
Tarena International and its wholly-owned subsidiaries provided financial support to Tarena Entities that they were not previously
contractually required to provide in the form of advances. To the extent Tarena Entities require financial support, pursuant to
the exclusive business cooperation agreements, the WOFE may, at its option and to the extent permitted under the PRC law, provide
such support to Tarena Entities through loans to Tarena Entities&rsquo; nominee equity holders or entrustment loans to Tarena Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 9in; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(c)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Basis of presentation </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The accompanying consolidated
financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&ldquo;U.S. GAAP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 142; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>1</B></TD>
    <TD STYLE="text-align: justify"><B>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(d)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Significant concentrations and risks </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><I>Revenue concentration </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">A substantial portion of the
Company&rsquo;s total net revenues are generated from Java, Digital Arts and Web Front courses. The percentages of the Company&rsquo;s
total net revenues from Java, Digital Arts and Web Front training courses are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 34.45pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Java</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">36.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">28.8</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Digital Arts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Web Front</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">65.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">65.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">75.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company expects net revenues
from these three training courses to continue to represent a substantial portion of its total net revenues in the future. Negative
factors that adversely affect net revenues generated by these three training courses will have a material adverse effect on the
Company&rsquo;s business, financial condition and results of operations. There were no other courses that represented revenues
greater than 10% of total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">A substantial portion of the
Company&rsquo;s students financed their tuition fees through the loans offered to them by Baidu Small Loan Co., Ltd., RenRenDai,
Bank of China Consumer Finance Co., Ltd., CreditEase Business Consulting (Beijing) Co., Ltd., and Bank of Beijing Consumer Finance
Company during the three-years period ended December 31, 2016. The Company expects students financed by these companies to continue
to represent a substantial portion of its total students in the future. The Company believes other companies could provide similar
loans to its students on comparable terms. However, negative factors that adversely affect these companies will have a material
adverse effect on the Company&rsquo;s business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Geographic concentration
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">A substantial portion of the
Company&rsquo;s total net revenues are derived from its business operations in Beijing and Hangzhou. The percentages of the Company&rsquo;s
total net revenues generated from its business operations in Beijing and Hangzhou are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 34.45pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Hangzhou</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">25.5</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">31.9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Beijing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">15.5</TD><TD STYLE="text-align: left; padding-bottom: 1pt">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12.3</TD><TD STYLE="text-align: left; padding-bottom: 1pt">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12.4</TD><TD STYLE="text-align: left; padding-bottom: 1pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">41.0</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">45.3</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">44.3</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company expects revenues
derived from its business operations in Beijing and Hangzhou to continue to represent a significant portion of its total net revenues.
Negative factors that adversely affect professional education services in Beijing or Hangzhou will have a material adverse effect
on the Company&rsquo;s business, financial condition and results of operations. There were no other cities that represented revenues
greater than 10% of total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 143; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(a)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Principles of consolidation </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The consolidated financial
statements include the financial statements of Tarena International, its wholly-owned subsidiaries, VIEs in which Tarena International
is the primary beneficiary and their wholly-owned subsidiaries. All significant intercompany balances and transactions have been
eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(b)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Use of estimates </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The preparation of consolidated
financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates. Significant items subject to such estimates and assumptions include the estimated selling price of deliverables in multiple
element arrangements, the fair values of share-based compensation awards and available-for-sale investments, the collectability
of accounts receivable, the realizability of deferred income tax assets, the accruals for tax uncertainties and other contingencies,
the recoverability of the carrying amounts of property and equipment and the useful lives of property and equipment. The current
economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(c)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Foreign currency </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In 2016, the Company changed
its reporting currency from United States Dollars (&ldquo;USD&rdquo;) to Chinese Renminbi (&ldquo;RMB&rdquo;). Prior years&rsquo;
comparative financial information have been recasted as if the Company always used RMB as its reporting currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The functional currency of
Tarena International and Tarena Hong Kong Limited (&ldquo;Tarena HK&rdquo;) is the USD. The functional currency of Tarena International&rsquo;s
PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs is the RMB. Transactions denominated in currencies other
than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable
exchange rate at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains (losses)
in the consolidated statements of comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Assets and liabilities of entities
with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and
expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation
adjustment are recorded in accumulated other comprehensive income (loss) within shareholders&rsquo; equity (deficit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Since the RMB is not a fully
convertible currency, all foreign exchange transactions involving RMB must take place either through the People&rsquo;s Bank of
China (the &ldquo;PBOC&rdquo;) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for
the foreign exchange transactions are the rates of exchange quoted by the PBOC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 144; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt; text-align: left"><B>2</B></TD><TD STYLE="text-align: justify"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD>
</TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(d)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Cash, cash equivalents , time deposits and restricted time deposits</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Cash consist of cash on hand
and cash in bank, which are unrestricted as to withdrawal. Cash equivalents consist of interest-bearing certificates of deposit
with initial term of no more than three months when purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Time deposits, which mature
within one year as of the balance sheet date, represent interest-bearing certificates of deposit with an initial term of greater
than three months when purchased. Time deposits which mature over one year as of the balance sheet date are included in non-current
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Time deposits that were pledged
as collateral for line of credit with a financial institution in the U.S. with an initial term of greater than three months when
purchased as of December 31, 2015 were reported as restricted time deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Cash,  time
deposits and restricted time deposits maintained at banks consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 35.45pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -12pt; padding-left: 12pt">RMB denominated bank deposits with financial institutions in the PRC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">627,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">867,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">US dollar denominated bank deposits with a financial institutions in the PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&ldquo;HK SAR&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">HK dollar denominated bank deposits with a financial institution in HK SAR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">RMB denominated bank deposits with a financial institution in HK SAR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">RMB denominated bank deposits with financial institutions in the U.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">547,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">US dollar denominated bank deposits with financial institutions in the U.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,913</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">To limit exposure to credit
risk relating to bank deposits, the Company primarily places bank deposits only with large financial institutions in the PRC, HK
SAR and the U.S. with acceptable credit rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(e)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Short-term investment </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">During the years ended December
31, 2014, 2015 and 2016, the Company invested RMB622,800, RMB945,000 and RMB1,937,000, respectively, in financial products managed
by three financial institutions in the PRC. The terms of the financial products range between 5 days and 91 days. The financial
products matured before December 31, 2014, 2015 and 2016, respectively. The Company earned investment income of RMB4,652, RMB5,961
and RMB12,676, respectively on the financial products, which was included in other income in the consolidated statements of comprehensive
income for the years ended December 31, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 145; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number
of shares and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(f)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Accounts receivable </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Accounts receivable primarily
represent tuition fees due from students. Accounts receivable which are due over one year as of the balance sheet date are presented
as non-current assets. The unearned interest on accounts receivable which are due over one year is reported in the consolidated
balance sheets as a direct deduction from the principal amount of accounts receivable. See note 2(j). The Company maintains an
allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Accounts
receivable is considered past due based on its contractual terms. In establishing the allowance, management considers historical
losses, the students&rsquo; financial condition, the amount of accounts receivables in dispute, the accounts receivables aging
and the students&rsquo; payment patterns. Accounts receivable which are deemed to be uncollectible are charged off against the
allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time
lag between when the Company estimates a portion of or the entire account balances to be uncollectible and when a write off of
the account balances is taken. The Company takes a write off of the account balances when the Company can demonstrate all means
of collection on the outstanding balances have been exhausted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(g)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Property and equipment </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Property and equipment are
recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. The estimated
useful life of property and equipment is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="padding: 0; text-indent: 0; width: 35%">Office buildings</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0; width: 64%">45 years</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Furniture</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: right; text-indent: 0">5&nbsp;years</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Office&nbsp;equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding: 0; text-indent: 0">3&nbsp;to&nbsp;4&nbsp;years</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Leasehold&nbsp;improvements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding: 0; text-indent: 0">Shorter&nbsp;of&nbsp;the&nbsp;lease&nbsp;term&nbsp;or&nbsp;the&nbsp;estimated&nbsp;useful&nbsp;life&nbsp;of&nbsp;the&nbsp;assets</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Ordinary maintenance and repairs
are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed
of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Property and equipment are
reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.
Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an
asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the
carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized
by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through
various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals,
as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and
are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(h)</I></B></TD><TD STYLE="text-align: justify"><B><I>Goodwill</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The excess of the purchase price over the fair value
of net assets acquired is recorded on the consolidated balance sheets as goodwill. Goodwill is not amortized, but tested for impairment
annually or more frequently if event and circumstances indicate that it might be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 146; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(h)</I></B></TD><TD STYLE="text-align: justify"><B><I>Goodwill (continued)</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ASC 350-20, <I>Goodwill</I>,
permits the Company to first assess qualitative factors to determine whether it is &quot;more likely than not&quot; that the fair
value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative
impairment test, using a two-step approach. If this is the case, the two-step goodwill impairment test is required. If it is more
likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test
is not required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the two-step goodwill impairment
test is required, the first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the
fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired and the second step is
not required. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test
measures the amount of the impairment loss, if any, by comparing the implied fair value of goodwill to its carrying amount. If
the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. The implied
fair value of goodwill is calculated in the same manner that goodwill is calculated in a business combination, whereby the fair
value of the reporting unit is allocated to all of the assets and liabilities of that unit, with the excess purchase price over
the amounts assigned to assets and liabilities representing the implied fair value of goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify"><B><I>Long-term investments</I></B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I></I><B><I></I></B>The Company&rsquo;s long-term investments consist of cost method investments, equity method investment and available-for-sale investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I><U>Cost method investments</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Investments in entities in
which the Company does not have an ability to exercise significant influence over the operating and financial matters of the investees
and which do not have readily determinable fair value are accounted for using the cost method, under which the Company carries
the investments at cost and recognizes as income for any dividend received from distribution of the investees&rsquo; earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The fair value of a cost method
investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect
on the fair value of the investment. No events or circumstances indicating a potential impairment were identified as of or for
the year ended December 31, 2015 and 2016. The Company determines that it is not practicable to estimate fair value of  cost method
investments as of December 31, 2015 and 2016, because the sales prices or bid-and-asked quotations of the equity interests of these
entities are not currently available and the cost of obtaining an independent valuation appears excessive considering the materiality
of the investments to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I><U>Equity method investment</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Investment in entity in which
the Company has the ability to exercise significant influence, but does not have a controlling interest through investment in common
shares or in-substance common shares, are accounted for using the equity method.&nbsp;Under the equity method, the Company initially
records its investment at cost, its share of the post-acquisition profits or losses of the investee is recognized in the Company&rsquo;s
consolidated statements of comprehensive income; and the Company&rsquo;s share of post-acquisition movements in equity is recognized
in equity in the Company&rsquo;s consolidated balance sheets. Unrealized gains on transactions between the Company and an investee
in which the Company has recorded an equity investment are eliminated to the extent of the Company&rsquo;s interest in the investee.
To the extent of the Company&rsquo;s interest in the investment, unrealized losses are eliminated unless the transaction provides
evidence of an impairment of the asset transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 147; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.2pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify"><B><I>Long-term investments (continued)</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.2pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I><U>Available-for-sale investment </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">For investment in debt security,
the Company accounts for it as available-for-sale investment when it is not classified as either trading or held-to-maturity investments.
Available-for-sale security is reported at fair value, with unrealized holding gains or losses, net of the related tax effect,
excluded from earnings and recorded as a separate component of accumulated other comprehensive income until realized. Realized
gains or losses from the sale of available-for-sale investment are determined on a specific identification basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">The Company&rsquo;s consolidated
statements of comprehensive income reflects the full impairment (that is, the difference between the security&rsquo;s amortized
cost basis and fair value) on debt securities that the Company intends to sell or would more-likely than-not be required to sell
before the expected recovery of the amortized cost basis. For available-for-sale investment that management has no intent to sell
and believes that it more likely than-not will not be required to sell prior to recovery, only the credit loss component of the
impairment is recognized in earnings, while the rest of the fair value loss is recognized in accumulated other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">A decline in the market value
of any available-for-sale investments below cost that is deemed to be other-than-temporary results in an impairment to reduce the
carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available
information relevant to the collectibility of the financial product, including past events, current conditions, and reasonable
and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment
includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end,
forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates
in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(j)</I></B></TD><TD STYLE="text-align: justify"><B><I>Revenue recognition</I></B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Revenue is recognized when
all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been
rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of
the following major revenue generating activities are described below. Revenue is presented net of business tax and value added
taxes (&ldquo;VAT&rdquo;) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net
of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>Tuition fees </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Tuition fees are recognized
as revenue proportionately as the training courses are delivered, with unearned portion of tuition fees being recorded as deferred
revenue. Certain qualified students are allowed to pay their tuition fees on installment for a period of time exceeding one year.
When tuition services are sold on installment terms that exceeds one year beyond the point in time that revenue is recognized,
the receivable, and therefore the revenue is recorded at the present value of the payments. The difference between the present
value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual
repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount
receivable is the rate at which the students can obtain financing of a similar nature from other sources at the date of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 148; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(j)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Revenue recognition (continued)</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company enters into arrangements
with certain students that purchase multiple services, including classroom training and extended on-line case studies (&ldquo;multiple-element
arrangements&rdquo;). Each element within the multiple-element arrangements is accounted for as a separate unit of accounting provided
the following criteria are met: the delivered services have value to the customer on a standalone basis; and for an arrangement
that includes a general right of return relative to the delivered services, delivery or performance of the undelivered service
is considered probable and is substantially controlled by the Company. A deliverable has standalone value if the service is sold
separately by the Company or another vendor. The Company&rsquo;s revenue arrangements do not include a general right of return
relative to the delivered services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company treats training
contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes and recognizes revenue
during the contract period when each deliverable service is provided. The Company allocates the contract price among all the deliverables
at the inception of the arrangement on the basis of their relative selling prices according to the selling price hierarchy established
by Accounting Standard Update No. 2009-13, <I>Revenue Recognition - Multiple-Deliverable Revenue Arrangements</I>. The Company
first uses vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling
price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, the Company uses management&rsquo;s
best estimate of selling price for the deliverables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>Certification service revenue
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company provides certification
service to students who complete the training course and enroll for the exams. The Company is responsible for the certification
service, including organization, proctoring and grading of exams. All certificates are issued by third parties to the students
who pass the exam. The Company acts as the principal in providing this service and recognizes revenue on gross basis because the
Company is the primary obligor in the arrangement and is responsible for fulfilling the ordered services by the students. Cash
received before the students taking the exam, is recorded as deferred revenue, and subsequently recognized as certification service
revenue upon completion of the certification service, which occurs when the certificates are provided to the students.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>Loan referral service revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In 2016, pursuant to the agreements
between the Company and a number of financial service providers, the Company promotes loan products of these financial service
providers to its students, who need financial assistance for the payment of their tuition fees, in exchange for a referral fee
at a rate of between 5% to 8% of the principal amount of the loans. The Company does not provide guarantee for the loans, which
are between the financial service providers and its students. Loan referral service revenue is recognized upon the initiation of
the loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(k)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Cost of revenues</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Cost of revenues consists of payroll and employee
benefits, rent expenses of learning centers, depreciation relating to property and equipment used for operating the learning centers,
and other operating costs that are directly attributed to the provision of training services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(l)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Advertising costs</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Advertising costs are expensed as incurred and included
in selling and marketing expenses. Advertising costs were RMB102,820, RMB151,533 and RMB201,298 for the years ended December&nbsp;31,
2014, 2015 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 149; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(m)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Operating lease</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company leases premises
for learning centers and offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on
a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, other lease concessions
or contingent rent in the lease agreements. The lease terms of the Company&rsquo;s learning centers range between 1 and 10 years.
The Company has no legal or contractual asset retirement obligations at the end of the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Certain learning centers of
the Company sublease a portion of the areas to certain students for their living accommodation. Income from subleases is recognized
on a straight-line basis over the term of the lease and recognized as reduction of costs of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(n)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Government grant </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Government grant is recognized
when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received.
Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation
is recognized in the Company&rsquo;s consolidated statements of comprehensive income when the grant becomes receivable. Government
grants of RMB9,916, RMB5,851 and RMB3,199 were recognized and included in other income for the years ended December&nbsp;31, 2014,
2015 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(o)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Research and development expense</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">Research and development costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(p)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Employee benefits </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Pursuant to relevant PRC regulations,
the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments.
The contributions are made for each PRC employee at rates ranging from 22.3% to 53.1% on a standard salary base as determined by
local social security bureau. Contributions to the defined contribution plans are charged to the consolidated statements of comprehensive
income when the related service is provided. For the years ended December 31, 2014, 2015 and 2016, the costs of the Company&rsquo;s
obligations to the defined contribution plans amounted to RMB51,510, RMB69,370 and RMB85,325, respectively. The Company has no
other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(q)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Income taxes </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Income taxes are accounted
for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases and tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled.
The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated
statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided
to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion or all of
the deferred income tax assets will not be realized.</P>


<!-- Field: Page; Sequence: 150; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt; text-align: left"><B><I>(q)</I></B></TD><TD STYLE="text-align: justify"><B><I>Income taxes (continued)</I></B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company recognizes in the
consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon
examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount
that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the
change in judgment occurs. The Company has elected to classify interest and penalties related to an unrecognized tax benefits,
if and when required, as part of income tax expense in the consolidated statements of comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(r)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Deferred offering costs </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Deferred offering costs consist
principally of legal, printing and registration costs in connection with the IPO. Upon completion of the IPO on April 3, 2014,
the deferred offering costs of RMB3,788 were recognized as a reduction of the offering proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(s)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Share based compensation </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company measures the cost
of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and
recognizes the cost over the period the employee is required to provide service in exchange for the award, which generally is the
vesting period. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule
on a straight-line basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the
cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award
that is vested at that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(t)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Commitments and contingencies </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In the normal course of business,
the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide
range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual
for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably
estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material,
is disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(u)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Earnings per share </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Basic earnings per Class A
and Class B ordinary share is computed by dividing net income attributable to Tarena International&rsquo;s Class A and Class B
ordinary shareholders by the weighted average number of Class A and Class B ordinary shares outstanding during the year using the
two-class method. Under the two-class method, net income attributable to Tarena International&rsquo;s Class A and Class B ordinary
shareholders is allocated between Class A and Class B ordinary shares and other participating securities, if any, based on participating
rights in undistributed earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Tarena International&rsquo;s
Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series C convertible redeemable
preferred shares were participating securities since the holders of these securities participated in dividends on the same basis
as Class A and Class B ordinary shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 151; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(u)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Earnings per share (continued)</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Diluted earnings per share
is calculated by dividing net income attributable to Tarena International&rsquo;s Class A and Class B ordinary shareholders as
adjusted for the effect of dilutive Class A and Class B ordinary share equivalents, if any, by the weighted average number of Class
A and Class B ordinary and dilutive Class A and Class B ordinary share equivalents outstanding during the year. Class A and Class
B ordinary share equivalents include the Class A and Class B ordinary shares issuable upon the exercise of the outstanding share
options (using the treasury stock method) and conversion of convertible redeemable preferred shares (using the as-if-converted
method). Potential dilutive securities are not included in the calculation of diluted earnings per Class A and Class B ordinary
share if the impact is anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(v)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Segment reporting </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company uses the management
approach in determining its operating segments. The management approach considers the internal reporting used by the Company&rsquo;s
chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance
of the segments of the Company. Management has determined that the Company has one operating segment, which is the training segment.
All of the Company&rsquo;s operations and customers are located in the PRC. Consequently, no geographic information is presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt; text-align: justify"><B><I>(w)</I></B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B><I>Fair value measurements </I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Company applies the provisions
of ASC Topic 820, <I>Fair Value Measurements and Disclosures,</I> for fair value measurements of financial assets and financial
liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial
statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell
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 Company 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. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures
about fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">ASC Topic 820 establishes a
fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the
fair value hierarchy are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Level 2 inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly or indirectly.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Level 3 inputs are unobservable inputs for the asset or
liability.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The level in the fair value
hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to
the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability
at the measurement date, the fair value measurement reflects management&rsquo;s own judgments about the assumptions that market
participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information
available in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 115pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 115pt"></P>

<!-- Field: Page; Sequence: 152; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 115pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt; text-align: justify"><B><I>(w)</I></B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B><I>Fair value measurements (continued)</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The carrying amounts of cash, current time deposits, restricted time deposits, accounts receivable, loans to employees, accounts payable,
amounts due to a related party, accrued expenses and other current liabilities as of December&nbsp;31, 2015 and 2016 approximate
their fair value because of short maturity of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The carrying amounts of non-current
time deposits as of December&nbsp;31, 2015 and 2016 approximates their fair value since the interest rates of the time deposits
did not differ significantly from the market interest rates for similar types of time deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The fair values of time deposits,
restricted time deposits as of December&nbsp;31, 2015 and 2016 are categorized as Level 2 measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Available-for-sale investment
as of December 31, 2016 is valued based on the implied enterprise value indirectly observed in a recent transaction at the reporting
date and is categorized as Level 2 measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(x)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Recently issued accounting standards</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Financial Reporting Standards
Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2014-09, <I>Revenue from Contracts with Customers</I>,
in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand
the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In December 2015,
the FASB issued ASU No. 2015-14, <I>Revenue from contracts with customers</I>, which deferred the effective date of ASU 2014-09.
The new standard is effective for annual reporting periods beginning after December 15, 2017. The Company will apply the new revenue
standard beginning January 1, 2018. The Company has set up an implementation team that is currently in the process of analyzing
each of the Company&rsquo;s revenue streams in accordance with the new revenue standard to determine the impact on the Company&rsquo;s
consolidated financial statements. The Company plans to continue the evaluation, analysis, and documentation of its adoption of
ASU 2014-09 (including those subsequently issued updates that clarify its provisions) in 2017 as the Company works towards
the implementation and finalizes its determination of the impact that the adoption will have on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">On January 5, 2016, the FASB
issued ASU 2016-01 (&ldquo;ASU 2016-01&rdquo;), <I>Recognition and Measurement of Financial Assets and Financial Liabilities</I>,
which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment
requires all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other
than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This standard
will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The
Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 153; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(x)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Recently issued accounting standards(continued)</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">On February 25, 2016, the FASB
issued ASU No. 2016-02 (&ldquo;ASU 2016-02&rdquo;), <I>Leases</I>. ASU 2016-02 specifies the accounting for leases. For operating
leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present
value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated
so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. In addition, this standard
requires both lessees and lessors to disclose certain key information about lease transactions. ASU 2016-02 is effective for publicly-traded
companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption
is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">On March 30, 2016, the FASB
issued ASU 2016-09 (&ldquo;ASU 2016-09&rdquo;), <I>Compensation - Stock Compensation: Improvements to Employee Share-Based Payment
Accounting</I>, which relates to accounting for employee share-based payments. This standard addresses several aspects of the accounting
for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity
or liabilities; and (c) classification in the statement of cash flows; and (d) accounting for forfeitures of share-based payments.
This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal
years. The Company does not expect this standard to have a material impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In June 2016, the FASB issued
Accounting Standards Update (&ldquo;ASU&rdquo;) 2016-13, <I>Financial Instruments-Credit Losses (Topic 326)</I>, which requires
entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience,
current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable
to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating
the impact that the standard will have on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In August 2016, the FASB issued
Accounting Standards Update (&ldquo;ASU&rdquo;) 2016-15, <I>Statement of Cash Flows &mdash; Classification of Certain Cash Receipts
and Cash Payments</I>, which clarifies the presentation and classification of certain cash receipts and cash payments in the statement
of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and
interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the
standard will have on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In November 2016, the FASB
issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2016-18, <I>Statement of Cash Flows (Topic 230): Restricted Cash</I>.
The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents,
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown in the statement of cash flows. The standard is effective for fiscal years beginning after
December 15, 2017, and interim period within those fiscal years. Early adoption is permitted, including adoption in an interim
period. The standard should be applied using a retrospective transition method to each period presented. The Company is currently
evaluating the impact of adopting this standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 154; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Amounts
in thousands of RMB and US$,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><B>2</B></TD>
    <TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.45pt"><B><I>(x)</I></B></TD>
    <TD STYLE="vertical-align: top"><B><I>Recently issued accounting standards(continued)</I></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In January 2017, the FASB issued
Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2017-01, <I>Business Combinations (Topic 805): Clarifying the Definition of
a Business</I>, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating
whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for
fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted.
The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this
standard prospectively upon any transactions of acquisitions or disposals of assets or businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In January 2017, the FASB
issued Accounting Standards Update (&ldquo;ASU&rdquo;) 2017-04, <I>Simplifying the Test for Goodwill Impairment</I>. The guidance
removes Step 2 of a goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will
now be the amount by which a reporting unit&rsquo;s carrying value exceeds its fair value, not to exceed the carrying amount of
goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning
after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates
after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial
statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 155; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt; font-size: 10pt"><B>3</B></TD>
    <TD STYLE="font-size: 10pt"><B>ACCOUNTS RECEIVABLE</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Accounts receivable consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Accounts receivable:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; padding-left: 9pt">Gross</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">237,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">214,142</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Unearned interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,997</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total accounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">221,627</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">199,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Less: allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(66,857</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(100,462</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">154,770</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">98,550</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The classification of accounts receivable is as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -12pt; padding-left: 12pt">Accounts receivable, net &ndash; current portion</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">146,999</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">97,374</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Accounts receivable, net &ndash; non-current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,771</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,176</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total accounts receivable, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">154,770</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">98,550</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The movements of the allowance for doubtful accounts
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -12pt; padding-left: 12pt">Balance at the beginning of the year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">14,041</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">35,347</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">66,857</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Additions charged to bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,605</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Write-off of bad debt allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(24,694</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(31,593</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Balance at the end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">35,347</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">66,857</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">100,462</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">The aging analysis of our accounts receivable based
on due date is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;of&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">Aging:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-indent: -12pt; padding-left: 12pt">&ndash; current</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">104,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">78,276</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&ndash; 1-3 months past due</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&ndash; 4-6 months past due</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&ndash; 7-12 months past due</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,748</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">&ndash; greater than one year past due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">48,866</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">71,836</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Total accounts receivable</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">221,627</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">199,012</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 156; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>4</B></TD>
    <TD><B>PREPAID EXPENSES AND OTHER CURRENT ASSETS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Prepaid expenses and other current assets consist
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 24.45pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Prepaid expenses and other current assets:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: left; padding-left: 9pt">Prepaid rental expenses</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">17,925</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">25,038</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest receivable from time deposits</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid advertising deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid advertising expenses</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,193</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid value-added tax</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Housing loans made to employees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Staff advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">(c)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,838</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,078</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66,103</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,088</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB12,751 and were included in other non-current assets.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Staff advances are provided to staff for traveling and related expenses and are expensed when incurred. </TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">(c)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>5</B></TD>
    <TD><B>PROPERTY AND EQUIPMENT, NET</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: 3.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: 3.15pt; text-align: justify">Property and equipment consists
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left; text-indent: -12pt; padding-left: 12pt">Office buildings</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">281,541</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Furniture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Leasehold improvements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">53,126</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,383</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Total property and equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">275,021</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">635,864</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Less: accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(147,157</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(198,527</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Property and equipment, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,864</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">437,337</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Depreciation expense for property and equipment
was allocated to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-indent: -12pt; padding-left: 12pt">Cost of revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">38,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">48,553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">61,967</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,649</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Research and development expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">703</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,109</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">43,478</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,981</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">72,757</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 157; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>6</B></TD>
    <TD><B>LONG-TERM INVESTMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">Long-term investments consisted
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24.45pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cost method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: left; padding-left: 9pt">Sino-German Know-How Education Investment Co., Ltd.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">(a)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Juesheng.com</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Mxsoft.com</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other cost method investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">(d)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total cost method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity method investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Hockey global resources investment limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(e)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Available-for-sale investment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">(f)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">24,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">41,760</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="width: 0.35in">(a)</TD>
    <TD STYLE="text-align: justify">In October 2015, the Company paid RMB12,000 in cash to acquire 2.86% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD STYLE="text-align: justify">In November 2015, the Company paid RMB5,000 in cash to acquire 0.50% of the total equity interest of an online shopping platform providing education products.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD STYLE="text-align: justify">In August 2015, the Company paid RMB4,000 in cash to acquire 5.71% of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD STYLE="text-align: justify">As of December 31, 2015, the Company paid RMB3,000 in cash to acquire 1.43% and 0.74% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB2,000 in cash to acquire 2.00% equity interest of an online platform providing vehicle sales and related services.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD STYLE="text-align: justify">In October 2016, the Company paid RMB790 in cash to acquire 28.5% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD STYLE="text-align: justify">In October 2016, the Company paid RMB10,000 in cash to acquire 13.9% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock. In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security. The Company recorded the investment as available-for-sale investment and recorded an increase of RMB5,000 in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 158; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>7</B></TD>
    <TD><B>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left; text-indent: -12pt; padding-left: 12pt">VAT and other tax payables</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18,347</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">29,995</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accrued payroll and employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,512</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,092</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,360</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">79,835</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">117,867</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">Others mainly represent current deferred income under
American Depositary Receipt program, accrual for employee reimbursement, rental expenses and other miscellaneous expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>8</B></TD>
    <TD><B>NET REVENUES</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">Net revenues consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Tuition fee</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">835,275</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,174,596</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,545,680</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Certification service fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,038</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,466</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Loan referral service fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,873</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,136</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,875</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Business taxes and surcharges</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,245</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(25,190</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(12,681</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total net revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">836,941</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">1,178,008</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">1,579,604</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">Others mainly represent miscellaneous fees, including franchise
fee and guarantee fee (see note 11(a)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The Company entered into a
foreign currency forward contract on January 29, 2016 to sell its time deposits denominated in RMB for US dollars at a fixed rate
at 6.7070 on May 19, 2016 with the notional amount of RMB564,095. The Company settled the forward contract on May 19, 2016 and
incurred a loss on foreign currency forward contract in the amount of RMB12,898 for the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 159; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>10</B></TD>
    <TD><B>INCOME TAXES</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Under the current laws of the
Cayman Islands, Tarena International is not subject to tax on its income or capital gains. For the period from its inception on
October&nbsp;22, 2012 to December&nbsp;31, 2016, Tarena HK did not have any assessable profits arising in or derived from HK SAR.
Tarena International&rsquo;s PRC subsidiaries and consolidated VIEs and the subsidiaries of the VIEs file separate tax returns
in the PRC. Effective from January&nbsp;1, 2008, the PRC statutory income tax rate is 25% according to the Corporate Income Tax
(&ldquo;CIT&rdquo;) Law which was passed by the National People&rsquo;s Congress on March&nbsp;16, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Under the CIT Law, entities
that qualify as &ldquo;Advanced and New Technology Enterprise&rdquo; (&ldquo;ANTE&rdquo;) are entitled to a preferential income
tax rate of 15%. In 2009, the WOFE qualified as an ANTE, which entitled it to the preferential income tax rate of 15% from January&nbsp;1,
2009 to December&nbsp;31, 2011. In 2012, the WOFE renewed its ANTE qualification, which entitled it to the preferential income
tax rate of 15% from January&nbsp;1, 2012 to December&nbsp;31, 2014. In 2015, the WOFE renewed its ANTE qualification, which entitled
it to the preferential income tax rate of 15% from January&nbsp;1, 2015 to December&nbsp;31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Tarena Software Technology
(Hangzhou) Co., Ltd. (&ldquo;Tarena Hangzhou&rdquo;) was established in 2013 and qualified as an eligible software enterprise.
As a result of this qualification, it is entitled to a tax holiday of a two-year full exemption followed by a three-year 50% exemption,
commencing from the year in which its taxable income is greater than zero. As a result, its income tax rates for the years ended
December 31, 2014, 2015 and 2016 were nil, nil and 12.5%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">In 2016, Tarena Hangzhou acquired
Hanru Education&amp; Technology Co., Ltd. (&ldquo;Hanru Hangzhou&rdquo;), which was qualified as an eligible software enterprise,
and was entitled to a tax holiday of a two-year full exemption followed by a three-year 50% exemption, commencing from the year
in which its taxable income is greater than zero. As a result, the income tax rate of Hanru Hangzhou for the year ended December
31, 2016 was nil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Certain Tarena International&rsquo;s
subsidiaries and branches qualified as &ldquo;Small Profit Enterprises&rdquo; in 2014, 2015 and 2016, and therefore are subject
to the preferential income tax rate of 20%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">According to the approvals
from the tax authorities in certain locations in the PRC, Tarena International&rsquo;s subsidiaries and consolidated VIEs and the
subsidiaries of the VIEs that are based in these locations are required to use the deemed profit method to determine their income
tax. Under the deemed profit method, these subsidiaries are subject to income tax at 25% on its deemed profit which is calculated
based on revenues less deemed expenses equal to 85% and 90% of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 160; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>10</B></TD>
    <TD><B>INCOME TAXES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The components of income before income taxes are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-indent: -12pt; padding-left: 12pt">PRC</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">146,570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">200,789</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">272,745</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Hong Kong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,908</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(573</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: 1pt; text-indent: -12pt; padding-left: 12pt">Cayman Islands</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,039</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,542</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total income before income taxes</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">166,645</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">182,727</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">260,630</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Income tax expense consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -12pt; padding-left: 12pt">Current income tax expense</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18,985</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">25,581</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">37,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Deferred income tax benefit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,190</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,614</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,895</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,795</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,967</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,776</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The actual income tax expense reported in the consolidated statements
of comprehensive income for each of the years ended December&nbsp;31, 2014, 2015 and 2016 differs from the amount computed by applying
the PRC statutory income tax rate to income before income taxes due to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">PRC statutory income tax rate</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">25.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">25.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">25.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Increase (decrease) in effective income tax rate resulting from:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Cayman and HK entities not subject to income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.0</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Research and development bonus deduction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.7</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.7</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: -0.1in; padding-left: 0.1in">Non-deductible selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</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: -0.1in; padding-left: 0.2in">Other non-deductible selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">ANTE preferential tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.0</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.7</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: -0.1in; padding-left: 0.1in">Tarena Hangzhou preferential tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.1</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Change in valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</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: -0.1in; padding-left: 0.1in">Tarena Hangzhou and Hanru Hangzhou tax holiday</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20.0</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31.1</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25.2</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Actual income tax expense</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8.9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Basic earnings per Class
A ordinary share and Class B ordinary share effect of the Company&rsquo;s tax holiday for the year ended December 31, 2014,
2015 and 2016 was RMB0.81, RMB1.06 and RMB1.18, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Diluted earnings per Class
A ordinary share and Class B ordinary share effect of the Company&rsquo;s tax holiday for the year ended December 31, 2014,
2015 and 2016 was RMB0.70, RMB0.97 and RMB1.11, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 161; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>10</B></TD>
    <TD><B>INCOME TAXES (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The principal components of deferred income tax assets are as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Deferred income tax assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; text-align: left; text-indent: -12pt; padding-left: 12pt">Accounts receivable</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">34,616</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">47,126</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Tax loss carry forwards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Advertising expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Total deferred income tax assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,347</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">80,634</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,507</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Deferred income tax assets, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">35,232</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,127</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The movements of the valuation allowance are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -12pt; padding-left: 12pt">Balance at the beginning of the year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,647</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">14,362</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">20,115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Additions of valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,076</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Reduction of valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,316</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Balance at the end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,362</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,115</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,507</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The valuation allowance as
of December&nbsp;31, 2015 and 2016 was primarily provided for the deferred income tax assets of certain Tarena International&rsquo;s
PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs, which were at cumulative loss positions. In assessing the
realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of
the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the
generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management
considers projected future taxable income and tax planning strategies in making this assessment. As of December&nbsp;31, 2016,
the Company had tax losses carryforwards of RMB 39,936. Tax losses of RMB227, RMB11,053, RMB8,165 and RMB20,491 will expire, if
unused, by 2018, 2019, 2020 and 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The CIT Law and its implementation
rules impose a withholding income tax at 10%, unless reduced by a tax treaty or arrangement, on the amount of dividends distributed
by a PRC-resident enterprise to its immediate holding company outside the PRC that are related to earnings accumulated beginning
on January&nbsp;1, 2008. Dividends relating to undistributed earnings generated prior to January&nbsp;1, 2008 are exempt from such
withholding income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The Company has considered
temporary differences on the book to tax differences pertaining to all investment in subsidiaries including the determination of
the indefinite reinvestment assertion that would apply to each foreign subsidiary. The Company evaluated each entity&rsquo;s historical,
current business environment and plans to indefinitely reinvest all earnings accumulated in its respective jurisdiction for purpose
of future business expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">Due to the plan to indefinitely reinvest its earnings in the
PRC, the Company has not provided for deferred income tax liabilities on undistributed earnings of RMB604,218 and RMB937,735 as
of December&nbsp;31, 2015 and 2016, respectively. It is not practicable to estimate the unrecognized deferred income tax liabilities
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 162; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>10</B></TD>
    <TD><B>INCOME TAXES (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">A reconciliation of the beginning and ending amount of total
unrecognized tax benefits for the years ended December&nbsp;31, 2014, 2015 and 2016 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -12pt; padding-left: 12pt">Balance at beginning of year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">36,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">53,404</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Increase related to current year tax positions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Settlement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(17,279</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(34,567</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(49,704</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Balance at end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">36,921</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">53,404</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">69,822</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">RMB49,198 and RMB69,263 of unrecognized
tax benefits as of December&nbsp;31, 2015 and 2016, if recognized, would affect the effective tax rate. No interest and penalty
expenses were recorded for the years ended December&nbsp;31, 2014, 2015 or 2016. RMB42,489 and RMB62,665 of unrecognized tax benefits
as of December&nbsp;31, 2015 and 2016 were included in income taxes payable. RMB3,700 and RMB3,700 of unrecognized tax benefits
as of December&nbsp;31, 2015 and 2016 were included in other non-current liabilities. The remaining RMB7,215 and RMB3,457 unrecognized
tax benefit as of December&nbsp;31, 2015 and 2016, respectively were presented as a reduction of the deferred income tax assets
for tax loss carry forwards since the uncertain tax position would reduce the tax loss carry forwards under the tax law. The unrecognized
tax benefits represent the estimated income tax expenses the Company would be required to pay should its revenue for tax purposes
be recognized in accordance with current PRC tax laws and regulations. Management believes that it is reasonably possible that
RMB66,122 unrecognized tax benefits as of December&nbsp;31, 2016 will be recognized in the next twelve months as a result of such
revenue being reported in the income tax filing during the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">According to the PRC Tax Administration and Collection Law,
the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the
withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes
is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation
in the case of tax evasion. The income tax returns of Tarena International&rsquo;s PRC subsidiaries, consolidated VIEs, and the
subsidiaries of the VIEs for the years from 2012 to 2016 are open to examination by the PRC tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 163; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>11</B></TD>
    <TD><B>RELATED PARTY TRANSACTIONS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">During the years ended December&nbsp;31, 2014, 2015 and 2016,
the Company entered into related party transactions with Mr.&nbsp;Han, Chuanbang Business Consulting (Beijing) Co., Ltd. (&ldquo;Chuanbang&rdquo;),
which is wholly owned by Mr.&nbsp;Han, and Precise Advance Limited (&ldquo;Precise&rdquo;), which is owned by an executive of the
Company&rsquo;s shareholder. The significant related party transactions are summarized as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 24.4pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Transactions with Chuanbang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left; text-indent: -12pt; padding-left: 12pt">Guarantee fee</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">(a)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Cash collection service fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Transactions with others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Advances from Precise</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,432</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Repayment of advances from Precise</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &ldquo;peer-to-peer&rdquo; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &ldquo;Student Loan Program&rdquo;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB112, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016, respectively. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&rsquo;s accounts receivable. The fee for the service is calculated based on 2%~12% of the amount collected. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB664, RMB2,053 and RMB6,445 for the years ended December 31, 2014, 2015 and 2016, respectively. The amount due to Chuanbang as of December 31, 2015 was RMB879. The amount due to Chuanbang as of December 31, 2016 was RMB79, which has been fully paid by March 31, 2017.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(c)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">In September 2015, Precise, which is owned by an executive of Kohlberg
    Kravis Roberts &amp; Co. L.P (&ldquo;KKR&rdquo;), a shareholder of the Company, provided cash advances in the amount of
    RMB1,432 to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October
    2015.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 164; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>12</B></TD>
    <TD><B>ORDINARY SHARES AND STATUTORY RESERVE</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in"><B>(a)</B></TD>
    <TD STYLE="vertical-align: top"><B>Ordinary shares</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On October&nbsp;8, 2003, Tarena
International was established with authorized share capital of US$150 or 90,000,000 ordinary shares with a par value of US$0.001
(being retroactively adjusted to reflect the effect of the share split) and 60,000,000 preferred shares with a par value of US$0.001
(being retroactively adjusted to reflect the effect of the share split).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On December&nbsp;16, 2008,
the Board of Directors of Tarena International approved a 10:1 share split, which increased (i)&nbsp;the total number of authorized
ordinary shares of 9,000,000, and issued and outstanding ordinary shares of 1,358,000 to 90,000,000 and 13,580,000 respectively;
and (ii)&nbsp;the total number of authorized preferred shares of 6,000,000, and issued and outstanding preferred shares of 1,589,125
to 60,000,000 and 15,891,250 respectively. All applicable share and per share amounts in the accompanying consolidated financial
statements have been retroactively adjusted to reflect the effect of the share split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On April 9, 2013, IDG Technology
Venture Investments, LP (&ldquo;IDG&rdquo;), the Series A convertible redeemable preferred shareholder, entered into a series of
agreements with Mr. Han, Connion Capital Ltd. (&ldquo;Connion&rdquo;), a company incorporated in the Cayman Islands with limited
liability and wholly owned by Mr. Han, Techedu Limited, a company incorporated in the British Virgin Islands (&ldquo;BVI&rdquo;)
with limited liability and wholly owned by Mr. Han, and GF Tarena Limited, a third party company incorporated with limited liability
under the law of the BVI, pursuant to which IDG sold 1,146,059 and 229,212 of its Series A convertible redeemable preferred shares
to Techedu Limited and GF Tarena Limited for a consideration of RMB31,320 and RMB6,264, respectively, or RMB27.33 per share. At
the same time, Connion sold 916,848 of its ordinary shares to GF Tarena Limited for a consideration of RMB25,056 or RMB27.33 per
share. The 1,146,059 Series A convertible redeemable preferred shares purchased by Techedu Limited and 229,212 Series A convertible
redeemable preferred shares purchased by GF Tarena Limited were converted to ordinary shares on December 10, 2013. To facilitate
the purchase of the Series A convertible redeemable preferred shares, Techedu Limited borrowed a loan in the amount of RMB31,320
from GF Tarena Limited on April 9, 2013, with an annual interest rate of 19% for a period of 30 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On February 27, 2014, the Board
of Directors of Tarena International approved the fifth amendment of the Memorandum and Articles of Association (the &ldquo;Amended
M&amp;A&rdquo;), pursuant to which the authorized share capital was amended to 1,000,000,000 ordinary shares at a par value of
US$0.001 per share, of which 860,000,000 shares were designated as Class A ordinary shares, 40,000,000 as Class B ordinary shares
and 100,000,000 shares were designated as Reserved Shares, each with such rights, preferences and privileges set forth in the Amended
M&amp;A. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion
rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares
under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class
A ordinary share at any time by the holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">In the Amended M&amp;A, the
Board of Directors of Tarena International approved that the Company to adopt a dual class ordinary share structure immediately
upon the completion of the IPO. Upon the completion of the IPO, the Group&rsquo;s ordinary shares were divided into Class A ordinary
shares and Class B ordinary shares. All of its issued and outstanding ordinary share prior to this offering were re-designated
as Class B ordinary shares, all of its issued and outstanding preferred shares were automatically re-designated or converted into
Class B ordinary shares on a one-for-one basis immediately upon the completion of the IPO and all of the issued and outstanding
options, non-vested shares and non-vested share units granted by the Company pursuant to the 2008 Share Plan and the 2014 Share
Incentive Plan were re-designated as options in Class A shares, non-vested Class A ordinary shares, non-vested Class A ordinary
share units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 165; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>12</B></TD>
    <TD><B>ORDINARY SHARES AND STATUTORY RESERVE(CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in"><B>(a)</B></TD>
    <TD STYLE="vertical-align: top"><B>Ordinary shares(continued)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">In April 2014, in connection
with its IPO, Tarena International issued 11,500,000 Class A ordinary shares with par value of US$0.001, at a price of US$9.00
per share to investors. Net proceeds from the issuance of 11,500,000 Class A ordinary shares amounted to RMB567,360 (net of issuance
costs of RMB24,801), of which RMB71 and RMB 567,289 were recorded in the Class A ordinary shares and additional paid-in capital,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">Concurrently upon the completion
of the Company&rsquo;s IPO, the Company issued 1,500,000 Class A ordinary shares with par value of US$0.001 to New Oriental Education
&amp; Technology Group Inc., in a private placement at a price of US$9.00 per share. Proceeds from the issuance of Class A ordinary
shares were RMB83,052 of which RMB9 and RMB83,043 were recorded in the Class A ordinary shares and additional paid-in capital,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">As a result of automatic
conversion of Series A, Series B, and Series C convertible redeemable preferred shares into Class B ordinary shares upon
completion of the Company&rsquo;s IPO on April 3, 2014, 25,430,831 Class B ordinary shares were issued. From January 1, 2014
to December 31, 2014, a total of 8,924,365 Class B ordinary shares were converted to Class A ordinary shares. 1,788,393 Class
A ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2015 to
December 31, 2015, a total of 18,158,128 Class B ordinary shares were converted to Class A ordinary shares. 3,043,652 Class A
ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2016 to December
31, 2016, a total of 1,679,647 Class B ordinary shares were converted to Class A ordinary shares. 2,141,043 Class A ordinary
shares were issued upon exercise of share options and vesting of non-vested shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">As of December 31, 2016, 860,000,000
Class A ordinary shares and 40,000,000 Class B ordinary shares have been authorized, 48,735,228 and 47,160,248 Class A ordinary
shares have been issued and outstanding, respectively, and 8,895,249 Class B ordinary shares have been issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: justify"><B>(b)</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Treasury shares</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On August 20, 2015, the board
of directors of the Company authorized a share repurchase plan under which the Company may repurchase up to RMB133,556 of its
ordinary shares over the next 12 months. The Company repurchased 926,113 ordinary shares on the open market with consideration
of approximately RMB49,355 for the year ended December 31, 2015. For the year ended December 31, 2016, 648,867 ordinary shares
were repurchased on the open market in the amount of RMB44,406.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: justify"><B>(c)</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Statutory reserves</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">Under PRC rules and regulations, Tarena International&rsquo;s
PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs (the &ldquo;PRC Entities&rdquo;) are required to appropriate
10% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory surplus reserve
until the reserve balance reaches 50% of their registered capital. In addition, private schools (held by the PRC Entities) which
require reasonable returns are required to appropriate 25% of their net profit, as determined in accordance with PRC accounting
rules and regulations, to a statutory development fund, whereas in the case of private schools which do not require reasonable
return, 25% of the annual increase of their net assets. The appropriation to these statutory reserves must be made before distribution
of dividends to Tarena International can be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">For the years ended December&nbsp;31, 2014, 2015 and 2016, the
PRC Entities made appropriations to the statutory reserves of RMB15,823, RMB36,524 and RMB40,491, respectively. As of December&nbsp;31,
2014, 2015 and 2016, the accumulated balance of the statutory reserves was RMB38,228, RMB74,752 and RMB115,243, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 166; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>12</B></TD>
    <TD><B>ORDINARY SHARES AND STATUTORY RESERVE(CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: justify"><B>(d)</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Reclassification between additional paid-in capital and retained earnings</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On August 19, 2014, the Board
of Directors approved the Company to undertake a reclassification of the balances between additional paid-in capital and retained
earnings of RMB526,457. The reclassification was due to the accretion of convertible redeemable preferred shares, of which RMB526,457
were charged against the balance in accumulated deficit in the absence of additional paid-in capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in; text-align: left"><B>(e)</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Dividend</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">On March 7, 2016, the Company&rsquo;s
board of directors approved to declare a cash dividend of US$0.15 per ordinary share to shareholders as of the close of trading
on April 6, 2016. The aggregate amount of cash dividends was approximately RMB54,026, which was paid in May 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>13</B></TD>
    <TD><B>PREFERRED SHARES</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series A convertible redeemable preferred shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On January&nbsp;16, 2004, pursuant to the Series A convertible
redeemable preferred shares purchase agreements (&ldquo;Series A Purchase Agreement&rdquo;), Tarena International issued 8,571,430
Series A convertible redeemable preferred shares to a third party investor for a total consideration of RMB4,138 or RMB0.48 per
share (&ldquo;Series A Original Issuance Price&rdquo;) (being retroactively adjusted to reflect the effect of the share split).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The Company determined that there was no embedded beneficial
conversion feature attributable to the Series A convertible redeemable preferred shares at the commitment date since the initial
conversion price of the Series A convertible redeemable preferred shares was greater than the estimated fair value of the Company&rsquo;s
ordinary shares as of January&nbsp;16, 2004. The estimated fair value of the underlying ordinary shares on January&nbsp;16, 2004
was determined by management based on a retrospective valuation with the assistance of American Appraisal China Limited (&ldquo;American
Appraisal&rdquo;), an independent valuation firm, using an income approach which requires the estimation of future cash flows and
the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to
convert such future cash flows to a single present value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The significant terms of Series A convertible redeemable preferred
shares are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(i)</TD>
    <TD STYLE="vertical-align: top">Conversion </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series A convertible redeemable preferred shares
have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject
to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in
Tarena International&rsquo;s Memorandum and Articles of Association, at a price lower than the Series A Original Issuance Price.
In addition, each Series A Preferred Share is automatically converted into ordinary shares upon the consummation of a Qualified
Public Offering, as defined in the Series A Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The contingent conversion price adjustment may provide the holders
of the Series A convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion
feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(ii)</TD>
    <TD STYLE="vertical-align: top">Voting </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series A convertible redeemable preferred shares
have voting rights equivalent to the ordinary shareholders on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iii)</TD>
    <TD STYLE="vertical-align: top">Dividends </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Any dividend declared and paid on ordinary shares shall be also
declared and paid in respect of the Series A convertible redeemable preferred shares as if all such Series A convertible redeemable
preferred shares has been converted to ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 167; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt; text-align: justify"><B>13</B></TD>
    <TD STYLE="text-align: justify"><B>PREFERRED SHARES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series A convertible
redeemable preferred shares (continued)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iv)</TD>
    <TD STYLE="vertical-align: top">Liquidation preference </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The liquidation preference
of the holders of Series A convertible redeemable preferred shares as of December&nbsp;31, 2013 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of any liquidation,
dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&nbsp;first
to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared
but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)&nbsp;second to the holders of Series
B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on
each share of Series B convertible redeemable preferred shares, (iii)&nbsp;third to the holders of Series A convertible redeemable
preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A
convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders
of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable
preferred shares and ordinary shares on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">From the date of September&nbsp;25,
2008 to August&nbsp;11, 2011 (the date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference
of the holders of Series A convertible redeemable preferred shares was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of any liquidation,
dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&nbsp;first
to the holders of the Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared
but unpaid dividends on each share of Series B convertible redeemable preferred shares; (ii)&nbsp;second to the holders of Series
A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on
each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed
pro rata to the holders of Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and
ordinary shares on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">From the date of its issuance
(January 16, 2004) to September&nbsp;25, 2008 (the date of the issuance of Series B convertible redeemable preferred shares), the
liquidation preference of the holders of Series A convertible redeemable preferred shares was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of any liquidation,
dissolution, or winding up of the Company, the holders of the outstanding Series A convertible redeemable preferred shares shall
be entitled to receive, prior and in preference to any distribution of any of the assets of Tarena International to the holders
of the ordinary shares by reason of their ownership of such shares, an amount equal to the Series A Original Issuance Price plus
dividends declared but unpaid on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company,
if any, shall be distributed pro rata to the holders of ordinary shares and Series A convertible redeemable preferred shares then
outstanding, based on the number of ordinary shares then held by each shareholder on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 168; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt; text-align: justify"><B>13</B></TD>
    <TD STYLE="text-align: justify"><B>PREFERRED SHARES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series A convertible redeemable preferred shares (continued)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(v)</TD>
    <TD STYLE="vertical-align: top">Drag-along rights </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Holders of a majority of the
Series A convertible redeemable preferred shares have a drag-along right whereby they can require the ordinary shareholders to
approve a third-party offer to directly or indirectly purchase all, or substantial all, of the equity interests or assets of the
Company, provided that the transaction shall occur on or after the fifth anniversary of the closing of the issuance of the Series
A convertible redeemable preferred shares or the transaction shall be at a price per share of not less than US$0.58 per share (being
retroactively adjusted to reflect the effect of the share split). Triggering of this drag-along right results in a deemed liquidation
of the Company at the option of a majority of the holders of Series A convertible redeemable preferred shares with a required distribution
of the transaction proceeds in accordance with the Company&rsquo;s Memorandum and Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Consequently, the Series A
convertible redeemable preferred shares are classified outside of permanent equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series B convertible redeemable preferred shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On
September&nbsp;25, 2008, pursuant to Series B convertible redeemable preferred shares purchase agreement, Tarena
International issued 5,630,630 Series B convertible redeemable preferred shares to a third party investor for a total
consideration of RMB34,099 or RMB6.06 per share (&ldquo;Series B Original Issuance Price&rdquo;) (being retroactively
adjusted to reflect the effect of the share split). On the same date, an outstanding short term borrowing in the amount of
RMB10,230 was exchanged for 1,689,190 shares of Series B convertible redeemable preferred shares (being retroactively
adjusted to reflect the effect of the share split).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The Company determined that there was no embedded beneficial
conversion feature attributable to the Series B convertible redeemable preferred shares at the commitment date since the initial
conversion price of the Series B convertible redeemable preferred shares was greater than the estimated fair value of the Company&rsquo;s
ordinary shares as of September&nbsp;25, 2008. The estimated fair value of the underlying ordinary shares on September&nbsp;25,
2008 was determined by management based on a retrospective valuation with the assistance of American Appraisal, using an income
approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference
to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The significant terms of Series B convertible redeemable preferred
shares are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(i)</TD>
    <TD STYLE="vertical-align: top">Conversion </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series B convertible
redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one
at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be
issued, as defined in Tarena International&rsquo;s Memorandum and Articles of Association, at a price lower than the Series B Original
Issuance Price. In addition, each Series B convertible redeemable preferred share is automatically converted into ordinary shares
upon the written consent of the holders of more than 45% of the then outstanding Series B convertible redeemable preferred shares
and the holders of more than 45% of the then outstanding Series A convertible redeemable preferred shares or the consummation of
a Qualified Public Offering, as defined in the Series B convertible redeemable preferred shares purchase agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The contingent conversion price adjustment may provide the holders
of the Series B convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion
feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 169; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt; text-align: justify"><B>13</B></TD>
    <TD STYLE="text-align: justify"><B>PREFERRED SHARES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Series B convertible
redeemable preferred shares (continued)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; width: 0.35in">(ii)</TD>
    <TD STYLE="vertical-align: top">Voting </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series B convertible redeemable preferred shares
have voting rights equivalent to the ordinary shareholders on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iii)</TD>
    <TD STYLE="vertical-align: top">Dividends </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Any dividend declared and paid on ordinary shares shall be also
declared and paid in respect of the Series B convertible redeemable preferred shares as if all such Series B convertible redeemable
preferred shares have been converted to ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iv)</TD>
    <TD STYLE="vertical-align: top">Liquidation preference </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The liquidation preference of the holders of Series B convertible
redeemable preferred shares as of December 31, 2013 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of any liquidation, dissolution, or winding up
of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series C
convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on
each share of Series C convertible redeemable preferred shares; (ii) second to the holders of Series B convertible redeemable preferred
shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible
redeemable preferred shares, (iii) third to the holders of Series A convertible redeemable preferred shares at 100% of the Series
A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares.
The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred
shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares
on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">From the date of September 25, 2008 to August 11, 2011 (the
date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference of the holders of Series
B convertible redeemable preferred shares was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of any liquidation, dissolution, or winding up
of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series B
convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on
each share of Series B convertible redeemable preferred shares; (ii) second to the holders of Series A convertible redeemable preferred
shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible
redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series
B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &ldquo;if-converted&rdquo;
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 170; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt; text-align: justify"><B>13</B></TD>
    <TD STYLE="text-align: justify"><B>PREFERRED SHARES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Series B convertible
redeemable preferred shares (continued)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(v)</TD>
    <TD STYLE="vertical-align: top">Redemption </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">If a Qualified Initial Public Offering or a Trade
Sale, as defined in the Series B convertible redeemable preferred shares purchase agreement, did not occur by December 31, 2012
(the &ldquo;Redemption Date&rdquo;), the holders of Series B convertible redeemable preferred shares had the right to request for
redemption any portion of the Series B convertible redeemable preferred shares they held at a price equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">an amount equal to 150% of Series B Original Issuance
Price; plus,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">an amount equal to all declared but unpaid dividends
on each share of Series B convertible redeemable preferred shares; plus,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">10% compound interest per annum on 150% of Series B Original
Issuance Price for each Series B convertible redeemable preferred share from the date of issuance to the earliest redemption date
of the security.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">On August 11, 2011, in connection with the issuance
of Series C convertible redeemable preferred shares, the Company and holders of Series B convertible redeemable preferred shares
agreed to defer the Redemption Date until June 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 171; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>13</B></TD>
    <TD><B>PREFERRED SHARES (CONTINUED)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series C convertible redeemable preferred shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On August&nbsp;11, 2011, pursuant to the Series C convertible
redeemable preferred shares purchase agreement (&ldquo;Series C Purchase Agreement&rdquo;), Tarena International issued 10,914,852
Series C convertible redeemable preferred shares to a third party investor for a total consideration of RMB127,817 or RMB11.71
per share (&ldquo;Series C Original Issuance Price&rdquo;). Total issuance cost of Series C convertible redeemable preferred shares
was RMB1,397.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The Company determined that there was no embedded beneficial
conversion feature attributable to the Series C convertible redeemable preferred shares at the commitment date since the initial
conversion price of the Series C convertible redeemable preferred shares was greater than the estimated fair value of the Company&rsquo;s
ordinary shares as of August&nbsp;11, 2011. The estimated fair value of the underlying ordinary shares on August&nbsp;11, 2011
was determined by management based on a retrospective valuation with the assistance of American Appraisal, a third party valuation
firm, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount
rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single
present value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">The significant terms of Series C convertible redeemable preferred
shares are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(i)</TD>
    <TD STYLE="vertical-align: top">Conversion </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series C convertible redeemable preferred
shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time,
subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined
in Tarena International&rsquo;s Memorandum and Articles of Association, at a price lower than the Series C Original Issuance Price.
In addition, each Series C Preferred Share is automatically converted into ordinary shares upon the closing of a Qualified Public
Offering, as defined in the Memorandum and Articles of Association or the written consent of 67% of the holders of the Series C
convertible redeemable preferred shares as well as the written consent of the holders of more than 45% of the then outstanding
Series B convertible redeemable preferred shares and the written consent of the holders of more than 45% of the then outstanding
Series A convertible redeemable preferred shares for conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The contingent conversion price adjustments may provide the
holders of the Series C convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial
conversion feature relating to the conversion price adjustment, is recognized when the contingency is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(ii)</TD>
    <TD STYLE="vertical-align: top">Voting </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The holders of Series C convertible redeemable preferred shares
have voting rights equivalent to the ordinary shareholders on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iii)</TD>
    <TD STYLE="vertical-align: top">Dividends </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The board of directors of Tarena International may
approve the payment of dividends at their discretion to the holders of Series C convertible redeemable preferred shares. Any dividend
declared and paid on ordinary shares shall be also declared and paid in respect of the Series C convertible redeemable preferred
shares as if all such Series C convertible redeemable preferred shares have been converted to ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 172; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.45pt"><B>13</B></TD>
    <TD><B>PREFERRED SHARES (CONTINUED) </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>Series C convertible redeemable preferred shares (continued)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(iv)</TD>
    <TD STYLE="vertical-align: top">Liquidation preference </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">The liquidation preference of the holders of Series C convertible
redeemable preferred shares is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">In the event of liquidation, dissolution, or winding up of the
Company, the proceeds shall be distributed according to the following sequence: (i)&nbsp;first to the holders of the Series C convertible
redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of
Series C convertible redeemable preferred shares; (ii)&nbsp;second to the holders of Series B convertible redeemable preferred
shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible
redeemable preferred shares, (iii)&nbsp;third to the holders of Series A convertible redeemable preferred shares at 100% of the
Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred
shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable
preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary
shares on an &ldquo;if-converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.35in">(v)</TD>
    <TD STYLE="vertical-align: top">Redemption </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">If a Qualified Initial Public Offering
or a Trade Sale, as defined in the Series C convertible redeemable preferred shares purchase agreement, does not occur by June&nbsp;30,
2014 (the &ldquo;Redemption Date&rdquo;), the holders of the Series C convertible redeemable preferred shares have the right to
request for redemption for all or a portion of the Series C convertible redeemable preferred shares they hold at a price equal
to the greater of (i)&nbsp;an amount equal to 137.50% of the Series C Original Issuance Price, plus declared but unpaid dividends
on each share of Series C convertible redeemable preferred shares; or (ii)&nbsp;the fair market value of the Series C convertible
redeemable preferred shares as of the most recent year end, as determined by an independent appraiser mutually agreeable to the
Company and the holder of the Series C convertible redeemable preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">As of December&nbsp;31, 2013,
the Company concluded that it was probable that the Series B and Series C convertible redeemable preferred shares will become redeemable.
The Company has elected to accrete changes in the redemption value over the period from the date of issuance to the earliest redemption
date using the interest method. The total accretion of Series B and Series C convertible redeemable preferred shares in the amount
of RMB3,530 and nil were recorded as a reduction to additional paid-in capital first and then charged against accumulated deficit
in the absence of additional paid-in capital for the year ended December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">All the Series A, Series B
and Series C convertible redeemable preferred shares were automatically converted into Class B ordinary shares upon completion
of the Company&rsquo;s IPO on April 3, 2014. As a result, 25,430,831 Class B ordinary shares were issued upon the conversion of
Series A, Series B and Series C convertible preferred shares. Upon the conversion, the carrying amounts of the Series A, Series
B and Series C convertible preferred shares were recorded in additional paid-in capital of RMB704,334 and Class B ordinary shares
of RMB157.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 173; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>SHARE BASED COMPENSATION</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Share incentive plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On September&nbsp;22, 2008,
Tarena International adopted the 2008 Share Plan (the &ldquo;2008 Plan&rdquo;), pursuant to which Tarena International is authorized
to issue share options and other share-based awards to key employees, directors and consultants of the Company to purchase up to
6,002,020 of its Class A ordinary shares (being retroactively adjusted to reflect the effect of the share split) under the 2008
Plan. On November&nbsp;28, 2012, the Company increased the number of Class A ordinary shares authorized for issuance under the
2008 Plan to 8,184,990 Class A ordinary shares. Share options issued before September&nbsp;22, 2008 are also administered under
the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On February 1, 2014, Tarena
International adopted the 2014 Share Plan (the &ldquo;2014 Plan&rdquo;), pursuant to which Tarena International was authorized
to issue options, non-vested shares and non-vested share units to qualified employees, directors and consultants of the Company.
The maximum aggregate number of shares which may be issued pursuant to all awards under the 2014 Plan, or the Award Pool, is 1,833,696,
provided that the shares reserved in the Award Pool shall be increased on the first day of each calendar year, commencing with
January 1, 2015, if the unissued shares reserved in the Award Pool on such day account for less than 2% of the total number of
shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year, as a result of
which increase the shares unissued and reserved in the Award Pool immediately after each such increase shall equal 2% of the total
number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Share options </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On January 1, 2011 and September
26, 2011, the board of directors of Tarena International approved the grant of options to purchase 124,000 and 1,533,020 ordinary
shares of Tarena International to certain employees and directors. These options vest over a five-year period. The option holders
can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii)
a liquidation event as defined in the Company&rsquo;s Memorandum and Articles of Association, or (iii) the five-year anniversary
of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&rsquo;s ordinary
shares on January 1, 2011 and September 26, 2011 was determined to be US$0.63 and US$0.83 per share, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On January 1, 2013, the board
of directors of Tarena International approved the grant of options to certain employees to purchase 2,029,386 ordinary shares of
Tarena International. These options vest over a four year period. The option holders can only exercise their vested options upon
the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii) a liquidation event as defined in the Company&rsquo;s
Memorandum and Articles of Association, or (iii) the five-year anniversary of the option grant date. The options have a contractual
term of ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On September 16, 2013, the
board of directors of Tarena International approved the grant of options to an employee to purchase 30,000 ordinary shares of Tarena
International. 25% of the options will be vested at the closing of the Company&rsquo;s IPO while the remaining 75% will vest over
a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event,
or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 174; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>SHARE BASED COMPENSATION (CONTINUED)</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Share options (continued) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On September 16, 2013, the
board of directors of Tarena International approved the grant of options to an officer to purchase 458,424 ordinary shares of Tarena
International. If the Company undertakes any additional round of financing or any other activities to effect an increase of the
total shares outstanding on a fully diluted basis before the IPO, the officer will be granted additional share options at the same
exercise price. The total number of share options the officer will be granted will be equal to not less than 1% of the Company&rsquo;s
total shares outstanding on a fully diluted basis on the date immediately preceding the closing of the Company&rsquo;s IPO. 25%
of the options will be immediately and fully vested at the closing of the Company&rsquo;s IPO while the remaining 75% will vest
over a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation
event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair
value of Tarena International&rsquo;s ordinary shares on January 1, 2013 and September 16, 2013 was determined to be US$3.75 and
US$5.69 per share, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On February 20, 2014, the board
of the directors of Tarena International approved the grant of options to certain officers and employees to purchase 1,805,784
ordinary shares of Tarena International. The options vest over a four year period. The option holders can only exercise their vested
options upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary
of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&rsquo;s ordinary
shares on February 20, 2014 was determined to be US$8.60 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">During the year ended December
31, 2015, the board of the directors of Tarena International approved the grant of options to certain officers and employees to
purchase 615,624 ordinary shares of Tarena International at exercise prices ranging from US$0.89 to US$4.36 per share. These options
vest over a period ranging between 1 year and 4 years. The options have a contractual term of ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">During the year ended December
31, 2016, the board of the directors of Tarena International approved the grant of options to certain officers and employees to
purchase 1,115,807 ordinary shares of Tarena International at exercise prices ranging from US$0.058 to US$4.36 per share. These
options vest over a period ranging between 0.5 year and 4 years. The options have a contractual term of ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 175; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>SHARE BASED COMPENSATION (CONTINUED)</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Share options (continued) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">A summary of share options activity for the years
ended December 31, 2014, 2015 and 2016 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Share<BR> Options</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<BR> Average<BR> Exercise&nbsp;Price<BR> US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<BR> Average<BR> Remaining<BR> Contractual<BR> Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate<BR> Intrinsic<BR> Value US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-weight: bold; text-indent: -12pt; padding-left: 12pt">Outstanding at December&nbsp;31, 2013</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">8,134,830</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">0.82</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,805,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,786,449</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(115,215</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Expired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Outstanding at December&nbsp;31, 2014</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,038,950</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.44</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6.19</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">77,658</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">615,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,015,872</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,926</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Expired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Outstanding at December&nbsp;31, 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,581,776</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.77</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5.68</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,412</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,115,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,106,043</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(263,671</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Expired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Outstanding at December&nbsp;31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,327,869</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.88</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5.84</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">56,743</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Vested and expected to vest as of December&nbsp;31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,959,763</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.74</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5.59</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">52,460</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Exercisable as of December&nbsp;31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,536,418</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.17</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.09</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">35,045</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">The Company calculated the fair value of the share
options on the grant date using the Binomial option-pricing valuation model. The assumptions used in the valuation model are summarized
in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">The total intrinsic value of options exercised during
the years ended December 31, 2014, 2015 and 2016 were RMB153,860, RMB235,831 and RMB141,040, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -12pt; padding-left: 12pt">Expected volatility</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">51.7%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">62.3%-70.9%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">63.5%-68.8%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Expected dividends yield</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Exercise multiple</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Risk-free interest rate per annum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.81%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.68%-2.99%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.15%-3.18%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Estimated fair value of underlying ordinary shares (per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">US$8.60&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">US$9.28-US$12.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">US$9.99-US$16.54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 176; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>SHARE BASED COMPENSATION (CONTINUED)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"><B><I>Share options (continued) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Because the Company&rsquo;s ordinary shares had a
short trading history at the time the options were issued, the expected volatility was based on the historical volatilities of
comparable publicly traded companies engaged in the similar industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">The estimated fair value
of the underlying ordinary shares on each date of grant prior to September 2013, was determined by management based on a
retrospective valuation conducted by American Appraisal. The estimated fair values of the underlying ordinary shares on
September 16, 2013 and February 20, 2014 were determined by management based on a contemporaneous valuation conducted by
American Appraisal. The Company first determined its enterprise value by using income approach, which required the estimation
of future cash flows, and the application of an appropriate discount rate with reference to comparable listed companies
engaged in the similar industry to convert such future cash flows to a single present value, and then allocated the
enterprise value between the ordinary shares and preferred shares. The fair values of the underlying ordinary shares on each
date of grant after April 2014, were the closing prices of the Company&rsquo;s Class A ordinary shares traded in the Stock
Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">No income tax benefit was recognized
in the consolidated statements of comprehensive income as the share-based compensation expense was not tax deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">The fair values of the options granted for the years
ended December&nbsp;31, 2014, 2015 and 2016 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 40pt; border-collapse: collapse; width: 83%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -12pt; padding-left: 12pt">Weighted average grant date fair value of option per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9.16</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10.17</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Aggregate grant date fair value of options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">As of December&nbsp;31, 2016,
there was approximately RMB71,282 of total unrecognized compensation cost related to unvested share options. The unrecognized
compensation costs are expected to be recognized over a weighted average period of approximately 2.18 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>Non-vested shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On April 3, 2014, the board
of directors of Tarena International approved the grant of two batches of non-vested shares to three independent directors. The
number of the first batch of non-vested shares is equal to 27,780 shares, which was calculated as US$250 divided by US$9 per share,
i.e. the IPO price of ordinary share of Tarena International. Conditioned on the Grantee&rsquo;s continuous services as a director
of the Company, a second batch of non-vested shares should be granted with the number equal to US$250 divided by the closing price
of ordinary share of Tarena International on April 3, 2015, which was calculated as US$250 divided by US$10 per share, with 25,000
non-vested shares were granted on April 3, 2015. The two batches of non-vested shares shall vest on the April 3, 2015 and 2016,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On November 11, 2014, the board
of directors of Tarena International approved the grant of 1,944 non-vested shares to 8 employees. One hundred percent of the non-vested
shares shall vest immediately on the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">On April 3, 2016, the board
of directors of Tarena International approved the grant of 20,000 non-vested shares to three independent directors, 25% of which
vest at the end of every quarter within one year. Grantees of non-vested shares have no voting rights or dividend rights with respect
to shares that have not been vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 177; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>14</B></TD><TD STYLE="text-align: justify"><B>SHARE BASED COMPENSATION (CONTINUED)</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"><B><I>Non-vested shares (continued) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">A summary of the non-vested shares activity under
the 2014 Share Plan is summarized as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 24.5pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Number&nbsp;of&nbsp;Non-<BR> vested Shares</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Weighted Average<BR> Grant Date Fair<BR> Value</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Outstanding as of December&nbsp;31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%">Granted</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">29,724</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">9.38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,944</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December&nbsp;31, 2014</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">27,780</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">9.06</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,780</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December&nbsp;31, 2015</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">25,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">9.63</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.97</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December 31, 2016</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.82</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">As of December 31, 2016, there
was approximately RMB244 of total unrecognized compensation cost related to non-vested shares, which is expected to be recognized
over a weighted average period of approximately 0.25 years. The total fair value of shares vested during the year ended December
31, 2015 and 2016 was RMB1,567 and RMB2,316 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 178; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>15</B></TD><TD STYLE="text-align: justify"><B>EARNINGS&nbsp;&nbsp;PER SHARE</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">Basic and diluted earnings per share is calculated
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income attributable to Class A and Class B ordinary shareholders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">148,320</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">178,760</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">241,854</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Earnings allocated to participating Series A convertible redeemable preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,648</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Earnings allocated to participating Series B convertible redeemable preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,745</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Earnings allocated to participating Series C convertible redeemable preferred shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,566</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Net income for basic and diluted earnings per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">128,361</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">178,760</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">241,854</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Denominator for basic earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Weighted average number of Class A and Class B ordinary shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,223,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,767,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,540,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Dilutive effect of outstanding share options</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,546,743</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,983,046</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,464,591</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Denominator for diluted earnings per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,770,132</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,750,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,005,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Basic earnings per Class A and Class B ordinary share</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.11</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.32</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.35</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Diluted earnings per Class A and Class B ordinary share</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2.69</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.04</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.10</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"><FONT STYLE="font-weight: normal">The Company uses
the two-class method to calculate basic and diluted earnings per Class A and Class B ordinary share. Under the two-class method,
when calculating the basic and dilutive earnings per Class A and Class B ordinary share, net income attributable to Class A and
Class B ordinary shareholders is adjusted to reflect the net income which is allocated to preferred shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 179; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>16</B></TD><TD STYLE="text-align: justify"><B>COMMITMENTS AND CONTINGENCIES</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 24.5pt; text-align: left"><B><I>(a)</I></B></TD><TD STYLE="text-align: justify"><B><I>Operating lease commitments</I></B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify">Future minimum lease payments
under non-cancelable operating lease agreements as of December&nbsp;31, 2016 were as follows. The Company&rsquo;s leases do not
contain any contingent rent payment terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">Year ending December 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 82%; font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">2017</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">116,805</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">2018</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,736</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,660</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,230</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -12pt; padding-left: 12pt">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,542</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">2022 and thereafter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">53,924</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">421,897</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify">Gross rent expenses incurred
under operating leases were RMB77,493, RMB108,992 and RMB136,076 for the years ended December&nbsp;31, 2014, 2015 and 2016, respectively.
Sublease rental income of RMB1,416, RMB382 and RMB 460 for the years ended December&nbsp;31, 2014, 2015 and 2016, respectively,
were recognized as reductions of gross rental expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 180; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>17</B></TD><TD STYLE="text-align: justify"><B>PARENT ONLY FINANCIAL INFORMATION</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><FONT STYLE="font-size: 10pt">The following presents
condensed parent company financial information of Tarena International. </FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Condensed Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: 0; padding-left: 0">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: 0; padding-left: 0.125in">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">43,770</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Restricted time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,843</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,855</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.25in">Total current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">564,506</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">288,420</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Investments and loans to subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">786,264</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,316,552</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.25in; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,350,770</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,604,972</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">LIABILITIESAND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0; padding-left: 0">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,522</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,409</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.25in">Total current liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,522</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,409</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.125in">Other non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,634</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,343</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: 0; padding-left: 0.25in">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,156</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,752</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.125in">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Class A ordinary shares (US$0.001 par value,860,000,000 shares authorized, 44,914,538 and 48,735,228 shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in">Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,761</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: 0; padding-left: 0.125in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">995,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">450,345</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">638,173</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.25in; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,338,614</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,598,220</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.25in; padding-bottom: 2.5pt">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,350,770</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">1,604,972</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 181; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>17</B></TD><TD STYLE="text-align: justify"><B>PARENT ONLY FINANCIAL INFORMATION (CONTINUED)</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Condensed Statements of Comprehensive
Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid">(1,047</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid">(4,241</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid">(4,477</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Operating loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,047</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,241</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,477</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Equity in income of subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Foreign currency exchange gains (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,753</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: -12pt; padding-left: 12pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,027</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Loss on foreign currency forward contract</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,898</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: -12pt; padding-left: 12pt; padding-bottom: 1pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,776</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,400</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,559</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Income before income taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">151,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">178,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">241,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Net income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">151,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">178,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">241,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Foreign currency translation adjustment, net of nil income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,896</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(235</TD><TD STYLE="padding-bottom: 1pt; 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: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Comprehensive income</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">148,954</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">213,508</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">269,826</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 182; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TARENA INTERNATIONAL, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands of RMB and US$,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">except for number of shares and per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>17</B></TD><TD STYLE="text-align: justify"><B>PARENT ONLY FINANCIAL INFORMATION (CONTINUED)</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 24.5pt; border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">Operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-weight: bold; text-align: left; padding-left: 0.375in; padding-bottom: 1pt; text-indent: 0">Net cash provided by (used in) operating activities</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">19,036</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">9,770</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(10,272</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">Investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Purchase of time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(569,312</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(588,426</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(298,688</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Proceeds from maturity of time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,071</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">603,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">620,607</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Investments made to subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(104,662</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(198,137</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.375in; padding-bottom: 1pt">Net cash provided by (used in) investing activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(670,903</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">15,075</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">123,782</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0">Financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; padding-left: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Advances from a related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Repayment of advances from a related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,432</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Issuance of Class A ordinary shares upon the IPO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">592,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Issuance of Class A ordinary shares in private placement concurrent with the IPO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Issuance of Class A ordinary shares in connection with exercise of share options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; padding-left: 0.125in">Payment of dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,026</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; padding-left: 0.125in">Repurchase of treasury shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,406</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.125in">Payment of IPO costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,228</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.375in; padding-bottom: 1pt">Net cash provided by (used in) financing activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">659,503</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(26,899</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(78,044</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Effect of foreign currency exchange rate changes on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,029</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in">Net increase (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,656</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,495</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 1pt">Cash and cash equivalents at beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">322</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,931</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,275</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0.125in; padding-bottom: 2.5pt">Cash and cash equivalents at end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">7,931</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">6,275</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">43,770</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0; padding-left: 0.125in">Non-cash investing and financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">592,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 24.5pt; text-align: left"><B>18</B></TD><TD STYLE="text-align: justify"><B>SUBSEQUENT EVENTS</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">On February 28, 2017, The Board of Directors approved
to declare a cash dividend of RMB1.10 (US$0.16) per ordinary share to shareholders as of the close of trading on March 27, 2017.
The cash dividend will be paid on or about May 30, 2017. The aggregate amount of cash dividends to be paid is approximately RMB64,900
(US$9,500).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 183; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.27
<SEQUENCE>2
<FILENAME>v461874_ex4-27.htm
<DESCRIPTION>EXHIBIT 4.27
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.27</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Power of Attorney</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Power of Attorney
(this &ldquo;Power of Attorney&rdquo;) shall supersede and replace the power of attorney I executed as of November 25, 2013 (the
&ldquo;Original Power of Attorney&rdquo;) upon the effective date stipulated in this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">I, Han Shaoyun, a Chinese
citizen with Chinese Identification Card No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and a holder of 70%
of the entire registered capital in Beijing Tarena Jinqiao Technology Co., Ltd. (&ldquo;Beijing Tarena&rdquo;) as of the date when
the Power of Attorney is executed, hereby irrevocably authorize Tarena Technologies Group Inc. (the &ldquo;Designee&rdquo;) to
exercise the following rights relating to all equity interests held by me now and in the future in Beijing Tarena (&ldquo;My Shareholding&rdquo;)
during the term of this Power of Attorney:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Designee is hereby
authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding,
including without limitation to: 1) attending shareholders&rsquo; meetings of Beijing Tarena; 2) exercising all the shareholder&rsquo;s
rights and shareholder&rsquo;s voting rights I am entitled to under the laws of China and Beijing Tarena&rsquo;s Articles of Association,
including but not limited to the sale or transfer or pledge or disposition of My Shareholding in part or in whole; and 3) designate
and appoint on behalf of myself the legal representative, the directors, supervisors, the chief executive officer and other senior
management members of Beijing Tarena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Without limiting
the generality of the powers granted hereunder, the Designee shall have the power and authority to, on behalf of myself,
execute all the documents I shall sign as stipulated in the Second Amended and Restated Exclusive Option Agreement entered
into by and among me, the Designee and Tarena International Inc. on July 5, 2016 and the Second Amended and Restated Equity
Pledge Agreement entered into by and among me, Beijing Tarena and the Designee on July 5, 2016 (including any
modification, amendment and restatement thereto, collectively the &ldquo;Transaction Documents&rdquo;), and perform the terms
of the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: 24pt">All the actions
associated with My Shareholding conducted by the Designee shall be deemed as my own actions, and all the documents related to My
Shareholding executed by the Designee shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or
documents by the Designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Designee is entitled
to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion and without
giving prior notice to me or obtaining my consent. If required by PRC laws, the Designee shall designate a PRC citizen to exercise
the aforementioned rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">During the period that
I am a shareholder of Beijing Tarena, this Power of Attorney shall be irrevocable and continuously effective and valid from the
date of execution of this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">During the term of this
Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the Designee through
this Power of Attorney, and shall not exercise such rights by myself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Power of Attorney
is written in Chinese and English. The Chinese version and English version shall have equal legal validity. In case there is any
conflict between the Chinese version and the English version, the Chinese version shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>Han Shaoyun</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 47%; border-bottom: black 1pt solid; text-align: justify">/s/ Han Shaoyun</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Date: July 5, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>Tarena
Technologies Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/
    Han Shaoyun</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(Company
                                         seal affixed)&nbsp;</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">Name: </TD>
    <TD STYLE="padding: 0; text-align: justify">Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify">Legal Representative</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">Date:</TD>
    <TD STYLE="padding: 0; text-align: justify"> July 5, 2016</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acknowledged
by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-align: justify; text-indent: -53.95pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-align: justify; text-indent: -53.95pt"><B>Beijing
Tarena Jinqiao Technology Co., Ltd. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: justify; text-indent: 0in">By:</TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify; text-indent: 0in">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">Name: </TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">Han Shaoyun</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">Legal Representative</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">Date:</TD>
    <TD STYLE="padding: 0; text-align: justify"> July 5, 2016</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.28
<SEQUENCE>3
<FILENAME>v461874_ex4-28.htm
<DESCRIPTION>EXHIBIT 4.28
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.28</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Power of Attorney</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Power of Attorney
(this &ldquo;Power of Attorney&rdquo;) shall supersede and replace the power of attorney I executed as of November 25, 2013 (the
&ldquo;Original Power of Attorney&rdquo;) upon the effective date stipulated in this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">I, Li Jianguang, a Chinese
citizen with Chinese Identification Card No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and a holder of 30% of the entire
registered capital in Beijing Tarena Jinqiao Technology Co., Ltd. (&ldquo;Beijing Tarena&rdquo;) as of the date when the Power
of Attorney is executed, hereby irrevocably authorize Tarena Technologies Group Inc. (the &ldquo;Designee&rdquo;) to exercise the
following rights relating to all equity interests held by me now and in the future in Beijing Tarena (&ldquo;My Shareholding&rdquo;)
during the term of this Power of Attorney:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Designee is hereby
authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding,
including without limitation to: 1) attending shareholders&rsquo; meetings of Beijing Tarena; 2) exercising all the shareholder&rsquo;s
rights and shareholder&rsquo;s voting rights I am entitled to under the laws of China and Beijing Tarena&rsquo;s Articles of Association,
including but not limited to the sale or transfer or pledge or disposition of My Shareholding in part or in whole; and 3) designate
and appoint on behalf of myself the legal representative, the directors, supervisors, the chief executive officer and other senior
management members of Beijing Tarena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Without limiting the
generality of the powers granted hereunder, the Designee shall have the power and authority to, on behalf of myself, execute all
the documents I shall sign as stipulated in the Second Amended and Restated Exclusive Option Agreement entered into by and among
me, the Designee and Tarena International Inc. on July 5, 2016 and the Second Amended and Restated Equity Pledge Agreement entered
into by and among me, Beijing Tarena and the Designee on July 5, 2016 (including any modification, amendment and restatement
thereto, collectively the &ldquo;Transaction Documents&rdquo;), and perform the terms of the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: 24pt">All the actions
associated with My Shareholding conducted by the Designee shall be deemed as my own actions, and all the documents related to My
Shareholding executed by the Designee shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or
documents by the Designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Designee is entitled
to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion and without
giving prior notice to me or obtaining my consent. If required by PRC laws, the Designee shall designate a PRC citizen to exercise
the aforementioned rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">During the period that
I am a shareholder of Beijing Tarena, this Power of Attorney shall be irrevocable and continuously effective and valid from the
date of execution of this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">During the term of this
Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the Designee through
this Power of Attorney, and shall not exercise such rights by myself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Power of Attorney
is written in Chinese and English. The Chinese version and English version shall have equal legal validity. In case there is any
conflict between the Chinese version and the English version, the Chinese version shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><B>Li Jianguang</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 47%; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">/s/ Li Jianguang</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>Tarena
Technologies Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -56.85pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">By: </TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">Legal Representative</TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acknowledged
by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-align: justify; text-indent: -53.95pt"><B>Beijing
Tarena Jinqiao Technology Co., Ltd. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: justify; text-indent: 0">By:</TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun </TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify; text-indent: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Legal Representative</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.29
<SEQUENCE>4
<FILENAME>v461874_ex4-29.htm
<DESCRIPTION>EXHIBIT 4.29
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.29</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Second Amended and Restated Exclusive
Option Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">This Second Amended
and Restated Exclusive Option Agreement (this &ldquo;Agreement&rdquo;) is executed by and among the Parties below as of July 5,
2016 in Beijing, the People&rsquo;s Republic of China (&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: &#9;Tarena
International Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Fourth Floor, One Capital Place, P.O. Box 847GT, Grand Cayman, Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: &#9;Tarena Technologies Group
Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party C: &#9;Han Shaoyun</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ID No.: &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party D: Beijing Tarena Jinqiao Technology
Co., Ltd. &#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In this Agreement,
each of Party A, Party B, Party C and Party D shall be referred to as a &ldquo;Party&rdquo; respectively, and they shall be collectively
referred to as the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Whereas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party A is a company established in Cayman Islands and holds 100% of the equity interests of Party
B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party C is a shareholder of Party D and as of the date hereof holds 70% of the equity interests
of Party D, representing RMB3,500,000 in the registered capital of Party D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">Party B and Party C executed a Second Amended and Restated Loan Agreement on July 5, 2016 (the
&ldquo;Loan Agreement&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">Party B, Party C and Party D executed a Amended and Restated Exclusive Option Agreement (the &ldquo;Original
Exclusive Option Agreement&rdquo;) on November 25, 2013. The Parties intend to enter this Agreement to replace and supersede the
Original Exclusive Option Agreement by executing this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Now therefore, upon
mutual discussion and negotiation, the Parties have reached the following agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.3pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Sale and Purchase of Equity Interest</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.1</TD><TD STYLE="text-align: justify"><U>Option Granted</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 1; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">In consideration
of the payment of RMB10.00 by Party A, the receipt and adequacy of which is hereby acknowledged by Party C, Party C hereby irrevocably
grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a &ldquo;Designee&rdquo;)
to purchase, the equity interests in Party D then held by Party C once or at multiple times at any time in part or in whole at
Party A&rsquo;s sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3
herein (such right being the &ldquo;Equity Interest Purchase Option&rdquo;). Except for Party A and the Designee(s), no other person
shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party C. Party
D hereby agrees to the grant by Party C of the Equity Interest Purchase Option to Party A. The term &ldquo;person&rdquo; as used
herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.2</TD><TD STYLE="text-align: justify"><U>Steps for Exercise of Equity Interest Purchase Option</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">Subject to
the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the &ldquo;Equity Interest Purchase Option Notice&rdquo;), specifying: (a) Party A&rsquo;s decision to exercise
the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B (the &ldquo;Optioned Interests&rdquo;);
and (c) the date for purchasing the Optioned Interests. Party A and/or the Designee(s) shall obtain all necessary government licenses
and permits and take all necessary actions to purchase the equity interests in Party D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.3</TD><TD STYLE="text-align: justify"><U>Equity Interest Purchase Price</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">The purchase
price of all equity interests held by Party C in Party D purchased by Party A by exercising the Equity Interest Purchase Option
shall be RMB3,500,000; if Party A exercises the Equity Interest Purchase Option to purchase part of the equity interests held by
Party C in Party D, the purchase price shall be calculated on a pro rata basis. If PRC law requires a minimum price higher than
the aforementioned price when Party A exercises the Equity Interest Purchase Option, the minimum price regulated by PRC law shall
be the purchase price (collectively, the &ldquo;Equity Interest Purchase Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.4</TD><TD STYLE="text-align: justify"><U>Transfer of Optioned Interests</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.15pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">For each
exercise of the Equity Interest Purchase Option by Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.15pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.1</TD><TD STYLE="text-align: justify">Party C shall cause Party D to promptly convene a shareholders meeting, at which a resolution shall
be adopted approving Party C&rsquo;s transfer of the Optioned Interests to Party A and/or the Designee(s);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.2</TD><TD STYLE="text-align: justify">Party C shall obtain written statements from the other shareholders of Party D giving consent to
the transfer of the equity interests to Party A and/or the Designee(s) and waiving any right of first refusal related thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.3</TD><TD STYLE="text-align: justify">Party C shall execute a share transfer contract with respect to each transfer with Party A and/or
each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option
Notice regarding the Optioned Interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.4</TD><TD STYLE="text-align: justify">The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain
all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests
to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, &ldquo;security interests&rdquo;
shall include securities, mortgages, third party's rights or interests, any stock options, acquisition right, right of first refusal,
right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created
by this Agreement, Party C&rsquo;s Share Pledge Agreement and Party C&rsquo;s Power of Attorney. &ldquo;Party C&rsquo;s Share Pledge
Agreement&rdquo; as used in this Agreement shall refer to the Amended and Restated Share Pledge Agreement executed by and among
Party B, Party C and Party D on the date hereof and any modifications, amendments, and restatements thereto. &ldquo;Party C&rsquo;s
Power of Attorney&rdquo; as used in this Agreement shall refer to the Power of Attorney executed by Party C on the date hereof
and any modifications, amendments, and restatements thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.5</TD><TD STYLE="text-align: justify"><U>Payment of the Equity Interest Purchase Price</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">The Parties
have agreed in the Loan Agreement that any proceeds obtained by Party C through the transfer of its equity interests in Party D
shall be used for repayment of the loan provided by Party B in accordance with the Loan Agreement. Accordingly, if Party A designates
Party B as the Designee, upon exercise of the Equity Interest Purchase Option, Party B may elect to make payment of the Equity
Interest Purchase Price through cancellation of the outstanding amount of the loan owed by Party C to Party B, in which case Party
A shall not be required to pay any additional purchase price to Party C, unless the Equity Interest Purchase Price set forth herein
is required to be adjusted in accordance with the applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Covenants</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">2.1</TD><TD STYLE="text-align: justify"><U>Covenants regarding Party D</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">Party C (as
a shareholder of Party D) and Party D hereby covenant as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.1</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not in any manner supplement, change or
amend the articles of association and bylaws of Party D, increase or decrease its registered capital, or change its structure of
registered capital in other manners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.2</TD><TD STYLE="text-align: justify">They shall maintain Party D&rsquo;s corporate existence in accordance with good financial and business
standards and practices by prudently and effectively operating its business and handling its affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.3</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not at any time following the date hereof,
sell, transfer, mortgage or dispose of in any manner any assets of Party D or legal or beneficial interest in the business or revenues
of Party D, or allow the encumbrance thereon of any security interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.4</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer
the existence of any debt, except forpayables incurred in the ordinary course of business other than through loans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.5</TD><TD STYLE="text-align: justify">They shall always operate all of Party D&rsquo;s businesses within the ordinary course of business
to maintain the asset value of Party D and refrain from any action/omission that may affect Party D&rsquo;s operating status and
asset value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.6</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause Party D to execute any major
contract, except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a value exceeding
RMB 500,000 shall be deemed a major contract);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.85pt">2.1.7</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause Party D to provide any person
with any loan or credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.8</TD><TD STYLE="text-align: justify">They shall provide Party A with information on Party D's business operations and financial condition
at Party A's request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.9</TD><TD STYLE="text-align: justify">If requested by Party A, they shall procure and maintain, at the cost of Party D, insurance in
respect of Party D&rsquo;s assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage
typical for companies that operate similar businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.10</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause or permit Party D to merge,
consolidate with, acquire or invest in any person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.11</TD><TD STYLE="text-align: justify">They shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to Party D&rsquo;s assets, business or revenue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.12</TD><TD STYLE="text-align: justify">To maintain the ownership by Party D of all of its assets, they shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary
and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.13</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall ensure that Party D shall not in any manner
distribute dividends to its shareholders, provided that upon Party A's written request, Party D shall immediately distribute all
distributable profits to its shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.14</TD><TD STYLE="text-align: justify">At the request of Party A, they shall appoint any persons designated by Party A as directors of
Party D;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.15</TD><TD STYLE="text-align: justify">Without Party A&rsquo;s prior written consent, they shall not engage in any business in competition
with Party A or its affiliates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.16</TD><TD STYLE="text-align: justify">Unless otherwise required by PRC law, Party D shall not be dissolved or liquated without prior
written consent by Party A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -28.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">2.2</TD><TD STYLE="text-align: justify"><U>Other Covenants</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Party C hereby covenants
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.1</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, Party C shall not sell, transfer, mortgage or dispose
of in any other manner any legal or beneficial interest in the equity interests in Party D held by Party C, or allow the encumbrance
thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party C&rsquo;s Share
Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.2</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting and/or the board of directors of Party D not
to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests
in Party D held by Party C, or allow the encumbrance thereon of any security interest, without the prior written consent of Party
A, except for the pledge placed on these equity interests in accordance with Party C&rsquo;s Share Pledge Agreement and Party C&rsquo;s
Power of Attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.3</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting or the board of directors of Party D not to
approve the merger or consolidation with any person, or the acquisition of or investment in any person, without the prior written
consent of Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.4</TD><TD STYLE="text-align: justify">Party C shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party D held by Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.5</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting or the board of directors of Party D to vote
their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that
may be requested by Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.6</TD><TD STYLE="text-align: justify">To the extent necessary to maintain Party C&rsquo;s ownership in Party D, Party C shall execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.7</TD><TD STYLE="text-align: justify">Party C shall appoint any designee of Party A as director of Party D, at the request of Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.8</TD><TD STYLE="text-align: justify">Party C hereby waives its right of first refusal in regards to the transfer of equity interest
by any other shareholder of Party D to Party A (if any), and gives consent to the execution by each other shareholder of Party
D with Party A and Party D the exclusive option agreement, the share pledge agreement and the power of attorney similar to this
Agreement, Party C&rsquo;s Share Pledge Agreement, and Party C&rsquo;s Power of Attorney, and undertakes not to take any actions
in conflict with such documents executed by the other shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.9</TD><TD STYLE="text-align: justify">Party C shall promptly donate any profits, interests, dividends, or proceeds of liquidation to
Party A or any other person designated by Party A to the extent permitted under the applicable PRC laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.10</TD><TD STYLE="text-align: justify">Party C shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by and among Party C, Party D and Party A, perform the obligations hereunder and thereunder, and refrain from
any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party C has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under Party C&rsquo;sShare Pledge Agreement
among the same parties hereto or under Party C&rsquo;s Power of Attorney, Party C shall not exercise such rights except in accordance
with the written instructions of Party A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Representations and Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt">Party C and Party D hereby represent and warrant
to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.1</TD><TD STYLE="text-align: justify">They have the authority to execute and deliver this Agreement and any share transfer contracts
to which they are parties concerning the Optioned Interests to be transferred thereunder (each, a &ldquo;Transfer Contract&rdquo;),
and to perform their obligations under this Agreement and any Transfer Contracts. Party C and Party D agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A&rsquo;s exercise of the Equity Interest Purchase Option. This
Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and binding obligations
and shall be enforceable against them in accordance with the provisions thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.2</TD><TD STYLE="text-align: justify">Party C and Party D have obtained any and all approvals and consents from the relevant government
authorities and third parties (if required) for the execution, delivery, and performance of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD STYLE="text-align: justify">The execution and delivery of this Agreement or any Transfer Contracts and the obligations under
this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable PRC laws; (ii) be inconsistent with
the articles of association, bylaws or other organizational documents of Party D; (iii) cause the violation of any contracts or
instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments
to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued
effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of
additional conditions to any licenses or permits issued to either of them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD STYLE="text-align: justify">Party C has a good and merchantable title to the equity interests in Party D he holds. Except for
Party C&rsquo;s Share Pledge Agreement, Party C has not placed any security interest on such equity interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD STYLE="text-align: justify">Party D has a good and merchantable title to all of its assets, and has not placed any security
interest on the aforementioned assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD STYLE="text-align: justify">Party D does not have any outstanding debts, except for (i) debt incurred in the ordinary course
of business; and (ii) debts disclosed to Party A for which Party A&rsquo;s written consent has been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.45pt">3.7</TD><TD STYLE="text-align: justify">Party D has complied with all laws and regulations of China applicable to asset acquisitions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.45pt">3.8</TD><TD STYLE="text-align: justify">There are no pending or threatened litigation, arbitration or administrative proceedings relating
to the equity interests in Party D, assets of Party D or Party D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Effective Date and Term</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.95pt; text-align: justify; text-indent: 0in">This Agreement
shall become effective upon execution by the Parties, and remain in effect until all equity interests held by Party C in Party
D have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement.
Since the effective date of this Agreement, the Original Exclusive Option Agreement shall be terminated and shall be replaced and
superseded by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 19.05pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law and Resolution of Disputes</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.1</TD><TD STYLE="text-align: justify"><U>Governing Law</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0.1pt">The execution,
effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.2</TD><TD STYLE="text-align: justify"><U>Methods of Resolution of Disputes</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">In the event
of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate
in good faith to resolve the dispute. In the event the Parties fail to reach an agreement on the resolution of such a dispute within
30 days after any Party&rsquo;s request for resolution of the dispute through negotiations, any Party may submit the relevant dispute
to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then-effective arbitration
rules. The arbitration shall be conducted in Beijing, and the language used during arbitration shall be Chinese. The arbitration
ruling shall be final and binding on all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Taxes and Fees</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0in">Each Party
shall pay any and all transfer and registration taxes, expenses and fees incurred thereby or levied thereon in accordance with
the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the
consummation of the transactions contemplated under this Agreement and the Transfer Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Notices</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 49.65pt"></TD><TD STYLE="width: 35.4pt">7.1.1</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 49.65pt"></TD><TD STYLE="width: 35.4pt">7.1.2</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.2</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 123.2pt; text-align: justify; text-indent: -45.2pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt"><B>Party A: </B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Tarena International Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Fourth Floor, One Capital Place, P.O. Box 847GT, Grand Cayman, Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Tarena Technologies Group Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">86-10 6213-6369</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Han Shaoyun</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Tel: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt"><B>Party D: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">86-10 6213-5687</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.3pt; text-indent: -44.3pt">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.3</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Parties
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Confidentiality</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -0.05pt">The Parties
acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties
in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall
maintain the confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be featured in the public domain (other than through the receiving Party&rsquo;s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Further Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0.1pt">The Parties
agree to promptly execute the documents that are reasonably required for or are conducive to the implementation of the provisions
and purposes of this Agreement and to take further actions that are reasonably required for or are conducive to the implementation
of the provisions and purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B><U>Breach of Agreement</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">10.1</TD><TD STYLE="text-align: justify">If Party C or Party D conducts any material breach of any term of this Agreement, Party A shall
have right to terminate this Agreement and/or require Party C or Party D to compensate all damages; this Section 10 shall not prejudice
any other rights of Party A herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">10.2</TD><TD STYLE="text-align: justify">Party C or Party D shall not have any right to terminate this Agreement in any event unless otherwise
required by the applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.1</TD><TD STYLE="text-align: justify"><U>Amendments, Changes and Supplements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Any amendments
and supplements to this Agreement shall be made in writing. The amendment agreements and supplementary agreements that have been
signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same legal
validity as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.2</TD><TD STYLE="text-align: justify"><U>Entire Agreement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Except for
the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all
prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.
This Agreement supersedes, in its entirety, the Original Exclusive Option Agreement relating to the matters set forth herein, which
shall be terminated as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.3</TD><TD STYLE="text-align: justify"><U>Headings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">The headings
of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.4</TD><TD STYLE="text-align: justify"><U>Language</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">This Agreement
is written in both Chinese and English language in four copies, each Party having one copy with equal legal validity; in case there
is any conflict between the Chinese version and the English version, the Chinese version shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.5</TD><TD STYLE="text-align: justify"><U>Severability</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">In the event
that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance
with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not
be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable
provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties,
and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal
or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.6</TD><TD STYLE="text-align: justify"><U>Successors</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">This Agreement
shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such
Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.7</TD><TD STYLE="text-align: justify">Survival</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 36pt">11.7.1</TD><TD STYLE="text-align: justify">Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 56.7pt"></TD><TD STYLE="width: 36pt">11.7.2</TD><TD STYLE="text-align: justify">The provisions of Sections 5, 7, 8 and this Section 11.7 shall survive the termination of this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.8</TD><TD STYLE="text-align: justify"><U>Waivers</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Any Party
may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require
the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall
operate as a waiver by such a Party with respect to any similar breach in other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.55pt; text-align: justify; text-indent: -35.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.25pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Exclusive Option Agreement
as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.55pt; text-align: justify; text-indent: -35.55pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party A: </B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Tarena International Inc.</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">Han Shaoyun</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Tarena Technologies Group Inc.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Han Shaoyun</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party D: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>5
<FILENAME>v461874_ex4-30.htm
<DESCRIPTION>EXHIBIT 4.30
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.30</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Second Amended and Restated Exclusive
Option Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">This Second Amended
and Restated Exclusive Option Agreement (this &ldquo;Agreement&rdquo;) is executed by and among the Parties below as of July 5,
2016 in Beijing, the People&rsquo;s Republic of China (&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Tarena
International Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Fourth Floor, One Capital Place, P.O. Box 847GT, Grand Cayman, Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: Tarena Technologies Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party C: Li Jianguang</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ID No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party D: Beijing Tarena Jinqiao Technology
Co., Ltd. &#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: -49.55pt">Address:
Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In this Agreement,
each of Party A, Party B, Party C and Party D shall be referred to as a &ldquo;Party&rdquo; respectively, and they shall be collectively
referred to as the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Whereas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party A is a company established in Cayman Islands and holds 100% of the equity interests of Party
B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party C is a shareholder of Party D and as of the date hereof holds 30% of the equity interests
of Party D, representing RMB1,500,000 in the registered capital of Party D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B and Party C executed a Second Amended and Restated Loan Agreement
on </FONT>July 5<FONT STYLE="font-size: 10pt">, 2016 (the &ldquo;Loan Agreement&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">Party B, Party C and Party D executed a Amended and Restated Exclusive Option Agreement (the &ldquo;Original
Exclusive Option Agreement&rdquo;) on November 25, 2013. The Parties intend to enter this Agreement to replace and supersede the
Original Exclusive Option Agreement by executing this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Now therefore, upon
mutual discussion and negotiation, the Parties have reached the following agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.3pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Sale and Purchase of Equity Interest</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.1</TD><TD STYLE="text-align: justify"><U>Option Granted</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">In consideration
of the payment of RMB10.00 by Party A, the receipt and adequacy of which is hereby acknowledged by Party C, Party C hereby irrevocably
grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a &ldquo;Designee&rdquo;)
to purchase, the equity interests in Party D then held by Party C once or at multiple times at any time in part or in whole at
Party A&rsquo;s sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3
herein (such right being the &ldquo;Equity Interest Purchase Option&rdquo;). Except for Party A and the Designee(s), no other person
shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party C. Party
D hereby agrees to the grant by Party C of the Equity Interest Purchase Option to Party A. The term &ldquo;person&rdquo; as used
herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.2</TD><TD STYLE="text-align: justify"><U>Steps for Exercise of Equity Interest Purchase Option</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">Subject to
the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the &ldquo;Equity Interest Purchase Option Notice&rdquo;), specifying: (a) Party A&rsquo;s decision to exercise
the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B (the &ldquo;Optioned Interests&rdquo;);
and (c) the date for purchasing the Optioned Interests. Party A and/or the Designee(s) shall obtain all necessary government licenses
and permits and take all necessary actions to purchase the equity interests in Party D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.3</TD><TD STYLE="text-align: justify"><U>Equity Interest Purchase Price</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">The purchase
price of all equity interests held by Party C in Party D purchased by Party A by exercising the Equity Interest Purchase Option
shall be RMB1,500,000; if Party A exercises the Equity Interest Purchase Option to purchase part of the equity interests held by
Party C in Party D, the purchase price shall be calculated on a pro rata basis. If PRC law requires a minimum price higher than
the aforementioned price when Party A exercises the Equity Interest Purchase Option, the minimum price regulated by PRC law shall
be the purchase price (collectively, the &ldquo;Equity Interest Purchase Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.4</TD><TD STYLE="text-align: justify"><U>Transfer of Optioned Interests</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.15pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0in">For each
exercise of the Equity Interest Purchase Option by Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.15pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.1</TD><TD STYLE="text-align: justify">Party C shall cause Party D to promptly convene a shareholders meeting, at which a resolution shall
be adopted approving Party C&rsquo;s transfer of the Optioned Interests to Party A and/or the Designee(s);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.2</TD><TD STYLE="text-align: justify">Party C shall obtain written statements from the other shareholders of Party D giving consent to
the transfer of the equity interests to Party A and/or the Designee(s) and waiving any right of first refusal related thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.3</TD><TD STYLE="text-align: justify">Party C shall execute a share transfer contract with respect to each transfer with Party A and/or
each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option
Notice regarding the Optioned Interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.4.4</TD><TD STYLE="text-align: justify">The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain
all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests
to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, &ldquo;security interests&rdquo;
shall include securities, mortgages, third party's rights or interests, any stock options, acquisition right, right of first refusal,
right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created
by this Agreement, Party C&rsquo;s Share Pledge Agreement and Party C&rsquo;s Power of Attorney. &ldquo;Party C&rsquo;s Share Pledge
Agreement&rdquo; as used in this Agreement shall refer to the Amended and Restated Share Pledge Agreement executed by and among
Party B, Party C and Party D on the date hereof and any modifications, amendments, and restatements thereto. &ldquo;Party C&rsquo;s
Power of Attorney&rdquo; as used in this Agreement shall refer to the Power of Attorney executed by Party C on the date hereof
and any modifications, amendments, and restatements thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">1.5</TD><TD STYLE="text-align: justify"><U>Payment of the Equity Interest Purchase Price</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">The Parties
have agreed in the Loan Agreement that any proceeds obtained by Party C through the transfer of its equity interests in Party D
shall be used for repayment of the loan provided by Party B in accordance with the Loan Agreement. Accordingly, if Party A designates
Party B as the Designee, upon exercise of the Equity Interest Purchase Option, Party B may elect to make payment of the Equity
Interest Purchase Price through cancellation of the outstanding amount of the loan owed by Party C to Party B, in which case Party
A shall not be required to pay any additional purchase price to Party C, unless the Equity Interest Purchase Price set forth herein
is required to be adjusted in accordance with the applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Covenants</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">2.1</TD><TD STYLE="text-align: justify"><U>Covenants regarding Party D</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">Party C (as
a shareholder of Party D) and Party D hereby covenant as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.1</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not in any manner supplement, change or
amend the articles of association and bylaws of Party D, increase or decrease its registered capital, or change its structure of
registered capital in other manners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.2</TD><TD STYLE="text-align: justify">They shall maintain Party D&rsquo;s corporate existence in accordance with good financial and business
standards and practices by prudently and effectively operating its business and handling its affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.3</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not at any time following the date hereof,
sell, transfer, mortgage or dispose of in any manner any assets of Party D or legal or beneficial interest in the business or revenues
of Party D, or allow the encumbrance thereon of any security interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.4</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer
the existence of any debt, except forpayables incurred in the ordinary course of business other than through loans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.5</TD><TD STYLE="text-align: justify">They shall always operate all of Party D&rsquo;s businesses within the ordinary course of business
to maintain the asset value of Party D and refrain from any action/omission that may affect Party D&rsquo;s operating status and
asset value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.6</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause Party D to execute any major
contract, except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a value exceeding
RMB 500,000 shall be deemed a major contract);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.75pt">2.1.7</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause Party D to provide any person
with any loan or credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.8</TD><TD STYLE="text-align: justify">They shall provide Party A with information on Party D's business operations and financial condition
at Party A's request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.9</TD><TD STYLE="text-align: justify">If requested by Party A, they shall procure and maintain, at the cost of Party D, insurance in
respect of Party D&rsquo;s assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage
typical for companies that operate similar businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.10</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall not cause or permit Party D to merge,
consolidate with, acquire or invest in any person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.11</TD><TD STYLE="text-align: justify">They shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to Party D&rsquo;s assets, business or revenue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.12</TD><TD STYLE="text-align: justify">To maintain the ownership by Party D of all of its assets, they shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary
and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.13</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, they shall ensure that Party D shall not in any manner
distribute dividends to its shareholders, provided that upon Party A's written request, Party D shall immediately distribute all
distributable profits to its shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.14</TD><TD STYLE="text-align: justify">At the request of Party A, they shall appoint any persons designated by Party A as directors of
Party D;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.15</TD><TD STYLE="text-align: justify">Without Party A&rsquo;s prior written consent, they shall not engage in any business in competition
with Party A or its affiliates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.1.16</TD><TD STYLE="text-align: justify">Unless otherwise required by PRC law, Party D shall not be dissolved or liquated without prior
written consent by Party A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -28.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.5pt">2.2</TD><TD STYLE="text-align: justify"><U>Other Covenants</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Party C hereby covenants
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.1</TD><TD STYLE="text-align: justify">Without the prior written consent of Party A, Party C shall not sell, transfer, mortgage or dispose
of in any other manner any legal or beneficial interest in the equity interests in Party D held by Party C, or allow the encumbrance
thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party C&rsquo;s Share
Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.2</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting and/or the board of directors of Party D not
to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests
in Party D held by Party C, or allow the encumbrance thereon of any security interest, without the prior written consent of Party
A, except for the pledge placed on these equity interests in accordance with Party C&rsquo;s Share Pledge Agreement and Party C&rsquo;s
Power of Attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.3</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting or the board of directors of Party D not to
approve the merger or consolidation with any person, or the acquisition of or investment in any person, without the prior written
consent of Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.4</TD><TD STYLE="text-align: justify">Party C shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party D held by Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.5</TD><TD STYLE="text-align: justify">Party C shall cause the shareholders&rsquo; meeting or the board of directors of Party D to vote
their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that
may be requested by Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.6</TD><TD STYLE="text-align: justify">To the extent necessary to maintain Party C&rsquo;s ownership in Party D, Party C shall execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.7</TD><TD STYLE="text-align: justify">Party C shall appoint any designee of Party A as director of Party D, at the request of Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.8</TD><TD STYLE="text-align: justify">Party C hereby waives its right of first refusal in regards to the transfer of equity interest
by any other shareholder of Party D to Party A (if any), and gives consent to the execution by each other shareholder of Party
D with Party A and Party D the exclusive option agreement, the share pledge agreement and the power of attorney similar to this
Agreement, Party C&rsquo;s Share Pledge Agreement, and Party C&rsquo;s Power of Attorney, and undertakes not to take any actions
in conflict with such documents executed by the other shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.9</TD><TD STYLE="text-align: justify">Party C shall promptly donate any profits, interests, dividends, or proceeds of liquidation to
Party A or any other person designated by Party A to the extent permitted under the applicable PRC laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">2.2.10</TD><TD STYLE="text-align: justify">Party C shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by and among Party C, Party D and Party A, perform the obligations hereunder and thereunder, and refrain from
any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party C has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under Party C&rsquo;sShare Pledge Agreement
among the same parties hereto or under Party C&rsquo;s Power of Attorney, Party C shall not exercise such rights except in accordance
with the written instructions of Party A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Representations and Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt">Party C and Party D hereby represent and warrant
to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.1</TD><TD STYLE="text-align: justify">They have the authority to execute and deliver this Agreement and any share transfer contracts
to which they are parties concerning the Optioned Interests to be transferred thereunder (each, a &ldquo;Transfer Contract&rdquo;),
and to perform their obligations under this Agreement and any Transfer Contracts. Party C and Party D agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A&rsquo;s exercise of the Equity Interest Purchase Option. This
Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and binding obligations
and shall be enforceable against them in accordance with the provisions thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.2</TD><TD STYLE="text-align: justify">Party C and Party D have obtained any and all approvals and consents from the relevant government
authorities and third parties (if required) for the execution, delivery, and performance of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD STYLE="text-align: justify">The execution and delivery of this Agreement or any Transfer Contracts and the obligations under
this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable PRC laws; (ii) be inconsistent with
the articles of association, bylaws or other organizational documents of Party D; (iii) cause the violation of any contracts or
instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments
to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued
effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of
additional conditions to any licenses or permits issued to either of them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD STYLE="text-align: justify">Party C has a good and merchantable title to the equity interests in Party D he holds. Except for
Party C&rsquo;s Share Pledge Agreement, Party C has not placed any security interest on such equity interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD STYLE="text-align: justify">Party D has a good and merchantable title to all of its assets, and has not placed any security
interest on the aforementioned assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD STYLE="text-align: justify">Party D does not have any outstanding debts, except for (i) debt incurred in the ordinary course
of business; and (ii) debts disclosed to Party A for which Party A&rsquo;s written consent has been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.45pt">3.7</TD><TD STYLE="text-align: justify">Party D has complied with all laws and regulations of China applicable to asset acquisitions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 28.45pt">3.8</TD><TD STYLE="text-align: justify">There are no pending or threatened litigation, arbitration or administrative proceedings relating
to the equity interests in Party D, assets of Party D or Party D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Effective Date and Term</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.15pt; text-align: justify; text-indent: -0.1pt">This Agreement
shall become effective upon execution by the Parties, and remain in effect until all equity interests held by Party C in Party
D have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement.
Since the effective date of this Agreement, the Original Exclusive Option Agreement shall be terminated and shall be replaced and
superseded by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law and Resolution of Disputes</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.1</TD><TD STYLE="text-align: justify"><U>Governing Law</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0.1pt">The execution,
effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.2</TD><TD STYLE="text-align: justify"><U>Methods of Resolution of Disputes</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0.1pt">In the
event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate
in good faith to resolve the dispute. In the event the Parties fail to reach an agreement on the resolution of such a dispute within
30 days after any Party&rsquo;s request for resolution of the dispute through negotiations, any Party may submit the relevant dispute
to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then-effective arbitration
rules. The arbitration shall be conducted in Beijing, and the language used during arbitration shall be Chinese. The arbitration
ruling shall be final and binding on all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.55pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Taxes and Fees</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0.1pt">Each Party
shall pay any and all transfer and registration taxes, expenses and fees incurred thereby or levied thereon in accordance with
the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the
consummation of the transactions contemplated under this Agreement and the Transfer Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.05pt; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Notices</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 49.65pt"></TD><TD STYLE="width: 35.4pt">7.1.1</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 49.65pt"></TD><TD STYLE="width: 35.4pt">7.1.2</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.2</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 123.2pt; text-align: justify; text-indent: -45.2pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party A: </B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Tarena International Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Fourth Floor, One Capital Place, P.O. Box 847GT, Grand Cayman, Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Tarena Technologies Group Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6213-6369</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Li Jianguang</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">5 Jianguomennei Avenue, Dongcheng District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Tel: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6526-2400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Party D: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6213-5687</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.3pt; text-indent: -44.3pt">&nbsp;</P>

<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: 21.3pt"></TD><TD STYLE="width: 28.35pt">7.3</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Parties
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Confidentiality</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -0.05pt">The Parties
acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties
in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall
maintain the confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be featured in the public domain (other than through the receiving Party&rsquo;s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Further Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0.1pt">The Parties
agree to promptly execute the documents that are reasonably required for or are conducive to the implementation of the provisions
and purposes of this Agreement and to take further actions that are reasonably required for or are conducive to the implementation
of the provisions and purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B><U>Breach of Agreement</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">10.1</TD><TD STYLE="text-align: justify">If Party C or Party D conducts any material breach of any term of this Agreement, Party A shall
have right to terminate this Agreement and/or require Party C or Party D to compensate all damages; this Section 10 shall not prejudice
any other rights of Party A herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">10.2</TD><TD STYLE="text-align: justify">Party C or Party D shall not have any right to terminate this Agreement in any event unless otherwise
required by the applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 19.05pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.1</TD><TD STYLE="text-align: justify"><U>Amendments, Changes and Supplements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Any amendments
and supplements to this Agreement shall be made in writing. The amendment agreements and supplementary agreements that have been
signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same legal
validity as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.2</TD><TD STYLE="text-align: justify"><U>Entire Agreement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Except for
the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all
prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.
This Agreement supersedes, in its entirety, the Original Exclusive Option Agreement relating to the matters set forth herein, which
shall be terminated as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.3</TD><TD STYLE="text-align: justify"><U>Headings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">The headings
of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.4</TD><TD STYLE="text-align: justify"><U>Language</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">This Agreement
is written in both Chinese and English language in four copies, each Party having one copy with equal legal validity; in case there
is any conflict between the Chinese version and the English version, the Chinese version shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.5</TD><TD STYLE="text-align: justify"><U>Severability</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">In the event
that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance
with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not
be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable
provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties,
and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal
or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.6</TD><TD STYLE="text-align: justify"><U>Successors</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">This Agreement
shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such
Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.7</TD><TD STYLE="text-align: justify">Survival</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 36pt">11.7.1</TD><TD STYLE="text-align: justify">Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<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: 56.7pt"></TD><TD STYLE="width: 36pt">11.7.2</TD><TD STYLE="text-align: justify">The provisions of Sections 5, 7, 8 and this Section 11.7 shall survive the termination of this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">11.8</TD><TD STYLE="text-align: justify"><U>Waivers</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Any Party
may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require
the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall
operate as a waiver by such a Party with respect to any similar breach in other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.25pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Exclusive Option Agreement
as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.55pt; text-align: justify; text-indent: -35.55pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party A: </B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tarena International Inc.</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tarena Technologies Group Inc.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Li Jianguang</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Li Jianguang</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party D: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>6
<FILENAME>v461874_ex4-31.htm
<DESCRIPTION>EXHIBIT 4.31
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Amended and Restated Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Second
Amended and Restated Loan Agreement (this &ldquo;Agreement&rdquo;) is made and entered into by and between the Parties below
as of the 5th  day of July, 2016 in Beijing, People's Republic of China (&ldquo;PRC&rdquo; or &ldquo;China&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">(1)</TD><TD STYLE="text-align: justify"><B>Tarena Technologies Group Inc.</B> (the &ldquo;Lender&rdquo;), a Wholly Foreign-Owned Enterprise,
organized and existing under the laws of China, with its address at Suite 3709, 18 Jia West Road of North Third Ring, Haidian District,
Beijing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">(2)</TD><TD STYLE="text-align: justify"><B>Han Shaoyun</B> (the &ldquo;Borrower&rdquo;), a citizen of the China with Chinese Identification
No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Each of the Lender
and the Borrower shall be hereinafter referred to as a &ldquo;Party&rdquo; respectively, and as the &ldquo;Parties&rdquo; collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"><B>Whereas:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">1.</TD><TD STYLE="text-align: justify">The Borrower holds 70% of equity interests in Beijing Tarena Jinqiao Technology Co., Ltd. (the
&ldquo;Borrower Company&rdquo;). All of the equity interests now held and hereafter acquired by the Borrower in the Borrower Company
shall be referred to as &ldquo;the Borrower Equity Interest&rdquo;. The Borrower Company is a limited company duly registered in
Beijing, China with its registered capital of RMB 5,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">2.</TD><TD STYLE="text-align: justify">The Lender confirms that it agrees to provide the Borrower with and the Borrower confirms that
he/she has received a loan to be used for the purposes set forth under this agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">3.</TD><TD STYLE="text-align: justify">The Lender and the Borrower executed an Amended and Restated Loan Agreement (the &ldquo;Original
Loan Agreement&rdquo;) on November 25, 2013. The Parties intend to enter this Agreement to replace and supersede the Original Loan
Agreement by executing this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">After friendly consultation,
the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Loan</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.1</TD><TD STYLE="text-align: justify">In accordance with the terms and conditions of this Agreement, the Lender agrees to provide an
interest-free loan in the amount of RMB3,500,000 (the &ldquo;Loan&rdquo;) to the Borrower. For the avoidance of doubt, the interest-free
loan in the amount of RMB1,400,000 provided in the Original Loan Agreement shall be part of the Loan provided in this Agreement,
and the Lender will provide another interest-free loan in the amount of RMB2,100,000 to the Borrower pursuant to this Agreement
so that the total amount of Loan under this Agreement will be RMB3,500,000. The term of the Loan shall be 10 years from the date
of this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the Loan or the extended
term of the Loan, the Borrower shall immediately repay the full amount of the Loan in the event that any one or more of the following
circumstances occur:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.1</TD><TD STYLE="text-align: justify">30 days elapse after the Borrower receives a written notice from the Lender requesting repayment
of the Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.2</TD><TD STYLE="text-align: justify">The Borrower&rsquo;s death, lack or limitation of civil capacity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.3</TD><TD STYLE="text-align: justify">The Borrower ceases (for any reason) to be an employee of the Lender, the Borrower Company or their
affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.4</TD><TD STYLE="text-align: justify">The Borrower engages in criminal act or is involved in criminal activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.5</TD><TD STYLE="text-align: justify">According to the applicable laws of China, foreign investors are permitted to invest in the business
that is currently conducted by the Borrower Company in China with a controlling stake and/or in the form of wholly-foreign-owned
enterprises, the relevant competent authorities of China begin to approve such investments, and Tarena International Inc., as the
sole shareholder of Lender, exercises the exclusive option under the Exclusive Option Agreement described in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.2</TD><TD STYLE="text-align: justify">The Loan provided by the Lender under this Agreement shall inure to the Borrower&rsquo;s benefit
only and not to the Borrower&rsquo;s successor(s) or assign(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.3</TD><TD STYLE="text-align: justify">The Borrower agrees to accept the aforementioned Loan provided by the Lender, and hereby agrees
and warrants using the Loan to provide capital for the Borrower Company to develop the business of the Borrower Company. Without
the Lender&rsquo;s prior written consent, the Borrower shall not use the Loan for any purpose other than as set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.4</TD><TD STYLE="text-align: justify">The Lender and the Borrower hereby agree and acknowledge that the Borrower&rsquo;s method of repayment
of the Loan set forth in Section 1.1 shall be at the sole discretion of the Lender, and may at the Lender&rsquo;s option take the
form of the Borrower&rsquo;s transferring the Borrower Equity Interest in whole to Tarena International Inc. or Tarena International
Inc.&rsquo;s designated persons (legal or natural persons) to the extent permitted under the applicable PRC laws pursuant to the
Tarena International Inc.&rsquo;s exercise of its right to acquire the Borrower Equity Interest under the Exclusive Option Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.5</TD><TD STYLE="text-align: justify">The Borrower also undertakes to execute an irrevocable Power of Attorney (the &ldquo;Power of Attorney&rdquo;),
which authorizes a legal or natural person designated by Tarena International Inc. to exercise all of the Borrower&rsquo;s rights
as a shareholder of the Borrower Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.6</TD><TD STYLE="text-align: justify">The Parties agree hereof that the Loan shall be interest-free unless otherwise agreed in this Agreement.
When the Borrower transfers the Borrower Equity Interest to the Tarena International Inc. or Tarena International Inc.&rsquo;s
designated person(s), in the event that the transfer price of such equity interest exceeds the principal of the Loan under this
Agreement, the excess over the principal shall be deemed the interest of the Loan under this Agreement payable by the Borrower
to the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Conditions Precedent</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: 0in">The obligation
of the Lender to provide the Loan to the Borrower contemplated in Section 1.1 shall be subject to the satisfaction of the following
conditions, unless waived in writing by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.1</TD><TD STYLE="text-align: justify">The Borrower Company and the Lender or other person (legal or natural person) designated by the
Lender have officially executed an Amended and Restated Exclusive Business Cooperation Agreement (the &ldquo;Exclusive Business
Cooperation Agreement&rdquo;), under which the Lender or other person designated by the Lender, as an exclusive service provider,
will provide the Borrower Company with business support service and business consulting service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.2</TD><TD STYLE="text-align: justify">The Borrower, the Borrower Company and the Lender or other person (legal or natural person) designated
by the Lender have executed an Amended and Restated Share Pledge Agreement (the &ldquo;Share Pledge Agreement&rdquo;), the contents
of which have been confirmed, and according to the Share Pledge Agreement, the Borrower agrees to pledge the Borrower Equity Interest
to the Lender or other person designated by the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.3</TD><TD STYLE="text-align: justify">The Borrower, the Lender, Tarena International Inc. and the Borrower Company have officially executed
an Amended and Restated Exclusive Option Agreement (the &ldquo;Exclusive Option Agreement&rdquo;), the contents of which have been
confirmed, and under which the Borrower shall irrevocably grant Tarena International Inc. an exclusive option to purchase all of
the Borrower Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.4</TD><TD STYLE="text-align: justify">The Borrower has executed an irrevocable Power of Attorney (the &ldquo;Power of Attorney&rdquo;),
which authorizes Lender or other person (legal or natural person) designated by Lender to exercise all of the Borrower&rsquo;s
rights as a shareholder in the Borrower Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.5</TD><TD STYLE="text-align: justify">The aforementioned Share Pledge Agreement, Power of Attorney, Exclusive Option Agreement and Exclusive
Business Cooperation Agreement have been entered into before or on the date of execution of this Agreement and shall have full
legal validity without any default or encumbrance related to these agreements or contracts, and all the related filing procedures,
approvals, authorization, registrations and government procedures have been completed (as applicable).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.6</TD><TD STYLE="text-align: justify">All the representations and warranties by the Borrower in Section 3.2 are true, complete, correct
and not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.7</TD><TD STYLE="text-align: justify">The Borrower has not violated the covenants in Section 4 of this Agreement, and no event which
may affect the Borrower&rsquo;s performance of its obligations under this Agreement has occurred or is expected to occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Representations and Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.1</TD><TD STYLE="text-align: justify">Between the date of this Agreement and the date of termination of this Agreement, the Lender hereby
makes the following representations and warranties to the Borrower:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">3.1.1</TD><TD STYLE="text-align: justify">The Lender is a corporation duly organized and legally existing in accordance with the laws of
China;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">3.1.2</TD><TD STYLE="text-align: justify">The Lender has the legal capacity to execute and perform this Agreement. The execution and performance
by the Lender of this Agreement is consistent with the Lender&rsquo;s scope of business and the provisions of the Lender&rsquo;s
corporate bylaws and other organizational documents, and the Lender has obtained all necessary and proper approvals and authorizations
for the execution and performance of this Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">3.1.3</TD><TD STYLE="text-align: justify">This Agreement constitutes the Lender&rsquo;s legal, valid and binding obligations enforceable
in accordance with its terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.2</TD><TD STYLE="text-align: justify">Between the date of this Agreement and the date of termination of this Agreement, the Borrower
hereby makes the following representations and warranties:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.1</TD><TD STYLE="text-align: justify">The Borrower has the legal capacity to execute and perform this Agreement. The Borrower has obtained
all necessary and proper approvals and authorizations for the execution and performance of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.2</TD><TD STYLE="text-align: justify">The Borrower has caused his/her spouse to agree never to claim any ownership rights in the Borrower
Equity Interest, including, without limitation, claiming that the Borrower Equity Interest constitutes communal property of marriage;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.3</TD><TD STYLE="text-align: justify">This Agreement constitutes the Borrower&rsquo;s legal, valid and binding obligations enforceable
in accordance with its terms; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.4</TD><TD STYLE="text-align: justify">There are no disputes, litigations, arbitrations, administrative proceedings or any other legal
proceedings relating to the Borrower, nor are there any potential disputes, litigations, arbitrations, administrative proceedings
or any other legal proceedings relating to the Borrower.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Borrower's Covenants</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.1</TD><TD STYLE="text-align: justify">As and when he/she becomes, as well as for so long as he/she remains a shareholder of the Borrower
Company, the Borrower irrevocably covenants that during the term of this Agreement, the Borrower shall cause the Borrower Company:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.1</TD><TD STYLE="text-align: justify">to strictly abide by the provisions of the Exclusive Option Agreement and the Exclusive Business
Cooperation Agreement, and to refrain from any action/omission that may affect the effectiveness and enforceability of the Exclusive
Option Agreement and the Exclusive Business Cooperation Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.2</TD><TD STYLE="text-align: justify">at the request of the Lender (or a party designated by the Lender), to execute agreements/contracts
on business cooperation with the Lender (or a party designated by the Lender), and to strictly abide by such agreements/contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.3</TD><TD STYLE="text-align: justify">to provide the Lender with all of the information on the Borrower Company's business operations
and financial situation at the Lender&rsquo;s request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.4</TD><TD STYLE="text-align: justify">to immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Company's assets, business or income;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.5</TD><TD STYLE="text-align: justify">at the request of the Lender, to appoint any persons designated by Lender as directors of the Borrower
Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.2</TD><TD STYLE="text-align: justify">The Borrower covenants that during the term of this Agreement, he/she shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.1</TD><TD STYLE="text-align: justify">endeavor to keep the Borrower Company to engage in its principal businesses specified in its business
license;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.2</TD><TD STYLE="text-align: justify">abide by the provisions of this Agreement, the Power of Attorney, the Share Pledge Agreement and
the Exclusive Option Agreement to which the Borrower is a party, perform his/her obligations under this Agreement, the Power of
Attorney, the Share Pledge Agreement and the Exclusive Option Agreement, and refrain from any action/omission that may affect the
effectiveness and enforceability of this Agreement, the Power of Attorney, the Share Pledge Agreement and the Exclusive Option
Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.3</TD><TD STYLE="text-align: justify">not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest
in the Borrower Equity Interest, or allow the encumbrance thereon of any security interest or the encumbrance, except in accordance
with the Share Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.4</TD><TD STYLE="text-align: justify">cause any shareholders&rsquo; meeting and/or the board of directors of the Borrower Company to
not approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the Borrower
Equity Interest, or allow the encumbrance thereon of any security interest, except to the Lender or the Lender&rsquo;s designated
person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.5</TD><TD STYLE="text-align: justify">cause any shareholders&rsquo; meeting and/or the board of directors of the Borrower Company not
to approve the merger or consolidation of the Borrower Company with any person, or its acquisition of or investment in any person,
without the prior written consent of the Lender;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.6</TD><TD STYLE="text-align: justify">immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Equity Interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.7</TD><TD STYLE="text-align: justify">to the extent necessary to maintain his/her ownership of the Borrower Equity Interest, execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.8</TD><TD STYLE="text-align: justify">without the prior written consent of the Lender, refrain from any action/omission that may have
a material impact on the assets, business and liabilities of the Borrower Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.9</TD><TD STYLE="text-align: justify">appoint any designee of the Lender as director of the Borrower Company, at the request of the Lender;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.10</TD><TD STYLE="text-align: justify">to the extent permitted by the laws of China, at the request of the Lender at any time, promptly
and unconditionally transfer all of the Borrower Equity Interest to the Lender or the Lender&rsquo;s designated representative(s)
at any time, and cause the other shareholders of the Borrower Company to waive their right of first refusal with respect to the
share transfer described in this Section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.11</TD><TD STYLE="text-align: justify">to the extent permitted by the laws of China, at the request of the Lender at any time, cause the
other shareholders of the Borrower Company to promptly and unconditionally transfer all of their equity interests to the Lender
or the Lender&rsquo;s designated representative(s) at any time, and the Borrower hereby waives his/her right of first refusal (if
any) with respect to the share transfer described in this Section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.12</TD><TD STYLE="text-align: justify">without the prior written consent of the Lender, not to cause the Borrower Company to supplement,
change, or amend its articles of association in any manner, increase or decrease its registered capital or change its share capital
structure in any manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Liability for Default</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.1</TD><TD STYLE="text-align: justify">If the Borrower commits any material breach of any term of this Agreement, the Lender shall have
the right to terminate this Agreement and require the Borrower to pay for all damages; this Section 5.1 shall be without prejudice
to any other rights of the Lender herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.2</TD><TD STYLE="text-align: justify">The Borrower shall have no right to terminate this Agreement in any event unless otherwise required
by the applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.3</TD><TD STYLE="text-align: justify">In the event that the Borrower fails to perform the repayment obligations set forth in this Agreement,
the Borrower shall pay an overdue interest of 0.01% per day for the outstanding payment, until the day the Borrower repays the
full principal of the Loan, overdue interests and other payable amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Notices</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt">6.1.1</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt">6.1.2</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of the transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.2</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char"><B>Party A:</B></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; layout-grid-mode: char"><B>Tarena Technologies Group Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Attn:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">Han Shaoyun</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Address:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Phone:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">010 6213-6369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Facsimile:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">010 6211-0873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char"><B>Party B: </B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char"><B>Han Shaoyun</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Address: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Phone:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.3</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Party
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Confidentiality</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 50.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">The Parties acknowledge that
any oral or written information exchanged among them with respect to this Agreement is confidential information. The Parties shall
maintain the confidentiality of all such information, and without the written consent of other Party, either Party shall not disclose
any relevant information to any third party, except in the following circumstances: (a) such information is or will be in the public
domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required
by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its
legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor
are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the
staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party
shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law and Resolution of Disputes</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.1</TD><TD STYLE="text-align: justify">The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes shall be governed by the laws of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.2</TD><TD STYLE="text-align: justify">In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.3</TD><TD STYLE="text-align: justify">Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.1</TD><TD STYLE="text-align: justify">This Agreement shall become effective on the date thereof, and shall expire upon the date of full
performance by the Parties of their respective obligations under this Agreement. Since the effective date of this Agreement, the
Original Loan Agreement shall be terminated and shall be replaced and superseded by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.2</TD><TD STYLE="text-align: justify">This Agreement is written in both Chinese and English language in two copies, with each Party having
one copy with equal legal validity. In case there is any conflict between the Chinese version and the English version, the Chinese
version shall prevail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.3</TD><TD STYLE="text-align: justify">This Agreement may be amended or supplemented through written agreement by and between the Lender
and the Borrower. Such written amendment agreement and/or supplementary agreement executed by and between the Lender and the Borrower
are an integral part of this Agreement, and shall have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.4</TD><TD STYLE="text-align: justify">In the event that one or several of the provisions of this Agreement are found to be invalid, illegal
or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining
provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace
such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by
the relevant laws the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible
to the economic effect of those invalid, illegal or unenforceable provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.5</TD><TD STYLE="text-align: justify">The attachments (if any) to this Agreement shall be an integral part of this Agreement and shall
have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.6</TD><TD STYLE="text-align: justify">Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof. The provisions of Sections 5, 7,
8, and this Section 9.6 shall survive the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"></P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Amended and Restated Loan Agreement as of the date first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Lender: </B></TD>
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Tarena Technologies Group Inc.</B></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Name:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Legal Representative</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0"><B>Borrower:</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0"><B>Han Shaoyun </B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">By: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 339.75pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>7
<FILENAME>v461874_ex4-32.htm
<DESCRIPTION>EXHIBIT 4.32
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.32</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Amended and Restated Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Second
Amended and Restated Loan Agreement (this &ldquo;Agreement&rdquo;) is made and entered into by and between the Parties below
as of the 5th  day of July, 2016 in Beijing, People's Republic of China (&ldquo;PRC&rdquo; or &ldquo;China&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">(1)</TD><TD STYLE="text-align: justify"><B>Tarena Technologies Group Inc.</B> (the &ldquo;Lender&rdquo;), a Wholly Foreign Owned Enterprise,
organized and existing under the laws of China, with its address at Suite 3709, 18 Jia West Road of North Third Ring, Haidian District,
Beijing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">(2)</TD><TD STYLE="text-align: justify"><B>Li Jianguang</B> (the &ldquo;Borrower&rdquo;), a citizen of the China with Chinese Identification
No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Each of the Lender
and the Borrower shall be hereinafter referred to as a &ldquo;Party&rdquo; respectively, and as the &ldquo;Parties&rdquo; collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"><B>Whereas:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">1.</TD><TD STYLE="text-align: justify">The Borrower holds 30% of equity interests in Beijing Tarena Jinqiao Technology Co., Ltd. (the
&ldquo;Borrower Company&rdquo;). All of the equity interests now held and hereafter acquired by the Borrower in the Borrower Company
shall be referred to as &ldquo;the Borrower Equity Interest&rdquo;. The Borrower Company is a limited company duly registered in
Beijing, China with its registered capital of RMB 5,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">2.</TD><TD STYLE="text-align: justify">The Lender confirms that it agrees to provide the Borrower with and the Borrower confirms that
he/she has received a loan to be used for the purposes set forth under this agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 30pt">3.</TD><TD STYLE="text-align: justify">The Lender and the Borrower executed a Loan Agreement (the &ldquo;Original Loan Agreement&rdquo;)
on November 25, 2013. The Parties intend to enter this Agreement to replace and supersede the Original Loan Agreement by executing
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">After friendly consultation,
the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Loan</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.1</TD><TD STYLE="text-align: justify">In accordance with the terms and conditions of this Agreement, the Lender agrees to provide an
interest-free loan in the amount of RMB1,500,000 (the &ldquo;Loan&rdquo;) to the Borrower. For the avoidance of doubt, the interest-free
loan in the amount of RMB600,000 provided in the Original Loan Agreement shall be part of the Loan provided in this Agreement,
and the Lender will provide another interest-free loan in the amount of RMB900,000 to the Borrower pursuant to this Agreement so
that the total amount of Loan under this Agreement will be RMB1,500,000. The term of the Loan shall be 10 years from the date of
this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the Loan or the extended term
of the Loan, the Borrower shall immediately repay the full amount of the Loan in the event that any one or more of the following
circumstances occur:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.1</TD><TD STYLE="text-align: justify">30 days elapse after the Borrower receives a written notice from the Lender requesting repayment
of the Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.2</TD><TD STYLE="text-align: justify">The Borrower&rsquo;s death, lack or limitation of civil capacity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.3</TD><TD STYLE="text-align: justify">The Borrower ceases (for any reason) to be an employee of the Lender, the Borrower Company or their
affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.4</TD><TD STYLE="text-align: justify">The Borrower engages in criminal act or is involved in criminal activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 35.4pt">1.1.5</TD><TD STYLE="text-align: justify">According to the applicable laws of China, foreign investors are permitted to invest in the business
that is currently conducted by the Borrower Company in China with a controlling stake and/or in the form of wholly-foreign-owned
enterprises, the relevant competent authorities of China begin to approve such investments, and Tarena International Inc., as the
sole shareholder of Lender, exercises the exclusive option under the Exclusive Option Agreement described in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.2</TD><TD STYLE="text-align: justify">The Loan provided by the Lender under this Agreement shall inure to the Borrower&rsquo;s benefit
only and not to the Borrower&rsquo;s successor(s) or assign(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">1.3</TD><TD STYLE="text-align: justify">The Borrower agrees to accept the aforementioned Loan provided by the Lender, and hereby agrees
and warrants using the Loan to provide capital for the Borrower Company to develop the business of the Borrower Company. Without
the Lender&rsquo;s prior written consent, the Borrower shall not use the Loan for any purpose other than as set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.4</TD><TD STYLE="text-align: justify">The Lender and the Borrower hereby agree and acknowledge that the Borrower&rsquo;s method of repayment
of the Loan set forth in Section 1.1 shall be at the sole discretion of the Lender, and may at the Lender&rsquo;s option take the
form of the Borrower&rsquo;s transferring the Borrower Equity Interest in whole to Tarena International Inc. or Tarena International
Inc.&rsquo;s designated persons (legal or natural persons) to the extent permitted under the applicable PRC laws pursuant to the
Tarena International Inc.&rsquo;s exercise of its right to acquire the Borrower Equity Interest under the Exclusive Option Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.5</TD><TD STYLE="text-align: justify">The Borrower also undertakes to execute an irrevocable Power of Attorney (the &ldquo;Power of Attorney&rdquo;),
which authorizes a legal or natural person designated by Tarena International Inc. to exercise all of the Borrower&rsquo;s rights
as a shareholder of the Borrower Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28pt">1.6</TD><TD STYLE="text-align: justify">The Parties agree hereof that the Loan shall be interest-free unless otherwise agreed in this Agreement.
When the Borrower transfers the Borrower Equity Interest to the Tarena International Inc. or Tarena International Inc.&rsquo;s
designated person(s), in the event that the transfer price of such equity interest exceeds the principal of the Loan under this
Agreement, the excess over the principal shall be deemed the interest of the Loan under this Agreement payable by the Borrower
to the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Conditions Precedent</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: 0in">The obligation
of the Lender to provide the Loan to the Borrower contemplated in Section 1.1 shall be subject to the satisfaction of the following
conditions, unless waived in writing by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.1</TD><TD STYLE="text-align: justify">The Borrower Company and the Lender or other person (legal or natural person) designated by the
Lender have officially executed an Amended and Restated Exclusive Business Cooperation Agreement (the &ldquo;Exclusive Business
Cooperation Agreement&rdquo;), under which the Lender or other person designated by the Lender, as an exclusive service provider,
will provide the Borrower Company with business support service and business consulting service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.2</TD><TD STYLE="text-align: justify">The Borrower, the Borrower Company and the Lender or other person (legal or natural person) designated
by the Lender have executed an Amended and Restated Share Pledge Agreement (the &ldquo;Share Pledge Agreement&rdquo;), the contents
of which have been confirmed, and according to the Share Pledge Agreement, the Borrower agrees to pledge the Borrower Equity Interest
to the Lender or other person designated by the Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.3</TD><TD STYLE="text-align: justify">The Borrower, the Lender, Tarena International Inc. and the Borrower Company have officially executed
an Amended and Restated Exclusive Option Agreement (the &ldquo;Exclusive Option Agreement&rdquo;), the contents of which have been
confirmed, and under which the Borrower shall irrevocably grant Tarena International Inc. an exclusive option to purchase all of
the Borrower Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.4</TD><TD STYLE="text-align: justify">The Borrower has executed an irrevocable Power of Attorney (the &ldquo;Power of Attorney&rdquo;),
which authorizes Lender or other person (legal or natural person) designated by Lender to exercise all of the Borrower&rsquo;s
rights as a shareholder in the Borrower Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.5</TD><TD STYLE="text-align: justify">The aforementioned Share Pledge Agreement, Power of Attorney, Exclusive Option Agreement and Exclusive
Business Cooperation Agreement have been entered into before or on the date of execution of this Agreement and shall have full
legal validity without any default or encumbrance related to these agreements or contracts, and all the related filing procedures,
approvals, authorization, registrations and government procedures have been completed (as applicable).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.6</TD><TD STYLE="text-align: justify">All the representations and warranties by the Borrower in Section 3.2 are true, complete, correct
and not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">2.7</TD><TD STYLE="text-align: justify">The Borrower has not violated the covenants in Section 4 of this Agreement, and no event which
may affect the Borrower&rsquo;s performance of its obligations under this Agreement has occurred or is expected to occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Representations and Warranties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.1</TD><TD STYLE="text-align: justify">Between the date of this Agreement and the date of termination of this Agreement, the Lender hereby
makes the following representations and warranties to the Borrower:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 21pt">3.1.1</TD><TD STYLE="text-align: justify">The Lender is a corporation duly organized and legally existing in accordance with the laws of
China;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.1.2</TD><TD STYLE="text-align: justify">The Lender has the legal capacity to execute and perform this Agreement. The execution and performance
by the Lender of this Agreement is consistent with the Lender&rsquo;s scope of business and the provisions of the Lender&rsquo;s
corporate bylaws and other organizational documents, and the Lender has obtained all necessary and proper approvals and authorizations
for the execution and performance of this Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">3.1.3</TD><TD STYLE="text-align: justify">This Agreement constitutes the Lender&rsquo;s legal, valid and binding obligations enforceable
in accordance with its terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.2</TD><TD STYLE="text-align: justify">Between the date of this Agreement and the date of termination of this Agreement, the Borrower
hereby makes the following representations and warranties:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.1</TD><TD STYLE="text-align: justify">The Borrower has the legal capacity to execute and perform this Agreement. The Borrower has obtained
all necessary and proper approvals and authorizations for the execution and performance of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.2</TD><TD STYLE="text-align: justify">The Borrower has caused his/her spouse to agree never to claim any ownership rights in the Borrower
Equity Interest, including, without limitation, claiming that the Borrower Equity Interest constitutes communal property of marriage;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.3</TD><TD STYLE="text-align: justify">This Agreement constitutes the Borrower&rsquo;s legal, valid and binding obligations enforceable
in accordance with its terms; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">3.2.4</TD><TD STYLE="text-align: justify">There are no disputes, litigations, arbitrations, administrative proceedings or any other legal
proceedings relating to the Borrower, nor are there any potential disputes, litigations, arbitrations, administrative proceedings
or any other legal proceedings relating to the Borrower.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Borrower's Covenants</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.1</TD><TD STYLE="text-align: justify">As and when he/she becomes, as well as for so long as he/she remains a shareholder of the Borrower
Company, the Borrower irrevocably covenants that during the term of this Agreement, the Borrower shall cause the Borrower Company:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.1</TD><TD STYLE="text-align: justify">to strictly abide by the provisions of the Exclusive Option Agreement and the Exclusive Business
Cooperation Agreement, and to refrain from any action/omission that may affect the effectiveness and enforceability of the Exclusive
Option Agreement and the Exclusive Business Cooperation Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.2</TD><TD STYLE="text-align: justify">at the request of the Lender (or a party designated by the Lender), to execute agreements/contracts
on business cooperation with the Lender (or a party designated by the Lender), and to strictly abide by such agreements/contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.3</TD><TD STYLE="text-align: justify">to provide the Lender with all of the information on the Borrower Company's business operations
and financial situation at the Lender&rsquo;s request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.4</TD><TD STYLE="text-align: justify">to immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Company's assets, business or income;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.1.5</TD><TD STYLE="text-align: justify">at the request of the Lender, to appoint any persons designated by Lender as directors of the Borrower
Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.2</TD><TD STYLE="text-align: justify">The Borrower covenants that during the term of this Agreement, he/she shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.1</TD><TD STYLE="text-align: justify">endeavor to keep the Borrower Company to engage in its principal businesses specified in its business
license;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.2</TD><TD STYLE="text-align: justify">abide by the provisions of this Agreement, the Power of Attorney, the Share Pledge Agreement and
the Exclusive Option Agreement to which the Borrower is a party, perform his/her obligations under this Agreement, the Power of
Attorney, the Share Pledge Agreement and the Exclusive Option Agreement, and refrain from any action/omission that may affect the
effectiveness and enforceability of this Agreement, the Power of Attorney, the Share Pledge Agreement and the Exclusive Option
Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.3</TD><TD STYLE="text-align: justify">not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest
in the Borrower Equity Interest, or allow the encumbrance thereon of any security interest or the encumbrance, except in accordance
with the Share Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.4</TD><TD STYLE="text-align: justify">cause any shareholders&rsquo; meeting and/or the board of directors of the Borrower Company to
not approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the Borrower
Equity Interest, or allow the encumbrance thereon of any security interest, except to the Lender or the Lender&rsquo;s designated
person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.5</TD><TD STYLE="text-align: justify">cause any shareholders&rsquo; meeting and/or the board of directors of the Borrower Company not
to approve the merger or consolidation of the Borrower Company with any person, or its acquisition of or investment in any person,
without the prior written consent of the Lender;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.6</TD><TD STYLE="text-align: justify">immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Equity Interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.7</TD><TD STYLE="text-align: justify">to the extent necessary to maintain his/her ownership of the Borrower Equity Interest, execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.8</TD><TD STYLE="text-align: justify">without the prior written consent of the Lender, refrain from any action/omission that may have
a material impact on the assets, business and liabilities of the Borrower Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.9</TD><TD STYLE="text-align: justify">appoint any designee of the Lender as director of the Borrower Company, at the request of the Lender;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.10</TD><TD STYLE="text-align: justify">to the extent permitted by the laws of China, at the request of the Lender at any time, promptly
and unconditionally transfer all of the Borrower Equity Interest to the Lender or the Lender&rsquo;s designated representative(s)
at any time, and cause the other shareholders of the Borrower Company to waive their right of first refusal with respect to the
share transfer described in this Section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.11</TD><TD STYLE="text-align: justify">to the extent permitted by the laws of China, at the request of the Lender at any time, cause the
other shareholders of the Borrower Company to promptly and unconditionally transfer all of their equity interests to the Lender
or the Lender&rsquo;s designated representative(s) at any time, and the Borrower hereby waives his/her right of first refusal (if
any) with respect to the share transfer described in this Section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 43.05pt">4.2.12</TD><TD STYLE="text-align: justify">without the prior written consent of the Lender, not to cause the Borrower Company to supplement,
change, or amend its articles of association in any manner, increase or decrease its registered capital or change its share capital
structure in any manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Liability for Default</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.1</TD><TD STYLE="text-align: justify">If the Borrower commits any material breach of any term of this Agreement, the Lender shall have
the right to terminate this Agreement and require the Borrower to pay for all damages; this Section 5.1 shall be without prejudice
to any other rights of the Lender herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.2</TD><TD STYLE="text-align: justify">The Borrower shall have no right to terminate this Agreement in any event unless otherwise required
by the applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.3</TD><TD STYLE="text-align: justify">In the event that the Borrower fails to perform the repayment obligations set forth in this Agreement,
the Borrower shall pay an overdue interest of 0.01% per day for the outstanding payment, until the day the Borrower repays the
full principal of the Loan, overdue interests and other payable amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Notices</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt">6.1.1</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt">6.1.2</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of the transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.2</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char"><B>Party A:</B></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; layout-grid-mode: char"><B>Tarena Technologies Group Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Attn:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">Han Shaoyun</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Address:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Phone:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">010 6213-6369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Facsimile:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">010 6211-0873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char"><B>Party B: </B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char"><B>Li Jianguang</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Address: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">5 Jianguomennei Avenue, Dongcheng District, Beijing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 49.65pt; layout-grid-mode: char">Phone:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char">010 6526-2400</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">6.3</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Party
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-align: justify; text-indent: -0.9in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Confidentiality</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 50.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">The Parties acknowledge that
any oral or written information exchanged among them with respect to this Agreement is confidential information. The Parties shall
maintain the confidentiality of all such information, and without the written consent of other Party, either Party shall not disclose
any relevant information to any third party, except in the following circumstances: (a) such information is or will be in the public
domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required
by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its
legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor
are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the
staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party
shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law and Resolution of Disputes</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.1</TD><TD STYLE="text-align: justify">The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes shall be governed by the laws of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.2</TD><TD STYLE="text-align: justify">In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">8.3</TD><TD STYLE="text-align: justify">Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.1</TD><TD STYLE="text-align: justify">This Agreement shall become effective on the date thereof, and shall expire upon the date of full
performance by the Parties of their respective obligations under this Agreement. Since the effective date of this Agreement, the
Original Loan Agreement shall be terminated and shall be replaced and superseded by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.2</TD><TD STYLE="text-align: justify">This Agreement is written in both Chinese and English language in two copies, with each Party having
one copy with equal legal validity. In case there is any conflict between the Chinese version and the English version, the Chinese
version shall prevail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.3</TD><TD STYLE="text-align: justify">This Agreement may be amended or supplemented through written agreement by and between the Lender
and the Borrower. Such written amendment agreement and/or supplementary agreement executed by and between the Lender and the Borrower
are an integral part of this Agreement, and shall have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.4</TD><TD STYLE="text-align: justify">In the event that one or several of the provisions of this Agreement are found to be invalid, illegal
or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining
provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace
such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by
the relevant laws the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible
to the economic effect of those invalid, illegal or unenforceable provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.5</TD><TD STYLE="text-align: justify">The attachments (if any) to this Agreement shall be an integral part of this Agreement and shall
have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">9.6</TD><TD STYLE="text-align: justify">Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof. The provisions of Sections 5, 7,
8, and this Section 9.6 shall survive the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Loan Agreement as of the date
first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0"><B>Lender: </B></TD>
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0"><B>Tarena Technologies Group Inc.</B></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">Name: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">Legal Representative</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0"><B>Borrower:</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0"><B>Li Jianguang </B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">By: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ Li Jianguang</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; layout-grid-mode: char; text-align: justify; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.5pt; text-align: justify; text-indent: -56.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.33
<SEQUENCE>8
<FILENAME>v461874_ex4-33.htm
<DESCRIPTION>EXHIBIT 4.33
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.33</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Amended and Restated Share Pledge
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Second Amended
and Restated Share Pledge Agreement (this &ldquo;Agreement&rdquo;) has been executed by and among the following parties on July 5,
2016 in Beijing, the People&rsquo;s Republic of China (&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-indent: -53.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
A: Tarena Technologies Group Inc.</B> (hereinafter &ldquo;Pledgee&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt; text-align: justify; text-indent: -53.75pt">Address:
Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-align: justify; text-indent: -53.95pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: -35.9pt"><B>Party
B: Han Shaoyun</B> (hereinafter &ldquo;Pledgor&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ID No.: &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party C: Beijing Tarena Jinqiao Technology
Co., Ltd. &#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">Address:
Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a &ldquo;Party&rdquo; respectively, and they shall be collectively
referred to as the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whereas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">1.</TD><TD STYLE="text-align: justify">Pledgor is a Chinese citizen and holds 70% of the equity interest in Party C. Party C is a limited
liability company registered in Beijing, China engaging in technology development, technology transfer, technology consulting,
etc.. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and intends to provide
any necessary assistance in registering the Pledge;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">2.</TD><TD STYLE="text-align: justify">Pledgee is a wholly foreign-owned enterprise registered in China. Pledgee and Party C which is
partially owned by Pledgor have executed an Exclusive Business Cooperation Agreements (as defined below) in Beijing; Party C, Pledgee,
Pledgor and Tarena International Inc. have executed an Exclusive Option Agreements (as defined below); Pledgor has executed a Power
of Attorney (as defined below) in favor of Tarena International Inc.; and Pledgee and Pledgor have executed a Loan Agreement (as
defined below)<FONT STYLE="text-underline-style: double"><U>;</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">3.</TD><TD STYLE="text-align: justify">To ensure that Party C and Pledgor fully perform their obligations under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney, Pledgor hereby pledges to
the Pledgee all of the equity interest that Pledgor holds in Party C as security for Party C&rsquo;s and Pledgor&rsquo;s obligations
under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">4.</TD><TD STYLE="text-align: justify">Party A, Party B and Party C executed an Amended and Restated Share Pledge Agreement on November
25, 2013 (the &ldquo;Original Share Pledge Agreement&rdquo;). The Parties intend to enter this Agreement to replace and supersede
the Original Share Pledge Agreement by executing this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">To perform the provisions of the
Transaction Documents (as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Unless otherwise provided herein,
the terms below shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.1</TD><TD STYLE="text-align: justify">Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Article
2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales
price of the Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.2</TD><TD STYLE="text-align: justify">Equity Interest: shall refer to 70% equity interests in Party C currently held by Pledgor, representing
RMB3,500,000 in the registered capital of Party C, and all of the equity interest hereafter acquired by Pledgor in Party C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.3</TD><TD STYLE="text-align: justify">Term of Pledge: shall refer to the term set forth in Section 3.2 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.4</TD><TD STYLE="text-align: justify">Transaction Documents: shall refer to the Amended and Restated Exclusive Business Cooperation Agreement
executed by and between Party C and Pledgee on November 25, 2013 (the &ldquo;Exclusive Option Agreements&rdquo;; (ii) Second Amended
and Restated Exclusive Option Agreement executed by and among Party C, Pledgee and Pledgor on July 5, 2016 (the &ldquo;Exclusive
Option Agreement&rdquo;); (iii) Second Amended and Restated Loan Agreement executed by and between Pledgee and Pledgor on July 5,
2016 (the &ldquo;Loan Agreement&rdquo;); (iv) Power of Attorney executed on July 5, 2016 by Pledgor (the &ldquo;Power of Attorney&rdquo;)
and any modification, amendment and restatement to the aforementioned documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.5</TD><TD STYLE="text-align: justify">Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option
Agreement, the Power of Attorney, the Loan Agreement and this Agreement; all the obligations of Party C under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement and this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.6</TD><TD STYLE="text-align: justify">Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses
of anticipated profits, suffered by Pledgee, incurred as a result of any Event of Default. The amount of such loss shall be calculated
in accordance with the reasonable business plan and profit forecast of Pledgee, the consulting and service fees payable to Pledgee
under the Exclusive Business Cooperation Agreement, all expenses occurred in connection with enforcement by Pledgee of Pledgor&rsquo;s
and/or Party C&rsquo;s Contract Obligations and etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.7</TD><TD STYLE="text-align: justify">Event of Default: shall refer to any of the circumstances set forth in Article 7 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.8</TD><TD STYLE="text-align: justify">Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement
declaring an Event of Default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>The Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.1</TD><TD STYLE="text-align: justify">Pledgor agrees to pledge all the Equity Interest as security for performance of the Contract Obligations
and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that Pledgor pledges the Equity Interest to
the Pledgee pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.2</TD><TD STYLE="text-align: justify">During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity
Interest. Pledgor may receive dividends distributed on the Equity Interest only with prior written consent of Pledgee. Dividends
received by Pledgor on Equity Interest after deduction of individual income tax paid by Pledgor shall be, as required by Pledgee,
(1) deposited into an account designated and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured
Indebtedness prior and in preference to any other payment; or (2) unconditionally donated to Pledgee or any other person designated
by Pledgee to the extent permitted under applicable PRC laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.3</TD><TD STYLE="text-align: justify">Pledgor may subscribe for capital increase in Party C only with prior written consent of Pledgee.
Any equity interest obtained by Pledgor as a result of Pledgor&rsquo;s subscription of the increased registered capital of the
Company shall also be deemed as Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.4</TD><TD STYLE="text-align: justify">In the event that Party C is required by PRC law to be liquidated or dissolved, any interest distributed
to Pledgor upon Party C&rsquo;s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account
designate and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference
to any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted
under applicable PRC laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Term of Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">3.1</TD><TD STYLE="text-align: justify">The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated
herein has been registered with relevant administration for industry and commerce (the &ldquo;AIC&rdquo;). The Pledge shall be
continuously valid until all payments due under the Exclusive Business Cooperation Agreement have been fulfilled by Party C. The
parties agree that within 3 business days following the execution of this Agreement, Pledgor and Party C shall register the Pledge
in the shareholders&rsquo; register of Party C, and within 10 business days after the competent AIC has formally begun accepting
applications for the registration of equity interest pledge, Pledgor and Party C shall submit application to the AIC for the registration
of the Pledge of the Equity Interest contemplated herein. Pledgor and Party C shall submit all necessary documents and complete
all necessary procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity
Interest shall be registered with the AIC within 20 business days after filing (or such other time period normally required by
the relevant AIC).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">3.2</TD><TD STYLE="text-align: justify">During the Term of Pledge, in the event Party C fails to perform the Contract Obligations or pay
Secured Indebtedness, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Custody of Records for Equity Interest subject to Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">During the Term of Pledge set
forth in this Agreement, Pledgor shall deliver to Pledgee's custody the capital contribution certificate for the Equity Interest
and the shareholders' register containing the Pledge within one week from the execution of this Agreement. Pledgee shall have custody
of such items during the entire Term of Pledge set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of Pledgor and Party C</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">As of the execution date of
this Agreement, Pledgor and Party C hereby jointly and severally represent and warrant to Pledgee that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.1</TD><TD STYLE="text-align: justify">Pledgor is the sole legal owner of the Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.2</TD><TD STYLE="text-align: justify">Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with
the provisions set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.3</TD><TD STYLE="text-align: justify">Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the
Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.4</TD><TD STYLE="text-align: justify">Pledgor and Party C have obtained any and all approvals and consents from applicable government
authorities and third parties (if required) for execution, delivery and performance of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.5</TD><TD STYLE="text-align: justify">The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC
laws; (ii) conflict with Party C&rsquo;s articles of association or other constitutional documents; (iii) result in any breach
of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result
in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause
any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Covenants of Pledgor and Party C</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.1</TD><TD STYLE="text-align: justify">During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to
the Pledgee:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.1</TD><TD STYLE="text-align: justify">not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Transaction
Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.2</TD><TD STYLE="text-align: justify">Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to
the pledge of rights, and within 5 days of receipt of any notice, order or recommendation issued or prepared by relevant competent
authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply
with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned
matters upon Pledgee's reasonable request or upon consent of Pledgee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.3</TD><TD STYLE="text-align: justify">Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that
may have an impact on Pledgee's rights to the Equity Interest or any portion thereof, as well as any event or notice received by
Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.4</TD><TD STYLE="text-align: justify">Party C shall complete the registration procedures for extension of the term of operation within
three (3) months prior to the expiration of such term to maintain the validity of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.2</TD><TD STYLE="text-align: justify">Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect
to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through
any legal proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.3</TD><TD STYLE="text-align: justify">To protect or perfect the security interest granted by this Agreement for payment of the Service
Fees under the Exclusive Business Cooperation Agreement, Pledgor hereby undertakes to execute in good faith and to cause other
parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee.
Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by
Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into
all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons).
Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that
are required by Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.4</TD><TD STYLE="text-align: justify">Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations
and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Event of Breach</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.1</TD><TD STYLE="text-align: justify">The following circumstances shall be deemed Event of Default:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 35.45pt">7.1.1</TD><TD STYLE="text-align: justify">Pledgor&rsquo;s any breach to any obligations under the Transaction Documents and/or this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 22.4pt">7.1.2</TD><TD STYLE="text-align: justify">Party C&rsquo;s any breach to any obligations under the Transaction Documents and/or this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.2</TD><TD STYLE="text-align: justify">Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.3</TD><TD STYLE="text-align: justify">Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee&rsquo;s
satisfaction within twenty (20) days after the Pledgee and /or Party C delivers a notice to the Pledgor requesting rectification
of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing upon the occurrence of the Event of Default
or at any time thereafter and demand that Pledgor immediately pay all outstanding payments due under the Exclusive Business Cooperation
Agreement and all other payments due to Pledgee, and/or dispose of the Pledge in accordance with the provisions of Article 8 of
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt">8.</TD><TD STYLE="text-align: justify"><B>Exercise of Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.1</TD><TD STYLE="text-align: justify">Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.2</TD><TD STYLE="text-align: justify">Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
concurrently with the issuance of the Notice of Default in accordance with Section 8.1 or at any time after the issuance of the
Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated
with the Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.3</TD><TD STYLE="text-align: justify">After Pledgee issues a Notice of Default to Pledgor in accordance with Section 8.1, Pledgee may
exercise any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited
to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into
or from the proceeds from auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss incurred by its
duly exercise of such rights and powers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.4</TD><TD STYLE="text-align: justify">The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred
as result of disposing the Equity Interest and to perform Contract Obligations and pay the Secured Indebtedness to the Pledgee
prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned
to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public
office where Pledgor resides, with all expense incurred being borne by Pledgor. To the extent permitted under applicable PRC laws,
Pledgor shall unconditionally donate the aforementioned proceeds to Pledgee or any other person designated by Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.5</TD><TD STYLE="text-align: justify">Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee may exercise
the right to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted
into or from the proceeds from auction or sale of the Equity Interest under this Agreement, without exercising any other remedy
measure first.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.6</TD><TD STYLE="text-align: justify">Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on
its behalf, and Pledgor or Party C shall not raise any objection to such exercise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.7</TD><TD STYLE="text-align: justify">When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall
provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Breach of Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21pt">9.1</TD><TD STYLE="text-align: justify">If Pledgor or Party C conducts any material breach of any term of this Agreement, Pledgee shall
have right to terminate this Agreement and/or require Pledgor or Party C to indemnify all damages; this Section 9 shall not prejudice
any other rights of Pledgee herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21pt">9.2</TD><TD STYLE="text-align: justify">Pledgor or Party C shall not have any right to terminate this Agreement in any event unless otherwise
required by applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.1</TD><TD STYLE="text-align: justify">Without Pledgee's prior written consent, Pledgor and Party C shall not have the right to assign
or delegate its rights and obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.2</TD><TD STYLE="text-align: justify">This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall
be valid with respect to Pledgee and each of its successors and assigns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.3</TD><TD STYLE="text-align: justify">At any time, Pledgee may assign any and all of its rights and obligations under the Exclusive Business
Cooperation Agreement to its designee(s) (natural/legal persons), in which case the designee shall have the rights and obligations
of Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction Documents and
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.4</TD><TD STYLE="text-align: justify">In the event of a change in Pledgee due to an assignment, Pledgor and/or Party C shall, at the
request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and
register the same with the relevant AIC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.5</TD><TD STYLE="text-align: justify">Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the obligations hereunder
and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining
rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance
with the written instructions of Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">11.1</TD><TD STYLE="text-align: justify">Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness
by Pledgor and Party C, Pledgee shall release the Pledge under this Agreement upon Pledgor&rsquo;s request as soon as reasonably
practicable and shall assist Pledgor to de-register the Pledge from the shareholders&rsquo; register of Party C and with relevant
PRC local administration for industry and commerce.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">11.2</TD><TD STYLE="text-align: justify">The provisions under Sections 9, 13, 14 and 11.2 herein of this Agreement shall survive the expiration
or termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Handling Fees and Other Expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">All fees and out of pocket expenses
relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Parties acknowledge that the
existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with
the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality
of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant
confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than
through the receiving Party&rsquo;s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable
laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to
be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality
obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable
for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Governing Law and Resolution of Disputes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.1</TD><TD STYLE="text-align: justify">The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes hereunder shall be governed by the laws of the PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.2</TD><TD STYLE="text-align: justify">In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.3</TD><TD STYLE="text-align: justify">Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.05pt; text-align: justify; text-indent: -0.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.2</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.3</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.4</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117.2pt; text-align: justify; text-indent: -45.2pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 48pt; font-size: 10pt"><B>Party A: </B></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; font-size: 10pt"><B>Tarena Technologies Group Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt">Address:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt">Attn: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">Han Shaoyun</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt">Phone: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">86-10 6213-6369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt">Facsimile: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">86-10 6211-0873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Han Shaoyun</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Tel: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt">Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt">86-10 6213-5687</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 27pt">15.5</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Parties
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Severability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">In the event that one or several
of the provisions of this Contract are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Contract shall not be affected or
compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Attachments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The attachments set forth herein
shall be an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.1</TD><TD STYLE="text-align: justify">This Agreement shall become effective upon execution by the Parties hereto. Since the effective
date of this Agreement, the Original Share Pledge Agreement shall be terminated and shall be replaced and superseded by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.2</TD><TD STYLE="text-align: justify">Any amendments and supplements to this Agreement shall be made in writing. The amendment agreements
and supplementary agreements that have been signed by the Parties and that relate to this Agreement shall be an integral part of
this Agreement and shall have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.3</TD><TD STYLE="text-align: justify">This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C
shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Share Pledge Agreement as
of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding: 0; text-align: justify; text-indent: 0"><B>Party A: </B></TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; text-indent: 0"><B>Tarena Technologies Group Inc.</B></TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Legal Representative</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Party B: </B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Han Shaoyun</B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Party C: </B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Han Shaoyun</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Title: </TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">Legal Representative</TD>
    <TD STYLE="padding: 0; layout-grid-mode: char; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Attachments:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">1.</TD><TD STYLE="text-align: justify">Shareholders&rsquo; register of Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">2.</TD><TD STYLE="text-align: justify">The Capital Contribution Certificate for the Formation of Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">3.</TD><TD STYLE="text-align: justify">Exclusive Business Cooperation Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">4.</TD><TD STYLE="text-align: justify">Exclusive Option Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">5.</TD><TD STYLE="text-align: justify">Loan Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">6.</TD><TD STYLE="text-align: justify">Power of Attorney</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.34
<SEQUENCE>9
<FILENAME>v461874_ex4-34.htm
<DESCRIPTION>EXHIBIT 4.34
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.34</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Second Amended and Restated Share Pledge
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Second Amended
and Restated Share Pledge Agreement (this &ldquo;Agreement&rdquo;) has been executed by and among the following parties on July 5,
2016 in Beijing, the People&rsquo;s Republic of China (&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-indent: -53.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
A: Tarena Technologies Group Inc.</B> (hereinafter &ldquo;Pledgee&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt; text-align: justify; text-indent: -53.75pt">Address:
Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.95pt; text-align: justify; text-indent: -53.95pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: -35.9pt"><B>Party
B: Li Jianguang</B> (hereinafter &ldquo;Pledgor&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ID No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party C: Beijing Tarena Jinqiao Technology
Co., Ltd. &#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.65pt; text-align: justify; text-indent: -56.65pt">Address:
Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a &ldquo;Party&rdquo; respectively, and they shall be collectively
referred to as the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whereas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">1.</TD><TD STYLE="text-align: justify">Pledgor is a Chinese citizen and holds 30% of the equity interest in Party C. Party C is a limited
liability company registered in Beijing, China engaging in technology development, technology transfer, technology consulting,
etc.. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and intends to provide
any necessary assistance in registering the Pledge;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">2.</TD><TD STYLE="text-align: justify">Pledgee is a wholly foreign-owned enterprise registered in China. Pledgee and Party C which is
partially owned by Pledgor have executed an Exclusive Business Cooperation Agreements (as defined below) in Beijing; Party C, Pledgee,
Pledgor and Tarena International Inc. have executed an Exclusive Option Agreements (as defined below); Pledgor has executed a Power
of Attorney (as defined below) in favor of Tarena International Inc.; and Pledgee and Pledgor have executed a Loan Agreement (as
defined below);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">3.</TD><TD STYLE="text-align: justify">To ensure that Party C and Pledgor fully perform their obligations under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney, Pledgor hereby pledges to
the Pledgee all of the equity interest that Pledgor holds in Party C as security for Party C&rsquo;s and Pledgor&rsquo;s obligations
under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21.25pt">4.</TD><TD STYLE="text-align: justify">Party A, Party B and Party C executed an Amended and Restated Share Pledge Agreement on November
25, 2013 (the &ldquo;Original Share Pledge Agreement&rdquo;). The Parties intend to enter this Agreement to replace and supersede
the Original Share Pledge Agreement by executing this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">To perform the provisions of the
Transaction Documents (as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">Unless otherwise provided herein,
the terms below shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.1</TD><TD STYLE="text-align: justify">Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Article
2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales
price of the Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.2</TD><TD STYLE="text-align: justify">Equity Interest: shall refer to 30% equity interests in Party C currently held by Pledgor, representing
RMB600,000 in the registered capital of Party C, and all of the equity interest hereafter acquired by Pledgor in Party C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.3</TD><TD STYLE="text-align: justify">Term of Pledge: shall refer to the term set forth in Section 3.2 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.4</TD><TD STYLE="text-align: justify">Transaction Documents: shall refer to the Amended and Restated Exclusive Business Cooperation Agreement
executed by and between Party C and Pledgee on November 25, 2013 (the &ldquo;Exclusive Option Agreements&rdquo;; (ii) Second Amended
and Restated Exclusive Option Agreement executed by and among Party C, Pledgee and Pledgor on July 5, 2016 (the &ldquo;Exclusive
Option Agreement&rdquo;); (iii) Second Amended and Restated Loan Agreement executed by and between Pledgee and Pledgor on July 5,
2016 (the &ldquo;Loan Agreement&rdquo;); (iv) Power of Attorney executed on July 5, 2016 by Pledgor (the &ldquo;Power of Attorney&rdquo;)
and any modification, amendment and restatement to the aforementioned documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.5</TD><TD STYLE="text-align: justify">Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option
Agreement, the Power of Attorney, the Loan Agreement and this Agreement; all the obligations of Party C under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement and this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.6</TD><TD STYLE="text-align: justify">Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses
of anticipated profits, suffered by Pledgee, incurred as a result of any Event of Default. The amount of such loss shall be calculated
in accordance with the reasonable business plan and profit forecast of Pledgee, the consulting and service fees payable to Pledgee
under the Exclusive Business Cooperation Agreement, all expenses occurred in connection with enforcement by Pledgee of Pledgor&rsquo;s
and/or Party C&rsquo;s Contract Obligations and etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.7</TD><TD STYLE="text-align: justify">Event of Default: shall refer to any of the circumstances set forth in Article 7 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">1.8</TD><TD STYLE="text-align: justify">Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement
declaring an Event of Default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>The Pledge</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.1</TD><TD STYLE="text-align: justify">Pledgor agrees to pledge all the Equity Interest as security for performance of the Contract Obligations
and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that Pledgor pledges the Equity Interest to
the Pledgee pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.2</TD><TD STYLE="text-align: justify">During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity
Interest. Pledgor may receive dividends distributed on the Equity Interest only with prior written consent of Pledgee. Dividends
received by Pledgor on Equity Interest after deduction of individual income tax paid by Pledgor shall be, as required by Pledgee,
(1) deposited into an account designated and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured
Indebtedness prior and in preference to any other payment; or (2) unconditionally donated to Pledgee or any other person designated
by Pledgee to the extent permitted under applicable PRC laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.3</TD><TD STYLE="text-align: justify">Pledgor may subscribe for capital increase in Party C only with prior written consent of Pledgee.
Any equity interest obtained by Pledgor as a result of Pledgor&rsquo;s subscription of the increased registered capital of the
Company shall also be deemed as Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">2.4</TD><TD STYLE="text-align: justify">In the event that Party C is required by PRC law to be liquidated or dissolved, any interest distributed
to Pledgor upon Party C&rsquo;s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account
designate and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference
to any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted
under applicable PRC laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Term of Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">3.1</TD><TD STYLE="text-align: justify">The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated
herein has been registered with relevant administration for industry and commerce (the &ldquo;AIC&rdquo;). The Pledge shall be
continuously valid until all payments due under the Exclusive Business Cooperation Agreement have been fulfilled by Party C. The
parties agree that within 3 business days following the execution of this Agreement, Pledgor and Party C shall register the Pledge
in the shareholders&rsquo; register of Party C, and within 10 business days after the competent AIC has formally begun accepting
applications for the registration of equity interest pledge, Pledgor and Party C shall submit application to the AIC for the registration
of the Pledge of the Equity Interest contemplated herein. Pledgor and Party C shall submit all necessary documents and complete
all necessary procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity
Interest shall be registered with the AIC within 20 business days after filing (or such other time period normally required by
the relevant AIC).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">3.2</TD><TD STYLE="text-align: justify">During the Term of Pledge, in the event Party C fails to perform the Contract Obligations or pay
Secured Indebtedness, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Custody of Records for Equity Interest subject to Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">During the Term of Pledge set
forth in this Agreement, Pledgor shall deliver to Pledgee's custody the capital contribution certificate for the Equity Interest
and the shareholders' register containing the Pledge within one week from the execution of this Agreement. Pledgee shall have custody
of such items during the entire Term of Pledge set forth in this Agreement.<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of Pledgor and Party C</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">As of the execution date of
this Agreement, Pledgor and Party C hereby jointly and severally represent and warrant to Pledgee that:<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.1</TD><TD STYLE="text-align: justify">Pledgor is the sole legal owner of the Equity Interest.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.2</TD><TD STYLE="text-align: justify">Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with
the provisions set forth in this Agreement.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.3</TD><TD STYLE="text-align: justify">Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the
Equity Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.4</TD><TD STYLE="text-align: justify">Pledgor and Party C have obtained any and all approvals and consents from applicable government
authorities and third parties (if required) for execution, delivery and performance of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">5.5</TD><TD STYLE="text-align: justify">The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC
laws; (ii) conflict with Party C&rsquo;s articles of association or other constitutional documents; (iii) result in any breach
of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result
in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause
any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Covenants of Pledgor and Party C</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.1</TD><TD STYLE="text-align: justify">During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to
the Pledgee:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.1</TD><TD STYLE="text-align: justify">not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Transaction
Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.2</TD><TD STYLE="text-align: justify">Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to
the pledge of rights, and within 5 days of receipt of any notice, order or recommendation issued or prepared by relevant competent
authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply
with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned
matters upon Pledgee's reasonable request or upon consent of Pledgee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.3</TD><TD STYLE="text-align: justify">Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that
may have an impact on Pledgee's rights to the Equity Interest or any portion thereof, as well as any event or notice received by
Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.35pt"></TD><TD STYLE="width: 35.7pt">6.1.4</TD><TD STYLE="text-align: justify">Party C shall complete the registration procedures for extension of the term of operation within
three (3) months prior to the expiration of such term to maintain the validity of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.2</TD><TD STYLE="text-align: justify">Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect
to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through
any legal proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.3</TD><TD STYLE="text-align: justify">To protect or perfect the security interest granted by this Agreement for payment of the Service
Fees under the Exclusive Business Cooperation Agreement, Pledgor hereby undertakes to execute in good faith and to cause other
parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee.
Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by
Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into
all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons).
Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that
are required by Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">6.4</TD><TD STYLE="text-align: justify">Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations
and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Event of Breach</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.1</TD><TD STYLE="text-align: justify">The following circumstances shall be deemed Event of Default:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 35.45pt">7.1.1</TD><TD STYLE="text-align: justify">Pledgor&rsquo;s any breach to any obligations under the Transaction Documents and/or this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 22.4pt">7.1.2</TD><TD STYLE="text-align: justify">Party C&rsquo;s any breach to any obligations under the Transaction Documents and/or this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.2</TD><TD STYLE="text-align: justify">Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">7.3</TD><TD STYLE="text-align: justify">Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee&rsquo;s
satisfaction within twenty (20) days after the Pledgee and /or Party C delivers a notice to the Pledgor requesting rectification
of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing upon the occurrence of the Event of Default
or at any time thereafter and demand that Pledgor immediately pay all outstanding payments due under the Exclusive Business Cooperation
Agreement and all other payments due to Pledgee, and/or dispose of the Pledge in accordance with the provisions of Article 8 of
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt">8.</TD><TD STYLE="text-align: justify"><B>Exercise of Pledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.1</TD><TD STYLE="text-align: justify">Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.2</TD><TD STYLE="text-align: justify">Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
concurrently with the issuance of the Notice of Default in accordance with Section 8.1 or at any time after the issuance of the
Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated
with the Equity Interest.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.3</TD><TD STYLE="text-align: justify">After Pledgee issues a Notice of Default to Pledgor in accordance with Section 8.1, Pledgee may
exercise any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited
to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into
or from the proceeds from auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss incurred by its
duly exercise of such rights and powers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.4</TD><TD STYLE="text-align: justify">The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred
as result of disposing the Equity Interest and to perform Contract Obligations and pay the Secured Indebtedness to the Pledgee
prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned
to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public
office where Pledgor resides, with all expense incurred being borne by Pledgor. To the extent permitted under applicable PRC laws,
Pledgor shall unconditionally donate the aforementioned proceeds to Pledgee or any other person designated by Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.5</TD><TD STYLE="text-align: justify">Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee may exercise
the right to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted
into or from the proceeds from auction or sale of the Equity Interest under this Agreement, without exercising any other remedy
measure first.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.6</TD><TD STYLE="text-align: justify">Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on
its behalf, and Pledgor or Party C shall not raise any objection to such exercise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">8.7</TD><TD STYLE="text-align: justify">When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall
provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Breach of Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21pt">9.1</TD><TD STYLE="text-align: justify">If Pledgor or Party C conducts any material breach of any term of this Agreement, Pledgee shall
have right to terminate this Agreement and/or require Pledgor or Party C to indemnify all damages; this Section 9 shall not prejudice
any other rights of Pledgee herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21pt">9.2</TD><TD STYLE="text-align: justify">Pledgor or Party C shall not have any right to terminate this Agreement in any event unless otherwise
required by applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.1</TD><TD STYLE="text-align: justify">Without Pledgee's prior written consent, Pledgor and Party C shall not have the right to assign
or delegate its rights and obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.2</TD><TD STYLE="text-align: justify">This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall
be valid with respect to Pledgee and each of its successors and assigns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.3</TD><TD STYLE="text-align: justify">At any time, Pledgee may assign any and all of its rights and obligations under the Exclusive Business
Cooperation Agreement to its designee(s) (natural/legal persons), in which case the designee shall have the rights and obligations
of Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction Documents and
this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -25.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.4</TD><TD STYLE="text-align: justify">In the event of a change in Pledgee due to an assignment, Pledgor and/or Party C shall, at the
request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and
register the same with the relevant AIC.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 25.6pt">10.5</TD><TD STYLE="text-align: justify">Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the obligations hereunder
and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining
rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance
with the written instructions of Pledgee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">11.1</TD><TD STYLE="text-align: justify">Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness
by Pledgor and Party C, Pledgee shall release the Pledge under this Agreement upon Pledgor&rsquo;s request as soon as reasonably
practicable and shall assist Pledgor to de-register the Pledge from the shareholders&rsquo; register of Party C and with relevant
PRC local administration for industry and commerce.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">11.2</TD><TD STYLE="text-align: justify">The provisions under Sections 9, 13, 14 and 11.2 herein of this Agreement shall survive the expiration
or termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Handling Fees and Other Expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">All fees and out of pocket expenses
relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The Parties acknowledge that the
existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with
the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality
of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant
confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than
through the receiving Party&rsquo;s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable
laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to
be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality
obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable
for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Governing Law and Resolution of Disputes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.1</TD><TD STYLE="text-align: justify">The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes hereunder shall be governed by the laws of the PRC.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.2</TD><TD STYLE="text-align: justify">In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">14.3</TD><TD STYLE="text-align: justify">Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.05pt; text-align: justify; text-indent: -0.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.1</TD><TD STYLE="text-align: justify">All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.2</TD><TD STYLE="text-align: justify">Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.3</TD><TD STYLE="text-align: justify">Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">15.4</TD><TD STYLE="text-align: justify">For the purpose of notices, the addresses of the Parties are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117.2pt; text-align: justify; text-indent: -45.2pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 48pt; font-size: 10pt; padding-top: 0; text-indent: 0"><B>Party A: </B></TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0"><B>Tarena Technologies Group Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; padding-top: 0; text-indent: 0">Address:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0">Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; padding-top: 0; text-indent: 0">Attn: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0">Han Shaoyun</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; padding-top: 0; text-indent: 0">Phone: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0">86-10 6213-6369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; padding-top: 0; text-indent: 0">Facsimile: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; padding-top: 0">86-10 6211-0873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; text-align: justify; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Li Jianguang</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">5 Jianguomennei Avenue, Dongcheng District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Tel: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6526-2400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 10pt; text-align: justify; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6213-5687</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 48pt; font-size: 12pt; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Facsimile: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 12pt; padding-top: 0"><FONT STYLE="font-size: 10pt">86-10 6211-0873</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 27pt">15.5</TD><TD STYLE="text-align: justify">Any Party may at any time change its address for notices by a notice delivered to the other Parties
in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Severability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">In the event that one or several
of the provisions of this Contract are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Contract shall not be affected or
compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Attachments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">The attachments set forth herein
shall be an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.1</TD><TD STYLE="text-align: justify">This Agreement shall become effective upon execution by the Parties hereto. Since the effective
date of this Agreement, the Original Share Pledge Agreement shall be terminated and shall be replaced and superseded by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.2</TD><TD STYLE="text-align: justify">Any amendments and supplements to this Agreement shall be made in writing. The amendment agreements
and supplementary agreements that have been signed by the Parties and that relate to this Agreement shall be an integral part of
this Agreement and shall have the same legal validity as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">18.3</TD><TD STYLE="text-align: justify">This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C
shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Share Pledge Agreement as
of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party A: </B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tarena Technologies Group Inc.</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party B: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Li Jianguang</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Li Jianguang</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Party C: </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Beijing Tarena Jinqiao Technology Co., Ltd.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">(Company
                                         seal affixed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Han Shaoyun</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Legal Representative</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: center">Signature Page to Second Amended
and Restated Share Pledge Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: center">&nbsp;</P>



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

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Attachments:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">1.</TD><TD STYLE="text-align: justify">Shareholders&rsquo; register of Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">2.</TD><TD STYLE="text-align: justify">The Capital Contribution Certificate for the Formation of Party C;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">3.</TD><TD STYLE="text-align: justify">Exclusive Business Cooperation Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">4.</TD><TD STYLE="text-align: justify">Exclusive Option Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">5.</TD><TD STYLE="text-align: justify">Loan Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 30pt">6.</TD><TD STYLE="text-align: justify">Power of Attorney</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.35
<SEQUENCE>10
<FILENAME>v461874_ex4-35.htm
<DESCRIPTION>EXHIBIT 4.35
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 4.35</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">BF&mdash;2005&mdash;0117</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify; font-size: 10pt; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Contract
    No.:________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Beijing&nbsp;Commodity Housing Presale Contract</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Non-residential properties including commercial/office
houses) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Seller: <U>Beijing
Jingkai-Gongda Investment Management Co., Ltd.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Buyer: <U>Tarena
Technologies Inc.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beijing Municipal Housing and Urban Construction
Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beijing Municipal Industrial and Commercial
Administration Bureau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Revised in
Oct. 2010</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 12pt">Printed on 5th
Day of May, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Instructions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. This contract is a model contract formulated
jointly by the Beijing Municipal Construction Committee and the Beijing Municipal Industrial and Commercial Administration Bureau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Before signing of the presale contract,
the Seller shall show the Buyer the presale license of commodity housing and other related certificates and certifying documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. The contracting parties shall conclude the
contract on the basis of the principle of free will, fairness and good faith and honesty, and neither party may impose its will
on the other party. The two parties may alter, supplement or delete contents of the articles of this contract text. After this
contract comes into force, the printed contents of this text without alteration are to be deemed as stipulation made by the parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Before execution of the commodity housing
presale contract, the Buyer shall review the articles of the contract prudently, especially those alternative, supplementary contents
and those filled or altered contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. In order to present the principles of free
will of contracting parties, there are blanks following some articles of this contract text, left for supplementary stipulation
made by both parties separately. For any matters not covered or not stipulated sufficiently in this contract, the Seller and the
Buyer may conclude supplementary agreements on a fair and reasonable basis and in light of the specific conditions of the sold
housing, or make supplementary stipulations in the blanks following relevant articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. With respect to the alternative contents
in [ ] and the contents to be filled in blanks in this contract text, and other contents to be deleted or supplemented, the contracting
parties shall make determination through negotiation. To select the items in [ ], please make a &radic;. If any content does not
refer to the actual case or the parties do not make stipulation, the parties shall delete such content by making a &times; in the
blanks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. If any dispute arises between the two parties
from the performance of this contract, they may either lodge a lawsuit to the people&rsquo;s court of the place where the property
is located, or apply to relevant arbitration commission for arbitration. If the parties select arbitration, they may apply to the
Beijing Arbitration Commission,&nbsp;the China&nbsp;International Economic and Trade Arbitration Commission, or those arbitration
commissions of places beyond Beijing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. The contracting parties may determine the
number of original copies of this contract in light of the actual conditions, and must check the copies prudently so as to ensure
that the contents in every copy are identical. Under any circumstance, the buyer shall hold at least one original copy of this
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Beijing Commodity
Housing Presale Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>(Non-residential
properties including commercial/office houses) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Seller:&nbsp;&nbsp;<U>Beijing&nbsp;&nbsp;Jingkai-Gongda
Investment Management Co., Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address: <U>4/F Building 2, Unit A, No. 1 Disheng
Northern Street, Beijing Economic &amp; Technological Development Area, Beijing, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Postal Code:&nbsp;&nbsp;<U>100176</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registration number of Business License: <U>110302003481318</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Enterprise qualification certificate No.: <U>JK-A-3352</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal Representative:<U>&nbsp;&nbsp;Zhou Shiyi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
Tel.:<U>&nbsp;&nbsp;67862520</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Entrusted Agent:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
Tel.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Entrusted Sales Agency: <U>Beijing Jingkai-Yicheng
Investment Consultant Co., Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address: <U>1/F Building 2, Unit A, No. 1 Disheng
Northern Street, Beijing Economic &amp; Technological Development Area, Beijing, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Postal Code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registration number of Business License:<U>&nbsp;&nbsp;110302012140425</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buyer: <U>Tarena Technologies Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[Legal Representative] [Principal]: <U>Han
Shaoyun&nbsp;&nbsp;</U>Nationality:<U>&nbsp;&nbsp; China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registration number of Business License: <U>110000410175162</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date of birth:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
Gender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address: <U>Rm. 3709, No. 18A North Third Ring
Rd. West, Haidian District, Beijing, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Postal
Code:&nbsp;&nbsp;<U>&nbsp;&nbsp;100089&nbsp;&nbsp;&nbsp;</U> Tel.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[Legal representative]&nbsp;[Authorized agent]Nationality:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[ID Card No.] [Passport No.] [ ]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date of birth:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
Gender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Postal Code:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Tel.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the Contract Law of the
People&rsquo;s Republic of China, the Law of the People&rsquo;s Republic of China on Administration of Urban Real Estate, the Measures
on the Administration of Urban Real Estate Transfer in Beijing and other relevant laws and regulations, the Seller and the Buyer,
on the basis of equality, voluntariness and fairness and through negotiations, do hereby agree as follows with respect to the purchase
and sale of commercial house:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 1 Reference for Project Construction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller has obtained the state-owned land
use right of the plot located at <U>D1F1 of the Beijing Economic &amp; Technological Development Area</U> through <U>transfer of
land use right</U> and acquired the Certificate of Real Estate Title through legal registration of the use right. The number of
the certificate is: No. <U>00008 (2015 Chu)</U> and the land area is: <U>54,928.2 square meters</U>, and the purpose of the land
where the commodity house purchased by the Buyer&nbsp;&nbsp;(hereinafter refers to as &ldquo;the Commodity House&rdquo;) is located
is for <U>_F2 public mixed-use residentials</U>; the term for land use will start on <U>Dec.12, 2011</U> and end on <U>Dec.11,
2061</U>. The number of Contract for State-Owned Construction Land Use Right Assignment: <U>No. 32 JJGTCR[H]Z(2011)</U>. The purpose
of the land where the Commodity House is located is for composite, commercial, residential types, and the term for land use right
assignment starts on Dec.12, 2011 and end on Dec. 11, 2061.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon approval, the Seller has invested to build
the commodity housing on the said land lot mentioned above, with <U>a temporary name</U> of <U>Beijing Jiangkai One Center</U>,
the Construction Engineering Planning Permit number of <U>No. 0032 [2014 G(K)JZ] </U>, and the Construction Engineering Working
License number of <U>No. 0050 [2014]S[J]JZ;</U> the starting date of the construction stipulated in the Contract shall be <U>Jul.
16, 2014</U> and the completion date will be <U>Feb. 21, 2016</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 2 Reference for Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The commodity housing has been approved to
be qualified for presale by <U>the Economic and Technological Development Zone Branch of Beijing Municipal Bureau of Land and Resources</U>,
with the Presale License number of <U>____________</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 3 Basic Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The architectural structure of main building
where the Commodity Houses are located is:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>; and the building consists of <U>10</U>
storeys, including an over-ground part of <U>9_ floors</U> and an underground of <U>1 floor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The commodity housing refers to No.____ Unit____
Floor____ Building <U>[B5]</U> mentioned in the item of Article 1. The room number as a&nbsp;&nbsp;<U>[Approval Number] [Temporary
Number] </U>now will be subject to the final number approved by the Administration Department of Public Security; References can
be made to Annex 1 for the housing plan and location plan in the whole building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of this commodity housing is to
be <U>office house</U>: <U>the floor height </U>of the Commodity House is<U>&nbsp;&nbsp;&nbsp;&nbsp; </U>meters, [net height of
the slope roof] the minimum height:<U>&nbsp;&nbsp;X </U>meters, the maximum height:<U>&nbsp;&nbsp;X </U>meters. The orientation
of the commodity housing is:&nbsp;&nbsp;<U>&nbsp;X </U>; there are<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U>balconies, of which&nbsp;&nbsp;<U>&nbsp;X&nbsp;&nbsp;</U>enclosed
balconies and <U>X </U>unclosed balconies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller entrusts a mapping institution of<U>_
Beijing Jingheng Real Surveying Technology Co., Ltd</U> to predict that the building area of the Commodity House is <U>8,389.91</U>square
meters totally, which includes <U>5,633.45</U> square meters of interior building area and <U>2,756.46</U> square meters of public
share building area. References can be made to Annex 2 for the introduction of the public share building area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When both parties sign the Contract, the construction
progress status of the commodity housing building is<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The floor height mentioned in this article
refers to the vertical distance between an upper floor and a lower floor or between the floor and the ground. The net height refers
to the vertical distance between a floor and the soffit of the upper floor or between the ground and the underside of the suspended
ceiling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 4 Reference for Mortgage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mortgage condition of this House is: <U>&nbsp;&nbsp;2,
3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The land use right shared by this House
and the construction in progress are not set to mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The land use right shared by this House
has been set to mortgage, with the mortgagee of the <U>Beijing Economic and Technological Development Zone Branch of Industrial
&amp; Commercial Bank of China Ltd.</U> at the mortgage registration department of the H<U>ousing and Land Administration Bureau
of Beijing Economic and Technological Development Zone</U> on the date of <U>Apr. 20, 2015</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. The construction in progress of this House
has been set to mortgage, with the mortgagee of the <U>Beijing Economic and Technological Development Zone Branch of Industrial
&amp; Commercial Bank of China Ltd.</U> at the mortgage registration department of the <U>Housing and Land Administration Bureau
of Beijing Economic and Technological Development Zone</U> on the date of <U>Apr. 20, 2015</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The presale certificate of this House and other
covering mortgage approved by the mortgagee refers to Annex 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 5 Pricing Mode and Purchase Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As for commodity houses except for single-family
villas, entire buildings, garage (carport) , the Seller and the Buyer shall agree to calculate the price of the Commodity House
according to the <U>1st </U>method below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Commodity House type is [single-family
villa], [entire building], [garage] or [carport], the Seller and the Buyer shall agree to calculate the price of the Commodity
House according to the <U>1st </U>method below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. According to the interior building
area, the Commodity House can be priced to be&nbsp;&nbsp;<U>___X</U>_<U>_ </U> Yuan per square meter, with the total price of
RMB ONE HUNDRED AND FOURTEEN MILLION SIX HUNDRED THOUSAND Yuan ONLY .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. According to the building area, the Commodity
House can be priced to be <U>___ ____&nbsp; </U>______RMB Yuan per square meter, with the total price of RMB ___ BILLION _____ HUNDRED
______ MILLION _______ HUNDRED AND __<U>&nbsp;&nbsp;</U>___ THOUSAND _____ HUNDRED ______ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. According to the suite (unit), the total
price of the Commodity House can be priced to be <U>_______</U>__<U>X</U>__ BILLION __<U>X</U>___ HUNDRED ___<U>X</U>____ MILLION
__<U>X</U>______ HUNDRED AND __<U>X&nbsp;&nbsp;</U>___ THOUSAND __<U>X</U>____ HUNDRED ___<U>X</U>_____ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. According to ___<U>X</U>___, the total
price of the Commodity House can be priced to be&nbsp;&nbsp;BILLION __<U>X</U>___ HUNDRED ___<U>X</U>____ MILLION __<U>X</U>______
HUNDRED AND __<U>X&nbsp;&nbsp;</U>___ THOUSAND __<U>X</U>____ HUNDRED ___<U>X</U>_____ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the detailed agreement on terms of pricing
and cost, see the Annex 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The building area in this article refers to
the horizontal projected area of each floor above the outside wall plinth of a permanent building with the floor height of over
2.20 meters (including 2.20 meters), including balconies, overhanging corridors, basements, and exterior stairs and so on, which
is also roof covered and stably constructed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interior building area refers to the usable
area, wall covering and balcony areas in total inside each unit of the commodity house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 6 Payment Term and Deadline</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Buyer shall pay for the Commodity House
by the following 1st method</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Lump-sum settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Installment payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Credit payment: [commercial loan] The Buyer
can pay ______ % of the total price of the Commodity House as down payment, and then pay the balance by credit from [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Other methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">References can be made to Annex 4 for the agreement
on the detailed payment terms and deadline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 7 Supervision and Management on
Presale Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the provisions of the <I>Interim
Measures of Beijing on Supervision and Management of Pre-sale Funds for Commodity Houses</I>, the pre-sale funds of the Commodity
House shall be supervised by the bank: <U>Beijing Economic and Technological Development Zone Branch of ICBC</U>, with the special
account name of <U>Beijing Jingkai-Gongda Investment Management Co., Ltd (One Center)</U> and the special account number: <U>0200059029200318384</U>.&nbsp;&nbsp;When
the commodity house is pre-sold, the Buyer shall deposit the house purchase price directly into the special account. In case the
Buyer applies for a mortgage, the Seller shall provide the special account for receiving the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 8 </B>The Seller shall guarantee
that the Commodity House for sale is not involved in any dispute of ownership. In case of the inability to handle ownership registration
or occurrence of credit and debt disputes, the seller shall undertake all the responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 9 Agreements on Planning Alteration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller shall build the Commodity House
according to the conditions stipulated in the Construction Planning Permit approved and issued by the Planning Administration Department
and cannot alter the planning without authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Seller wants to alter the conditions
stipulated in the Construction Planning Permit, the Seller should obtain the agreement of the affected buyers in writing, as well
as the approval of the Planning Administration Department. For the losses of the buyer&rsquo;s interests caused by the planning
alteration, the Seller should provide the corresponding compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 10 Agreements on Design Alteration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. With the approval of the design inspection
unit entrusted by the Planning Administration Department, The following alterations on the construction design documents which
will affect the quality and use functions of the Commodity House, the seller should inform the buyer by written notice within 10
days after the approval of the design inspection unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The construction, layout, space dimension
and orientation of the Commodity House;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Heating methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the seller doesn&rsquo;t inform the buyer
within the stipulated time, the buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. The buyer should reply in written whether
to cancel the order or not within 15 days after receiving the notice. If the buyer doesn&rsquo;t give any reply within 15 days
after receiving the notice, it will be deemed that the purchaser accepts the alterations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. <U>If the Buyer wants to refund the house,
the Buyer shall, within 30 days after effectively delivering the Refund Notice to the Seller, sign all documents necessary to cancel
the pre-sale contract (including but not limited to the written agreement to cancel this contract, and the Power of Attorney necessary
for undergoing formalities to cancel the registration of this pre-sale contract).&nbsp;&nbsp;The seller shall, within 30 days after
the above documents necessary to cancel the pre-sale contract take effect, refund the paid house purchase price to the Buyer, and
shall pay an interest at the demand deposit interest rate specified by the People's Bank of China for the same period.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>If the Buyer does not refund the house,
the Buyer shall separately enter into a supplementary agreement with the Seller within 30 days after receiving the written notice
from the Seller. If the Buyer neither undergoes formalities to cancel the pre-sale contract nor enters into a supplementary agreement
with the Seller within the above said time period, it shall be deemed that the Buyer accepts the changed plan and design, and agrees
to carry out acceptance examination and take-over of the house as scheduled.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 11 Purchaser&rsquo;s Responsibility
for Breach of Contract Due to Overdue Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer fails to make the payment in the
stipulated time, the <U>1st </U>method will be complied with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Handle separately according to the overdue
period, ((1) and (2) are not cumulative)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) If the overdue period is less than <U>30
</U>days, the Buyer shall pay <U>0.006 </U>percent of the overdue payment per day within <U>7 </U>days after the actual payment
date to the Seller as a penalty from the second day after the payment deadline stipulated in this contract to the actual payment
date, and the contract continues to be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) If the overdue period is over <U>30 </U>days
(this date shall be the same as the date mentioned in Item (1), the Seller has the right to terminate the contract. If the Seller
terminates the contract, the Buyer shall pay <U>3 </U>percent of the accumulative payables to the Seller as a penalty within_<U>7</U>_days
after receiving the notification of terminating the contract, and the Seller shall return the total effected payment to the Buyer.
If the Buyer is willing to continue performing the contract, the contract will continue to be effective with the approval of the
Seller. From the second day after the payment deadline stipulated in this contract to the actual payment date, the purchaser shall
pay <U>0.006 </U>percent (This rate should be no less than the rate stipulated in the item (1)) of the overdue payment per day
within <U>30 </U>days after the actual payment date to the Seller as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The overdue payment in this article refers
to the balance between the due payable stipulated in Article Six of this contract and the actual payment in that term. If installment
payment is adopted, the overdue payment shall be decided by the balance between the due installment and the actual payment in that
term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 12 Delivery Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. The seller shall deliver the Commodity House
before the date of Jul. 31, 2016. However, in case of force majeure or the influence of national policy or government action, the
above house delivery time shall postpone accordingly, provided that the seller shall promptly notify the special circumstances
to the Buyer in writing after the occurrence of such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. When delivered, the Commodity House should
meet the conditions of the following Items .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The Measured Area Report of the commodity
House issued by a qualified real estate mapping organization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The infrastructure conditions undertaken
by the Seller in Article 13 should be met;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. <U>The Buyer shall have paid the full house
purchase price agreed in this Contract to the Seller.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 13 Promise of the Seller on the
Infrastructure and Other Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller promises that the infrastructure
and other facilities directly related to the normal usage of this House should meet the following conditions by the appointed date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Municipal infrastructure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Water supply lines and sewers: shall meet
<U>the use requirements</U> by <U>Mar. 30, 2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Municipal two circuit feeding: shall meet
<U>the use requirements</U> by <U>Mar. 30, 2016</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Heating: shall meet <U>the use requirements
</U>by the date of <U>Mar. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(4) Gas: shall
be available for use by&nbsp;&nbsp;</FONT><U>&nbsp;&nbsp; &times;;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Telephone: <U>the ports shall be reserved
in place</U> by the date of <U>Mar. 30, 2016, </U>and will be reported for installation by customers<U>;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) TV network: <U>the ports shall be reserved
in place</U> by the date of <U>Mar. 30, 2016</U> and will be reported for installation by customers<U>;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the above conditions haven&rsquo;t been
realized by the stipulated date, both parties can handle according to the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) <U>It shall be handled according to the
Seller's Responsibility for Breach of Contract Due to Overdue Delivery;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Other facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Public green spaces: shall <U>be available
for use</U> by <U>Jul. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Public roads: shall <U>be available for
use</U> by <U>Jul. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Public parking lots: shall <U>be available
for use</U> by <U>Jul. 30, 2016;</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the above conditions haven&rsquo;t been
realized by the stipulated date, both parties shall agree to handle according to the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) <U>It shall be handled according to the
Seller's Responsibility for Breach of Contract Due to Overdue Delivery</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>3. If the delivery time of municipal infrastructure
and other facilities promised by the Seller is delayed due to force majeure or the influence of national policy or government action,
such delivery time shall postpone accordingly.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 14 Seller&rsquo;s Responsibility
for Breach of Contract Due to Overdue Delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for the force majeure, if the Seller
cannot deliver the Commodity House to the Buyer according to the deadline and conditions stipulated in Article 12 of this contract,
the following Method <U>1</U> can be complied with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Handle separately according to the overdue
period, ((1) and (2) are not cumulative)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) If the overdue period is less than <U>30
</U>days (the time should be no less than the time mentioned in Item (1) of Article 10), the Seller shall pay <U>0.006 </U>percent
(This rate should be no less than the rate stipulated in the item (1) of Article 10) of the effected payment per day within <U>7
</U>days after the actual delivery date to the Buyer as a penalty from the second day after the delivery deadline stipulated in
this contract to the actual delivery date, and the contract continues to be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) If the overdue period is over <U>30 </U>days
(this date should be the same as the date mentioned in Item (1), the Buyer has the right to terminate the contract. If the Buyer
cancels the order, the Seller shall return the total effected payment to the Buyer, as well as <U>3</U>percent of the effected
payment to the Buyer as a penalty, within_<U>7</U>_days after receiving the notification of cancelling the order. If the Buyer
requires to continue performing the contract, the contract will continue to be effective. From the second day after the delivery
deadline stipulated in this contract to the actual delivery date, the Seller shall pay <U>0.006 </U>percent (This rate should be
no less than the rate stipulated in the item (1)) of the effected payment per day within <U>7 </U>days after the actual delivery
date to the Buyer as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. <U>If the delivery time of municipal infrastructure
and other facilities promised by the Seller is delayed due to force majeure or the influence of national policy or government action,
such delivery time shall postpone accordingly.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 15 Solutions on Area Discrepancy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When delivering the Commodity House, the Seller
shall demonstrate the Commodity Housing Area Mapping Report issued by the entrusted qualified Real Estate Mapping organization,
and provide the actual measured area of the Commodity House to the Buyer (Hereinafter refers to as the Measure Area). If there
are any discrepancy between the Measure Area and the predicted area stated in Article 3, both parties will agree to handle in accordance
with Method&nbsp;&nbsp; <U>1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. According to the agreement on the pricing
mode of the interior building area in Article 5, both parties shall agree to handle in accordance with the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) If the absolute discrepancy rate of the
interior building area is within 3% (including 3%), it can be settled the payment of the Commodity House according to the fact;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) If the absolute discrepancy rate of the
interior building area exceeds 3%, the Buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer cancels the order, the Seller
must return the effected payment to the Buyer within 30 days after receiving the notification of canceling the order, and pay the
corresponding interest rates according to <U>the interest rate of individual housing loan issued by the bank in the corresponding
period</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer doesn&rsquo;t cancel the order,
when the Measured Area of the interior building area is larger than the predicted area with the discrepancy rate within 3% (including
3%), the Buyer shall pay for the extra area; while if the discrepancy rate exceeds 3%, the cost of the extra area will be borne
by the Seller and the ownership belongs to the Buyer. When the Measured Area of the interior building area is smaller than the
predicted area with the discrepancy rate within 3% (including 3%), the Seller shall return the cost of the less area to the Buyer;
while if the discrepancy rate exceeds 3%, the Seller shall return twice more than the cost of the less area to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The absolute discrepancy rate of the interior
building area =</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Measured Area &ndash; The Predicted Area</FONT></TD>
    <TD NOWRAP STYLE="width: 70%; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Predicted Area</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;x100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 66pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. According to the agreement on the pricing
mode of the interior building area in Article 5, both parties shall agree to handle in accordance with the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) If the absolute discrepancy rates of the
building area and the interior building area both are within 3% (including 3%), it can be settled the payment of the Commodity
House according to the fact;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) If either of the absolute discrepancy rates
of the building area and the interior building area exceeds 3%, the Buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer cancels the order, the Seller
must return the effected payment to the Buyer within 30 days after receiving the notification of canceling the order, and pay the
corresponding interest rates according to the interest rate of <U>current deposit interest rate of the People's Bank of China_</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer doesn&rsquo;t cancel the order,
when the Measured Area of the building area is larger than the predicted area with the discrepancy rate within 3% (including 3%),
the Buyer shall pay for the extra area; while if the discrepancy rate exceeds 3%, the cost of the extra area will be borne by the
Seller and the ownership belongs to the Buyer. When the Measured Area of the building area is smaller than the building area stipulated
in the contract within 3% (including 3%), the Seller shall return the cost of the less area to the Buyer; while if the discrepancy
rate exceeds 3%, the Seller shall return twice more than the cost of the less area to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The absolute discrepancy rate of the building
area =</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Measured Area &ndash; The Predicted Area</FONT></TD>
    <TD NOWRAP STYLE="width: 70%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Predicted Area</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;x100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 66pt">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Both parties can achieve the agreements
by themselves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 16 Handling-over Procedure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. Delivery of the House means that the Seller
sends the Move-in Notice for delivery of the Commodity House after its acceptance by the construction surveying, design and engineering
supervision institutions etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After the Commodity House meets the delivery
conditions stipulated in Article 12, the Seller shall inform the Buyer in written within 7 days before the delivery date of the
handling-over time and place, as well as the required credentials. In the acceptance of the handling-over, the Seller shall demonstrate
the certifications stipulated in Article 12, as well as those certificating the Commodity House meet the other conditions stipulated
in Article 12. If the Seller cannot demonstrate the certifications or the certifications are not complete, or the other conditions
in Article 12 haven&rsquo;t been met, the Seller has the right to accept the Commodity House; and the Seller shall take the responsibility
for breach of contract due to overdue delivery, which will be handled according to Article 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer finds any item needing repair
during the process of receiving the house, the Buyer shall require the Seller to repair it according to the provisions of this
Contract .However, Such item shall not constitute a reason for the Buyer to refuse or delay the house take-over formalities, or
to ask the Seller to bear the liability for breach of contract for overdue delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. If the take-over formalities cannot be
undergone on time due to the Buyer&rsquo;s reason, the Seller shall not bear the liability for breach of contract for overdue delivery,
and both parties agree to settle this in the following way:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer fails to undergo the receiving
formalities within the notified time period after the Buyer receives or shall receive the &ldquo;Move-in Notice&rdquo;&nbsp;&nbsp;from
the Seller, or fails to complete the receiving formalities within 30 days after receiving the notice, it shall be deemed that the
Buyer has received this commodity house at the time and in the place as stipulated in the &ldquo;Move-in Notice&rdquo; and according
to the delivery conditions agreed in this Contract. Any damage, loss and other risks of the commodity house shall be transferred
to the Buyer from the time of house receiving stipulated in the Move-in Notice. Relevant costs of this commodity house, including
all taxes and fees, property management fees, heating costs and other incidental expenses occurring from the receiving time stipulated
in the Move-in Notice shall all be borne by the Buyer. The Buyer shall bear the loss or additional costs sustained by the Seller
due to the Buyer delaying in undergoing the receiving formalities. If the Buyer fails to undergo or complete the receiving formalities
more than one year overdue, the Seller shall have the right to cancel this Contract, take back the commodity house and dispose
of it otherwise. The Buyer shall support the Seller in undergoing relevant formalities to cancel the Contract. The Seller shall
refund the remaining house purchase price paid by the Buyer after deducting all relevant costs which shall be borne by the Buyer
according to this Contract as well as liquidated damages equal to 3% of the total purchase price. In addition, the Buyer shall
also compensate the Seller for all losses arising herefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. Both parties shall agree to pay the taxes
according to the following Methods <U>1 2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;The Buyer shall agree to entrust
the Seller to pay the following taxes of <U>(5)</U>, and entrust the property service enterprise to collect the <U>3rd</U> of the
following fees on behalf of it, and pay the aforesaid taxes to the Seller and the property service enterprise while receiving the
commodity house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Special housing maintenance funds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Contract tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Heating fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) <U>Stamp tax of the Title Certificate;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) <U>Other relevant fees for handling house
acceptance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The Buyer shall pay the following taxes
of <U>(2) and (4) </U>to the related departments and show the vouchers to the Seller when accepting the Commodity House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Special housing maintenance funds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Contract tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Heating fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) Stamp tax of the Title Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) <U>Other relevant fees for handling house
acceptance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 17 Agreement on the Quality, Ornament
and Facility Standard of the House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. The Seller shall promise that the building
materials and the components of the House are qualified and the House quality meet the requirements of the construction quality
specifications and standards issued by the state and Beijing Municipal Government and the Construction drawing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. The Seller and the Buyer agree on the following
items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. If the foundation basis and main structure
quality of this House are detected to be unqualified, the Buyer has the right to cancel the order within 60 days. If the Buyer
cancels the order, the Seller must return all the effected payment to the Buyer within <U>60 </U>days after receiving the notification
of canceling the order, and pay the corresponding interest rates according to <U>the interest rate of individual housing loan issued
by the bank in the corresponding period</U>, and also compensate the Buyer for the corresponding losses if necessary. Hence, the
detection charge will be at the Seller&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer chooses not to refund the house,
or if the commodity house has been delivered and used for more than <U>60</U> days, the Buyer shall sign a supplemental agreement
with the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. When delivering the House after the units
of construction, investigation and design, as well as the builders and Engineering Project Supervisor, have passed the acceptance
inspection, the Seller shall check the House for acceptance together with the Buyer; if any other problems, both parties shall
agree on the Method <U>(3)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The Seller shall deliver the repaired House
within <U>&times;</U> days. The Seller shall take the responsibility for breach of contract due to overdue delivery, which will
be handled according to Article 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The Seller shall be responsible to repair
the House within <U>&times;</U> days after the delivery date according to the national and municipal regulations and standards
related to the engineering quality, account for the repairing expense and compensate the Buyer for the corresponding losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) After the Commodity House meets the delivery
and use conditions specified in the pre-sale contract, the Buyer shall have the right to conduct on-site inspection on this commodity
house. If the Buyer finds any item needing repair in such inspection, the Seller shall repair it, until the commodity house meets
the requirements of relevant regulations and standards of the country or the city on project quality, and shall bear the cost of
repair. The Buyer shall not refuse to receive this commodity house just because of this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. The ornaments and facilities of the delivered
House shall meet the contracted standard. If fail to meet the standard, the Buyer has the right to request the Seller to manage
it according to the following Methods <U>(1) and (2)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) <U>If the decoration or equipment standard
of the Commodity House delivered by the Seller is lower than the agreed one,</U> the Seller shall compensate double the price differences
of the ornaments and facilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) <U>If the decoration or equipment standard
of the Commodity House delivered by the Seller is higher than the agreed one, the Seller may not notify the Seller, but the Seller
shall not charge any additional fees for this, and the Buyer shall not refuse to receive this commodity house just because of this,
and shall not require the Seller to bear the liability for breach of contract.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">References can be made to Annex 6 for the detailed
agreements on the ornament and facility standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. When the Seller and the Buyer have any
disputes on the construction quality, either party can entrust a qualified detection organization of construction engineering quality
for test; and both parties shall have the obligation to cooperate with each other to detect the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If it is tested to be qualified, the test costs
shall be borne by the Buyer. Otherwise, the test costs shall be borne by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 18 Responsibility for Housing Warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. Both Parties agree on the scope of warranty,
warranty period and warranty liability in detail in Annex VII of this Contract. The scope of warranty and warranty period must
meet applicable laws and regulations of the country and Beijing City, as well as the requirements of relevant standards and codes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. When the House has any quality problem
within the warranty scope in the warranty period, if both parties have contracted to cancel the order, it shall be subject to the
contract; while if both parties haven&rsquo;t contracted to cancel the order, the Seller shall perform the obligation of warranty
and the Buyer shall cooperate. If the loss is not caused due to the Seller, the Seller will not be responsible for it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 19 Energy-efficiency Measures for
the House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Commodity House shall meet the requirements
of the Design Standard for Energy Efficiency of Public Buildings&nbsp;&nbsp;of the country and Beijing city. Otherwise, the Seller
shall make up energy efficiency measures according to the requirements of relevant standards, and take charge of the total costs;
if it causes any losses to the Buyer, the Seller shall compensate for them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 20 Building Sound Insulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the building sound insulation of the Commodity
House fails to meet the standard, the Seller shall make up construction sound insulation measures according to the requirements
of the planning and design, and shall bear all costs. If any damage is caused to the Buyer, the Seller shall bear the liability
for compensating the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 21 Commitment on the Use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. When using this House, the Buyer must not
change the main building structure, bearing structure and usage without authorization. Except for the agreements in the contract,
supplemental agreements and the annexes, the Buyer has the right to share the common parts and facilities related to the House
with other obligees and undertake the obligations according to the appointed areas of the common parts and shared buildings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>In case of any violation of the above provisions,
the Buyer shall bear relevant economic and legal liability arising herefrom. In addition, the Buyer shall not change the public
parts and facilities associated with this Commodity House without authorization. If the Buyer has changed&nbsp;&nbsp;them without
authorization, the Buyer shall restore them immediately or no later than within 15 days after receiving a written notice from the
Seller, the property service enterprise or the party actually suffering loss, and shall compensate the Seller, the property service
enterprise or the party actually suffering loss for actual loss arising herefrom.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The Seller shall not arbitrarily change
the use nature of the public parts and facilities associated with the Commodity House. The Seller shall promise not to change the
planned purpose of the Commodity House, not to sell the Commodity House by dividing it, not to sell the Commodity House by means
of cost-returned sale or any such means in disguised forms, and not to sell the uncompleted Commodity House by the after-sale lease
guarantee or by any such means in disguised forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. During the usage of the Commodity House,
the Buyer shall not arbitrarily change or destroy the appearance and current situations of the exterior eaves, building structure
and building roof. Otherwise, the Buyer shall unconditionally restore them to their original conditions according to the requirements
of the Seller or the property service enterprise. If this causes any loss to the Seller or a third party, the Buyer shall bear
all the compensation liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 22 Ownership Registration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. Primary registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller shall get the ownership certificate
of the building of this House before <U>Oct. 31, 2016</U>. If the ownership certificate hasn&rsquo;t been got within the time stipulated
in this Article due to the Seller, both parties agree to manage it according to the following Method <U>1:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The Buyer has the right to cancel the order.
If the Buyer cancels the order, the Seller must return all the effected payment to the Buyer within <U>60</U> days after receiving
the notification of canceling the order, and pay the interests at the rate of <U>3</U>% of the total effected payment to the Buyer.
If the Buyer doesn&rsquo;t cancel the order, the contract will continue to be effective; from the second day after the deadline
to get the ownership certificate from the actual date of getting the certificate, the Seller shall pay <U>0.006</U>% of the total
effected payment per day to the Buyer as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. Transfer registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. After the House has been delivered for use,
both parties agree to manage it according to the following Method <U>(2)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Both parties apply to the registration
authority for the registration of ownership transfer. The fees for handling the registration of ownership shall be borne by the
Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The Buyer agrees to entrust seller or the
entrusted agency_ to apply to the registration authority for the registration of ownership transfer with the entrust fee of RMB
<U>_2,000_______ </U>YUAN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. If the Buyer cannot get the ownership certificate
of the House within360 days after the delivery date due to the Seller, both partied shall agree to manage it according to the following
Method<U>s</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The Buyer has the right to cancel the order.
If the Buyer cancels the order, the Seller must return all the effected payment to the Buyer within <U>60</U> days after receiving
the notification of canceling the order, and pay the corresponding interest rates to the Buyer according to <U>the interest rate
of individual housing loan issued by the bank in the corresponding period</U>. If the Buyer doesn&rsquo;t cancel the order, from
the second day after the deadline to get the ownership certificate from the actual date of getting the certificate, the Seller
shall pay <U>0.006</U>% of the total effected payment per day to the Buyer as a penalty within<U>7</U>days after the actual date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. If the housing ownership certificate cannot
be obtained as scheduled due to the Buyer's responsibility (including but not limited to the Buyer failing to pay relevant taxes
and fees according to the requirements of relevant government departments, failing to submit relevant materials, or failing to
sign legal documents required for property rights, etc.), the Buyer shall be held responsible for it, and Seller shall assume no
liability for breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. If the Buyer fails to obtain the housing
ownership certificate after the expiry of the period specified by this Contract due to the fault of the Seller, the Buyer shall
have the right to notify the Seller whether to cancel this Contract or not within 60 days after the expiry of this period. If the
Buyer does not do so within this time period, the Buyer shall not notify the Seller to cancel the contract any more. This contract
shall be cancelled as of the date when the Buyer issues a written cancellation notice to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. If the Buyer cannot obtain the housing ownership
certificate within 360 days after this Commodity House has been delivered due to force majeure, national policy adjustment or government
action, the Seller shall not bear the liability for breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 23 Agreement on Common Rights and
Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The use right of the roof of the House building
belongs to all the owners(the use right of the roof of each unit of a duplex building shall belong to the property owner of each
unit);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The use right of the exterior wall of the
House building belongs to all the owners; (the use right of the roof of each unit of a duplex building shall belong to the property
owner of each unit)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. The naming right of the building where the
house is located shall belong to all proprietors of this building (the naming right of each unit of a duplex building shall belong
to the property owner of each unit);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. <U>The naming right of the Housing District
belongs to the Seller.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 24 Agreement on Ancillary Buildings
and Other Structures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Both parties agree to manage the ancillary
buildings and other structures of the House such as the underground garages and so on according to the following Method <U>2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. When the Seller presales the House, the
ancillary buildings of _<U>X</U>__, _<U>&nbsp;X</U>__, _<U>&nbsp;X</U>__ shall be transferred together with the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">2. The Seller
shall disclose <U>parking spaces on the ground and unshared public areas</U> will not be transferred together with the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 25 Prophase Property Management
Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. The property management company selected
by the Seller according to law is: Beijing Jingkai Investment Advisor, Co., Ltd. with the qualification number of <U>No. 0075 JWQZS
[2014]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. During the prophase of property management,
the property service charge will be RMB 5.50 Yuan /month/m<SUP>2</SUP> (building area), which will be charged by the property management
company annually. The charge includes cleaning fee of the property region, public order maintenance fee, daily maintenance fee
of public areas and facilities, greening maintenance fees, comprehensive management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Therein to, the fees for parking on the ground
is 150 Yuan/month while the fees for underground parking is 400 Yuan/month. The above charging standard will be adjusted according
to national policy adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. The property management company shall
charge the property service charge according to the Method <U>1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Charge by year: the Buyer shall pay for
the charges before the date required by the service company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Charge by half a year: the Buyer shall pay
for the charges before the dates of __<U>X</U>__ and __<U>X</U>__ each year separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Charge by quarter: the Buyer shall pay for
the charges before the dates of __<U>X</U>__, __<U>X</U>__, __<U>X</U>__ and __<U>X</U>__ each year separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IV. References can be made to Annex 8 for the
contents of property service and the owners&rsquo; temporary agreement. The Buyer should read all the content of Annex8 carefully
and agree that the property management service selected by the Seller will provide the prophase property service and the Buyer
will abide by the owners&rsquo; temporary agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preliminary property management period
mentioned in this Article shall refer to the period from the time when the first proprietor moves in to the time when all the proprietors
and the Project Owner complete the take-over of the property shared areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 26 Housing Maintenance Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer entrusts the Seller to pay the
housing maintenance fund, the Seller shall give the Buyer the payment voucher within<U>7</U>days after the date of entrustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Buyer pays the housing maintenance fund
in person, the Buyer shall show the payment voucher to the property management company [at the delivery date of the house] [within
__<U>X_</U>_ days after the delivery date].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 27 Exceptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. If the contract cannot be performed according
to the agreements due to force majeure, partial or total responsibility can be exempted according to the effect of the force majeure;
however, either party who cannot perform the contract due to force majeure should inform the other party in time and provide proofs
to the other party within<U>60</U>days after the end date of the force majeure event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. If the Seller cannot perform part or all
of the terms of the Contract due to the change of national policies or the behaviors of government, the Seller may be exempted
from partial or all liabilities, and shall inform the Buyer in time after the occurrence of the exemptions. The Buyer shall have
the right to choose to continue or terminate the performance of this Contract, but the Seller shall not bear the liability for
breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 28 Dispute Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there are any disputes during the performance
of the contract, both parties shall settle it through negotiation or application for mediation; if fail through negotiation or
mediation, should sue to the Beijing Daxing District People&rsquo;s Court according to relevant laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 29 </B>This contract will come into
effect upon both parties&rsquo; signature. As for the issues excluded or stipulated unclearly or inapplicably in this contract,
both parties can sign written supplemental agreements for modification or supplementation according to the particular cases; but
if the supplemental agreements include any unreasonable articles to lighten or exempt the responsibility stipulated in this contract
of the Seller or to enhance the Buyer&rsquo;s responsibility and remove the Buyer&rsquo;s main rights, this contract will prevail.
The dissolution of this contract shall be made in written. The contract annexes and supplemental agreements bear the equivalent
legal force as this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 30</B> The contract and its annexes
are totally <U>93</U> pages, in <U>quintuplicate</U>, with the equivalent legal force, the contract holding situation include
the followings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>TWO </U>copies for the Seller, <U>TWO </U>copies
for the Buyer, _<U>ONE</U>_ copy for <U>the Economic and Technological Development Zone Branch of Beijing Municipal Bureau of Land
and Resources</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 31 </B>After the Seller and the
Buyer sign and seal this Contract, the Seller shall perform online recording for this commodity house pre-sale contract in Beijing
real estate transaction management system, and shall print and give one stamped copy of the online recording form to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The formalities for the online recording for
this Commodity House Pre-sale Contract shall be completed within 7 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seller (Signature):</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Buyer (Signature):</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/seal/ Beijing Jingkai-Gongda Investment</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/seal/ Tarena
    Technologies Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management Co., Ltd.</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Group Co., Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Legal Representative]:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Legal Representative]:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/Shiyi Zhou</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;/s/ Shaoyun Han</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Entrusted Agent] (Signature):</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[The Principal]:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Entrusted Sales Agency]</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Entrusted Agent]</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Signature):</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Signature):</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: May 5, 2016</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: May 5, 2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place:</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 1: Floor plan and location plan of
the House in the entire building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg21img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B1 office building&nbsp;&nbsp; B13 office building&nbsp;&nbsp;
B11 office building&nbsp;&nbsp; B10 office building&nbsp;&nbsp; B9 office building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B2 office building&nbsp;&nbsp; B14 office building&nbsp;&nbsp;
B12 office building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B3 office building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B4 office building&nbsp;&nbsp; B5 office building&nbsp;&nbsp;
B6 office building&nbsp;&nbsp; B7 office building&nbsp;&nbsp;B8 office building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Floor plan:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (1/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg22img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (2/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg23img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (3/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg24img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (4/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg25img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (5/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg26img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (6/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg27img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (7/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg28img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (8/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg29img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (9/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg30img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B5 floor plan (ancillary accommodation)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg31img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Floor plan of underground garage, equipment
room and multi-functional hall at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg32img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 2: Description of apportioned building
area composition of commonly shared sections and commonly shared house</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description of B5 apportionment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description of building area apportionment
for commonly shared sections of B1 office building, other 15 items (Digital Technology Park) and B5 office building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>I. Project description</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B1 office building and other 15 items (digital
technology park) are located at D1F1 lot of Ludong District, Beijing Economic Technological Development Area, and B5 office building
is composed of ground 9 floors and provided with the reinforced concrete structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The distribution of functional zones in B5
office building is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. B5 office building: 1/F-9/F;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>II. Details of commonly shared sections</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Commonly shared sections of B1 office building,
B2 office building, B3 office building, B4 office building, B5 office building, B6 office building, B7 office building, B8 office
building, B9 office building, B10 office building, B11 office building, B12 office building, B13 office building, B14 office building,
parking stall of office building, mechanical parking stall of office building, multi-functional hall and tool room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; air shaft 1, electric transformer and distribution room, TV room, heat exchange
station, fire pump room, reclaimed water pump room, living water pump room, fire control room, telephone network machine room,
duty room of electric transformer and distribution room and tool room of electric transformer and distribution room.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Commonly shared sections of B5 office services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. B5 office building 1/F: staircase, elevator
room, front room, aisle, hallway, toilet, air shaft, water well, plumbing well, power distribution room and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. B5 office building 2/F-9/F: staircase, elevator
room, front room, air shaft, water well, plumbing well, power distribution room and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Ancillary accommodation floor of B5 office
building: staircase, elevator machine room air shaft, plumbing well and door header;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 5 and weak electricity engine room 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Beijing Jingkai-Gongda Investment Management
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Date: Sep. 7, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Apportionment description of underground
garage, equipment room and multi-functional hall at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description of building area apportionment
for commonly shared sections of underground garage, equipment room and multi-functional hall at B1 office building and other 15
items (digital technology park) at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>I. Project description</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B1 office building and other 15 items (digital
technology park) are located at D1F1 lot of Ludong District, Beijing Economic Technological Development Area, and underground garage,
equipment room and multi-functional room at the office area are located at the ground floor and are provided with the reinforced
concrete structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The distribution of functional zones for underground
garage, equipment room and multi-functional room at the office area is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Parking stall of office building: ground floor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 24.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD>Mechanical parking stall of office building: ground
floor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 24.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD>Multi-functional hall: ground floor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 24.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD>Tool room: ground floor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 24.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>II. Details of commonly shared sections</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(I) commonly shared sections of B1 office building,
B2 office building, B3 office building, B4 office building, B5 office building, B6 office building, B7 office building, B8 office
building, B9 office building, B10 office building, B11 office building, B12 office building, B13 office building, B14 office building,
parking stall of office building, mechanical parking stall of office building, multi-functional hall and tool room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; air shaft 1, electric transformer and distribution room, TV room, heat exchange
station, fire pump room, reclaimed water pump room, living water pump room, fire control room, telephone network machine room,
duty room of electric transformer and distribution room and tool room of electric transformer and distribution room;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(II) The apportionable commonly shared sections
of underground garage, equipment room and multi-functional room at the office area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Commonly shared sections of parking stall
of office building, mechanical parking stall of office building, multi-functional hall and tool room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Ground floor of underground garage, equipment
room and multi-functional room at the office area; lane, elevator room, staircase, air shaft, ventilation room, front room plumbing
room, toilet, aisle and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(III) Commonly shared sections of B1 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(IV) Commonly shared sections of B2 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(V) Commonly shared sections of B3 office services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(VI) Commonly shared sections of B4 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(VII) Commonly shared sections of B5 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(VIII) Commonly shared sections of B6 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(IX) Commonly shared sections of B7 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(X) Commonly shared sections of B8 office services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(XI) Commonly shared sections of B9 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(XII) Commonly shared sections of B10 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(XIII) Commonly shared sections of B11 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(XIV) Commonly shared sections of B12 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Ground floor of underground garage, equipment
room and multi-functional room at the office area; force electricity engine room 1 and weak electricity engine room 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(XV) Commonly shared sections of B13 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 3: Certificate of commodity housing
sale approval from pledgee and related provisions of pledge parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Statement of bank&rsquo;s approval for handling
of commodity housing advance sale license for pledged houses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Housing and Land Administration
of Beijing Economic Technological Development Area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Beijing Jingkai One Center
project (corresponding construction project planning license no.: 2014 G(K)JZ No. 0032), located at D1F1 lot at Ludong District,
Beijing Economic Technological Development Area, that is developed and constructed by Beijing Jingkai-Gongda Investment Management
Co., Ltd. has been pledged to our bank and our bank agrees the advance housing sale within the following pledge scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">National land use certificate
number: JJGY (2015) No. 00008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Building number: <U>B1-B14
office buildings</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;The project name must be filled
according to the name approved by the Place Name Administration Office; the building number must be filled according to the building
number approved on the planning permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;The pledge scope covers part
of the houses inside the building and the pledged house number shall be filled according to the building number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Opening bank: Beijing Economic Technological
Development Area Branch of Industrial <BR>
and Commercial Bank of China Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(Seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">YY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 4: Pricing mode and other provisions
of housing fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. Payment method: <B>Lump
sum payment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.9pt">2. Total commodity housing
fund (in RMB) under the advance sale contract: <U>one hundred and fourteen million six hundred thousand</U> yuan (RMB <U>114,600,000)</U>,
will be paid by the Buyer once and for all to the Seller within <U>15</U> days after the signing of the advance sale contract and
the down payment of <U>two hundred million</U> yuan (RMB <U>2,000,000</U>) already paid by the Buyer will automatically be converted
into the housing fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. On the premise of receiving
the full housing fund from the Buyer, the Seller shall be obliged to handle the commodity housing handover procedures with the
Buyer in accordance with the agreement in Paragraph 1, Article 16 of the advance sale contract. If the Buyer fails to pay the housing
fund in due time, the Seller shall be entitled to delay the handling of commodity housing handover procedures with the Buyer and
shall not bear the default responsibilities arising from this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4. After the advance sale
contract is signed, if the Buyer requests for changing to the bank mortgage loan, the Seller and the Buyer shall sign the change
agreement according to the related contents in Article 6 of the advance sale contract and Annex 4. The housing fund of the Buyer
shall be determined by the mortgage loan discount again and the total housing fund shall be calculated again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 5: Other provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">1. Handling of property
rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">If the Buyer entrusts the
Seller or the agent company designated by the Seller (hereinafter referred to &ldquo;assignee&rdquo;) with the registration of
property right during the occupancy settlement, the Buyer shall issue the letter of attorney to the assignee for handling of commodity
housing property certificate, provide all the data related to this and offer the necessary assistance during the handling of property
right by the Seller, including but not limited to, carry out the relevant procedures at the designated place jointly with the Seller,
pay the related fees according to the national provisions, provide the related data and sign the related legal documents for handling
of property right. The Buyer confirms that all fees required for handling of commodity housing property certificate (including
but not limited to deed tax, agency fee, property registration fee, property certificate stamp tax etc.) shall be borne by the
Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">2. If either party proposes
to terminate the contract, the non-defaulting party shall be entitled to request continuing to perform the contract, unless otherwise
agreed in the advance sale contract. If the defaulting party refuses to continue the performance, it shall pay the liquidated damages
of <U>three</U> percent of the total house fund to the non-defaulting party according to the advance sale contract and shall also
bear the corresponding liabilities for loss incurred to the non-defaulting party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. The Buyer shall ensure
that the production and operation activities within the area under the jurisdiction of Beijing Jingkai <U>One Center</U> project
comply with the stipulations of laws, administrative regulations and rules of the related departments and won&rsquo;t engage in
any illegal acts, otherwise the Buyer shall bear all legal, economic and administrative consequences, and shall compensate for
losses incurred to other proprietors or property management enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 6: Provisions of decoration and equipment
standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. Heating system:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) Central heating: <U>fan
coil;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) Brand of heating equipment:
<U>ELCO.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. Insulation materials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) Outer wall insulation:
<U>rock wool board.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. Outer wall: <U>mainly
composed of glass curtain wall and aluminum plate curtain wall, locally made of stone curtain wall.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4 Inner wall: <U>concrete
wall surface extending to the structural layer, block wall surface extending to DP-HP bottoming mortar.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">5. Ceiling:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B5/B7:
<U>1/F-5/F, 7/F, 8/F: concrete structure, 6/F: concrete structure, locally coated steel sheet; 9/F: coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B6/B10:
<U>1/F-4/F, 6/F: concrete structure, 5/F: concrete structure, locally coated steel sheet; 7/F: coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt"> 3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B11/B13: <U>1/F-5/F: concrete structure, 6/F: Al-Zn coated steel sheet;</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -2.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B12/B14:
<U>1/F-4/F: concrete structure, 5/F: Al-Zn coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">6. Indoor floor: <U>concrete
structural layer.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">7. Door and window:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) Opening mode: <U>flat
opening;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) Profiles of door and
window: <U>aluminum alloy thermal-break profiles.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">8. Elevator:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) Elevator brand: <U>Hitachi;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) Elevator speed: <U>1.75</U>m/s;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(3) Elevator capacity: <U>1100</U>kg;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">9. Floor load: uniformly distributed
live load of 1/F ground: 5KN/M<SUP>2</SUP>, live load of standard floor: 2KN/M<SUP>2</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">10. Others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(1) <FONT STYLE="font-size: 10pt">Insulation:
<U>central insulation;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(2) <FONT STYLE="font-size: 10pt">Canopy:
<U>steel joist, aluminum plate;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(3) <FONT STYLE="font-size: 10pt">Handrail:
<U>the steel tube of the staircase is painted and the glass breast board is provided on the external fa&ccedil;ade where the protection
is necessary;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(4) <FONT STYLE="font-size: 10pt">Entrance
step and disabled ramp: <U>granite face</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(5) <FONT STYLE="font-size: 10pt">Cable
TV system: <U>weak current room is set at each floor and the data cable is connected to each floor through the internal vertical
shaft</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(6) Telephone network system: <U>weak
current room is set at each floor and the data cable is connected to each floor through the internal vertical shaft;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(7) Power distribution: <U>two independent
10KV high-voltage powers are introduced from the municipal electricity for the project;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(8) Fire control: <U>with automatic
fire alarm and fire linkage control system;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">(9) Security system: <U>with monitoring
system and quarter parking lot management system indoors and outdoors.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify"><U>11. Electric load of the building:
1000KVA.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 7: Related provisions of warranty
liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>I. Scope and term of
warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the installed and constructed items under
normal service conditions when the Seller delivers the houses, their quality problems concerning civil engineering, water, heat,
electricity and other facilities within the warranty period will be subject to warranty by the following scope and term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Warranty items</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Warranty period of the project</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wall surface leakage</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roofing waterproof</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outer curtain wall, door and window</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wall, ceiling</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crack of door and window, damage of hardware</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong and weak electric wires, water inlet and outlet pipelines and corresponding components</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fire alarm system</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foundation and primary bearing structure</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed endurance life: 50 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other components</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to the related provisions of related authorities in Beijing</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>II. Start date of warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">The warranty period of the
house purchased by the Buyer will start from the date of house completion acceptance. The warranty period of the elevator will
start from the date that the governmental authorities issue the inspection conformance report and the related license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt"><B>III. Problems outside
warranty scope</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(1) The quality damages
resulting from natural disaster and force majeure are not within the warranty scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(2) The warranty items
that have been installed, removed, modified or repaired by the proprietor and the house user at discretion after occupancy are
not within the warranty scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(3) The quality problems
of the above-mentioned warranty items resulting from improper application by the proprietor or the house user after occupancy are
not within the warranty scope, however, the Seller may assist in the maintenance and the related costs shall be borne by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt"><B>IV. Warranty liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) The paid maintenance
services may be provided for the quality maintenance outside the warranty period or the warranty scope stipulated in the Annex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) The Seller shall not
be liable for the quality problems resulting from improper application of proprietor and house user, unauthorized modification
of house structure, adding equipment or changing position at discretion and inappropriate decoration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(3) The Seller shall assume
the corresponding warranty liabilities within the warranty period and the property service enterprise will provide the paid maintenance
after the warranty period expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(4) If the Seller fails
to repair the defected houses due to proprietor, house user and relevant party, the Seller shall not be entitled to bear any responsibility,
which shall be assumed by the corresponding proprietor, house user and relevant party connecting to this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 8: Preliminary Property Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Preliminary Property Service Contract of
Beijing Jingkai One Center Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The contract was entered into between Beijing
Jingkai-Gongda Investment Management Co., Ltd. and Beijing Jingkai Investment Development Co., Ltd. on __________in Beijing, China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal: Beijing Jingkai-Gongda Investment
Management Co., Ltd. (hereinafter referred to as the &ldquo;Party A&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address: 4/F, Block 2, No. 1 North Disheng
Street, Beijing Economic-Technological Development Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal Representative: Zhou Shiyi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trustee: Beijing Jingkai Investment Development
Co., Ltd. (hereinafter referred to as the &ldquo;Party B&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Address: Block 1, No. 1 North Disheng Street,
Beijing Economic-Technological Development Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal representative: Guo Guangqing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property Management Qualification: Level 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certificate No.: D0075 JWQZS [2014]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the <I>Regulations on Property
Management</I> and relevant laws and regulations, Party A entrusts Party B to implement property management for the Beijing Jingkai
One Center project (hereinafter referred to as the &ldquo;Project&rdquo;), and the parties have entered into this Contract through
equal consultation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Chapter I General Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.1pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 1 Party A entrusts Party B to provide
property management and service for the project, and Party B is the sole property manager of the project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 2 Party B accepts the entrustment of
Party A and agrees to provide property management and service for the project in accordance with this Contract, the <I>Regulations
on Property Management</I> and the relevant laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 3 In this Contract, references to any
legislation shall be construed as laws and regulations promulgated by the state government or the government of Beijing municipality.
If significant changes occur in the economic interests of either party as a result of changes in laws and regulations, the parties
shall consult in a timely manner and make the necessary adjustments or modifications to the relevant provisions of this Contract
in order to safeguard the interests of both parties under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter II Basic Conditions of the Property
Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 4 Basic Conditions of the Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Approved property name: Beijing Jingkai
One Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Property type: office building, commercial
property, residential property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Property location: Lots D1C1 and D1F1, No.
D1 Block of Eastern Zone, Beijing Economic-Technological Development Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Scope: west to the 1st Jinghai Road, east
to the 3rd Jinghai Road, south to the 13<SUP>th</SUP> Kechuang Street, north to the southern green belt of the 12<SUP>th</SUP>
Kechuang Street.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Area: <U>92,392.1m<SUP>3</SUP></U>; construction
area: a total construction area of <U>293,692 m<SUP>3</SUP></U>, area for which property management fee is collectable is <U>204,840
m<SUP>3</SUP></U>. Underground parking lot: <U>83,002 m</U><SUP>3</SUP>, among which the number of parking lots with the right
to get parking fee is <U>1,834</U>. The above data of area is based on estimates and the final measured area shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter III Scope and Content of Property
Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 6 The scope of the property management
services provided by Party B shall be as follows: the buildings and the ancillary facilities and equipment within the scope of
the red line of the project, including all kinds of public roads and landscaping, and various types of public service facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 7 Party B shall provide the following
property management services in two phases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Preparatory period of property management:
For the service in this period, please refer to Article 8 of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Normal management period of property management:
For the service in this period, please refer to Article 9 of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 8 Services provided in the preparatory
period of property management:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. To propose suggestions on the selection
of type for facilities and equipment and the selection of construction materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. To follow up on the progress of the project
and make recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. To propose suggestions on the vehicle moving
line and parking spaces of the underground parking lot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. To assist Party A in the development of
interim management provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. To establish the project property management
agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B will set up a project property management
institution during the preparatory period, and put it into normal operation as soon as possible. The details of work are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) To develop organizational structure, departmental
set-up and staffing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) To work out the function distribution method
among various departments and the duties of the various positions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) To develop internal management system,
service standards and working procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. To complete staff recruitment and professional
training.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. To develop item procurement plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. To prepare annual work plan for property
management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the preparatory period of project management,
Party B will be responsible for the preparation of the annual work plan of the project management, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Work plan for daily operation, repair and
regular maintenance of housing and its ancillary facilities, and equipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Work plan for security and fire management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Work plan for daily cleaning and regular
cleaning;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) Work plan for road traffic and parking
management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Work plan for customer service;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) Work plan for financial management and
development of human resources;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(7) Emergency response procedures and proposals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(8) Establishing a coordinated relationship
with the local government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. To prepare the customer manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. To prepare decoration guide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. To establish special service items and
collection and payment items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. To assist Party A in completing the project
acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. To take over and accept the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. To take charge of the cleanup land reclamation
of the public areas of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">15. To prepare for moving-in of the owners
of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 9 Services provided during the normal
property management period include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. To develop a work plan of property management
services, and organize the implementation of the plan; manage property-related engineering drawings, customer files, as well as
completion and acceptance materials; establish property management system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. To carry out the daily maintenance, operation
and management of shared facilities and equipment. Shared facilities and equipment include: shared water pipes, pressurized pumps,
water pipes, shared lighting, transformation and distribution systems, security systems, fire systems, transportation facilities,
rain sewage lift pump.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. To carry out the daily maintenance and management
of public facilities, ancillary buildings and structures, including roads, fences, septic tanks, pumping stations, green water
systems, outdoor ground parking, garbage transfer stations, and litter bins in public areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. To carry out conservation and management
of public green spaces, flowers and trees, and small architectural works</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. To be responsible for the public environmental
sanitation, including the daily cleaning in public areas and peripheral areas, collection, sorting and removal of daily garbage
and refuse, and regular cleaning of septic tanks, as well as regular pest control services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. To maintain public order, including safety
monitoring, public area inspections, gate service and so on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. To maintain the order of vehicles in the
facility, and manage and offer service to the vehicles parked on the parking spaces in the public areas and the vehicles parked
in the underground parking lot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. To provide fire management services, including
fire safety monitoring and inspection, fire safety warning and publicity, and maintenance and repair of firefighting facilities
in public areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. To provide house decoration management
services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. When property owners and users entrust
Party B to carry out repair and maintenance of their own premises, self-use facilities and equipment, Party B should accept the
commission and charge a reasonable fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">15. To provide special services, including
collection and payment services, according to the actual needs of Party A and property users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">16. To set up service supervision telephone,
and publicize the phone number in the bulletin board and other prominent position of the managed property area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17. To organize cultural and recreational activities
and festive decorations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 21.1pt"><B>Chapter IV Service Standards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 10 The service standards for the management
of the project are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The 3rd level standards for property service
shall be refereed to during provision of services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. The management procedures, quality standards
and assessment of the project are carried out according to the requirements of the ISO 9001: 2008 quality management system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter V Service Term of Entrusted Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 11 The term of property service is
3 years from the day after the completion of the check-in procedure for the first property user of the property, which shall end
at the day when the first property owner of the property has moved in for 3 years. If the property delivery is made in advance
or delayed, the starting day of property service term under the contract shall be correspondingly brought forward or delayed, under
which case the property service term remains 3 years, and the final property delivery date shall be confirmed by Party A and Party
B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter VI Property Management and Related
Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 12 Property management fee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Remuneration shall be paid for the project&rsquo;s property management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The property management fee shall be paid by the property owners in advance according to the building
area owned by the owners based on the following criteria:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office Building: 5.50 yuan / month / m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commercial Property: 5.50 yuan / month / m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Residential Property: 3.00 yuan / month /m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The property service funds are jointly owned
by the property owners who have contributed to the funds and the funds are managed by Party B on behalf of the property owners.
The funds include property service expenses and the remuneration made to the property service enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The property management fee consists of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The wages, social insurance, dismissal
compensation and the welfare fees legally set aside for Party B&rsquo;s employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The daily operation and maintenance costs
of the shared locations and the commonly shared facilities and equipment of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) The cleanup costs of the managed area of
the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) The landscaping and maintenance costs of
the managed area of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The order maintenance costs of the
managed area of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Party B&rsquo;s overhead
expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Depreciation of fixed assets of Party
B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) The premium of property insurance,
machine damage insurance and public liability insurance for the property&rsquo;s shared locations, commonly shared facilities
and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Financial audit fees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) Corporate tax and corporate income
tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(7) Refunding of advance payment made by
Party A for preliminary operation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(8) Management remuneration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) The property management fee shall be calculated
based on the total construction area, the construction area of each functional area, the condition&nbsp;&nbsp;of equipment system
and the energy consumption data provided by Party A, taking into account the personnel and the relevant expenses and other management
expenses required by Party B in providing services for the project. If the data and the conditions of facilities and equipment
provided by Party A are not in accordance with the actual situation, the above fees shall be adjusted accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Where government-approved adjustment of
energy unit price and changes in national laws and regulations lead to mandatory changes in labor costs, property management fees
shall be adjusted accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) The property owners shall pay the Property
Management Fee on a yearly basis as of the date of move-in as specified in the notice. For the property management fees that shall
be borne by Party A according to the <I>Property Management Measures of Beijing Municipality</I> and its implementation rules,
as well as the preliminary property service contract and commercial housing sales contract signed between Party A and the buyer,
Party A shall pay property management fees to Party B within the agreed period as agreed by Party A and the buyer in the property
service contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) Expenditure on property services should
be restricted to expenses agreed upon in the Contract, and the balance of the expenditure on property services will be calculated
once a year. The balance can be used to improve the quality of the scene, including but not limited to the increase in equipment
and facilities. However, any transformation shall be subject to the approval of Party A before implementation. After the establishment
of the owners 'committee, the approval authority shall be conferred to the owners' committee. Party B shall return the balance
to the owner every two years in accordance with the proportion of property costs paid by the owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">e) Where Party A undertakes to reduce or exempt
the property management fee of the property buyer, Party B shall pay Party B the property management fee after reduction or exemption
on the basis of Party A's written confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">f) If the owners refuse to pay full or part
of the property management fees due to the nonperformance of commitment made in the sales contract, changes in planning, construction
quality issues and other reasons of Party A, Party A shall make up the balance to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">g) For the facilities in the scope of property
management that have been completed but have not yet been sold, or the properties that have been sold but not yet been delivered
to the Buyers for the reasons of Party A or the facilities in Party A&rsquo;s property management space, the property management
fees and the water, heat, electricity and gas expenses shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">h) It is the responsibility of Party A to provide
Party B with true and complete information on the owners to whom the properties have been sold but the check-in have not been completed.
To ensure the quality of service, after the property is completed and delivered, the property management fees for properties sold
but having not completed the check-in shall be collected against the owners by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter VII Parking Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 13 Parking management fee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The parking management fee shall be collected
by Party B against the users of parking lots according to the following standards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ground parking fees and temporary parking fees
shall be collected in accordance with the provisions of the competent government departments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Underground parking management fee: RMB 400
Yuan/month/m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 14 Party B shall sign a written management
service agreement with the users of the parking lot to clarify the rights and obligations of both parties in respect of parking
spaces and parking management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Chapter VIII Special Maintenance
Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 15 The daily minor maintenance expenses
of the shared areas, commonly shared facilities, equipment and public spots after the expiration of the house warranty shall be
included as costs and expenses of property management. The overhaul and renovation costs shall be paid from the special maintenance
expenses. When the special maintenance fees need to be used, a report shall be sent to Party A for approval, and a general meeting
of the owners shall be convened in accordance with the provisions of the <I>Measures on the Management of Special Maintenance Fees</I>
to decide the cost expenditure issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 60.25pt"><B>Chapter IX Property
Management Areas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 55pt; text-align: justify; text-indent: 60.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 16 Party A shall, at the commencement
day of the preparatory period of property management, provide the property management areas needed for the property management
activities to Party B without charging fees and according to the actual needs, and Party A shall be responsible for the renovation
of the property management areas, which include the following parts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Customer reception room</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property office and conference room</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff dining lounge</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Storehouse</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other areas (depending on the specific
circumstances of the project)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter X Remuneration and Payment of Property
Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 17&nbsp;&nbsp;&nbsp;&nbsp;The remuneration
of property management services charged by Beijing Development Area Co., Ltd shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. In case the D1F1 plot is in the preparatory
period and the occupancy rate is less than 60% (excluded), the remuneration shall be charged at RMB 30,000 / month. In case the
occupancy rate ranges from 60% (inclusive) to 80% (excluded), the remuneration shall be charged at RMB 50,000 / month. In case
the occupancy rate is greater than 80% (inclusive), the remuneration shall be charged at RMB 70,000 / month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. In case the D1C1 plot is in the preparatory
period and the occupancy rate is less than 60% (excluded), the remuneration shall be charged at RMB 30,000 / month. In case the
occupancy rate ranges from 60% (inclusive) to 80% (excluded), the remuneration shall be charged at RMB 50,000 / month. In case
the occupancy rate is greater than 80% (inclusive), the remuneration shall be charged at RMB 70,000 / month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 18&nbsp;&nbsp;&nbsp;&nbsp;During the
preparatory period of property management, the remuneration for Party B&rsquo;s property management services shall be disbursed
from the property management start-up capital and shall be paid at the same time as the property management start-up capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 19&nbsp;&nbsp;&nbsp;&nbsp;After business
opening (move-in) of this project, Party B shall withdraw the remuneration of current month from the property management fees on
the 25th of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XI Business Opening (Move-in) Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 20&nbsp;&nbsp;&nbsp;&nbsp;Party A shall
obtain all necessary permits, licenses, etc. from the government as soon as possible after the signing of this Contract, and make
them continuously valid, so that Party B can carry out its work in accordance with the terms of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 21&nbsp;&nbsp;&nbsp;&nbsp;Party A shall
be responsible for opening the supply channels for water, electricity, heating, gas, communications, post and telecommunications,
and cable television for this project, and shall handle relevant business licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 22&nbsp;&nbsp;&nbsp;&nbsp;Party A shall
inform Party B in writing of the proprietors' information known by Party A and relevant undertakings made by Party A to proprietors
in the second month after the commencement of the preparatory period, and thereafter shall inform Party B in writing of the proprietors&rsquo;
information known by Party A and relevant undertakings made by Party A to proprietors from time to time in writing during Party
A&rsquo;s sales process. Party B shall carry out confidential management for customers&rsquo; information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 23&nbsp;&nbsp;&nbsp;&nbsp;After the
project has been completed and passed completion examination and acceptance according to relevant provisions of the country, Party
A and Party B shall jointly organize the take-over acceptance of public parts, public facilities and equipment. Party B shall,
within 15 days after receiving Party A&rsquo;s application for take-over acceptance, perform take-over acceptance according to
the National Housing Take-over Acceptance Standard. If they are examined to meet applicable requirements, the acceptance qualification
certificate shall be signed within 7 days, and relevant take-over documents shall be issued timely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 24&nbsp;&nbsp;&nbsp;&nbsp;Party A shall
transfer the following information to Party B when undergoing formalities for take-over acceptance of the property:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Site plan of the completion, drawings of the completed individual buildings, architectural structures,
equipment, supporting facilities and underground pipelines;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Technical information on the installation, use and maintenance of the facilities and equipment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">Property quality warranty documents and property use instructions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">Counterparts or copies of inspection and acceptance reports, government approval documents, lists
of items of civil works, ownership list of property rights of the house and supporting facilities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Other information necessary for property management</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 25&nbsp;&nbsp;&nbsp;&nbsp;After the
completion of take-over acceptance of the project, Party A shall send a Move-in Notice to proprietors and shall notify Party B
in writing two weeks in advance of move-in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 26&nbsp;&nbsp;&nbsp;&nbsp;The facilities
and equipment of the project which are entrusted to Party B for property management shall meet national acceptance standards. Imported
equipment shall be equipped with enough spare parts and the corresponding supply channels shall be made available. In case any
quality problem occurs to the project, facilities or equipment, Party A shall urge suppliers to rework until it is qualified within
an agreed period. At the same time, since the date of take-over acceptance, Party A shall be responsible for warranty according
to national regulations on warranty of construction projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XII Other Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 27&nbsp;&nbsp;&nbsp;&nbsp;The premiums
of all insurances necessary for the property management of the project, including but not limited to all-risk&nbsp;insurance, machinery
breakdown insurance and public liability insurance, shall all be disbursed from the costs and expenses of property management operation.
Above insurances need not be bought repeatedly if they have been bought by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 28&nbsp;&nbsp;&nbsp;&nbsp;All insurance
policies of this project shall be insured by an local insurance company recognized and designated by Party A, and registered in
the People&rsquo;s Republic of China. The types of insurances and insured amounts shall be handled according to relevant provisions
of insurance companies in China and the actual situation of the project. The insured amounts shall be jointly determined by Party
A and Party B. The insurance period shall be the same as the period during which Party B provides property management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 29&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
provide Party A with all original documents of relevant insurances, so that Party A can review, photocopy and record them. Party
B shall keep the aforesaid insurances valid during the entrustment period. Without Party A's prior written consent, Party B and
/ or its insurance company shall not cancel relevant insurance policies under this Contract or amend information under any insurance
policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XIII Human Resource Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 30&nbsp;&nbsp;&nbsp;&nbsp;Party B shall,
before the commencement of the preparatory period of this project, recommend a project manager and candidates to Party A. The project
manager (project leader) shall have more than 1 year experience in managing similar projects, and shall have experience in equipment
and property management. Party A may also recommend a project manager and other property personnel as alternatives. If the project
manager is to be replaced within the period of the Contract, Party B shall provide an alternative to the project manager confirmed
by Party A. Other personnel shall be assigned to various management and service levels according to the preparatory work plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 31&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
carry out training for the personnel before they assume their posts, and the expenses incurred for this purpose shall be disbursed
from the property management start-up capital before the business opening of this project, and shall be disbursed from the property
management operation costs and expenses after the business opening of this project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 32&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
be responsible for formulating the organizational structure and remuneration standard of the property management organization of
this project and shall prepare the annual staff structure and remuneration system of the project department according to the needs
of each work by the end of each year. The staff structure shall include Party B's own employees and all the outsourcing business
staff, as well as the duty description of each post, and shall be used as the reference for the recruitment of personnel after
it has been approved by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 33&nbsp;&nbsp;&nbsp;&nbsp;The personnel
sent by Party B for this project shall provide full-time services to the project, and shall not concurrently hold any office in
Party B 's functional departments or in other projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 34&nbsp;&nbsp;&nbsp;&nbsp;The labor
costs incurred by all levels of management and service personnel sent or recruited by Party B shall be disbursed from the property
management start-up capital before the business opening of this project, and shall be disbursed from the property management operation
expenses after the business opening of this project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XIV Rights and Obligations of Both
Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 35&nbsp;&nbsp;&nbsp;&nbsp;Party A&rsquo;s
rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party A shall review the property management work plan prepared by Party B, inspect and supervise
the implementation of Party B&rsquo;s property management, and have the right to require Party B to rectify those failing to meet
the plan indicators within a specified period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party A shall provide a property management room to Party B according to relevant provisions of
this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">Party A shall conduct property take-over acceptance with Party B according to relevant provisions
of this Contract, and transfer relevant materials to Party B;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">Party A shall be responsible for formulating the Temporary Management Convention, specify according
to law the issues such as the use, maintenance and management of the property; proprietors&rsquo; common interests; obligations
proprietors shall perform; responsibilities which shall be borne in violation of the Convention, and shall require proprietors
and property users to comply with them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Party A shall show and explain the Temporary Management Convention to the property buyer prior
to the sale of the property; and shall require the property buyer to comply with the Temporary Management Convention and make written
commitment in signing the property sale contract with the property buyer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">The sale contract signed with the property buyer shall include relevant contents agreed in this
Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">7.</TD><TD STYLE="text-align: justify">Party A shall pay to Party B the property management service remuneration, property management
start-up capital, property management fees and other related costs which shall be borne by Party A according to relevant provisions
of this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">8.</TD><TD STYLE="text-align: justify">Party A shall assist Party B in coordinating the relationship with local government administrative
departments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">9.</TD><TD STYLE="text-align: justify">Party A shall assist&nbsp;&nbsp;Party B in property management, publicity and education and cultural
activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">10.</TD><TD STYLE="text-align: justify">Before the establishment of the proprietors&nbsp;committee, Party A shall not arbitrarily occupy
or change the use function of shared facilities of this project. If it is necessary to reconstruct, expand or improve supporting
items within the project, it shall be negotiated with all proprietors of the project and Party B, and shall be reported to competent
departments for approval before it can be implemented;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">11.</TD><TD STYLE="text-align: justify">Party A shall ensure that the property delivered for use meets the provisions of national acceptance
standards, and shall bear the warranty responsibility for the project according to the warranty period and warranty coverage stipulated
by the country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">12.</TD><TD STYLE="text-align: justify">If the property fails to meet the use function and causes a major accident due to the house construction
quality, the quality of equipment and facilities or installation technology or other reasons, and it is identified by relevant
government departments to be the responsibility of Party A, Party A shall bear the responsibility and deal with the aftermath.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">13.</TD><TD STYLE="text-align: justify">If Party B violates relevant provisions of this Contract, and fails to complete the agreed management
services, Party A shall have the right to require Party B to rectify it within a specified time limit. Party A shall have the right
to send a notice to Party B. If it causes economic loss to Party A, Party B shall give Party A corresponding economic compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Notice: Party B shall, within 5
working days after receiving the Notice, make a reply and propose a rectification plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Re-notice: If Party B fails to
propose a rectification plan for no reason within 10 working days after receiving the Notice, or Party B&rsquo;s
rectification fails to meet Party A&rsquo;s requirements, Party A may issue a &quot;Re-notice &quot; to deduct 5% of Party
B's management remuneration of that month as liquidated damages, but not more than 25% of the management remuneration of that
month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Final notice: If Party B fails to propose
a rectification plan for no reason within 10 working days after receiving the Re-notice, or Party B&rsquo;s rectification fails
to meet Party A&rsquo;s requirements, Party A may issue a &quot;Final Notice&quot;. If Party B still fails to rectify it for no
reason or Party B&rsquo;s rectification fails to meet Party A&rsquo;s requirements within 5 working days after receiving the Final
Notice, Party A shall have the right to terminate the contract in advance, without bearing any liability, provided that Party A
shall notify Party B in writing at least one month in advance and complete the formalities for replacing the property management
enterprise. Costs and expenses of Party B sustained for such early termination of the Contract, such as staff dismissal fees, shall
be disbursed from the property management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">14.</TD><TD STYLE="text-align: justify">Party A shall have the right to provide value-added services to proprietors or property users according
to the needs of the property and for the purpose of improving the quality of the property, provided that such value-added services
do not affect the normal property management services. Party A shall ensure that the value-added services provided comply with
the provisions of national laws and regulations, as well as the Temporary Management Convention for the proprietors of the property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">15.</TD><TD STYLE="text-align: justify">If this Contract is terminated for any reason, Party A shall have the right to take over this project
by itself or re-entrust a new property management service enterprise to take over this project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 36&nbsp;&nbsp;&nbsp;&nbsp;Party B 's
rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party B shall provide property management services within this property area according to relevant
laws and regulations and this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party B shall charge property management fees, decoration management fees, decoration waste clearance
fees, parking management fees, specially engaged paid service fees and other related fees from proprietors and property users according
to relevant provisions of this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">If proprietors or property users violate the Temporary Management Convention, laws or regulations,
Party B shall take measures to discourage or stop it or file a lawsuit according to the seriousness of the case;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">With the prior consent of Party A, Party B shall have the right to hire a professional service
enterprise to undertake the project's special service business, but Party B shall not entrust all property management to a third
party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Party B shall accept the supervision and guidance from Party A, competent property management departments
and relevant government departments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">Party B shall ensure and continuously improve the quality of services, control costs and reduce
energy consumption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">7.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing annual minor repair and maintenance plans for the house,
ancillary buildings, public parts, shared facilities and equipment and greening, and shall organize their implementation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">8.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing annual medium and major repair and renovation and maintenance
plans for the house, ancillary buildings, public parts, shared facilities and equipment and greening, and shall organize their
implementation after they are voted by the proprietors meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">9.</TD><TD STYLE="text-align: justify">Party B shall inform relevant provisions on the use of the property to proprietors and property
users. When proprietors and property users decorate, Party B shall inform relevant provisions, enter into a written agreement with
them, and be responsible for supervision;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">10.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing the annual property management plan, fund use plan and
final accounting report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">11.</TD><TD STYLE="text-align: justify">Party B shall publish the income and expenditure account of property management fees to all proprietors
and property users every six months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">12.</TD><TD STYLE="text-align: justify">Party B&nbsp;&nbsp;shall conduct a property service satisfaction survey to all proprietors and
property users every six months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">13.</TD><TD STYLE="text-align: justify">Party B shall not arbitrarily occupy or change the use function of the public facilities of the
property. If it is necessary to reconstruct, expand or improve supporting items within the property, it shall be approved by relevant
proprietors and shall be reported to relevant approving parties for approval before it can be implemented;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">14.</TD><TD STYLE="text-align: justify">If the property management fees are undercollected not due to Party B&rsquo;s reason, resulting
in that it is difficult to carry out property management work, Party B shall have the right to terminate this Contract and withdraw
from the property management of the project, provided that Party B shall notify Party A in writing three months in advance and
assist Party A in aftermath and take-over work;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">15.</TD><TD STYLE="text-align: justify">The quality of the building and its ancillary equipment and facilities of this project shall meet
the quality standards set by the country. For any accident or loss caused by its quality or defects which cannot be improved, Party
B shall bear no responsibility. However, Party B shall be obliged to take timely and effective measures to prevent expansion of
the loss, and promptly notify Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">16.</TD><TD STYLE="text-align: justify">During the management period of Party B, if any damage to the equipment and facilities or accident
occurs due to Party B&rsquo;s poor management, and thus causes property damage or personal injury to a third party, and it is identified
by relevant government departments to be the responsibility of Party B, Party B shall bear corresponding responsibility;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">17.</TD><TD STYLE="text-align: justify">Upon the termination of this Contract, Party B shall hand over various archival data kept during
its management period to Party A or the proprietors committee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">18.</TD><TD STYLE="text-align: justify">If Party A violates relevant provisions of this Contract, and causes Party B not to complete management
services, Party B shall have the right to require Party A to resolve it within a certain period of time. If this causes economic
loss to Party B, Party A shall give Party B corresponding economic compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">19.</TD><TD STYLE="text-align: justify">Party B shall fully cooperate with Party A to provide value-added services to proprietors and property
users, and provide all the convenience for this;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">20.</TD><TD STYLE="text-align: justify">If this Contract is terminated for any reason, Party B shall unconditionally undergo formalities
to hand over property management to Party A or a property management unit designed by Party A, and shall in no case delay the hand-over
or create any take-over obstacle. The period for such take-over shall be 30 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">21.</TD><TD STYLE="text-align: justify">If the property management services provided by Party B cause any liability accident, unexpected
accident or litigation due to Party B&rsquo;s reason, Party B shall be solely responsible for this. If relevant events cause economic
loss to Party A due to Party B&rsquo;s reason, Party B shall compensate Party A for this;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">22.</TD><TD STYLE="text-align: justify">All acts relating to the provision of property management services by Party B shall comply with
Chinese laws and regulations and orders issued by government departments. If Party A&rsquo;s&nbsp;&nbsp;aspects, such as reputation,
are affected by Party B&rsquo;s unlawful act, Party A shall have the right to reserve the rights of recourse for any loss sustained,
such as in reputation, from Party B;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">23.</TD><TD STYLE="text-align: justify">If Party B, after the termination of this Contract, does not transfer the property management right
to Party A or a property management enterprise designated by Party A, or withdraw from the property under this Contract, or hand
over the management room or relevant archival data, Party B shall pay RMB 2,500 as liquidated damages to Party A for each overdue
day. If Party B still fails to transfer the property management right and withdraw from the property within 30 days after the termination
of this Contract, Party A shall have the right to take all measures according to relevant laws and regulations, and all legal liabilities
and economic consequences arising herefrom shall be borne by Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">24.</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XV Handling of Unforeseeable
Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 37&nbsp;&nbsp;&nbsp;&nbsp;In order
to safeguard the vital interests of the public, proprietors and property users, if Party B sustains necessary economic loss due
to taking emergency measures in case of unforeseeable events, such as gas leakage, electric leakage, fire, water pipe burst, rescue
of life, assisting the public security organs in carrying out tasks, both parties shall handle such events according to relevant
laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XVI Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 38&nbsp;&nbsp;&nbsp;&nbsp;Party A and
Party B agree that this Contract can be terminated if any of the following cases occurs, provided that the terminating party shall
notify the other party in writing in advance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">This Contract shall be automatically terminated upon the expiry of the validity term agreed in
this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">This Contract shall be terminated after the property service contract signed between the proprietors
committee of this project on behalf of all proprietors and the property management enterprise takes effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">This Contract shall be terminated if Party A and Party B mutually agree and reach a written agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">This Contract cannot be fulfilled due to force majeure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Either party is subject to legal sanction, and suffers bankruptcy liquidation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">Other provisions specified by laws and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 39&nbsp;&nbsp;&nbsp;&nbsp;After the
termination of this contract, Party A and Party B shall well handle their creditor&rsquo;s rights and debts, including the liquidation
of property management fees and various agreements signed with an external party. Party B shall assist Party A in handover and
aftermath work of property services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 40&nbsp;&nbsp;&nbsp;&nbsp;In 3 months
prior to the expiration of this Contract, Party B may apply to Party A for the renewal of this Contract. After Party A reviews
and approves it, both parties may agree to renew this Contract in the form of a supplementary agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XVII Liability for Breach of Contract
and Dispute Resolution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 41&nbsp;&nbsp;&nbsp;&nbsp;If Party
B violates relevant provisions of this Contract and fails to complete the agreed management services, Party A shall have the right
to require Party B to rectify it within a specified time limit.&nbsp;&nbsp;If the rectification still fails to meet the requirements
within this time lime, Party A shall have the right to terminate this Contract. If this causes economic loss to Party A, Party
B shall give Party A corresponding economic compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 42&nbsp;&nbsp;&nbsp;&nbsp;If Party
A violates relevant provisions of this Contract, causing Party B not to complete management services, Party B shall have the right
to request Party A to settle it within a certain period of time. If Party A fails to settle it within this time period, Party B
shall have the right to terminate this Contract. It this causes economic loss to Party B, Party A shall give Party B corresponding
economic compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 43&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
bear no responsibility in the following cases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">If the property management services are interrupted due to force majeure (including natural disasters,
war, etc.), Party B shall inform Party A about relevant information within 48 hours after the end of the force majeure event, and
at the same time provide effective evidence for the occurrence of this force majeure event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party B has fulfilled the obligations of this Contract, but the inherent defect of the property
itself causes loss, Party B shall be obliged to take timely and effective measures to prevent the expansion of this loss, and shall
promptly notify Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">If loss is caused due to maintenance of the shared areas, public facilities and equipment of the
property, which has been informed to proprietors and property users in advance, or loss is caused by temporary interruption of
water supply, power supply and public facilities and equipment; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">If loss is caused by the interruption of water supply, power supply heating, communications, cable
television and other public facilities and equipment not due to Party B responsibility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 44&nbsp;&nbsp;&nbsp;&nbsp;For any dispute
arising from or in connection with the performance of this Contract, both parties shall settle it through friendly negotiation.
If no settlement can be reached through negotiation, either party may bring a lawsuit to the people's court of the place where
this Contract is performed. In the course of the proceedings, the contract shall continue to be fulfilled except where the parties
are in dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XVIII Supplementary Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 45&nbsp;&nbsp;&nbsp;&nbsp;Both parties
agree that Party B shall, according to Party A&rsquo;s commission, undergo take-over acceptance formalities 30 days prior to the
move-in of the first proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 46&nbsp;&nbsp;&nbsp;&nbsp;Both parties
shall cooperate with law enforcement activities, rescue and other public affairs to be carried out within the property area, and
shall not obstruct such affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 47&nbsp;&nbsp;&nbsp;&nbsp;Neither party
shall transfer or sell or assign its rights, responsibilities and obligations under this Contract in any manner without the written
consent of the other party. Meanwhile, neither party shall disclose any trade secrets obtained from the other party to a third
party. Otherwise, the default party shall compensate for the loss caused to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 48&nbsp;&nbsp;&nbsp;&nbsp;This Contract
shall only take Party A and Party B as beneficiaries. Except for both parties to this Contract, this Contract cannot be implemented
by any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 49&nbsp;&nbsp;&nbsp;&nbsp;During the
execution period of this Contract, both parties agree that each party may refer to the name and service identification of the other
party in the following way in its business promotion and producing relevant publicity materials, and each party shall not charge
any fees from the other party for this .The reference shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B referred by Party A: Entrusted property
services: Beijing&nbsp;Development&nbsp;Area&nbsp;Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A referred by Party B: Entrusted service
project:&nbsp;Beijing&nbsp;Jingkai&nbsp;One&nbsp;Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 50&nbsp;&nbsp;&nbsp;&nbsp;After the
termination of this Contract, neither party shall continue to refer to the name and service identification of the other party in
its business promotion or on its relevant publicity materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 51 The annexes to this Contract are
an integral part of this Contract, and shall have the same legal effect as this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 52&nbsp;&nbsp;&nbsp;&nbsp;As for issues
not mentioned in this Contract, or if any objection arises in interpreting this Contract, both parties shall settle or sign a supplementary
agreement on the basis of friendly negotiation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 53&nbsp;&nbsp;&nbsp;&nbsp;Any amendment
or supplement to this Contract shall be confirmed in writing by both parties, and shall have the same legal effect as this Contract.
The contents of such amendment or supplement shall not be inconsistent with the contents of this Contract and the Temporary Management
Convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 54&nbsp;&nbsp;&nbsp;&nbsp;This Contract
shall be made in sextuplicate, with Party A and Party B each holding three copies. Each of these 6 copies shall be original, and
shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 55&nbsp;&nbsp;&nbsp;&nbsp;The counterpart
copies (stamped) of Party A and Party B&rsquo;s business licenses within the validity period shall be attached as annexes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract shall take effect as of the date
when the representatives of both parties sign and seal this Contract on the date specified on the first page of this Contract,
and shall be valid as an annex to the &quot;Commodity&nbsp;Housing&nbsp;Presale&nbsp;Contract&quot; or the &quot;Contract&nbsp;for&nbsp;Sale&nbsp;of&nbsp;Finished&nbsp;Commodity&nbsp;Housing&quot;,
and shall be binding on all proprietors of this property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing
        Jingkai-Gongda Investment Management Co., Ltd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/sBeijing Jingkai-Gongda
        Investment         Management         Co.,         Ltd</P></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing&nbsp;Development&nbsp;Area&nbsp;Co.,Ltd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/Beijing&nbsp;Development&nbsp;Area&nbsp;Co.,Ltd</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature and seal: /s/ Shiyi Zhou</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature and seal: /s/ Guangqing Guo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annexes:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Layout Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Details of Property Constitution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3. Details of Commonly Shared Sections of
the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. Details of Commonly Shared Facilities
and Equipment of the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Details of Property Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. List of Hand-over Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 1: Layout Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="pg56img01_ex4-35.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 2:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Details of Property Constitution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Boundaries
    of <BR> Property</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corresponding
    Planned Building Number</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Planned
    Construction Area (m<SUP>3</SUP>)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Floor
    Area <BR> (m<SUP>3</SUP>)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Remarks</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B1
    office building</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6674.59</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B2
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5999.00</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B3
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5013.55</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B4
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4605.2</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B5
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6262.02</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B6
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4893.38</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B7
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6262.02</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B8
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3419.06</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B9
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3433.89</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B10
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4914.03</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B11
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2895.65</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stage
    1 D1F1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B12
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2715.48</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Parcel
    (east to</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B13
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2895.65</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54928.2</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Jinghai
    3rd&nbsp;&nbsp;Road;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B14
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2715.48</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">west
    to Jinghai</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Subtotal</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">83832.86</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1st&nbsp;&nbsp;Road;
    south to<BR>
    Kechuang 13<SUP>th</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A1
    Residential Building and Supporting <BR>
    Commercial Properties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9398.70</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Street;
    north to&nbsp;&nbsp;D1<BR>
    Block Road)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A2
    Residential Building and Supporting<BR>
    Commercial Properties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11102.12</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A3
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5107.47</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A4
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8122.87</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A5
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5107.47</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A6
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8191.73</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Subtotal</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">47030.36</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130863.22</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stage
    2 D1C1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C1
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33639.54</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Parcel
    (east to</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C2
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24753.57</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Jinghai
    3rd Road;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C3
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15049.66</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">west
    to Jinghai</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C4
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19990.67</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1st
    Road; south to<BR>
 D1 Block Road; <BR>
north to <BR>
Kechuang <BR>
12th Street;)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">DX1
    underground garage, commercial<BR>
    properties, ancillary facilities, and air raid<BR>
    shelters</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37924.56</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37994.9</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">131358</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The final area shall be determined by the actually
measured area in the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 3:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Details of Commonly Shared Sections of the
Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Load-carrying structure of the building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Main structure of the building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Public hallways</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Public corridors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Public staircases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Inner courtyard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Outdoor wall surfaces</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Roofs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. Fire control and security surveillance rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. Machine rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. Public restrooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. Public greens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. Rooms used by property service company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 4:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Details of Commonly Shared Facilities and
Equipment of the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Elevators: 36 units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Septic tanks and rainwater retention tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Power distribution room</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Power distribution room</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Main boxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Property service rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Rooms for commonly-shared facilities and
equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Underground motor vehicle parking garages</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. Roads</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. Inter-building and central greens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. Sewer manholes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. Catch basins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. Power transformation and distribution system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. Public lighting facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">15. High pressure water pumps</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">16. Fire facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17. Lightning protection facilities...</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Standard for Beijing Residential Property
Management (Class III)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>DB11/T 751-2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Class III Standard of for Beijing Residential
Property Service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Basic requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.1 Customer service premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A customer service center with office furniture,
telephones, and other office equipment shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) An original copy or photocopy of the qualification
certificate of the property service company, photos of persons in charge of the project, property service items, service standards,
chargeable items, charge rates, and all other relevant information shall be made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The customer service center shall be open
for business for at least 8 hours during work days and shall have watch-keepers on duty beyond the work hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) 24-hour service hotlines shall be set up
and made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.2 Staffing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) All staff shall obtain vocational qualification
certificates as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) The staff shall wear uniforms and badges
according to their respective job posts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) A project leader in charge of the property
service project, as well as building safety administrators, shall be appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) The project leader shall have more than
2 years of work experience on an equivalent job post with a property service company and shall be currently registered in the municipal
credit information database of project leaders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.3 Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Management rules shall be established for
the maintenance and repair of commonly-shared sections and facilities, fire safety and prevention, greening and landscape maintenance,
environmental sanitation, and maintenance of public order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) An emergency plan shall be established for
unexpected public events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) A training system shall be established to
organic training and examination on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) A property service log shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.4 Archives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A property management file shall be created</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Personnel shall be appointed for file management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Basic information, basic records, repair
and maintenance records, and charging records shall be managed with computers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.5 Signs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property service signs, such as safety warnings,
operation and construction warnings, and kindly reminders shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.6 Customer service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) The performance of the property service
contract and the income and expenditures in the previous year, as well as the budget for the current year, shall be made public
in the first quarter of every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) For important matters of property service
which are related to the normal life of proprietors or house users, notices shall be posted at main entrances and exits as well
as the entrance to each apartment unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Conducts in violation of laws and regulations
on public security, planning, and environmental protection shall be discouraged and reported to competent authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) For urgent repairs of water and power facilities,
repair workers shall reach the site within 20 minutes. For other repairs, repair workers shall reach the site within the time limit
agreed upon by both Parties. Notices shall be given within 30 minutes of repairs of facilities and equipment for which specialized
service enterprises are responsible, and return visits shall be paid for such repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Responses shall be made within 2 work days
to the opinions, suggestions, and complaints made by the proprietors or house users. Return visits shall be paid for complaints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Opinions on property service shall be publicly
solicited once every year; subsequent rectifications shall be made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Service quality of the project shall be
examined once every month. Safety inspections shall be conducted before important holidays and festivals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Proprietors shall be invited to visit the
machine rooms for commonly-shared facilities and equipment every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9) At least one community culture event shall
be organized every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10) Bulletin boards shall be set up, in order
to assist relevant authorities in public welfare publicity programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11) Insurances for shared sections, shared
facilities and equipment, and public liability shall be bought as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12) If conditions permit, specially engaged
services, such as indoor cleaning, laundry, cooking, car wash, property custody, and ticketing shall be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.7 Commissioning of the management specialized
services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Commissioning contracts for specialized
services shall be signed to define the rights and obligations of each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Specialized service enterprises shall meet
the qualification requirements set out by competent authorities; operating personnel shall have corresponding vocational qualification
certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The staff of specialized service enterprises
shall wear uniforms and badges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Specialized services shall be supervised,
managed, and assessed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Operation, repair, and maintenance of
commonly-shared sections, facilities, and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.1 Integrated management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Basic files of housing and commonly-shared
facilities and equipment shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Operation, inspection, and maintenance records
shall be archived on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Inspections shall be conducted to assess
the safety of the use of houses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) For problems identified during the inspection
of commonly-shared sections, repair plans shall be developed according to the scopes of responsibility and the problems shall be
repaired in accordance with their respective repair plans; failures in the operation of commonly-shared facilities and equipment,
as well as problems identified during inspections, shall be repaired promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) The repair and maintenance plan for the
next year shall be determined in the fourth quarter of every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Special-purpose equipment shall be operated,
repaired, maintained, and regularly tested in accordance with relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Inspections shall be conducted and preventive
measures shall be implemented before and after extreme weather conditions, such as thundering, heavy rainfall, strong winds, and
sandstorms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Machine rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Machine rooms shall be cleaned once per
month and shall be clear of sundries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Mouse baffles, raticide boxes, or mouse
glue traps shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Fire equipment shall be provided in easily
visible and accessible positions. Fire equipment shall be checked once per month to make sure it is intact and effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) Facilities and equipment shall have all
necessary signs and nameplates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Relevant rules and certificates shall be
posted or hung in easily visible positions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) Shift handover records and work logs shall
be full and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.2 Commonly-shared sections</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Building structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Structural members, such as beams, plates,
and columns shall be checked once per quarter. If any deformation or crack is detected during visual inspection, a request for
building safety assessment shall be filed, necessary protection measures shall be taken, and repairs shall be carried out according
to the assessment results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Building components</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A) Wall finish, plastering, eaves, balconies,
rainshades, and supporting members for outdoor units of air conditioners shall be checked once per quarter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B) Patrol inspection shall be conducted once
per month for doors, windows, and glass of commonly-shared sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C) Indoor flooring, wall surfaces, ceilings,
outdoor roofs, and water aprons of commonly-shared sections shall be checked once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">D) Waterproofing and rainwater down pipes shall
be checked before the flood season every year and after heavy rainfall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Ancillary structures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Patrol inspection shall be conducted once
per month for roads, yards, stairs and handrails, curb stones, tube wells, ditches, and channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Rainwater and sewage wells shall be checked
once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Patrol inspection shall be conducted once
per month for gates, enclosing walls, and fences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Patrol inspection shall be conducted once
per month for leisure chairs, pavilions, sculptures, and featured landscapes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Lightening protection devices shall be tested
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.3 Air conditioning system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Before operation, a systematic inspection
shall be conducted for the water chilling unit, circulating water pumps, cooling tower, fans, fan coils, and water treatment facilities
and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) During operation, patrol inspection shall
be conducted once per day for the air conditioning system in order to ensure that the indoor temperature meets relevant requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Energy saving measures shall be developed
and energy consumption shall be counted and analyzed on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Pipes and valves shall be checked and derusted
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Pressure vessels, meters, and noise of the
cooling tower shall be checked once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) The fresh air ventilator, air processor
filter screen, surface air cooler, box body, and fan coil filter screen shall be cleaned and sterilized once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) An overhaul shall be conducted on the air
conditioning system every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.4 Secondary water supply facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Sterilizing equipment shall be used in accordance
with requirements by health and disease prevention authorities. Cleaning and sterilizing shall be conducted according to relevant
requirements. Water quality measured in water quality tests shall meet national hygienic standards on domestic and drinking water.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Patrol inspection shall be conducted twice
per day on the water tank room and water pump room in order to check the operating status of equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The standby water pump shall be switched
online once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Lubrication of water pumps shall be checked
once per year; the lubricant shall be replenished or replaced as necessary. Water pumps shall be maintained once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Water supply pipes and valves shall be derusted
and painted every year. All exposed pipes shall be freeze-proofed before the beginning of each winter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Cover plates of the water tank and the impounding
reservoir shall be kept intact and locked; the key shall be kept by specially assigned persons. The overflow pipe orifice and the
ventilation pipe orifice shall be covered with metal protection screens and shall be kept intact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.5 Drainage system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Drainage facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Before each flood season, the rainwater and
sewage wells and roof rainwater inlets shall be inspected, cleaned, and dredged. After every rainfall, the main drainage outlets
and tubular wells shall be inspected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Sewage pumps</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted twice
per day during the flood season and once per week beyond the flood season in order to check the operating status of the equipment;
a manual startup test shall be conducted once every two weeks; maintenance shall be done once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Septic tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Septic tanks shall be checked once every six
months and shall be dredged if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.6 Lighting and electrical equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) In-building lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted three
times per week. General failures shall be fixed within one day; complicated failures shall be fixed within 5 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Outside-building lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
week. General failures shall be fixed within one day and complicated failures shall be fixed within one week. The time controller
shall be adjusted once per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Emergency lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
day. Any failures identified shall be instantly fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) LV cabinets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted twice
per day on the operating status of equipment. Maintenance shall be done once per year, including fastening, testing, and cleaning;
electrical safety shall be checked once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) LV power distribution cabinets and LV lines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
month on the operating status of equipment; Maintenance shall be done once per year, including fastening, testing, and cleaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Control cabinets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once every
two weeks on the operating status of equipment; Maintenance shall be done once per year, including fastening, testing, commissioning,
and cleaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Power generators</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commissioning shall be done once per month
to ensure normal operation. Storage batteries shall be activated once per year. Patrol inspection shall be conducted once per week
for battery chargers and storage batteries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Testing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The in-house power meter shall be tested once
every five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9) Power distribution rooms and power distribution
compartments on every floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proper measures shall be taken to keep out
small animals. Perimeters of wiring ducts passing through walls shall be tightly sealed. Locks shall be intact. Incoming and outgoing
lines of cables and switches shall have proper signs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.7 Security system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Alarm control host</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
day to check the operating status of equipment. Surfaces shall be cleaned once every two weeks and interiors shall be cleared of
dust once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Door machine of intercom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buttons and display shall be checked once per
month. Surfaces shall be cleaned once per month; Interiors shall be cleared of dust once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Network control cabinet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Appearance shall be checked once every six
months. For connecting wires, surface cleaning shall be done once per quarter and internal dedusting shall be done once per six
months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Infrared emission detectors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wiring, detecting range, and waterproofing
shall be checked once per quarter. Surfaces shall be cleaned once per quarter and interiors shall be cleared of dust once every
six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Video acquisition devices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Surveillance images and video recording functions
shall be checked once per week. Surfaces shall be cleaned once every two weeks and interiors shall be cleared of dust once every
six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Cameras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A) Focusing, infrared night vision, wiring,
and waterproofing shall be checked once per quarter and adjustments and tests shall be performed as appropriate. Surface cleaning
shall be done for lenses once per quarter. Internal dedusting shall be done for the protective housing once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B) During operation, patrol inspection shall
be conducted on the spray pond, water pumps, and ancillary facilities twice per week and the anti-creeping facilities shall be
checked once per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C) Safety warning signs shall be set up as
necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">D) Water quality shall meet hygienic requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3. Fire safety and prevention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1 Integrated management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A fire safety responsibility system shall
be established and implemented. Persons responsible for fire safety shall be appointed. Fire safety responsibilities shall be clearly
defined for every level and every job post.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) A voluntary firefighting team armed with
necessary firefighting equipment shall be set up. Relevant personnel shall master the basic firefighting knowledge and skills.
A fire drill involving employees and proprietors or house users shall be organized annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Fire safety bulletins shall be set up and
regular fire safety education shall be carried out. Two fire safety trainings shall be provided for employees every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Patrol inspection shall be conducted on
fire protection once per day. Fire protection inspection shall be conducted once per month. Firefighting equipment shall be tested
once per year according to relevant regulations in order to ensure that the evacuation paths, safety exits, fire lanes, and firefighting
facilities and equipment meet relevant safety requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) An conduct in violation of fire safety rules,
as well as fire hazards, must be immediately corrected or eliminated once discovered. Any conduct or hazard that cannot be corrected
or eliminated must be reported to the fire department of the local police.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) The fire control room shall be manned by
watch-keepers around the clock. Each shift, which consists of two persons, shall promptly process all kinds of alarms and failure
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) In the event of a fire, the police must
be immediately notified. Attempts shall be made to put out fire in its initial stage, personnel in danger shall be evacuated, and
assistance shall be offered to the fire department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.2 Repair and maintenance of firefighting
facilities and equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Automatic fire alarm system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Patrol inspection shall be conducted once
per day on fire alarm controllers interlock control equipment to check the functioning of equipment and to ensure uninterrupted
around-clock normal operation. The alarm function of alarm controllers and interlock control equipment, as well as the interlock
control, display, and printing functions, shall be checked and tested once per month. Interiors of machine cabinets shall be dedusted
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Fire alarm controllers, manual alarm buttons,
and alarm devices shall be randomly selected for testing once per month. After having been in use for 2 years, the alarm and warning
functions of manual alarm buttons and alarm devices shall be cleaned by specialized cleaning companies once every three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Standby power supply</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The master power supply and standby power supply
shall be tested and switched between each other once per month. The standby power supply and storage batteries shall be put to
one charge-discharge test every quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Fire control broadcast system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interlock and forced switchover functions
of fire emergency telephones, intercom phones in important locations, intercom telephone hosts, broadcast equipment, megaphones,
and loudspeakers shall be checked and tested once per month, and their volume shall be tested as well; the interiors of machines
shall be removed of dust once per year and the equipment inside cabinets shall be removed of dust once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Smoke control and exhaust system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Irrigation shall be well planned. The irrigating
water shall completely and evenly permeate the soil to prevent conspicuous drought and flood; Generally, plants must be watered
4 months before germination, 5 months before germination, in autumn, and before winter, respectively. For cool-season lawns, a
higher frequency of irrigation may be adopted according to the growth and soil conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Fertilization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fertilizers shall be administered according
to plant growth. Arboreal trees shall be fertilized once or twice every two years; shrubs shall be fertilized once or twice per
year; Ground cover and lawn plants shall be fertilized twice or thrice per year. Additional fertilization may be used for bedding
plants according to their growth. Dependence on chemical fertilizers shall be minimized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Pest and plant disease control</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the pattern of plant pests and diseases,
plants shall be inspected at least three times per month during the growing season and pests and diseases shall be controlled in
accordance with the inspection results, so that leaves do not fall prematurely and plants do not die because of pest or disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Trimming</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arboreal trees shall be trimmed once every
winter. Shrubs shall be trimmed once during the growing season and in the winter, respectively. The green hedges and color lumps
shall be trimmed once before the Labor Day, before the National Day, and in the winter, respectively. Cool-season lawns shall be
trimmed at least once or twice per month, depending on the growth, during the growing season and at least 12 times per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Weeding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Full weeding shall be carried out three times
per year. The weeding frequency shall be elevated for important green belts. Green belts with weeds shall not exceed 10% of the
total green belt area. Seasonal weeds shall be effectively controlled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Garbage disposal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Waste created during greening work and garbage
in the green belts shall be cleared three times per week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.3 Inspection of work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Greening work shall be checked three times
per month during the growing season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Landscape maintenance measures and work
plans shall be developed for each quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Greening files shall be present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Environmental hygiene</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1 Collection and removal of household garbage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Sorted collection shall be implemented for
household garbage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Hermetic garbage collection vessels with
sort signs shall be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Garbage collection vessels shall be cleaned
at least once every two weeks. Pesticides shall be sprayed daily during the breeding season of flies and mosquitos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Garbage shall be moved to designated garbage
disposal sites once per day and shall not be dumped randomly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Garbage trucks shall be clean and tidy in
appearance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.2 Cleaning of commonly-shared sections of
property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Inside buildings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Lobby and elevator hall on 1<SUP>st</SUP>
floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ground of the lobby and the elevator hall
on the 1<SUP>st</SUP> floor shall be swept and mopped once per day. The mailboxes and glass surfaces in the lobby shall be wiped
once per week. The wall surfaces in the lobby and in the elevator hall shall be wiped once per month. Patrol inspection and cleaning
shall be done for the lobby and the elevator hall on the 1<SUP>st</SUP> floor once per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Corridors and stairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Grounds of corridors and stairs shall be swept
once per week and mopped once every two weeks. Shared facilities, such as handrails, windowsills, fire doors, fire hydrants, and
signs of the stairs, shall be wiped once every two weeks. Light fixtures in the building shall be dedusted once per quarter. Patrol
inspection and cleaning shall be done for the corridors and stairs on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Elevator compartment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The doors and panels of the elevator compartment
shall be wiped once per day. The ground of the elevator compartment shall be mopped once per day. Elevator compartments decorated
with stainless steel or other materials shall be maintained once per month. Elevator compartments decorated with stone materials
shall be maintained once per quarter. Patrol inspection and cleaning shall be done twice per day for the elevator compartment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Terrace and roof: The terrace and roof shall
be swept once per quarter; during the rain season, the terrace and the roof shall be swept once every 2 months. Patrol inspection
shall be conducted once per month on the terrace and internal courtyard and any sundries shall be promptly removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Outdoor roads and facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sweeping shall be done once per day and patrol
inspection and cleaning shall be done twice per day for the outdoor roads. The outdoor public lighting and shared facilities shall
be cleaned once per month. Rain hoods and door awnings shall be cleaned once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Waterscape</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sterilization and purification shall be carried
out according to the water quality. During operation, the water surface shall be cleaned twice per week and the bottom of the pond
shall be cleaned twice per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Pest control and prevention</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Assistance shall be offered to competent authorities
in pest control and prevention. Prior notices shall be given of pesticides to be administered. Easily visible signs shall be set
up where pesticides have been administered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Cleaning in rainy and snowy weathers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After a rain, water in the main roads and trunk
roads of the community shall be swept away. In snowy weathers, ground snow shall be promptly swept away and ground ice shoveled.
If it snows at night, the ice and snow on main roads shall be removed before 10:00 AM next morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3 Inspection and logging of work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Quality of cleaning shall be checked once
per day and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Quality of cleaning shall be fully checked
once per quarter and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Complete cleaning files shall be kept</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Maintenance of public order</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1 Main entrances and exits shall be guarded
by specially assigned watch-keepers around the clock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.2 Patrol inspection routes shall be set.
Patrol inspection shall be properly carried out and recorded, twice between 6:00 and 22:00 and once between 22:30 6:00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.3 Patrol inspection shall be conducted on
parking lots and order shall be properly maintained for the use of roads and sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.4 Motor vehicles must have proper permits
when entering or exiting the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.5 Security control rooms shall be manned
by specially assigned watch-keepers around the clock; Surveillance videos and alarm records shall be retained for 30 days in case
of the need to investigate. Management rules and emergency plans shall be posted in conspicuous positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.6 Illegal conducts shall be immediately reported
to the police and assistance shall be offered to competent authorities in processing illegal conducts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.7 Two special emergency plan drills shall
be conducted every year and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.8 Duty personnel shall stand by around the
clock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.9 Records and files</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Complete and valid records shall be kept
of all items of work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Complete files shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Decoration and fitting management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.1 Decoration and fitting management service
rules shall be established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.2 Decoration and fitting management files
shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.3 Declaration and registration of proprietors
or house users for decoration and fitting shall be proper handled. Interior decoration and fitting management service agreements
shall be signed with proprietors or house users, who shall be informed of the forbidden behavior and precautions in the decoration
and fitting work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.4 During decoration and fitting, patrol inspection
shall be conducted for the site once per day. If it is discovered that the proprietor or the house user fails to declare and register
the decoration and fitting project or violate the law or any relevant regulation, such behavior shall be immediately dissuaded.
If the proprietor or the house user refuses to correct such behavior, the violation shall be reported to competent authorities,
the proprietor, and the proprietors committee and shall be made public within the range of the property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.5 Inspection shall be carried out after decoration
and fitting is completed. Any interested party that violates the interior decoration and fitting management service agreement shall
be treated as agreed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.6 If the removal of decoration waste is commissioned
to a third party, the waste shall be temporarily piled in designated locations and retention and covering measures shall be taken.
Such waste shall be removed within 2 days. If the decoration waste is to be removed by the constructor, the waste shall be transported
out of the property in bags or in hermetic vessels within 2 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Property Service Contract of Beijing Jingkai One Center Project</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 6:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>List of Hand-over Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Site plan of the completion; as-built drawings
of individual buildings, structures, and equipment; as-built drawings of supporting facilities and underground pipes; and layout
drawings of pipelines for buildings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Technical data on the installation, use,
and maintenance of facilities and equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Quality warranty documents and user's instruction
documents of the property (<I>Building Quality Warranty</I> and <I>Building User's Manual</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Materials of acceptance inspection by related
professional agencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. List of property rights of the house and
supporting facilities (including proprietor's name, construction area, and contact information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Pressure test reports for water supply and
heat supply systems</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Report on measured area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Other materials required for property service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beijing Jingkai&middot;One Center Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Temporary Management Convention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Project Owner: Beijing Jingkai-Gongda Investment
Management Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(MM)/(DD)/(YY)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Table of contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 1 </FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 2 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 3 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use, maintenance and management of exclusive areas of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 4 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use, maintenance and management of shared areas of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 5 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decoration and furnishing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 6 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary property service</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 7 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection and handover of project items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 8 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property service fee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 9 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 10 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplementary provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter of Commitment for Temporary Management Convention</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 1 General provisions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To carry out the after-sales property management
of Beijing Jingkai &middot; One Center Project (this &ldquo;Property&rdquo;), safeguard legitimate rights and interests of all
proprietors and house users, and to preserve public environment and order in the shared areas of the property, the project owner,
prior to sales of the property, develops this temporary management convention (this &ldquo;Convention&rdquo;) with respect to use,
maintenance and management of the property, common interests and obligations of proprietors, and liability for violation of this
convention in accordance with the <I>Regulations of Beijing Municipality for Realty Management</I> (Decree of the People&rsquo;s
Government of Beijing Municipality No. 219) and the relevant laws, regulations and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Owner shall present and explain this convention
to the Buyer prior to sales of the property. This convention shall be attached to the <I>Beijing Commodity Housing Presale Contract</I>
or the <I>Contract for Sale of Finished Commodity Housing in Beijing</I> to be made by and between the first Buyer of the property
and the Owner (the &ldquo;Housing Purchase Contract&rdquo;) as an annex thereto. By written undertaking in connection with this
convention, the first Buyer acknowledges this convention, and effects of this convention shall be extended to subsequent Buyers
of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This convention shall be binding upon the Owner,
proprietors and the house users. The proprietor shall warrant that the co-occupier and the relevant person to use this property
in compliance with this convention and the relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agreements involving common interests of proprietors
contained in the <I>Preliminary Property Service Contract</I> by and between the project owner and the property service enterprise
shall be consistent with those of this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 2 Overview of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. Overview of properties within the property
area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name of property: <U>Beijing Jingkai &middot;
One Center</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Location: <U>Lot D1F1, Eastern Zone, Beijing
Economic-Technological Development Area Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Type of property: <U>office and commercial
properties</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Floor area: <U>83,832.86m<SUP>2</SUP> (measured
area prevails)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Scope of the property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">East to: <U>3rd Jinghai Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">South to: <U>13<SUP>th</SUP> Kechuang Street</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">West to: <U>1st Jinghai Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">North to: <U>Qujian Road D1#</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details concerning properties situated within
area of this property are found in the <I>Preliminary Property Service Contract</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. Rooms for property service within area
of this property are located on the <U>aboveground 1F and underground 1F of A2</U>, with floor area: <U>aboveground 100m<SUP>2</SUP>,
and underground 50m<SUP>2</SUP></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. Overview of property service enterprise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name of enterprise: Beijing Jingkai Investment
Development Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal representative: Guo Guangqing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Business license number: 110000001699163</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Qualification class and qualification certificate
number: No.0075 JWQZS [2014]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registered office: Building 1, Zone A, Beijing
Gongda Software Park, No. 1 Disheng North Street, Beijing Economic-Technological Development Area, Beijing, 100176, China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact phone: 010-67873388</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 3 Use, maintenance and management
of exclusive areas of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IV. A proprietor is entitled to occupation,
use, income and disposal of the exclusive area of the property, and shall also comply with the relevant laws and regulations of
the country and Beijing municipality without endangering safety of the building or infringing upon legitimate rights and interests
of any other person. The proprietor and the house user shall comply with regulations on supply of power, water, heating, and of
gas, drainage, accessibility, ventilation, lighting, decoration &amp; outfitting, surrounding sanitation and environmental protection,
and properly deal with his or her relationship with proprietors of neighboring houses in the principles of facilitation of use,
safety and neatness of the property, fairness and rationality without jeopardizing public interests and interests of any other
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">V. A proprietor shall, upon expiration of the
warranty period of the property, solely take charge of maintenance and repair of the exclusive area of his or her property. Such
proprietor shall be liable for any loss of any other proprietor incurred due to delay in repair or maintenance or failure to take
actions to eliminate potential safety risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VI. A proprietor and a house user shall use
the property for the planned purpose set forth in the house purchase contract, and annex and supplementary agreement thereto, and
where the planned purpose of the property has to be changed, such proprietor and house user shall complete the relevant procedures
in accordance with the laws subject to approval by the relevant competent governmental authority with written consent of the interested
proprietor, project owner and the property service enterprise, and shall notify the property service enterprise, property right
holder and proprietors committee of such change. Nature of use of the shared sections and facilities that are developed within
the property management area according to the planning shall not be changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VII. A proprietor and a house user shall promptly
deal with any potential safety risk that is revealed during use of water, electricity, gas, heating, cooling and ventilation facilities
and equipment in accordance with the relevant regulations and report such risk to the property service enterprise and authority
concerned; coordinate with the relevant authority to take actions to avoid danger when emergency event occurs; comply with and
ensure their employees, visitors, customers, agents and contractors to comply with regulations concerning fire protection safety
and safety rules developed by property the property service enterprise, and shall make sufficient fire extinguishers available
within his or her unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VIII. For outdoor and indoor equipment, facilities,
and garden greening and sites of a proprietor,, which are either situated within the exclusive area or are used by such proprietor
independently, such proprietor shall entrust the qualified professional enterprise with regular inspection, repair and maintenance
of items including (but not limited to) lifting equipment, pressure vessel equipment, pressure gauge, fire-fighting facility and
equipment, greening support facility and equipment, and central air-conditioning equipment, obtain the permit for safe operation
from the competent governmental authority, and shall be liable for any and all expenses incurred in connection therewith pursuant
to the relevant regulations of the country and Beijing municipality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VX. Neither a proprietor nor a house user shall
modify structure, appearance and use of the house without authorization; engage in catering and other trades resulting in excessive
noises to residents and environmental pollution in the ground floor store of the residential property; open or block exterior door
and window or change their sizes and styles without authorization; change material and color of finish of outer wall; erect or
develop any building and structure on the roof, building body, and accessory platform and within any other commonly shared sections;
and change the pipe without authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">X. In the event that the property service enterprise
has to access the exclusive area for repair, maintenance, renewal and renovation of the shared areas of the property, it shall
give a prior notice to the relevant proprietor and house user, and proprietor and house user of the relevant exclusive area shall
coordinate with such enterprise. If a proprietor or house user hinders or provide negative coordination in connection with such
repair, maintenance, renewal and renovation, resulting in damage to or any other loss of the property, such proprietor or house
user shall be liable for aggravation of the loss incurred from such hindering or negative coordination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the proprietor refuses or fails to repair
after receipt of notice, the property service enterprise is entitled either to perform on its own or to cause any third party to
perform such repair , in which case the proprietor shall be liable for any and all consequential losses and expenses, and it shall
also pay the property service enterprise the fines equal to 2&#8241; of total property purchase price on daily basis for the period
commencing from the date on which the property service enterprise gives oral or written warning and ending on the date on which
such repair is completed. Such fines shall be fully paid one time on the date of remedy of the breach, and shall be allocated to
the public fund of the community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the proprietor refuses to accept liability
for repair or loss, or fails to pay the fines on due date, hindering normal operation of the property or resulting in damage to
the property or loss of any other proprietor, such other proprietor and the property service enterprise have the right to entrust
professional lawyer with safeguarding their rights, and such proprietor shall bear any and all consequential costs and expenses
(including but not limited to attorney's fee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the property service enterprise,
as a result of an emergency that endangers public interests and legitimate rights or interests of any other proprietor, has to
access the exclusive area of a property for maintenance or repair, the property service enterprise shall notify the relevant proprietor
or house user of such property in advance, and if it is indeed impossible to notify such proprietor or house user, the property
service enterprise is allowed to perform such repair or maintenance under supervision of the public security authority, government
of the relevant jurisdiction, and other non-interested proprietor, provided that the enterprise shall notify the relevant proprietor
or house user thereafter and shall well settle the problems arising thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XI. In the event that a proprietor or house
user has to temporarily occupy or dig road or site due to repair or maintenance of property or due to public interest, such proprietor
or house user shall complete the relevant formalities in accordance with the relevant laws and regulations, issue public announcement
in advance, obtain written consent from the property service enterprise hired by the project owner, and shall reinstate such road
or site within the agreed period. Such proprietor or house user shall be liable for any consequential loss of the property service
enterprise, any other proprietor or house user, and any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XII. If a property poses safety threat or endangers
public interests or legitimate rights or interests of any other proprietor, the relevant responsible person such as proprietor
or house user of such property shall immediately take actions to eliminate such threat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Neither a proprietor nor a house user shall
raise any animal and pet within the area of property in the office park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Where a proprietor or house user engages
in such activities as production, processing, office and R&amp;D in buildings in the park, such proprietor or house user shall
execute the relevant national standards, develop the relevant management, production and safety measures, as well as prevention
measures, and shall arrange and use park facilities and energy facilities in a reasonable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. To transport goods into or out of the park,
the organization shall comply with the relevant property management rules, and the proprietor or house user shall go through the
relevant formalities with the property service enterprise. Any large transportation vehicle with capacity more than 30t (including
30t) is prohibited from accessing into the park, and in case of transportation in such large vehicle, the proprietor or the house
user shall arrange lighter on its own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIII. Where a proprietor leases out, transfers
or otherwise dispose of his or her exclusive area, such proprietor shall notify the project owner and the property service enterprise
in writing in advance, notify the tenant and the buyer of this convention in compliance with the regulations for leasing and transfer
of house, and shall notify the project owner and property service enterprise of the lease and transfer (i.e., attach this convention
to the relevant contract or document as annex thereto, notify the project owner and the property service enterprise of disposal
of the realty in writing within three days as of the date of execution of such relevant contract and document, and submit the letter
of commitment for the right successor signing this convention to the property service enterprise), otherwise the proprietor shall
be severally and jointly liable for loss and overdue fee incurred due to violation of the property management system and this convention
on part of the tenant and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 4&nbsp;&nbsp;Use, maintenance and
management of shared areas of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIV. A proprietor shall be entitled to rights
and assume obligations in connection with shared area of the property, and shall not refuse to fulfill obligations by reason of
waiver of any right. When using shared area of the property, a proprietor or house user shall comply with regulations and rules
developed by the project owner for use of shared area of property, and maintenance of public order, environment and sanitation
in accordance with the <I>Preliminary Property Service Contract</I>. In case of damage to the shared area of property as a result
of improper use on part of the user, the responsible person shall assume the legal liabilities such as reinstatement and compensation
for loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XV. A proprietor or house user shall reasonably
use the shared facility and equipment, consciously maintain the property neat and good-looking, and comply with regulations of
the governmental for appearance and environment of the municipality. A proprietor or house user shall not erect any facility, building
or structure, permanent or temporary, within the public area; not damage pipe well or cable above or ground the greening area,
not shade or enclose the well lid, and not disturb necessary infrastructure within the greening area, installation and normal operation
of the equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVI. When driving and parking a vehicle within
the property management area (including motor vehicle and non-motor vehicle), a proprietor or house user shall comply with the
rules for driving and parking within the property management area without parking the vehicle on the shared road, public greening
area and other public sites and without occupying fire-fighting passageway or outdoor hydrant and equipment pipe well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A property service staff has the right to instruct
any person who violates the parking management rules to rectify such violation immediately, and such person shall be liable for
any and all consequential losses. Any person shall otherwise sign the agreement for use and management of parking space with the
property service enterprise and pay the relevant parking space management fee no matter how such person obtains the right of use
of the parking space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVII. A proprietor or house user shall operate
and use the lift in compliance with the relevant regulations of competent governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVIII. To erect company nameplates and sign
boards (including but not limited to emblem) that are erected within public area, the proprietors or house users shall not install
any such nameplate or sign board on their own but shall contact the property service enterprise for centralized fabrication and
installation at the relevant expenses of such proprietors or house users. The project owner will provide spaces for hanging corporate
guidance emblem at the entrance lobby on the ground floor, provided that the proprietor or house user shall notify the property
service enterprise of the emblem details 7 days ahead of mobilization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIX. A proprietor or house user shall reasonably
use water, electricity, gas, heating, cooling, ventilation, fire protection and security facilities and equipment without any unauthorized
removal or modification in accordance with the relevant regulations, and shall be liable for any and all consequences and losses
of public area, shared equipment, and neighboring proprietor or house user as a result of unauthorized removal or modification.
The property service enterprise has the right to claim repair, recovery or compensation against a proprietor or house user in connection
with any loss caused by such proprietor or house user, and to report such loss to the competent governmental authority and the
competent industry authority. If any equipment or facility that is so removed or modified remains within its warranty period, then
warranty obligation of the relevant warranty provide shall be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XX. Garbage of each building shall be classified
according to the Regulations of <I>Beijing Municipality for Administration of Domestic Garbage</I> (Bulletin No. 20 issued by the
Standing Committee of the 3rd Municipal People's Congress of Beijing), and shall be stored in area specified by the property service
enterprise, which in turn shall arrange to clear such garbage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXI. The following acts shall be prohibited
within the property management area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. unauthorized removal or modification of
load bearing structure and main structure of the house, unauthorized change of appearance of the house, unauthorized occupation
of or damage to shared area of property, shared facility and equipment and the relevant site, and unauthorized relocation of shared
facility and equipment of property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. damage to or scratch of any public items
of the property such as glass curtain wall, wall of passageway/corridor and glass/column, in which case the relevant responsible
person shall be liable for costs in connection with repair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. drilling on the glass curtain wall or sticking
any type of facility, object or advertisement board on the indoor or outdoor surfaces of the curtain wall. Any device shall not
touch any structural member of the curtain wall, Correctly use and specially protect external door and window, and do not support
the external window with a hard object. Promptly close and lock external door and window when all persons leave the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. non-compliance of building load capacity
of the property by installing (placing) any furniture, equipment, mechanical device and other articles exceeding the roof load
capacity onto any part of the roof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. unauthorized placement of articles, unauthorized
erection of any building, structure, bracket,&nbsp;&nbsp;canopy, advertisement board, signboard, umbrella and any other article
not approved by all other proprietors or house users onto the common terrace or roof platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. stacking of flammable, explosive, hypertoxic,
or radioactive substance, and emission of harmful substances such as air pollutant, water pollutant, noise, light, and electromagnetic
wave.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. blockage or obstacle of any public item
or public site, or placement or disposal of any garbage or article in public item or public site or out of the window.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. unauthorized hanging, posting, alteration,
scratching, erection of flag, distribution of brochure, or installation of neon light in public item or the relevant site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. encroachment of or damage to public greening
area (including but not limited to cutting and digging), road, flowers, trees, artistic landscape, and facilities and equipment
for culture, recreation, sports and leisure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. parking on public road, or washing or repair
of vehicles on public road.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. installation of satellite receiver or any
other high-power receiving device that shall be subject to approval by the governmental approval, without approval by the governmental
approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. engaging in activities endangering public
interests and infringing legitimate rights and interests of any other person using the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. demanding the property service enterprise
for services irrelevant to the property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. any other act prohibited by laws, regulations
and this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXII. Any proprietor shall pay the specific
repair fund as prescribed, and shall pay the property service fee in accordance with the Preliminary Property Service Contract.
If a proprietor sells, transfers, mortgages or contributes his or her property, the repair fund he or she pays for the public item
and shared facility and equipment shall remain the funds for repair and renewal of the public item and shared facility and equipment
of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIII. The order preservation staff has the
right to inquire about a strange visitor and register such visit in order to preserve safety and order within the property management
area, and a proprietor or house user shall cause the visitor to coordinate with such staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of fire, theft, personal injury or
death and any other safety accident, the proprietor, house user, property service enterprise, and the project owner shall report
to the public security authority. The property service enterprise and the project owner shall coordinate with such authority to
conduct investigations and evidence gathering. The supervision video shall be kept in compliance with the relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIV. Where a proprietor or house user violates
this convention, the property service enterprise has the right to urge such proprietor or house user to rectify such violation
by advice, warning, prevention or any other measure permitted by laws, and such proprietor shall remedy such violation until he
or she becomes compliant with this convention as required by the property service enterprise within the prescribed time limit at
his or her remedy costs. If the proprietor fails to remedy his or her violation of this convention even through coordination, the
property service enterprise is entitled to directly initiate civil litigation to the people's court, and if the proprietor violates
the relevant regulations and policies, the property service enterprise is entitled to complain about and report such violation
to the competent authority concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 5&nbsp;&nbsp;Decoration and furnishing</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXV. In order to maintain quality of the property,
the proprietor and house user undertake that the decoration recipient and decoration &amp; furnishing enterprise engaged by such
recipient, as well as the project owner shall comply with the <I>Guidance for Decoration</I> for the property area to perform decoration.
The proprietor or house user and the decoration recipient shall declare the decoration to and register the decoration with the
property service enterprise prior to decoration, and sign the <I>Housing Decoration Management Service Agreement</I> with the property
service enterprise, defining the relevant rights and obligations, components of service and liability for breach of agreement.
The proprietor or house user shall conduct decoration &amp; furnishing in accordance with the housing decoration management service
agreement, and observe the precautions for decoration &amp; furnishing, and shall not perform any decoration prohibition. The proprietor
shall place the decoration &amp; furnishing materials and waste resulted from decoration in the designated area without unauthorized
occupation of the public items and public site of the property. The proprietor or house user shall pay fees in connection with
decoration management (including but not limited to decoration management fee, decoration garbage disposal fee and decoration deposit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During decoration &amp; furnishing construction
within the property management area, decoration work generating noises is prohibited in the building from 8:30 a.m. to 18:00 p.m.
in working days, and actions shall be taken for decoration work to be performed in other times in order to mitigate interference
with surroundings. The proprietor or house user shall post an announcement in the building, indicating the date and time of decoration
&amp; furnishing to be performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVI. Where decoration &amp; furnishing of
house influences normal operation of public item and shared facilities and equipment, and infringes upon legitimate rights and
interests of neighboring proprietor or house user, the proprietor or house user of the property under decoration shall promptly
reinstate normal operation and legitimate rights and interests, and shall assume the relevant compensation liability. The proprietor
or house user shall coordinate with the property service enterprise to bind and manage the decoration &amp; furnishing enterprise.
The proprietor or house user shall promptly reinstate normal operation of the public items and shared facilities and equipment
that is influenced by decoration of the house, and shall repair the public area if consequentially damaged and shall be liable
for any consequential loss of any other proprietor or house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVII. During decoration of house, the proprietor
and house user shall take finished product protection measures for the relevant public area, and shall neither remove or modify
the load-bearing wall and pipes nor damage waterproofing course. The property service enterprise has the right to supervise and
inspect decoration activities of the proprietor and the house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any decoration work shall be subject to
approval and acceptance by the governmental authority concerned pursuant to the relevant regulations, the proprietor and house
user shall complete such approval and acceptance in accordance with such regulations, and shall file such decoration work with
the property service enterprise. If modification of fire-fighting system is involved in the decoration, the proprietor or house
user shall submit such modification to the fire protection authority for approval and acceptance and file such modification with
the property service enterprise. Any proprietor or house user shall not move, relocate, close, replace, cancel or remove any fire-fighting
equipment and facility without prior written consent of the property service enterprise, and shall not damage the fire-fighting
facilities or result in wrong alarm of or damage to fire alarm system for human-made reason, otherwise such proprietor or house
user shall be liable for any and all consequences incurred due to any act under the laws and regulations such as fire control law
and the relevant fire control regulations, and shall also bear all repair costs, losses, and penalties imposed by the government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 6&nbsp;&nbsp;Preliminary property
service</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVIII. The project owner and property service
enterprise shall take charge of preliminary property service for the property management area. Regarding exact property services,
service standard and property service fee, the <I>Preliminary Property Service Contract</I> shall apply.&nbsp;&nbsp;Any proprietor
shall fully pay the payable fees under the property purchase contract or the <I>Preliminary Property Service Contract</I> .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIX. In order to safeguard their common interests,
all proprietors agree to grant the following rights to the project owner with respect to property management activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. to develop regulations and rules for use
of public items and shared facilities &amp; equipment of the property, preservation of public order, public greening area and environmental
sanitation, and for other property service aspects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. to prevent the proprietor or house user
from violating this convention and the regulations and rules by warning, advice, publicity and other necessary actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. to withhold property service fee payable
by the proprietor and any other fee collected and handed over on behalf of the proprietor under the laws, regulations and the <I>Preliminary
Property Service Contract</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. to pay property service fee for unsold houses
commencing from the due date of the property service fee. Where the property service fee for any unsold house paid by the project
owner includes the property service fee that become payable after such house is sold, the project owner has the right to, following
such sales, withdraw the balance of the said property service fee it pays without written confirmation by the proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. to fully withdraw the balance of the preliminary
property service fee the project owner pays as the preliminary property service provider without written confirmation by the proprietor,
provided that the audited preliminary property service fee assumed by the project owner exceeds the actual fee incurred for the
preliminary property service period, in which case the excess property service fee shall be the property of the project owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXX. In order to safeguard their common interests,
all proprietors agree to grant the following rights to the property service enterprise with respect to property management activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. to cooperate with the project owner to develop
regulations and rules for use of public items and shared facilities &amp; equipment of the property, preservation of public order,
public greening area and environmental sanitation, and for other property service aspects, in accordance with this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. it is lawful for property service staff
to damage exclusive area of any proprietor without any liability, provided that such damage is indeed necessary for urgent danger
prevention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. property service staff can open channel
or door to any part of the property from time to time for any national administrative authority, law enforcement authority, or
judicial authority if any such authority has to access the park in order to perform its duties, in which case the proprietor shall
understand and cooperate with such authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. there is no any personal, property custody
or insurance relationship within this property with the proprietor and house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. the property service enterprise may be relieved
from liability for inconvenience brought to the proprietor or house user as a result of necessary maintenance or repair of the
public item or shared facilities and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 7&nbsp;&nbsp;Inspection and handover
of project items</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXI. In the event that all proprietors decide
to terminate the preliminary property service contract and that they determine the property management mode, the project owner
shall verify the shared areas of the property with the proprietors and handover the shared areas to the proprietors in the manner
as prescribed in the regulations of Beijing for handover of property items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXII. Where inspections demonstrate that the
shared areas of the property comply with the relevant standards, or after inspection and handover are completed under the property
purchase contract (including deemed completion of inspection and handover), the project owner shall fully fulfill obligations and
responsibilities in connection with the shared areas in addition to the warranty liability, which shall be performed on the basis
of the warranty period and warranty scope as provided in the national regulations and the property purchase contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIII. The proprietors meeting shall, within
30 days after it is established and after the property management mode is determined, carry out post-inspection and handover of
shared areas of the property with the project owner. The preliminary property service contract shall be terminated on the date
on which the inspection and handover of shared areas of property are accomplished. In the event that the handover is not accomplished
within the said 30 days for any reason not attributable to the project owner, the date on which the said 30-day period expires
shall be deemed as the completion date of property handover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIV. If the proprietors meeting continues
choosing the property service enterprise appointed by the project owner (including deemed de facto management), the project owner
is not required to complete such formalities as handover and inspection with the property service enterprise given that the project
owner has inspected the property and shared areas with and handed over the relevant documentations to the property service enterprise
in accordance with the <I>Measures for Property Undertaking and Inspection</I> (J. F. [2010] No. 165), and <I>Measures of Beijing
Municipality for Realty Management</I> (Decree of the People's Government of Beijing No. 219) when the project owner appointed
the property service enterprise, and that the property service enterprise has been managing and maintaining the shared areas, and
the date on which the proprietors meeting makes decision shall be deemed as the completion date of handover and inspection, commencing
from which the Buyer shall pay the property service fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXV. If any dispute arises out of inspection
of the shared areas between the proprietor and the property service enterprise, and if authoritative organization determines that
the shared areas satisfy the relevant criteria, the handover shall be deemed to be completed at time of inspection, and the proprietor
shall pay the due but not paid property service fee if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVI. The shared areas of property shall be
inspected and handed over as long as they materially comply with the handover conditions, and any repairable defect in the shared
area shall not influence receipt of the property, provided that the project owner shall be responsible for repair of such defect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 8&nbsp;&nbsp;Property service fee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVII. Any proprietor or house user shall
pay the project owner or property service enterprise the property service fee promptly in accordance with the <I>Preliminary Property
Service Contract</I>, and if a proprietor entrusts the property service enterprise with providing specially engaged service other
than those set forth therein, such proprietor and the property service enterprise shall otherwise agree upon fees for such specially
engaged service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Property service rate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office Building (sold as a whole): 5.50yuan/month&bull;
m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office Building (partially sold ): 6.50yuan/month&bull;
m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commercial property: 5.50yuan/month&bull; m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Payment period of property service fee:
the project owner or the property service enterprise shall pre-collect the property service fee on annual basis. A proprietor shall
pay the property service fee for the first year when he or she moves in the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Subsequent payment of property service fee:
the property service enterprise will remind the proprietor of paying the property service fee for the next year thirty days prior
to expiration of the period related to the property service fee that has been paid by the proprietor. The proprietor shall, prior
to expiration of the period related to the paid property service fee, pay the next tranche of property service fee to the project
owner or the property service enterprise in cash or by cheque or T/T, and accordingly the payee shall issue the formal invoice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Commencement date of property service fee:
the commencement date of property service fee shall be the date from which the formal move-in procedures can be performed as indicated
on the move-in notice or similar instrument issued by the developer. In the event that a proprietor fails to complete the move-in
procedures promptly for his or her own reason, such proprietor shall still pay the property service fee accrued from the said date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. If a proprietor fails to pay the due and
payable property service fee, such proprietor shall pay the project owner or the property service enterprise the liquidated damages
equal to 3% of the payable property service fee per day. Where a proprietor fails to pay the property service fee for more than
6 months after the due date, the project owner or the property service enterprise has the right to publish the overdue payment
at obvious positions in the property management area, and where a proprietor owes the due property service fee for more than 12
months, the project owner or the property service enterprise has the right to initiate an action against such proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. In case of forced change in labor cost as
a result of adjustment in unit price of energy fee which is approved by the government or change in the national laws, regulations
and policies, the property service rate shall be adjusted following the relevant procedures stipulated by the government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVIII. Where the proprietor and the house
user agree that the property service fee shall be paid by the house user, such agreement shall prevail, in which case the proprietor
shall be severally and jointly liable for payment of the property service fee. The proprietor shall immediately notify the property
service enterprise in writing of any payment agreement reached by and between the proprietor and the house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIX. All proprietors within the property
area shall pay, use and manage the specific repair fund as prescribed, and if balance of the fund is less than 30% of the initial
collection amount, the proprietors shall contribute to the specific repair fund as prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXX. Where the project owner or the property
service enterprise undertakes entrustment with collection and handover for competent governmental or industry authorities, the
proprietor shall pay the project owner or property service enterprise the payable fees such as those for water, electricity and
gas that are covered by such collection and handover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 9 Other matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXI. When completing the move-in formalities,
a proprietor or house user shall fully complete various forms, and shall provide the property service enterprise with the minimum
2 lawful and valid contact phone numbers so that the property service enterprise could contact the proprietor or house user in
case of emergency. The proprietor or house user shall promptly notify the property service enterprise in writing of any change
in such phone numbers, otherwise the proprietor or house user shall solely assume any liability and loss incurred in connection
with consequential failure of the property service enterprise to contact the proprietor or house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXII. A proprietor shall be liable for losses
of any other person due to negligence and improper conduct of employee, temporary visitor, contractor, tenant, and agent of such
proprietor and any other house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXIII. A bulletin board shall be erected
within the property area, and the relevant management information the project owner and the property service enterprise announce
on such board, and notice or announcement the project owner and the property service enterprise issue to the proprietor shall be
deemed to be delivered to all proprietors on the third day as of the date of publicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Part 10 Supplementary provisions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIV. In the event that a proprietor, house
user, project owner or property service enterprise violates the laws, regulations and this convention, disturbing normal operation
of the property or resulting in personal injury or loss of property of the right holder, the infringed party is entitled to initiate
a legal action to local people's court with jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXV. For the purpose of this convention,
the public item and shared facilities and equipment of the property shall mean house, space, site and the relevant facilities and
equipment owned or used by several or all proprietors other than the exclusive area of individual proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVI. For the purpose of this convention,
the house user shall mean family and employee of a proprietor, tenant and its employee, co-user, temporary user, borrower, visitor,
and authorized caretaker of the house, and any other person whom is authorized by the proprietor to use such house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVII. This convention shall be binding upon
proprietors and house users within the property management area only. In case of transfer of this property, effects of this convention
shall be extended to the property transferee. Where the house user violates this convention, the proprietor shall be jointly and
severally liable for such violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVIII. The project owner shall be entitled
to proprietor's rights of and undertake proprietor's obligations in connection with unsold portions and sold but not delivered
portions within the property management area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXIX. The proprietor, project owner and property
service enterprise shall hold each copy of this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXX. This convention shall be attached to
the Beijing Commodity Housing Presale Contract as an annex thereto, and shall come into force as of the date on which the first
Buyer of this property signs the commitment (letter of commitment provided in the annex) and expire on the effective date of the
management convention developed by the proprietors meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXXI. If there is any conflict between provisions
hereof and the relevant laws and regulations, such provisions shall be null and void without influencing effects of the remaining
provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXXII. The person developing this convention
shall be bound to interpret this convention. This convention shall not be amended in any way unless the proprietors meeting is
established, and the proprietors meeting shall re-consider and re-develop the proprietor management convention after the meeting
is established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex: Letter of Commitment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beijing Jingkai&middot;<U>One Center</U>
Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Letter of Commitment for Management Convention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">I / our company is the Buyer
of Unit No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of Building <U>B5</U> of <U>Beijing Jingkai &bull; One Center</U>
Project (hereinafter refers to as &ldquo;this Property&rdquo;). In order to safeguard the common interests of all the proprietors
in this property management area, I / our company agrees and represents as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">I.</TD><TD STYLE="text-align: justify">Acknowledges that &ldquo;the Temporary Management Convention for Beijing Jingkai &bull; One Center
Project&rdquo; (hereinafter refers to as &ldquo;this Convention&rdquo;) as stipulated by <U>Beijing Jingkai-Gongda Investment Management
Co., Ltd.</U> has been read thoroughly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">II.</TD><TD STYLE="text-align: justify">Agrees to fulfill, comply with and cause the persons related to this Property fulfill and comply
with the all the liabilities and obligations for the proprietors as well as the property users as specified in the Management Convention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">III.</TD><TD STYLE="text-align: justify">I / our company agrees to assume the corresponding liabilities resulted from breach of this Convention
and furthers agrees to assume any joint liability from any action of any user of this Property in breaching of this Convention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">IV.</TD><TD STYLE="text-align: justify">I / our company agrees to acquire the Letter of Commitment for this Convention executed by successor
of this Property at the time of assignment of this Property, and deliver the same to the Project Owner or the property service
enterprise, and this Letter of Commitment shall remain in full force and effect until receipt of the successor&rsquo;s Letter of
Commitment by the Project Owner or the property service enterprise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promisee (Seal):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/seal/ Tarena Technologies Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Signature: <U>May 5, 2016</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 183.75pt">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex IX: Other Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Supplementary
Agreement to Beijing Commodity Housing Presale </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 12pt"><B>Contract on
Beijing Jingkai &bull; One <U>Center</U> Project</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Seller: Beijing Jingkai-Gongda Investment
Management Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Buyer: Tarena Technologies Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.5pt">Both the Seller and the
Buyer agree to enter into and comply with this Supplementary Agreement (hereinafter referred to as &ldquo;the Supplementary Agreement&rdquo;)
so as to supplement the Beijing Commodity Housing Presale Contract (Contract No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
hereinafter referred to as &ldquo;the Presale Contract&rdquo;) executed between both parties through friendly negotiation and based
on voluntariness with respect to the outstanding issues related to the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.5pt"><B>Article 1 Definitions
and Interpretations in the Presale Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. &ldquo;Delivery&rdquo;
as mentioned in the annexes to the Contract shall mean &ldquo;delivery for use&rdquo;, and only refer to transfer for occupation
and risk transfer of this Commodity Housing, excluding the contents of title transfer and registration of this Commodity Housing
to be dealt with by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">2. &ldquo;The Seller
shall &lsquo;show&rsquo; the relevant documents to the Buyer&rdquo; as mentioned in the Presale Contract shall mean &ldquo;that
the Seller shall keep the relevant documents at the marketing place or the handover &amp; takeover place of this Commodity Housing
and make the same available to the Buyer for consultation other than providing duplicates to the Buyer&rdquo;; &ldquo;the Buyer
shall &lsquo;show&rsquo; the relevant documents to the Seller&rdquo; shall mean &ldquo;the Buyer shall show expressly the duplicates
of the relevant documents and the Seller shall have the right to consult the same&rdquo;; &ldquo;the Seller shall &lsquo;provide&rsquo;
the relevant documents to the Buyer&rdquo; shall mean &ldquo;the Seller shall deliver the data or documents to the Buyer in person
or with the mode of service as agreed in this Supplementary Agreement&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">3. &ldquo;The project
quality codes, standards and working drawing design documents issued by the State and Beijing Municipality&rdquo; as mentioned
in the Presale Contract refers to &ldquo;the mandatory project quality codes, standards and working drawing design documents of
the State and Beijing Municipality in effect at the time of design and construction&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">&ldquo;The orientation
of this Commodity Housing&rdquo; as given in Article 3 of the Presale Contract shall refer to &ldquo;the orientations of some of
the rooms of this Commodity Housing&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4. &ldquo;Day&rdquo; as
mentioned in the Presale Contract shall refer to &ldquo;calendar day&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">5. &ldquo;The date of
duly receipt&rdquo; as mentioned in the Presale Contract shall refer to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.95pt; text-align: justify; text-indent: 6pt">(1) In case of
delivery by mail, the 5<SUP>th</SUP> day after the date of delivery by mail shall be deemed as the date of duly receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.95pt; text-align: justify; text-indent: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) In case of delivery
by courier, in person or taking delivery by the assigned person, the date of receipt as indicated on the receipt form shall be
deemed as the date of duly receipt; when no receipt form is made, the date given on the letter shall be deemed as the date of duly
receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(3) In case of transmission
by fax or email, the second day after the date indicated on the notice shall be deemed as the date of duly receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>Article 2 Supplementary
Provisions for House Delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. In case the Buyer asserts
its right for sales return of the commodity housing to the Seller for reason that the commodity housing has serious quality defect(s)
in accordance with the relevant provisions as given in the Presale Contract, the Buyer shall show the valid testing report as issued
by a statutory appraisal agency within 60 days (including the 60<SUP>th</SUP> day) after the date of handover of the commodity
housing by the Seller. Any failure to show or being unable to show within the said deadline shall be deemed as the commodity housing
is acceptable in quality, and the Buyer has waived its right for asserting sales return, in this case, the Presale Contract shall
continue to be fulfilled and Buyer shall not assert its right for sales return to the Seller according to these provisions. The
Buyer shall assume the responsibility for not taking delivery of the commodity housing in time if it has rejected to take over
this Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">In case the Buyer asserts its right for sales
return of the commodity housing to the Seller according to the provisions as given under Article 17 (2) of the Presale Contract,
the Buyer shall show the valid testing report as issued by a statutory appraisal agency within 60 days (including the 60<SUP>th</SUP>
day) after the date of handover of the commodity housing by the Seller. Any failure to show or being unable to show within the
said deadline shall be deemed as the commodity housing is acceptable in indoor air quality. In this case, the Buyer shall assume
the responsibility for not taking delivery of the commodity housing in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">Air quality measure shall
be based on the initial state of the Commodity Housing at the time of delivery. The Seller shall assume no responsibility for any
non-conformity with the standards of the state with respect to indoor air quality after the Buyer has made any decoration or transformation
to the Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. Unless otherwise agreed
between both parties, the Seller shall deliver this Commodity Housing to the Buyer at the time as specified in the Presale Contract.
In case the delivery conditions for this Commodity Housing as specified in the Presale Contract have been satisfied ahead of the
time as specified, the Seller can make delivery ahead of the time as specified, and the date of taking delivery shall be the date
as indicated on the written document &ldquo;Notice on Taking Delivery&rdquo; issued by the Seller to notify the Buyer to handle
the relevant formalities and take over the Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. For any Commodity Housing
of which the acceptance and registration formalities upon project completion have been satisfied, if the Commodity Housing is defective
identified at the time of taking delivery, the Buyer shall reject this Commodity Housing by virtue of the said defect. The Seller
shall assume its obligations for warranty and maintenance, but not bear any liability for breach of contract due to late delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4. After actual delivery of this Commodity
Housing by the Buyer, any occupation and damage to this Commodity Housing by any other person, and damage to the devices and equipment
of the property shall be under the responsibility of the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">5. The Buyer shall pay up
the taxes as specified in Article 16(5) of the Presale Contract before the formalities of taking over the keys. The Seller may
have the right to refuse to handle the formalities of handing over the keys to the Buyer if the Buyer has not paid of the above
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Article 3 Property Management
Service Related to this Commodity Housing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. The Buyer agrees that
the Seller will select or replace a property management company to exercise property management by law before formal establishment
of the Proprietors Committees. After formal establishment of the Proprietors Committees, the Proprietors Committees shall have
the right to further employ the existing property service enterprise or select another property management entity by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. If the Buyer carries
out decoration on this Commodity Housing by itself after the occupancy formalities, it shall comply with &ldquo;the Temporary Management
Convention for Beijing Jingkai &bull; One <U>Center</U> Project&rdquo;, and shall not make any damage to this Commodity Housing
and bring any nuisance to the proprietors in the vicinity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. The Buyer shall not use
this property for other purposes other than those specified in the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>Article 4 Special Provisions
for Cancellation of the Presale Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">l. In case of occurrence
of any circumstance in which the Buyer shall be entitled to terminate the contract due to the Seller&rsquo;s default as specified
in the Presale Contract, the Buyer shall issue a written notice for cancellation of the Presale Contract to the Seller within 60
days (including the 60<SUP>th</SUP> day) after occurrence of the said circumstance. The Buyer&rsquo;s failure&rsquo;s to do so
shall be deemed as the Buyer has waived its right for cancellation of the contract and agreement to further fulfillment of the
Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. In case of occurrence
of any circumstance which may lead to cancellation of the contract by either party as referred in the Presale Contract as well
as this Supplementary Agreement, the Buyer shall issue its written application for cancellation of the contract to the Seller,
then, execute the Agreement on Cancellation of the Commodity Housing Presale Contract within 5 days after delivery of the said
application, and assist the Seller to complete all the formalities for cancellation of the presale contract for this Commodity
Housing at the competent government authorities, otherwise, the Buyer shall pay liquidated damages to the Seller at 2/10000 of
the total price of this Commodity Housing to the Seller per each day&rsquo;s delay in payment (excluding the delay caused by the
Seller).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify; text-indent: 17.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Article 5 Notification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">l. The Buyer shall provide
its correct contact information in detail (including the address, telephone, fax and contact person, etc.) to the Buyer at the
time of concluding the Presale Contract, and issue its written notice to the Seller within 7 days after any change to the said
address or any other contact information, otherwise, the original contact information provided by the Buyer shall further remain
in effect, and the Seller shall assume no legal liability for the Buyer&rsquo;s not receiving any relevant notice from the Seller
due to change to the Buyer&rsquo;s contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. According to the Presale
Contract and this Agreement, important documents such as any notice from one party to the other party shall be delivered to the
address as specified in the Presale Contract as well as this Agreement or otherwise given by the written notice from the other
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>Article 6 Other Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">l. The Seller&rsquo;s sales
advertisement and publicity presentation materials (including but not limited to postings, brochures, sand table, models and advertisements,
etc.) for this Commodity Housing shall not be deemed as a contractual offer, and the rights and obligations of both parties shall
be based on the provisions as specified in the Presale Contract as well as the corresponding supplementary agreements. The Seller
shall not assume any liability for any matter which has not been agreed between both parties in the Presale Contract (including
but not limited to any oral promise, recommendation and publicity made by the Seller as well as its staff).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. If a fire sprinkler system
is provided in the commodity housing purchased by the Buyer, when performing fine decoration on the commodity housing after purchase,
the Buyer shall comply with the requirements as specified in the relevant laws, regulations and codes of the state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. The Seller shall be responsible
for warranty of this Commodity Housing according to Article 18 of the Presale Contract, Nevertheless, the Seller shall not be responsible
for any damage due to any force majeure event or modification out of artificial reasons or any defect upon expiry of the warranty
period which shall be under the Buyer&rsquo;s responsibility. In addition, the Seller shall not take any warranty obligation for
any change to the original state of this Commodity Housing caused by decoration by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4. The Presale Contract
(including the annexes as well as this Supplementary Agreement) shall constitute all the contents with respect to selling and purchase
of this Commodity Housing between the Buyer and the Seller and supersede all the previous agreements made between both parties
and all the literal and picture materials provided by the Seller immediately upon execution. This Supplementary Agreement and the
Presale Contract shall have equal legal effect. This Supplementary Agreement shall prevail in case of any conflict between the
provisions in this Supplementary Agreement and the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>Article 7 Special Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. After purchase of this
Commodity Housing, this Commodity Housing can be only used by the legal entity which has been registered at Beijing <U>Economic-Technological
Development Area</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. When handling the title
transfer and registration processes related to this Commodity Housing by the Buyer and the Seller, both parties shall execute the
relevant legal documents as required by the title registration authority, and shall comply with the relevant conditions and requirements
as imposed by the competent government authority. In case that the title certificate of this Commodity Housing has not been obtained
on time at the Buyer&rsquo;s fault (including but not limited to that the Buyer has not satisfied the relevant requirements for
admission to the development area, the Buyer has failed to pay the relevant taxes, provide the relevant information and execute
the legal documents necessary for handling the property right according to the Seller&rsquo;s requirements, etc.), the Buyer shall
assume the liability and Seller shall not assume any liability for breach of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. Agreement on &ldquo;Specialized
Housing Maintenance Funds&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">The Buyer agrees that the
Buyer shall be liable to pay the public maintenance cost in full and in time at the amount and due time as given in the written
notice from the property service enterprise when the public locations and public facilities and devices in the area where this
Commodity Housing is located require maintenance, renewal or reconstruction upon expiry of the warranty period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">4. The Seller shall issue
the VAT invoice in full to the Buyer within 60 days after the Buyer has completed registration of the new company (i.e. the property
owner of this house) and the Seller has received the purchase price in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">5. &ldquo;The Buyer&rdquo; in the Beijing Commodity
Housing Presale Contract as well as its annexes and this Supplementary Agreement shall refer to the Buyer or any subsidiary of
which the Buyer holds shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seller (Seal)</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Buyer (Seal)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/seal/ Beijing
    Jingkai-Gongda Investment</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/seal/ Tarena
    Technologies Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management Co., Ltd.</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: May 5, 2016</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: May 5, 2016</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 90; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.36
<SEQUENCE>11
<FILENAME>v461874_ex4-36.htm
<DESCRIPTION>EXHIBIT 4.36
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.36</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">BF&mdash;2005&mdash;0117</FONT></td>
    <td style="width: 50%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Contract
No.:</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijing&nbsp;Commodity Housing Presale</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Non-residential properties including</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>commercial/office houses) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 12pt"><B>Seller:&nbsp;&nbsp;<U>Beijing
Jingkai-Gongda Investment Management Co., Ltd.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 12pt"><B>Buyer:&nbsp;&nbsp;<U>Tarena Software Technology (Hangzhou) Co., Ltd.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijing Municipal Housing and Urban Construction
Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijing Municipal Industrial and Commercial
Administration Bureau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Revised
in Oct. 2010</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 12pt">Printed on<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>Day<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>Month<U>&nbsp;&nbsp;
</U>Year</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;Instructions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. This contract is a model contract formulated
jointly by the Beijing Municipal Construction Committee and the Beijing Municipal Industrial and Commercial Administration Bureau.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Before signing of the presale contract,
the Seller shall show the Buyer the presale license of commodity housing and other related certificates and certifying documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The contracting parties shall conclude
the contract on the basis of the principle of free will, fairness and good faith and honesty, and neither party may impose its
will on the other party. The two parties may alter, supplement or delete contents of the articles of this contract text. After
this contract comes into force, the printed contents of this text without alteration are to be deemed as stipulation made by the
parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Before execution of the commodity housing
presale contract, the Buyer shall review the articles of the contract prudently, especially those alternative, supplementary contents
and those filled or altered contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. In order to present the principles of
free will of contracting parties, there are blanks following some articles of this contract text, left for supplementary stipulation
made by both parties separately. For any matters not covered or not stipulated sufficiently in this contract, the Seller and the
Buyer may conclude supplementary agreements on a fair and reasonable basis and in light of the specific conditions of the sold
housing, or make supplementary stipulations in the blanks following relevant articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. With respect to the alternative contents
in [ ] and the contents to be filled in blanks in this contract text, and other contents to be deleted or supplemented, the contracting
parties shall make determination through negotiation. To select the items in [ ], please make a &radic;. If any content does not
refer to the actual case or the parties do not make stipulation, the parties shall delete such content by making a &times; in the
blanks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. If any dispute arises between the two
parties from the performance of this contract, they may either lodge a lawsuit to the people&rsquo;s court of the place where the
property is located, or apply to relevant arbitration commission for arbitration. If the parties select arbitration, they may apply
to the Beijing Arbitration Commission,&nbsp;the China&nbsp;International Economic and Trade Arbitration Commission, or those arbitration
commissions of places beyond Beijing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8. The contracting parties may determine
the number of original copies of this contract in light of the actual conditions, and must check the copies prudently so as to
ensure that the contents in every copy are identical. Under any circumstance, the buyer shall hold at least one original copy of
this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beijing&nbsp;Commodity Housing Presale</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>(Non-residential
properties including commercial/office houses)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Seller:&nbsp;&nbsp;<U>Beijing&nbsp;&nbsp;Jingkai-Gongda
Investment Management Co., Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address: <U>4/F Building 2, Unit A, No. 1
Disheng Northern Street, Beijing Economic-Technological Development Area, Beijing, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Postal Code:&nbsp;&nbsp;<U>100176</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Registration number of Business License:<U>
110302003481318</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Enterprise qualification certificate No.:<U>
JK-A-3352</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Legal Representative:<U>&nbsp;&nbsp;Zhou Shiyi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
Tel.:<U>&nbsp;&nbsp;67862520</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Entrusted Agent:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>Tel.: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Entrusted Sales Agency: <U>Beijing Jingkai-Yicheng
Investment Consultant Co., Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address:<U> 1/F Building 2, Unit A, No. 1
Disheng Northern Street, Beijing Economic-Technological Development Area, Beijing, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Postal Code: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Registration number of Business License:<U>&nbsp;&nbsp;110302012140425</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Buyer: <U> Tarena Software Technology
(Hangzhou) Co., Ltd. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">[Legal Representative]</FONT>
<FONT STYLE="font-size: 10pt">[Principal]: <U>Han Shaoyun&nbsp;&nbsp;</U>Nationality:<U>&nbsp;&nbsp; China&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Registration number of Business License: <U>330100400045853</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date of birth:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
Gender: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address:<U> 1/F Unit A of Shixun Building,
No. 65 Kejiyuan Rd., Baiyang Subdistrict, Hangzhou Economic &amp; Technological Development Area, Hangzhou, China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Postal
Code:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Tel.: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[Legal representative]&nbsp;[Authorized agent]Nationality:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[ID Card No.] [Passport No.] [ ]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date of birth:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
Gender: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Postal
Code:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Tel.: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Contract Law of
the People&rsquo;s Republic of China, the Law of the People&rsquo;s Republic of China on Administration of Urban Real Estate, the
Measures on the Administration of Urban Real Estate Transfer in Beijing and other relevant laws and regulations, the Seller and
the Buyer, on the basis of equality, voluntariness and fairness and through negotiations, do hereby agree as follows with respect
to the purchase and sale of commercial house:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1 Reference for Project Construction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Seller has obtained the state-owned
land use right of the plot located at <U>D1F1 of the Beijing Economic-Technological Development Area</U> through <U>transfer of
land use right</U> and acquired the Certificate of Real Estate Title through legal registration of the use right. The number of
the certificate is: No. <U>00008 (2015 Chu)</U> and the land area is: <U>54,928.2 square meters</U>, and the purpose of the land
where the commodity house purchased by the Buyer&nbsp;&nbsp;(hereinafter refers to as &ldquo;the Commodity House&rdquo;) is located
is for <U>_F2 public mixed-use residentials</U>; the term for land use will start on <U>Dec.12, 2011</U> and end on <U>Dec.11,
2061</U>. The number of Contract for State-Owned Construction Land Use Right Assignment: <U>No. 32 JJGTCR[H]Z(2011)</U>. The purpose
of the land where the Commodity House is located is for composite, commercial, residential types, and the term for land use right
assignment starts on Dec.12, 2011 and end on Dec. 11, 2061.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon approval, the Seller has invested
to build the commodity housing on the said land lot mentioned above, with <U>a temporary name</U> of <U>Beijing Jiangkai One Center</U>,
the Construction Engineering Planning Permit number of <U>No. 0032 [2014 G(K)JZ] </U>, and the Construction Engineering Working
License number of <U>No. 0050 [2014]S[J]JZ;</U> the starting date of the construction stipulated in the Contract shall be <U>Jul.
16, 2014</U> and the completion date will be <U>Feb. 21, 2016</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2 Reference for Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The commodity housing has been approved
to be qualified for presale by<U> the Economic and Technological Development Zone Branch of Beijing Municipal Bureau of Land and
Resources</U>, with the Presale License number of <U>No. 4 JFSZZ (2016)K</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3 Basic Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The architectural
structure of main building where the Commodity Houses are located is:</FONT> <FONT STYLE="font-size: 10pt"><U>reinforced concrete
structure</U>; and the building consists of <U>10</U> storeys, including an over-ground part of <U>9_ floors</U> and an underground
of <U>1 floor</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The commodity housing refers to No.____
Unit____ Floor____ Building <U>[B7]</U> mentioned in the item of Article 1. The room number as a&nbsp;&nbsp;<U>[Approval Number]
[Temporary Number] </U>now will be subject to the final number approved by the Administration Department of Public Security; References
can be made to Annex 1 for the housing plan and location plan in the whole building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of this commodity housing is to be <U>office house</U>: <U>the floor height </U>of the Commodity House is<U>&nbsp;&nbsp;&nbsp;&nbsp;
</U>meters, [net height of the slope roof] the minimum height:<U>&nbsp;&nbsp;X </U>meters, the maximum height:<U>&nbsp;&nbsp;X
</U>meters. The orientation of the commodity housing is:&nbsp;&nbsp;<U>&nbsp;X </U>; there are<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U>balconies,
of which&nbsp;&nbsp;<U>&nbsp;X&nbsp;&nbsp;</U>enclosed balconies and <U>&nbsp;X&nbsp;</U></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unclosed
balconies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Seller entrusts a mapping institution of</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Beijing
Jingheng Real Surveying Technology Co., Ltd</U> to predict that the building area of the Commodity House is <U>8,169.39 </U>square
meters totally, which includes <U>6884.32</U> square meters of interior building area and<U> 1285.07</U> square meters of public
share building area. References can be made to Annex 2 for the introduction of the public share building area.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When both parties sign the Contract, the
construction progress status of the commodity housing building is<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The floor height mentioned in this article
refers to the vertical distance between an upper floor and a lower floor or between the floor and the ground. The net height refers
to the vertical distance between a floor and the soffit of the upper floor or between the ground and the underside of the suspended
ceiling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4 Reference for Mortgage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgage condition of this House is:
<U>2, 3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The land use right shared by this House
and the construction in progress are not set to mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The land use right shared by this House
has been set to mortgage, with the mortgagee of the <U>Beijing Economic and Technological Development Zone Branch of Industrial
&amp; Commercial Bank of China Ltd.</U> at the mortgage registration department of the <U>Housing and Land Administration Bureau
of Beijing Economic and Technological Development Zone</U> on the date of <U>Apr. 20, 2015</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The construction in progress of this
House has been set to mortgage, with the mortgagee of the <U>Beijing Economic and Technological Development Zone Branch of Industrial
&amp; Commercial Bank of China Ltd.</U> at the mortgage registration department of the <U>Housing and Land Administration Bureau
of Beijing Economic and Technological Development Zone</U> on the date of <U>Apr. 20, 2015</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The presale certificate of this House and
other covering mortgage approved by the mortgagee refers to Annex 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5 Pricing Mode and Purchase
Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As for commodity houses except for single-family
villas, entire buildings, garage (carport) , the Seller and the Buyer shall agree to calculate the price of the Commodity House
according to the<U> 1st </U>method below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Commodity House type is [single-family
villa], [entire building], [garage] or [carport], the Seller and the Buyer shall agree to calculate the price of the Commodity
House according to the<U> 1st </U>method below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. According to the interior building area,
the Commodity House can be priced to be&nbsp;&nbsp;<U>___X</U>_<U>_ </U>Yuan per square meter, with the total price of RMB ONE
HUNDRED AND EIGHTEEN MILLION THREE HUNDRED THOUSAND Yuan ONLY .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. According to the building area, the
Commodity House can be priced to be <U>___ ____ </U>____<U> </U>__RMB Yuan per square meter, with the total price of RMB ___ BILLION
_____ HUNDRED ______ MILLION __<U> </U>_____ HUNDRED AND __<U>&nbsp;&nbsp; </U>___ THOUSAND _____ HUNDRED ______ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. According to the suite (unit), the total
price of the Commodity House can be priced to be <U>_______</U>__<U>X</U>__ BILLION __<U>X</U>___ HUNDRED ___<U>X</U>____ MILLION
__<U>&nbsp;X</U>______ HUNDRED AND __<U>&nbsp;X&nbsp;&nbsp;</U>___ THOUSAND __<U>X</U>____ HUNDRED ___<U>X</U>_____ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. According to ___<U>&nbsp;X___</U>, the
total price of the Commodity House can be priced to be&nbsp;&nbsp;BILLION __<U>X</U>___ HUNDRED ___<U>X</U>____ MILLION __<U>&nbsp;X</U>______
HUNDRED AND __<U>&nbsp;X&nbsp;&nbsp;</U>___ THOUSAND __<U>X</U>____ HUNDRED ___<U>X</U>_____ Yuan ONLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the detailed agreement on terms of
pricing and cost, see the Annex 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The building area in this article refers
to the horizontal projected area of each floor above the outside wall plinth of a permanent building with the floor height of over
2.20 meters (including 2.20 meters), including balconies, overhanging corridors, basements, and exterior stairs and so on, which
is also roof covered and stably constructed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interior building area refers to the
usable area, wall covering and balcony areas in total inside each unit of the commodity house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6 Payment Term and Deadline</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Buyer shall pay for the Commodity House
by the following 1st method</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Lump-sum settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Installment payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Credit payment: [commercial loan] The
Buyer can pay ___<U>/</U>___ % of the total price of the Commodity House as down payment, and then pay the balance by credit from
[<U>&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp; </U>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Other methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References can be made to Annex 4 for the
agreement on the detailed payment terms and deadline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7 Supervision and Management
on Presale Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the provisions of the <I>Interim
Measures of Beijing on Supervision and Management of Pre-sale Funds for Commodity Houses</I>, the pre-sale funds of the Commodity
House shall be supervised by the bank: <U>Beijing Economic and Technological Development Zone Branch of ICBC</U>, with the special
account name of <U>Beijing Jingkai-Gongda Investment Management Co., Ltd (One Center)</U> and the special account number: <U>0200059029200318384</U>.
When the commodity house is pre-sold, the Buyer shall deposit the house purchase price directly into the special account. In case
the Buyer applies for a mortgage, the Seller shall provide the special account for receiving the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 8 </B>The Seller shall guarantee
that the Commodity House for sale is not involved in any dispute of ownership. In case of the inability to handle ownership registration
or occurrence of credit and debt disputes, the seller shall undertake all the responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 9 Agreements on Planning Alteration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Seller shall build the Commodity House
according to the conditions stipulated in the Construction Planning Permit approved and issued by the Planning Administration Department
and cannot alter the planning without authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Seller wants to alter the conditions
stipulated in the Construction Planning Permit, the Seller should obtain the agreement of the affected buyers in writing, as well
as the approval of the Planning Administration Department. For the losses of the buyer&rsquo;s interests caused by the planning
alteration, the Seller should provide the corresponding compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 10 Agreements on Design Alteration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. With the approval of the design inspection
unit entrusted by the Planning Administration Department, The following alterations on the construction design documents which
will affect the quality and use functions of the Commodity House, the seller should inform the buyer by written notice within 10
days after the approval of the design inspection unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The construction, layout, space dimension
and orientation of the Commodity House;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Heating methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the seller doesn&rsquo;t inform the
buyer within the stipulated time, the buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. The buyer should reply in written whether
to cancel the order or not within 15 days after receiving the notice. If the buyer doesn&rsquo;t give any reply within 15 days
after receiving the notice, it will be deemed that the purchaser accepts the alterations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">III. <U>If the Buyer wants to refund the
house, the Buyer shall, within 30 days after effectively delivering the Refund Notice to the Seller, sign all documents necessary
to cancel the pre-sale contract (including but not limited to the written agreement to cancel this contract, and the Power of Attorney
necessary for undergoing formalities to cancel the registration of this pre-sale contract).&nbsp;&nbsp;The seller shall, within
30 days after the above documents necessary to cancel the pre-sale contract take effect, refund the paid house purchase price to
the Buyer, and shall pay an interest at the demand deposit interest rate specified by the People's Bank of China for the same period.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>If the Buyer does not refund the house,
the Buyer shall separately enter into a supplementary agreement with the Seller within 30 days after receiving the written notice
from the Seller. If the Buyer neither undergoes formalities to cancel the pre-sale contract nor enters into a supplementary agreement
with the Seller within the above said time period, it shall be deemed that the Buyer accepts the changed plan and design, and agrees
to carry out acceptance examination and take-over of the house as scheduled.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 11 Purchaser&rsquo;s Responsibility
for Breach of Contract Due to Overdue Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer fails to make the payment
in the stipulated time, the <U>1st </U>method will be complied with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Handle separately according to the overdue
period, ((1) and (2) are not cumulative)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) If the overdue period is less than<U>
30 </U>days, the Buyer shall pay<U> 0.006 </U>percent of the overdue payment per day within <U>7 </U>days after the actual payment
date to the Seller as a penalty from the second day after the payment deadline stipulated in this contract to the actual payment
date, and the contract continues to be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) If the overdue period is over<U> 30
</U>days (this date shall be the same as the date mentioned in Item (1), the Seller has the right to terminate the contract. If
the Seller terminates the contract, the Buyer shall pay<U> 3 </U>percent of the accumulative payables to the Seller as a penalty
within_<U>7</U>_days after receiving the notification of terminating the contract, and the Seller shall return the total effected
payment to the Buyer. If the Buyer is willing to continue performing the contract, the contract will continue to be effective with
the approval of the Seller. From the second day after the payment deadline stipulated in this contract to the actual payment date,
the purchaser shall pay <U>0.006 </U>percent (This rate should be no less than the rate stipulated in the item (1)) of the overdue
payment per day within<U> 30 </U>days after the actual payment date to the Seller as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The overdue payment in this article refers
to the balance between the due payable stipulated in Article Six of this contract and the actual payment in that term. If installment
payment is adopted, the overdue payment shall be decided by the balance between the due installment and the actual payment in that
term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2._______________________________<U>X</U>____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 12 Delivery Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. The seller shall deliver the Commodity
House before the date of Jul. 31, 2016. However, in case of force majeure or the influence of national policy or government action,
the above house delivery time shall postpone accordingly, provided that the seller shall promptly notify the special circumstances
to the Buyer in writing after the occurrence of such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. When delivered, the Commodity House
should meet the conditions of the following Items .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Measured Area Report of the commodity
House issued by a qualified real estate mapping organization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The infrastructure conditions undertaken
by the Seller in Article 13 should be met;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. <U>The Buyer shall have paid the full
house purchase price agreed in this Contract to the Seller.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 13 Promise of the Seller on
the Infrastructure and Other Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Seller promises that the infrastructure
and other facilities directly related to the normal usage of this House should meet the following conditions by the appointed date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Municipal infrastructure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Water supply lines and sewers: shall
meet <U>the use requirements</U> by <U>Mar. 30, 2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Municipal two circuit feeding: shall
meet <U>the use requirements</U> by <U>Mar. 30, 2016</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Heating: shall meet <U>the use requirements
</U>by the date of<U> Mar. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(4) Gas:
shall be available for use by&nbsp;&nbsp;</FONT><U>&nbsp;&nbsp; &times;;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Telephone: <U>the ports shall be reserved
in place</U> by the date of<U> Mar. 30, 2016, </U>and will be reported for installation by customers<U>;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) TV network: <U>the ports shall be reserved
in place</U> by the date of<U> Mar. 30, 2016</U> and will be reported for installation by customers<U>;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the above conditions haven&rsquo;t been
realized by the stipulated date, both parties can handle according to the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) <U>It shall be handled according to
the Seller's Responsibility for Breach of Contract Due to Overdue Delivery;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) __________________________________<U>X</U>_______________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Other facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Public green spaces: shall <U>be available
for use</U> by <U>Jul. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Public roads: shall <U>be available
for use</U> by <U>Jul. 30, 2016;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Public parking lots: shall <U>be available
for use</U> by <U>Jul. 30, 2016;</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the above conditions haven&rsquo;t been
realized by the stipulated date, both parties shall agree to handle according to the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) <U>It shall be handled according to
the Seller's Responsibility for Breach of Contract Due to Overdue Delivery</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) __________________________________<U>X</U>_______________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>3.</U></FONT><U>
<FONT STYLE="font-size: 10pt">If the delivery time of municipal infrastructure and other facilities promised by the Seller is delayed
due to force majeure or the influence of national policy or government action, such delivery time shall postpone accordingly.</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 14 Seller&rsquo;s Responsibility
for Breach of Contract Due to Overdue Delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the force majeure, if the Seller
cannot deliver the Commodity House to the Buyer according to the deadline and conditions stipulated in Article 12 of this contract,
the following Method <U>1</U> can be complied with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Handle separately according to the overdue
period, ((1) and (2) are not cumulative)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) If the overdue period is less than<U>
30 </U>days (the time should be no less than the time mentioned in Item (1) of Article 10), the Seller shall pay<U> 0.006 </U>percent
(This rate should be no less than the rate stipulated in the item (1) of Article 10) of the effected payment per day within<U>
7 </U>days after the actual delivery date to the Buyer as a penalty from the second day after the delivery deadline stipulated
in this contract to the actual delivery date, and the contract continues to be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) If the overdue period is over<U> 30
</U>days (this date should be the same as the date mentioned in Item (1), the Buyer has the right to terminate the contract. If
the Buyer cancels the order, the Seller shall return the total effected payment to the Buyer, as well as<U> 3</U>percent of the
effected payment to the Buyer as a penalty, within_<U>7</U>_days after receiving the notification of cancelling the order. If the
Buyer requires to continue performing the contract, the contract will continue to be effective. From the second day after the delivery
deadline stipulated in this contract to the actual delivery date, the Seller shall pay <U>0.006 </U>percent (This rate should be
no less than the rate stipulated in the item (1)) of the effected payment per day within<U> 7 </U>days after the actual delivery
date to the Buyer as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. <U>If the delivery time of municipal
infrastructure and other facilities promised by the Seller is delayed due to force majeure or the influence of national policy
or government action, such delivery time shall postpone accordingly.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 15 Solutions on Area Discrepancy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When delivering the Commodity House, the
Seller shall demonstrate the Commodity Housing Area Mapping Report issued by the entrusted qualified Real Estate Mapping organization,
and provide the actual measured area of the Commodity House to the Buyer (Hereinafter refers to as the Measure Area). If there
are any discrepancy between the Measure Area and the predicted area stated in Article 3, both parties will agree to handle in accordance
with Method&nbsp;&nbsp;<U> 1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. According to the agreement on the pricing
mode of the interior building area in Article 5, both parties shall agree to handle in accordance with the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) If the absolute discrepancy rate of
the interior building area is within 3% (including 3%), it can be settled the payment of the Commodity House according to the fact;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) If the absolute discrepancy rate of
the interior building area exceeds 3%, the Buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer cancels the order, the Seller
must return the effected payment to the Buyer within 30 days after receiving the notification of canceling the order, and pay the
corresponding interest rates according to <U>the interest rate of individual housing loan issued by the People Bank of China in
the corresponding period</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer doesn&rsquo;t cancel the order,
when the Measured Area of the interior building area is larger than the predicted area with the discrepancy rate within 3% (including
3%), the Buyer shall pay for the extra area; while if the discrepancy rate exceeds 3%, the cost of the extra area will be borne
by the Seller and the ownership belongs to the Buyer. When the Measured Area of the interior building area is smaller than the
predicted area with the discrepancy rate within 3% (including 3%), the Seller shall return the cost of the less area to the Buyer;
while if the discrepancy rate exceeds 3%, the Seller shall return twice more than the cost of the less area to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The absolute discrepancy rate of the interior
building area =</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Measured Area &ndash; The Predicted Area</font></td>
    <TD STYLE="width: 65%; text-align: justify; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; padding-left: 0.625in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Predicted Area</font></td>
    <TD STYLE="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x100%</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 66pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. According to the agreement on the pricing
mode of the interior building area in Article 5, both parties shall agree to handle in accordance with the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) If the absolute discrepancy rates of
the building area and the interior building area both are within 3% (including 3%), it can be settled the payment of the Commodity
House according to the fact;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) If either of the absolute discrepancy
rates of the building area and the interior building area exceeds 3%, the Buyer has the right to cancel the order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer cancels the order, the Seller
must return the effected payment to the Buyer within 30 days after receiving the notification of canceling the order, and pay the
corresponding interest rates according to the interest rate of <U>current deposit interest rate of the People's Bank of China_</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer doesn&rsquo;t cancel the order,
when the Measured Area of the building area is larger than the predicted area with the discrepancy rate within 3% (including 3%),
the Buyer shall pay for the extra area; while if the discrepancy rate exceeds 3%, the cost of the extra area will be borne by the
Seller and the ownership belongs to the Buyer. When the Measured Area of the building area is smaller than the building area stipulated
in the contract within 3% (including 3%), the Seller shall return the cost of the less area to the Buyer; while if the discrepancy
rate exceeds 3%, the Seller shall return twice more than the cost of the less area to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The absolute discrepancy rate of the building
area =</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Measured Area &ndash; The Predicted Area</font></td>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 65%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; padding-left: 0.625in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Predicted Area</font></td>
    <TD STYLE="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x100%</font></td></tr>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Both parties can achieve the agreements
by themselves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_______________________________<U>X</U>_____________________________
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 16 Handling-over Procedure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. Delivery of the House means that the
Seller sends the Move-in Notice for delivery of the Commodity House after its acceptance by the construction surveying, design
and engineering supervision institutions etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Commodity House meets the delivery
conditions stipulated in Article 12, the Seller shall inform the Buyer in written within 7 days before the delivery date of the
handling-over time and place, as well as the required credentials. In the acceptance of the handling-over, the Seller shall demonstrate
the certifications stipulated in Article 12, as well as those certificating the Commodity House meet the other conditions stipulated
in Article 12. If the Seller cannot demonstrate the certifications or the certifications are not complete, or the other conditions
in Article 12 haven&rsquo;t been met, the Seller has the right to accept the Commodity House; and the Seller shall take the responsibility
for breach of contract due to overdue delivery, which will be handled according to Article 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer finds any item needing repair
during the process of receiving the house, the Buyer shall require the Seller to repair it according to the provisions of this
Contract .However, Such item shall not constitute a reason for the Buyer to refuse or delay the house take-over formalities, or
to ask the Seller to bear the liability for breach of contract for overdue delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. If the take-over formalities cannot
be undergone on time due to the Buyer&rsquo;s reason, the Seller shall not bear the liability for breach of contract for overdue
delivery, and both parties agree to settle this in the following way:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer fails to undergo the receiving
formalities within the notified time period after the Buyer receives or shall receive the &ldquo;Move-in Notice&rdquo;&nbsp;&nbsp;from
the Seller, or fails to complete the receiving formalities within 30 days after receiving the notice, it shall be deemed that the
Buyer has received this commodity house at the time and in the place as stipulated in the &ldquo;Move-in Notice&rdquo; and according
to the delivery conditions agreed in this Contract. Any damage, loss and other risks of the commodity house shall be transferred
to the Buyer from the time of house receiving stipulated in the Move-in Notice. Relevant costs of this commodity house, including
all taxes and fees, property management fees, heating costs and other incidental expenses occurring from the receiving time stipulated
in the Move-in Notice shall all be borne by the Buyer. The Buyer shall bear the loss or additional costs sustained by the Seller
due to the Buyer delaying in undergoing the receiving formalities. If the Buyer fails to undergo or complete the receiving formalities
more than one year overdue, the Seller shall have the right to cancel this Contract, take back the commodity house and dispose
of it otherwise. The Buyer shall support the Seller in undergoing relevant formalities to cancel the Contract. The Seller shall
refund the remaining house purchase price paid by the Buyer after deducting all relevant costs which shall be borne by the Buyer
according to this Contract as well as liquidated damages equal to 3% of the total purchase price. In addition, the Buyer shall
also compensate the Seller for all losses arising herefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">III. Both parties shall agree to pay the
taxes according to the following Methods <U>1, 2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;The Buyer shall agree to
entrust the Seller to pay the following taxes of <U>(5)</U>, and entrust the property service enterprise to collect the <U>3rd</U>
of the following fees on behalf of it, and pay the aforesaid taxes to the Seller and the property service enterprise while receiving
the commodity house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Special housing maintenance funds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Contract tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Heating fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) <U>Stamp tax of the Title Certificate;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) <U>Other relevant fees for handling
house acceptance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Buyer shall pay the following taxes
of <U>(2) and (4) </U>to the related departments and show the vouchers to the Seller when accepting the Commodity House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Special housing maintenance funds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Contract tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Heating fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Stamp tax of the Title Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) <U>Other relevant fees for handling
house acceptance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 17 Agreement on the Quality,
Ornament and Facility Standard of the House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. The Seller shall promise that the building
materials and the components of the House are qualified and the House quality meet the requirements of the construction quality
specifications and standards issued by the state and Beijing Municipal Government and the Construction drawing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. The Seller and the Buyer agree on the
following items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. If the foundation basis and main structure
quality of this House are detected to be unqualified, the Buyer has the right to cancel the order within 60 days. If the Buyer
cancels the order, the Seller must return all the effected payment to the Buyer within <U>60 </U>days after receiving the notification
of canceling the order, and pay the corresponding interest rates according to <U>the interest rate of individual housing loan issued
by the bank in the corresponding period</U>, and also compensate the Buyer for the corresponding losses if necessary. Hence, the
detection charge will be at the Seller&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer chooses not to refund the
house, or if the commodity house has been delivered and used for more than <U>60</U> days, the Buyer shall sign a supplemental
agreement with the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;When delivering the House
after the units of construction, investigation and design, as well as the builders and Engineering Project Supervisor, have passed
the acceptance inspection, the Seller shall check the House for acceptance together with the Buyer; if any other problems, both
parties shall agree on the Method <U>(3)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The Seller shall deliver the repaired
House within <U>&times;</U> days. The Seller shall take the responsibility for breach of contract due to overdue delivery, which
will be handled according to Article 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The Seller shall be responsible to
repair the House within <U>&times;</U> days after the delivery date according to the national and municipal regulations and standards
related to the engineering quality, account for the repairing expense and compensate the Buyer for the corresponding losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) After the Commodity House meets the
delivery and use conditions specified in the pre-sale contract, the Buyer shall have the right to conduct on-site inspection on
this commodity house. If the Buyer finds any item needing repair in such inspection, the Seller shall repair it, until the commodity
house meets the requirements of relevant regulations and standards of the country or the city on project quality, and shall bear
the cost of repair. The Buyer shall not refuse to receive this commodity house just because of this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The ornaments and facilities of the
delivered House shall meet the contracted standard. If fail to meet the standard, the Buyer has the right to request the Seller
to manage it according to the following Methods <U>(1) and (2)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) <U>If the decoration or equipment standard
of the Commodity House delivered by the Seller is lower than the agreed one,</U> the Seller shall compensate double the price differences
of the ornaments and facilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) <U>If the decoration or equipment standard
of the Commodity House delivered by the Seller is higher than the agreed one, the Seller may not notify the Seller, but the Seller
shall not charge any additional fees for this, and the Buyer shall not refuse to receive this commodity house just because of this,
and shall not require the Seller to bear the liability for breach of contract.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References can be made to Annex 6 for the
detailed agreements on the ornament and facility standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">III. When the Seller and the Buyer have
any disputes on the construction quality, either party can entrust a qualified detection organization of construction engineering
quality for test; and both parties shall have the obligation to cooperate with each other to detect the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If it is tested to be qualified, the test
costs shall be borne by the Buyer. Otherwise, the test costs shall be borne by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 18 Responsibility for Housing
Warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. Both Parties agree on the scope of warranty,
warranty period and warranty liability in detail in Annex VII of this Contract. The scope of warranty and warranty period must
meet applicable laws and regulations of the country and Beijing City, as well as the requirements of relevant standards and codes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. When the House has any quality problem
within the warranty scope in the warranty period, if both parties have contracted to cancel the order, it shall be subject to the
contract; while if both parties haven&rsquo;t contracted to cancel the order, the Seller shall perform the obligation of warranty
and the Buyer shall cooperate. If the loss is not caused due to the Seller, the Seller will not be responsible for it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 19 Energy-efficiency Measures
for the House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Commodity House shall meet the requirements
of the Design Standard for Energy Efficiency of Public Buildings&nbsp;&nbsp;of the country and Beijing city. Otherwise, the Seller
shall make up energy efficiency measures according to the requirements of relevant standards, and take charge of the total costs;
if it causes any losses to the Buyer, the Seller shall compensate for them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 20</B> <B>Building Sound Insulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the building sound insulation of the
Commodity House fails to meet the standard, the Seller shall make up construction sound insulation measures according to the requirements
of the planning and design, and shall bear all costs. If any damage is caused to the Buyer, the Seller shall bear the liability
for compensating the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 21 Commitment on the Use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. When using this House, the Buyer must
not change the main building structure, bearing structure and usage without authorization. Except for the agreements in the contract,
supplemental agreements and the annexes, the Buyer has the right to share the common parts and facilities related to the House
with other obligees and undertake the obligations according to the appointed areas of the common parts and shared buildings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>In case of any violation of the above
provisions, the Buyer shall bear relevant economic and legal liability arising herefrom. In addition, the Buyer shall not change
the public parts and facilities associated with this Commodity House without authorization. If the Buyer has changed&nbsp;&nbsp;them
without authorization, the Buyer shall restore them immediately or no later than within 15 days after receiving a written notice
from the Seller, the property service enterprise or the party actually suffering loss, and shall compensate the Seller, the property
service enterprise or the party actually suffering loss for actual loss arising herefrom.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Seller shall not arbitrarily change
the use nature of the public parts and facilities associated with the Commodity House. The Seller shall promise not to change the
planned purpose of the Commodity House, not to sell the Commodity House by dividing it, not to sell the Commodity House by means
of cost-returned sale or any such means in disguised forms, and not to sell the uncompleted Commodity House by the after-sale lease
guarantee or by any such means in disguised forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. During the usage of the Commodity House,
the Buyer shall not arbitrarily change or destroy the appearance and current situations of the exterior eaves, building structure
and building roof. Otherwise, the Buyer shall unconditionally restore them to their original conditions according to the requirements
of the Seller or the property service enterprise. If this causes any loss to the Seller or a third party, the Buyer shall bear
all the compensation liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 22 Ownership Registration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. Primary registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Seller shall get the ownership certificate
of the building of this House before <U>Oct. 31, 2016</U>. If the ownership certificate hasn&rsquo;t been got within the time stipulated
in this Article due to the Seller, both parties agree to manage it according to the following Method <U>1:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Buyer has the right to cancel the
order. If the Buyer cancels the order, the Seller must return all the effected payment to the Buyer within <U>60</U> days after
receiving the notification of canceling the order, and pay the interests at the rate of <U>3</U>% of the total effected payment
to the Buyer. If the Buyer doesn&rsquo;t cancel the order, the contract will continue to be effective; from the second day after
the deadline to get the ownership certificate from the actual date of getting the certificate, the Seller shall pay<U> 0.006</U>%
of the total effected payment per day to the Buyer as a penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.________________________________<U>X</U>__________________________
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. Transfer registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. After the House has been delivered for
use, both parties agree to manage it according to the following Method<U> (2)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Both parties apply to the registration
authority for the registration of ownership transfer. The fees for handling the registration of ownership shall be borne by the
Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The Buyer agrees to entrust seller
or the entrusted agency_ to apply to the registration authority for the registration of ownership transfer with the entrust fee
of RMB <U>_2,000_______ </U>YUAN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. If the Buyer cannot get the ownership
certificate of the House within360 days after the delivery date due to the Seller, both partied shall agree to manage it according
to the following Method<U>s</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The Buyer has the right to cancel the
order. If the Buyer cancels the order, the Seller must return all the effected payment to the Buyer within <U>60</U> days after
receiving the notification of canceling the order, and pay the corresponding interest rates to the Buyer according to <U>the interest
rate of individual housing loan issued by the bank in the corresponding period</U>. If the Buyer doesn&rsquo;t cancel the order,
from the second day after the deadline to get the ownership certificate from the actual date of getting the certificate, the Seller
shall pay<U> 0.006</U>% of the total effected payment per day to the Buyer as a penalty within<U>7</U>days after the actual date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. If the housing ownership certificate
cannot be obtained as scheduled due to the Buyer's responsibility (including but not limited to the Buyer failing to pay relevant
taxes and fees according to the requirements of relevant government departments, failing to submit relevant materials, or failing
to sign legal documents required for property rights, etc.), the Buyer shall be held responsible for it, and Seller shall assume
no liability for breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. If the Buyer fails to obtain the housing
ownership certificate after the expiry of the period specified by this Contract due to the fault of the Seller, the Buyer shall
have the right to notify the Seller whether to cancel this Contract or not within 60 days after the expiry of this period. If the
Buyer does not do so within this time period, the Buyer shall not notify the Seller to cancel the contract any more. This contract
shall be cancelled as of the date when the Buyer issues a written cancellation notice to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. If the Buyer cannot obtain the housing
ownership certificate within 360 days after this Commodity House has been delivered due to force majeure, national policy adjustment
or government action, the Seller shall not bear the liability for breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 23 Agreement on Common Rights
and Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The use right of the roof of the House
building belongs to all the owners(the use right of the roof of each unit of a duplex building shall belong to the property owner
of each unit);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The use right of the exterior wall of
the House building belongs to all the owners; (the use right of the roof of each unit of a duplex building shall belong to the
property owner of each unit)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The naming right of the building where
the house is located shall belong to all proprietors of this building (the naming right of each unit of a duplex building shall
belong to the property owner of each unit);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. <U>The naming right of the Housing District
belongs to the Seller.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 24 Agreement on Ancillary Buildings
and Other Structures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both parties agree to manage the ancillary
buildings and other structures of the House such as the underground garages and so on according to the following Method <U>2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. When the Seller presales the House,
the ancillary buildings of _<U>X</U>__, _<U>&nbsp;X</U>__, _<U>&nbsp;X</U>__ shall be transferred together with the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Seller
shall disclose<U> parking spaces on the ground and unshared public areas</U> will not be transferred together with the House.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 25 Prophase Property Management
Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. The property management company selected
by the Seller according to law is: Beijing Jingkai Investment Advisor, Co., Ltd. with the qualification number of <U>No. 0075 JWQZS
[2014]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">II. During the prophase of property management,
the property service charge will be RMB 5.50 Yuan /month/m<SUP>2</SUP> (building area), which will be charged by the property management
company annually. The charge includes cleaning fee of the property region, public order maintenance fee, daily maintenance fee
of public areas and facilities, greening maintenance fees, comprehensive management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therein to, the fees for parking on the
ground is 150 Yuan/month while the fees for underground parking is 400 Yuan/month. The above charging standard will be adjusted
according to national policy adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">III. The property management company shall
charge the property service charge according to the Method <U>1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Charge by year: the Buyer shall pay
for the charges before the date required by the service company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Charge by half a year: the Buyer shall
pay for the charges before the dates of __<U>X</U>__ and __<U>X</U>__ each year separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Charge by quarter: the Buyer shall pay
for the charges before the dates of __<U>X</U>__, __<U>X</U>__, __<U>X</U>__ and __<U>X</U>__ each year separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IV. References can be made to Annex 8 for
the contents of property service and the owners&rsquo; temporary agreement. The Buyer should read all the content of Annex8 carefully
and agree that the property management service selected by the Seller will provide the prophase property service and the Buyer
will abide by the owners&rsquo; temporary agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary property management period
mentioned in this Article shall refer to the period from the time when the first proprietor moves in to the time when all the proprietors
and the Project Owner complete the take-over of the property shared areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 26 Housing Maintenance Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer entrusts the Seller to pay
the housing maintenance fund, the Seller shall give the Buyer the payment voucher within<U>7</U>days after the date of entrustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Buyer pays the housing maintenance
fund in person, the Buyer shall show the payment voucher to the property management company [at the delivery date of the house]
[within __<U>X_</U>_ days after the delivery date].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 27 Exceptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. If the contract cannot be performed
according to the agreements due to force majeure, partial or total responsibility can be exempted according to the effect of the
force majeure; however, either party who cannot perform the contract due to force majeure should inform the other party in time
and provide proofs to the other party within<U>60</U>days after the end date of the force majeure event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. If the Seller cannot perform part or
all of the terms of the Contract due to the change of national policies or the behaviors of government, the Seller may be exempted
from partial or all liabilities, and shall inform the Buyer in time after the occurrence of the exemptions. The Buyer shall have
the right to choose to continue or terminate the performance of this Contract, but the Seller shall not bear the liability for
breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 28 Dispute Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there are any disputes during the performance
of the contract, both parties shall settle it through negotiation or application for mediation; if fail through negotiation or
mediation, should sue to the Beijing Daxing District People&rsquo;s Court according to relevant laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 29 </B>This contract will come
into effect upon both parties&rsquo; signature. As for the issues excluded or stipulated unclearly or inapplicably in this contract,
both parties can sign written supplemental agreements for modification or supplementation according to the particular cases; but
if the supplemental agreements include any unreasonable articles to lighten or exempt the responsibility stipulated in this contract
of the Seller or to enhance the Buyer&rsquo;s responsibility and remove the Buyer&rsquo;s main rights, this contract will prevail.
The dissolution of this contract shall be made in written. The contract annexes and supplemental agreements bear the equivalent
legal force as this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 30 </B>The contract and its
annexes are totally ____ pages, in <U>quintuplicate</U>, with the equivalent legal force, the contract holding situation include
the followings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>TWO </U>copies for the Seller, <U>TWO
</U>copies for the Buyer, _<U>ONE</U>_ copy for <U>the Economic and Technological Development Zone Branch of Beijing Municipal
Bureau of Land and Resources</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 31 </B>After the Seller and
the Buyer sign and seal this Contract, the Seller shall perform online recording for this commodity house pre-sale contract in
Beijing real estate transaction management system, and shall print and give one stamped copy of the online recording form to the
Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The formalities for the online recording
for this Commodity House Pre-sale Contract shall be completed within 7 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seller (signature and seal):</b></font></td>
    <td style="width: 50%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Buyer (signature and seal):</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>/seal/ Beijing
    Jingkai-Gongda Investment</b></font></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/seal/ Tarena Software
    </B></FONT><B>Technology (Hangzhou) Co., Ltd.</B></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Co., Ltd.</b></font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Legal Representative]: /s/ Shiyi Zhou</b></font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Legal Representative]:</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Entrusted Agent] (Signature):</b></font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[The Principal]:</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Entrusted Sales Agency]</b></font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Entrusted Agent]</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Signature and seal):</b></font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Signature and seal):</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date:</b></font></td>
    <TD STYLE="text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date:
    November 5, 2016</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place:</b></font></td>
    <TD STYLE="text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place:</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 1: Floor plan and location plan
of the House in the entire building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg18img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B1 office building</font></td>
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B13 office building</font></td>
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B11 office building</font></td>
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B10 office building</font></td>
    <TD STYLE="width: 20%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B9 office building</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B2 office building</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B14 office building</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B12 office building</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B3 office building</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B4 office building</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B5 office building</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B6 office building</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B7 office building&nbsp;&nbsp;</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B8 office building</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Floor plan:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (1/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg19img1_ex4-36.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (2/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg20img1_ex4-36.jpg" ALT="">&nbsp;<B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: purple"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: purple"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (3/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg21img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (4/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg22img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;<SUB>&nbsp;</SUB></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (5/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg23img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (6/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg24img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (7/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="pg25img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (8/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg26img1_ex4-36.jpg" ALT="">&nbsp;<B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (9/F)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg27img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>B7 floor plan (ancillary accommodation)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg28img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Floor plan of underground garage, equipment
room and multi-functional hall at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="pg29img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 2: Description of apportioned
building area composition of commonly shared sections and commonly shared house</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Description of B7 apportionment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Description of building area apportionment
for commonly shared sections of B1 office building, other 15 items (Digital Technology Park) and B7 office building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>I. Project description</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B1 office building and other 15 items (digital
technology park) are located at D1F1 lot of Ludong District, Beijing Economic Technological Development Area, and B7 office building
is composed of ground 9 floors and provided with the reinforced concrete structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of functional zones in
B7 office building is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. B7 office building: 1/F-9/F;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>II. Details of commonly shared sections</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Commonly shared sections of B1 office
building, B2 office building, B3 office building, B4 office building, B5 office building, B6 office building, B7 office building,
B8 office building, B9 office building, B10 office building, B11 office building, B12 office building, B13 office building, B14
office building, parking stall of office building, mechanical parking stall of office building, multi-functional hall and tool
room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; air shaft 1, electric transformer and distribution room, TV room,
heat exchange station, fire pump room, reclaimed water pump room, living water pump room, fire control room, telephone network
machine room, duty room of electric transformer and distribution room and tool room of electric transformer and distribution room.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Commonly shared sections of B7 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. B7 office building 1/F: staircase, elevator
room, front room, aisle, hallway, toilet, air shaft, water well, plumbing well, power distribution room and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. B7 office building 2/F-9/F: staircase,
elevator room, front room, air shaft, water well, plumbing well, power distribution room and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Ancillary accommodation floor of B7
office building: staircase, elevator machine room air shaft, plumbing well and door header;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 7 and weak electricity engine room 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">Beijing Jingkai-Gongda Investment Management
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;/s/ Beijing Jingkai-Gongda Investment
Management Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;Date: Sep. 7, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Apportionment description of underground
garage, equipment room and multi-functional hall at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Description of building area apportionment
for commonly shared sections of underground garage, equipment room and multi-functional hall at B1 office building and other 15
items (digital technology park) at the office area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>I. Project description</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B1 office building and other 15 items (digital
technology park) are located at D1F1 lot of Ludong District, Beijing Economic Technological Development Area, and underground garage,
equipment room and multi-functional room at the office area are located at the ground floor and are provided with the reinforced
concrete structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of functional zones for
underground garage, equipment room and multi-functional room at the office area is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Parking stall of office building: ground floor;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Mechanical parking stall of office building: ground floor;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Multi-functional hall: ground floor;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Tool room: ground floor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 24.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>II. Details of commonly shared sections</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(I) commonly shared sections of B1 office
building, B2 office building, B3 office building, B4 office building, B5 office building, B6 office building, B7 office building,
B8 office building, B9 office building, B10 office building, B11 office building, B12 office building, B13 office building, B14
office building, parking stall of office building, mechanical parking stall of office building, multi-functional hall and tool
room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; air shaft 1, electric transformer and distribution room, TV room,
heat exchange station, fire pump room, reclaimed water pump room, living water pump room, fire control room, telephone network
machine room, duty room of electric transformer and distribution room and tool room of electric transformer and distribution room;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(II) The apportionable commonly shared
sections of underground garage, equipment room and multi-functional room at the office area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Commonly shared sections of parking
stall of office building, mechanical parking stall of office building, multi-functional hall and tool room common services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) Ground floor of underground garage,
equipment room and multi-functional room at the office area; lane, elevator room, staircase, air shaft, ventilation room, front
room plumbing room, toilet, aisle and half of outer wall;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(III) Commonly shared sections of B1 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(IV) Commonly shared sections of B2 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(V) Commonly shared sections of B3 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(VI) Commonly shared sections of B4 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(VII) Commonly shared sections of B5 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(VIII) Commonly shared sections of B6 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(IX) Commonly shared sections of B7 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(X) Commonly shared sections of B8 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(XI) Commonly shared sections of B9 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(XII) Commonly shared sections of B10 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(XIII) Commonly shared sections of B11
office services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(XIV) Commonly shared sections of B12 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Ground floor of underground garage,
equipment room and multi-functional room at the office area; force electricity engine room 1 and weak current machine room 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(XV) Commonly shared sections of B13 office
services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 3: Certificate of commodity housing
sale approval from pledgee and related provisions of pledge parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Statement of bank&rsquo;s approval for
handling of commodity housing advance sale license for pledged houses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Housing and Land Administration
of Beijing Economic Technological Development Area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beijing Jingkai One
Center project (corresponding construction project planning license no.: 2014 G(K)JZ No. 0032), located at D1F1 lot at Ludong District,
Beijing Economic Technological Development Area, that is developed and constructed by Beijing Jingkai-Gongda Investment Management
Co., Ltd. has been pledged to our bank and our bank agrees the advance housing sale within the following pledge scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">National land use certificate
number: JJGY (2015) No. 00008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Building number: <U>B1-B14
office buildings</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The project name must be filled according
to the name approved by the Place Name Administration Office; the building number must be filled according to the building number
approved on the planning permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The pledge scope covers part of the
houses inside the building and the pledged house number shall be filled according to the building number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Opening bank: Beijing Economic Technological
Development Area Branch of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Industrial and Commercial Bank of China Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;(Seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">/s/ Beijing Economic Technological Development
Area Branch of Industrial and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Commercial Bank of China Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">YY&nbsp;&nbsp;&nbsp;&nbsp;MM&nbsp;&nbsp;&nbsp;&nbsp;DD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 4: Pricing mode and other provisions
of housing fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">1. Payment method: <B>Lump
sum payment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.9pt">2. Total commodity
housing fund (in RMB) under the advance sale contract: <U>one hundred and fourteen million six hundred thousand</U> yuan (RMB <U>118,300,000)</U>,
will be paid by the Buyer once and for all to the Seller within <U>15</U> days after the signing of the advance sale contract and
the down payment of <U>two hundred million</U> yuan (RMB <U>2,000,000</U>) already paid by the Buyer will automatically be converted
into the housing fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">3. On the premise of
receiving the full housing fund from the Buyer, the Seller shall be obliged to handle the commodity housing handover procedures
with the Buyer in accordance with the agreement in Paragraph 1, Article 16 of the advance sale contract. If the Buyer fails to
pay the housing fund in due time, the Seller shall be entitled to delay the handling of commodity housing handover procedures with
the Buyer and shall not bear the default responsibilities arising from this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">4. After the advance
sale contract is signed, if the Buyer requests for changing to the bank mortgage loan, the Seller and the Buyer shall sign the
change agreement according to the related contents in Article 6 of the advance sale contract and Annex 4. The housing fund of the
Buyer shall be determined by the mortgage loan discount again and the total housing fund shall be calculated again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 5: Other provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt">1. Handling of property
rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">If the Buyer entrusts
the Seller or the agent company designated by the Seller (hereinafter referred to &ldquo;assignee&rdquo;) with the registration
of property right during the occupancy settlement, the Buyer shall issue the letter of attorney to the assignee for handling of
commodity housing property certificate, provide all the data related to this and offer the necessary assistance during the handling
of property right by the Seller, including but not limited to, carry out the relevant procedures at the designated place jointly
with the Seller, pay the related fees according to the national provisions, provide the related data and sign the related legal
documents for handling of property right. The Buyer confirms that all fees required for handling of commodity housing property
certificate (including but not limited to deed tax, agency fee, property registration fee, property certificate stamp tax etc.)
shall be borne by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt">2. If either party
proposes to terminate the contract, the non-defaulting party shall be entitled to request continuing to perform the contract, unless
otherwise agreed in the advance sale contract. If the defaulting party refuses to continue the performance, it shall pay the liquidated
damages of <U>three</U> percent of the total house fund to the non-defaulting party according to the advance sale contract and
shall also bear the corresponding liabilities for loss incurred to the non-defaulting party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">3. The Buyer shall ensure
that the production and operation activities within the area under the jurisdiction of Beijing Jingkai <U>One Center</U> project
comply with the stipulations of laws, administrative regulations and rules of the related departments and won&rsquo;t engage in
any illegal acts, otherwise the Buyer shall bear all legal, economic and administrative consequences, and shall compensate for
losses incurred to other proprietors or property management enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 6: Provisions of decoration and
equipment standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">1. Heating system:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(1) Central heating:
<U>fan coil;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(2) Brand of heating
equipment: <U>ELCO.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">2. Insulation materials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(1) Outer wall insulation:
<U>rock wool board.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">3. Outer wall: <U>mainly
composed of glass curtain wall and aluminum plate curtain wall, locally made of stone curtain wall.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">4 Inner wall: <U>concrete
wall surface extending to the structural layer, block wall surface extending to DP-HP bottoming mortar.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">5. Ceiling:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">1) B5/B7:
<U>1/F-5/F, 7/F, 8/F: concrete structure, 6/F: concrete structure, locally coated steel sheet; 9/F: coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">2) B6/B10:
<U>1/F-4/F, 6/F: concrete structure, 5/F: concrete structure, locally coated steel sheet; 7/F: coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -2.45pt">3) B11/B13:
<U>1/F-5/F: concrete structure, 6/F: Al-Zn coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -2.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">4) B12/B14:
<U>1/F-4/F: concrete structure, 5/F: Al-Zn coated steel sheet;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">6. Indoor floor: <U>concrete
structural layer.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">7. Door and window:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(1) Opening mode: <U>flat
opening;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(2) Profiles of door
and window: <U>aluminum alloy thermal-break profiles.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">8. Elevator:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(1) Elevator brand:
<U>Hitachi;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(2) Elevator speed:
<U>1.75</U>m/s;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(3) Elevator capacity:
<U>1100</U>kg;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">9. Floor load: uniformly distributed
live load of 1/F ground: 5KN/M<SUP>2</SUP>, live load of standard floor: 2KN/M<SUP>2</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">10. Others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(1)<FONT STYLE="font-size: 10pt">
Insulation: <U>central insulation;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(2)<FONT STYLE="font-size: 10pt">
Canopy: <U>steel joist, aluminum plate;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(3)<FONT STYLE="font-size: 10pt">
Handrail:<U> the steel tube of the staircase is painted and the glass breast board is provided on the external fa&ccedil;ade where
the protection is necessary;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(4)<FONT STYLE="font-size: 10pt">
Entrance step and disabled ramp: <U>granite face</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(5)<FONT STYLE="font-size: 10pt">
Cable TV system: <U>weak current room is set at each floor and the data cable is connected to each floor through the internal vertical
shaft</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(6) Telephone network system:
<U>weak current room is set at each floor and the data cable is connected to each floor through the internal vertical shaft;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(7) Power distribution: <U>two
independent 10KV high-voltage powers are introduced from the municipal electricity for the project;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(8) Fire control: <U>with automatic
fire alarm and fire linkage control system;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">(9) Security system: <U>with
monitoring system and quarter parking lot management system indoors and outdoors.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify"><U>11. Electric load of the
building: 1200KVA.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 7: Related provisions of warranty
liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.6pt"><B>I. Scope and term
of warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the installed and constructed items
under normal service conditions when the Seller delivers the houses, their quality problems concerning civil engineering, water,
heat, electricity and other facilities within the warranty period will be subject to warranty by the following scope and term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warranty items</b></font></td>
    <TD STYLE="width: 2%; text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warranty period of the project</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wall surface leakage</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roofing waterproof</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outer curtain wall, door and window</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wall, ceiling</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crack of door and window, damage of hardware</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong and weak electric wires, water inlet and outlet pipelines and corresponding components</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fire alarm system</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foundation and primary bearing structure</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed endurance life: 50 years</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other components</font></td>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to the related provisions of related authorities in Beijing</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.6pt"><B>II. Start date
of warranty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The warranty period
of the house purchased by the Buyer will start from the date of house completion acceptance. The warranty period of the elevator
will start from the date that the governmental authorities issue the inspection conformance report and the related license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt"><B>III. Problems outside
warranty scope</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) The quality damages
resulting from natural disaster and force majeure are not within the warranty scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(2) The warranty items
that have been installed, removed, modified or repaired by the proprietor and the house user at discretion after occupancy are
not within the warranty scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(3) The quality problems
of the above-mentioned warranty items resulting from improper application by the proprietor or the house user after occupancy are
not within the warranty scope, however, the Seller may assist in the maintenance and the related costs shall be borne by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt"><B>IV. Warranty liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(1) The paid maintenance
services may be provided for the quality maintenance outside the warranty period or the warranty scope stipulated in the Annex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(2) The Seller shall
not be liable for the quality problems resulting from improper application of proprietor and house user, unauthorized modification
of house structure, adding equipment or changing position at discretion and inappropriate decoration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(3) The Seller shall
assume the corresponding warranty liabilities within the warranty period and the property service enterprise will provide the paid
maintenance after the warranty period expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">(4) If the Seller fails
to repair the defected houses due to proprietor, house user and relevant party, the Seller shall not be entitled to bear any responsibility,
which shall be assumed by the corresponding proprietor, house user and relevant party connecting to this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annex 8: Preliminary Property Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preliminary Property Service Contract
of Beijing</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jingkai One Center Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contract was entered into between Beijing
Jingkai-Gongda Investment Management Co., Ltd. and Beijing Jingkai Investment Development Co., Ltd. on __________in Beijing, China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal: Beijing Jingkai-Gongda Investment
Management Co., Ltd. (hereinafter referred to as the &ldquo;Party A&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: 4/F, Block 2, No. 1 North
Disheng Street, Beijing Economic-Technological Development Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Zhou Shiyi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trustee: Beijing Jingkai Investment Development
Co., Ltd. (hereinafter referred to as the &ldquo;Party B&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Block 1, No. 1 North Disheng Street,
Beijing Economic-Technological Development Area</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal representative: Guo Guangqing</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property Management Qualification: Level
3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certificate No.: D0075 JWQZS [2014]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the<I> Regulations on
Property Management</I> and relevant laws and regulations, Party A entrusts Party B to implement property management for the Beijing
Jingkai One Center project (hereinafter referred to as the &ldquo;Project&rdquo;), and the parties have entered into this Contract
through equal consultation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter
I General Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.1pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 1 Party A entrusts Party B to provide
property management and service for the project, and Party B is the sole property manager of the project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 2 Party B accepts the entrustment
of Party A and agrees to provide property management and service for the project in accordance with this Contract, the <I>Regulations
on Property Management</I> and the relevant laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 3 In this Contract, references
to any legislation shall be construed as laws and regulations promulgated by the state government or the government of Beijing
municipality. If significant changes occur in the economic interests of either party as a result of changes in laws and regulations,
the parties shall consult in a timely manner and make the necessary adjustments or modifications to the relevant provisions of
this Contract in order to safeguard the interests of both parties under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter II Basic Conditions of the Property
Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 4 Basic Conditions of the Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Approved property name: Beijing Jingkai
One Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Property type: office building, commercial
property, residential property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Property location: Lots D1C1 and D1F1,
No. D1 Block of Eastern Zone, Beijing Economic-Technological Development Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Scope: west to the 1st Jinghai Road,
east to the 3rd Jinghai Road, south to the 13<SUP>th</SUP> Kechuang Street, north to the southern green belt of the 12<SUP>th</SUP>
Kechuang Street.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. Area: <U>92,392.1m<SUP>3</SUP></U>;
construction area: a total construction area of <U>293,692 m<SUP>3</SUP></U>, area for which property management fee is collectable
is <U>204,840 m<SUP>3</SUP></U>. Underground parking lot: <U>83,002 m</U><SUP>3</SUP>, among which the number of parking lots with
the right to get parking fee is <U>1,834</U>. The above data of area is based on estimates and the final measured area shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter III Scope and Content
of Property Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 6 The scope of the property management
services provided by Party B shall be as follows: the buildings and the ancillary facilities and equipment within the scope of
the red line of the project, including all kinds of public roads and landscaping, and various types of public service facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 7 Party B shall provide the following
property management services in two phases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Preparatory period of property management:
For the service in this period, please refer to Article 8 of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Normal management period of property
management: For the service in this period, please refer to Article 9 of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 8 Services provided in the preparatory
period of property management:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. To propose suggestions on the selection
of type for facilities and equipment and the selection of construction materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. To follow up on the progress of the
project and make recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. To propose suggestions on the vehicle
moving line and parking spaces of the underground parking lot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. To assist Party A in the development
of interim management provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. To establish the project property management
agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B will set up a project property
management institution during the preparatory period, and put it into normal operation as soon as possible. The details of work
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To develop organizational structure,
departmental set-up and staffing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To work out the function distribution
method among various departments and the duties of the various positions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To develop internal management system,
service standards and working procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. To complete staff recruitment and professional
training.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. To develop item procurement plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8. To prepare annual work plan for property
management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the preparatory period of project
management, Party B will be responsible for the preparation of the annual work plan of the project management, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Work plan for daily operation, repair
and regular maintenance of housing and its ancillary facilities, and equipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Work plan for security and fire management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Work plan for daily cleaning and regular
cleaning;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Work plan for road traffic and parking
management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Work plan for customer service;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Work plan for financial management
and development of human resources;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(7) Emergency response procedures and proposals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(8) Establishing a coordinated relationship
with the local government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9. To prepare the customer manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10. To prepare decoration guide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11. To establish special service items
and collection and payment items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12. To assist Party A in completing the
project acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13. To take over and accept the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14. To take charge of the cleanup land
reclamation of the public areas of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15. To prepare for moving-in of the owners
of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 9 Services provided during the
normal property management period include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. To develop a work plan of property management
services, and organize the implementation of the plan; manage property-related engineering drawings, customer files, as well as
completion and acceptance materials; establish property management system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. To carry out the daily maintenance,
operation and management of shared facilities and equipment. Shared facilities and equipment include: shared water pipes, pressurized
pumps, water pipes, shared lighting, transformation and distribution systems, security systems, fire systems, transportation facilities,
rain sewage lift pump.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. To carry out the daily maintenance and
management of public facilities, ancillary buildings and structures, including roads, fences, septic tanks, pumping stations, green
water systems, outdoor ground parking, garbage transfer stations, and litter bins in public areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. To carry out conservation and management
of public green spaces, flowers and trees, and small architectural works</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. To be responsible for the public environmental
sanitation, including the daily cleaning in public areas and peripheral areas, collection, sorting and removal of daily garbage
and refuse, and regular cleaning of septic tanks, as well as regular pest control services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. To maintain public order, including
safety monitoring, public area inspections, gate service and so on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. To maintain the order of vehicles in
the facility, and manage and offer service to the vehicles parked on the parking spaces in the public areas and the vehicles parked
in the underground parking lot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12. To provide fire management services,
including fire safety monitoring and inspection, fire safety warning and publicity, and maintenance and repair of firefighting
facilities in public areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13. To provide house decoration management
services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14. When property owners and users entrust
Party B to carry out repair and maintenance of their own premises, self-use facilities and equipment, Party B should accept the
commission and charge a reasonable fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15. To provide special services, including
collection and payment services, according to the actual needs of Party A and property users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16. To set up service supervision telephone,
and publicize the phone number in the bulletin board and other prominent position of the managed property area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17. To organize cultural and recreational
activities and festive decorations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter IV Service
Standards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 10 The service standards for the
management of the project are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The 3rd level standards for property
service shall be refereed to during provision of services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The management procedures, quality standards
and assessment of the project are carried out according to the requirements of the ISO 9001: 2008 quality management system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter V Service Term of Entrusted Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 11 The term of property service
is 3 years from the day after the completion of the check-in procedure for the first property user of the property, which shall
end at the day when the first property owner of the property has moved in for 3 years. If the property delivery is made in advance
or delayed, the starting day of property service term under the contract shall be correspondingly brought forward or delayed, under
which case the property service term remains 3 years, and the final property delivery date shall be confirmed by Party A and Party
B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chapter VI Property Management and Related
Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 12 Property management fee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">1.</TD><TD STYLE="text-align: justify">Remuneration shall be paid for the project&rsquo;s property management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<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">2.</TD><TD STYLE="text-align: justify">The property management fee shall be paid by the property owners in advance according to the building
area owned by the owners based on the following criteria:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office Building: 5.50 yuan / month / m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial Property: 5.50 yuan / month
/ m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Residential Property: 3.00 yuan / month
/m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The property service funds are jointly
owned by the property owners who have contributed to the funds and the funds are managed by Party B on behalf of the property owners.
The funds include property service expenses and the remuneration made to the property service enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The property management fee consists
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The wages, social insurance, dismissal
compensation and the welfare fees legally set aside for Party B&rsquo;s employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The daily operation and maintenance
costs of the shared locations and the commonly shared facilities and equipment&rsquo;s of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) The cleanup costs of the managed area
of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) The landscaping and maintenance costs
of the managed area of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(1) The
order maintenance costs of the managed area of the property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(2)
Party B&rsquo;s overhead expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(3)
Depreciation of fixed assets of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(4)&nbsp;&nbsp; The
premium of property insurance, machine damage insurance and public liability insurance for the property&rsquo;s shared
locations, commonly shared facilities and equipment&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(5)
Financial audit fees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(6)
Corporate tax and corporate income tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(7)
Refunding of advance payment made by Party A for preliminary operation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">(8)
Management remuneration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">The property management fee shall be calculated based on
the total construction area, the construction area of each functional area, the condition&nbsp;&nbsp;of equipment system and the
energy consumption data provided by Party A, taking into account the personnel and the relevant expenses and other management
expenses required by Party B in providing services for the project. If the data and the conditions of facilities and equipment
provided by Party A are not in accordance with the actual situation, the above fees shall be adjusted accordingly.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Where government-approved adjustment of energy unit price
and changes in national laws and regulations lead to mandatory changes in labor costs, property management fees shall be adjusted
accordingly.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">The property owners shall pay the Property Management Fee
on a yearly basis as of the date of move-in as specified in the notice. For the property management fees that shall be borne by
Party A according to the<I> Property Management Measures of Beijing Municipality</I> and its implementation rules, as well as
the preliminary property service contract and commercial housing sales contract signed between Party A and the buyer, Party A
shall pay property management fees to Party B within the agreed period as agreed by Party A and the buyer in the property service
contract.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">d)</TD><TD STYLE="text-align: justify">Expenditure on property services should be restricted to
expenses agreed upon in the Contract, and the balance of the expenditure on property services will be calculated once a year.
The balance can be used to improve the quality of the scene, including but not limited to the increase in equipment and facilities.
However, any transformation shall be subject to the approval of Party A before implementation. After the establishment of the
owners 'committee, the approval authority shall be conferred to the owners' committee. Party B shall return the balance to the
owner every two years in accordance with the proportion of property costs paid by the owners.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">e)</TD><TD STYLE="text-align: justify">Where Party A undertakes to reduce or exempt the property
management fee of the property buyer, Party B shall pay Party B the property management fee after reduction or exemption on the
basis of Party A's written confirmation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">f)</TD><TD STYLE="text-align: justify">If the owners refuse to pay full or part of the property
management fees due to the nonperformance of commitment made in the sales contract, changes in planning, construction quality
issues and other reasons of Party A, Party A shall make up the balance to Party B.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">g)</TD><TD STYLE="text-align: justify">For the facilities in the scope of property management
that have been completed but have not yet been sold, or the properties that have been sold but not yet been delivered to the Buyers
for the reasons of Party A or the facilities in Party A&rsquo;s property management space, the property management fees and the
water, heat, electricity and gas expenses shall be borne by Party A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">h)</TD><TD STYLE="text-align: justify">It is the responsibility of Party A to provide Party B
with true and complete information on the owners to whom the properties have been sold but the check-in have not been completed.
To ensure the quality of service, after the property is completed and delivered, the property management fees for properties sold
but having not completed the check-in shall be collected against the owners by Party B.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter VII Parking Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 13 Parking management fee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parking management fee shall be collected
by Party B against the users of parking lots according to the following standards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ground parking fees and temporary parking
fees shall be collected in accordance with the provisions of the competent government departments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underground parking management fee: RMB
400 Yuan/month/m<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 14 Party B shall sign a written
management service agreement with the users of the parking lot to clarify the rights and obligations of both parties in respect
of parking spaces and parking management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter VIII
Special Maintenance Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 15 The daily minor maintenance
expenses of the shared areas, commonly shared facilities, equipment&rsquo;s and public spots after the expiration of the house
warranty shall be included as costs and expenses of property management. The overhaul and renovation costs shall be paid from the
special maintenance expenses. When the special maintenance fees need to be used, a report shall be sent to Party A for approval,
and a general meeting of the owners shall be convened in accordance with the provisions of the <I>Measures on the Management of
Special Maintenance Fees</I> to decide the cost expenditure issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter
IX Property Management Areas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55pt; text-align: justify; text-indent: 60.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 16 Party A shall, at the commencement
day of the preparatory period of property management, provide the property management areas needed for the property management
activities to Party B without charging fees and according to the actual needs, and Party A shall be responsible for the renovation
of the property management areas, which include the following parts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Customer reception room</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property office and conference room</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff dining lounge</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Storehouse</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other areas (depending on the specific
circumstances of the project)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Chapter X Remuneration and Payment of
Property Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 17&#9;The remuneration of property
management services charged by Beijing Development Area Co., Ltd shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. In case the D1F1 plot is in the preparatory
period and the occupancy rate is less than 60% (excluded), the remuneration shall be charged at RMB 30,000 / month. In case the
occupancy rate ranges from 60% (inclusive) to 80% (excluded), the remuneration shall be charged at RMB 50,000 / month. In case
the occupancy rate is greater than 80% (inclusive), the remuneration shall be charged at RMB 70,000 / month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. In case the D1C1 plot is in the preparatory
period and the occupancy rate is less than 60% (excluded), the remuneration shall be charged at RMB 30,000 / month. In case the
occupancy rate ranges from 60% (inclusive) to 80% (excluded), the remuneration shall be charged at RMB 50,000 / month. In case
the occupancy rate is greater than 80% (inclusive), the remuneration shall be charged at RMB 70,000 / month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 18&nbsp;&nbsp;&nbsp;&nbsp;During the preparatory period
of property management, the remuneration for Party B&rsquo;s property management services shall be disbursed from the property
management start-up capital and shall be paid at the same time as the property management start-up capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 19&nbsp;&nbsp;&nbsp;After business opening (move-in)
of this project, Party B shall withdraw the remuneration of current month from the property management fees on the 25th of each
month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chapter XI Business Opening (Move-in)
Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 20&nbsp;&nbsp;&nbsp;&nbsp;Party A shall obtain all
necessary permits, licenses, etc. from the government as soon as possible after the signing of this Contract, and make them continuously
valid, so that Party B can carry out its work in accordance with the terms of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 21&nbsp;&nbsp;&nbsp;&nbsp;Party A shall be responsible
for opening the supply channels for water, electricity, heating, gas, communications, post and telecommunications, and cable television
for this project, and shall handle relevant business licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 22&nbsp;&nbsp;&nbsp;&nbsp;Party A shall inform Party
B in writing of the proprietors' information known by Party A and relevant undertakings made by Party A to proprietors in the second
month after the commencement of the preparatory period, and thereafter shall inform Party B in writing of the proprietors&rsquo;
information known by Party A and relevant undertakings made by Party A to proprietors from time to time in writing during Party
A&rsquo;s sales process. Party B shall carry out confidential management for customers&rsquo; information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 23&nbsp;&nbsp;&nbsp;&nbsp;After the project has been
completed and passed completion examination and acceptance according to relevant provisions of the country, Party A and Party B
shall jointly organize the take-over acceptance of public parts, public facilities and equipment. Party B shall, within 15 days
after receiving Party A&rsquo;s application for take-over acceptance, perform take-over acceptance according to the National Housing
Take-over Acceptance Standard. If they are examined to meet applicable requirements, the acceptance qualification certificate shall
be signed within 7 days, and relevant take-over documents shall be issued timely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 24&nbsp;&nbsp;&nbsp;&nbsp;Party A shall transfer the
following information to Party B when undergoing formalities for take-over acceptance of the property:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 21pt">1.</TD><TD STYLE="text-align: justify">Site plan of the completion, drawings of the completed individual buildings, architectural structures,
equipment, supporting facilities and underground pipelines;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<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: 21pt">2.</TD><TD STYLE="text-align: justify">Technical information on the installation, use and maintenance of the facilities and equipment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<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: 21pt">3.</TD><TD STYLE="text-align: justify">Property quality warranty documents and property use instructions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<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: 21pt">4.</TD><TD STYLE="text-align: justify">Counterparts or copies of inspection and acceptance reports, government approval documents, lists
of items of civil works, ownership list of property rights of the house and supporting facilities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Other information necessary for property management</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 25&nbsp;&nbsp;&nbsp;&nbsp;After the
completion of take-over acceptance of the project, Party A shall send a Move-in Notice to proprietors and shall notify Party B
in writing two weeks in advance of move-in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 26&nbsp;&nbsp;&nbsp;&nbsp;The facilities
and equipment of the project which are entrusted to Party B for property management shall meet national acceptance standards. Imported
equipment shall be equipped with enough spare parts and the corresponding supply channels shall be made available. In case any
quality problem occurs to the project, facilities or equipment, Party A shall urge suppliers to rework until it is qualified within
an agreed period. At the same time, since the date of take-over acceptance, Party A shall be responsible for warranty according
to national regulations on warranty of construction projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XII Other Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 27&nbsp;&nbsp;&nbsp;&nbsp;The premiums
of all insurances necessary for the property management of the project, including but not limited to all-risk&nbsp;insurance, machinery
breakdown insurance and public liability insurance, shall all be disbursed from the costs and expenses of property management operation.
Above insurances need not be bought repeatedly if they have been bought by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 28&nbsp;&nbsp;&nbsp;&nbsp;All insurance
policies of this project shall be insured by an local insurance company recognized and designated by Party A, and registered in
the People&rsquo;s Republic of China. The types of insurances and insured amounts shall be handled according to relevant provisions
of insurance companies in China and the actual situation of the project. The insured amounts shall be jointly determined by Party
A and Party B. The insurance period shall be the same as the period during which Party B provides property management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 29&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
provide Party A with all original documents of relevant insurances, so that Party A can review, photocopy and record them. Party
B shall keep the aforesaid insurances valid during the entrustment period. Without Party A's prior written consent, Party B and
/ or its insurance company shall not cancel relevant insurance policies under this Contract or amend information under any insurance
policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XIII Human Resource Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 30&nbsp;&nbsp;&nbsp;&nbsp;Party B shall,
before the commencement of the preparatory period of this project, recommend a project manager and candidates to Party A. The project
manager (project leader) shall have more than 1 year experience in managing similar projects, and shall have experience in equipment
and property management. Party A may also recommend a project manager and other property personnel as alternatives. If the project
manager is to be replaced within the period of the Contract, Party B shall provide an alternative to the project manager confirmed
by Party A. Other personnel shall be assigned to various management and service levels according to the preparatory work plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 31&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
carry out training for the personnel before they assume their posts, and the expenses incurred for this purpose shall be disbursed
from the property management start-up capital before the business opening of this project, and shall be disbursed from the property
management operation costs and expenses after the business opening of this project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 32&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
be responsible for formulating the organizational structure and remuneration standard of the property management organization of
this project and shall prepare the annual staff structure and remuneration system of the project department according to the needs
of each work by the end of each year. The staff structure shall include Party B's own employees and all the outsourcing business
staff, as well as the duty description of each post, and shall be used as the reference for the recruitment of personnel after
it has been approved by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 33&nbsp;&nbsp;&nbsp;&nbsp;The personnel
sent by Party B for this project shall provide full-time services to the project, and shall not concurrently hold any office in
Party B 's functional departments or in other projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 34&nbsp;&nbsp;&nbsp;&nbsp;The labor
costs incurred by all levels of management and service personnel sent or recruited by Party B shall be disbursed from the property
management start-up capital before the business opening of this project, and shall be disbursed from the property management operation
expenses after the business opening of this project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XIV Rights and Obligations of Both
Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 35&nbsp;&nbsp;&nbsp;&nbsp;Party A&rsquo;s
rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party A shall review the property management work plan prepared by Party B, inspect and supervise
the implementation of Party B&rsquo;s property management, and have the right to require Party B to rectify those failing to meet
the plan indicators within a specified period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party A shall provide a property management room to Party B according to relevant provisions of
this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">Party A shall conduct property take-over acceptance with Party B according to relevant provisions
of this Contract, and transfer relevant materials to Party B;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">Party A shall be responsible for formulating the Temporary Management Convention, specify according
to law the issues such as the use, maintenance and management of the property; proprietors&rsquo; common interests; obligations
proprietors shall perform; responsibilities which shall be borne in violation of the Convention, and shall require proprietors
and property users to comply with them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Party A shall show and explain the Temporary Management Convention to the property buyer prior
to the sale of the property; and shall require the property buyer to comply with the Temporary Management Convention and make written
commitment in signing the property sale contract with the property buyer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">The sale contract signed with the property buyer shall include relevant contents agreed in this
Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">7.</TD><TD STYLE="text-align: justify">Party A shall pay to Party B the property management service remuneration, property management
start-up capital, property management fees and other related costs which shall be borne by Party A according to relevant provisions
of this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">8.</TD><TD STYLE="text-align: justify">Party A shall assist Party B in coordinating the relationship with local government administrative
departments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">9.</TD><TD STYLE="text-align: justify">Party A shall assist&nbsp;&nbsp;Party B in property management, publicity and education and cultural
activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">10.</TD><TD STYLE="text-align: justify">Before the establishment of the proprietors&nbsp;committee, Party A shall not arbitrarily occupy
or change the use function of shared facilities of this project. If it is necessary to reconstruct, expand or improve supporting
items within the project, it shall be negotiated with all proprietors of the project and Party B, and shall be reported to competent
departments for approval before it can be implemented;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">11.</TD><TD STYLE="text-align: justify">Party A shall ensure that the property delivered for use meets the provisions of national acceptance
standards, and shall bear the warranty responsibility for the project according to the warranty period and warranty coverage stipulated
by the country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">12.</TD><TD STYLE="text-align: justify">If the property fails to meet the use function and causes a major accident due to the house construction
quality, the quality of equipment and facilities or installation technology or other reasons, and it is identified by relevant
government departments to be the responsibility of Party A, Party A shall bear the responsibility and deal with the aftermath.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">13.</TD><TD STYLE="text-align: justify">If Party B violates relevant provisions of this Contract, and fails to complete the agreed management
services, Party A shall have the right to require Party B to rectify it within a specified time limit. Party A shall have the right
to send a notice to Party B. If it causes economic loss to Party A, Party B shall give Party A corresponding economic compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Notice: Party B shall, within 5
working days after receiving the Notice, make a reply and propose a rectification plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Re-notice: If Party B fails to
propose a rectification plan for no reason within 10 working days after receiving the Notice, or Party B&rsquo;s
rectification fails to meet Party A&rsquo;s requirements, Party A may issue a &quot;Re-notice &quot; to deduct 5% of Party
B's management remuneration of that month as liquidated damages, but not more than 25% of the management remuneration of that
month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Final
notice: If Party B fails to propose a rectification plan for no reason within 10 working days after receiving the Re-notice, or
Party B&rsquo;s rectification fails to meet Party A&rsquo;s requirements, Party A may issue a &quot;Final Notice&quot;. If Party
B still fails to rectify it for no reason or Party B&rsquo;s rectification fails to meet Party A&rsquo;s requirements within 5
working days after receiving the Final Notice, Party A shall have the right to terminate the contract in advance, without bearing
any liability, provided that Party A shall notify Party B in writing at least one month in advance and complete the formalities
for replacing the property management enterprise. Costs and expenses of Party B sustained for such early termination of the Contract,
such as staff dismissal fees, shall be disbursed from the property management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">14.</TD><TD STYLE="text-align: justify">Party A shall have the right to provide value-added services to proprietors or property users according
to the needs of the property and for the purpose of improving the quality of the property, provided that such value-added services
do not affect the normal property management services. Party A shall ensure that the value-added services provided comply with
the provisions of national laws and regulations, as well as the Temporary Management Convention for the proprietors of the property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">15.</TD><TD STYLE="text-align: justify">If this Contract is terminated for any reason, Party A shall have the right to take over this project
by itself or re-entrust a new property management service enterprise to take over this project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 36&nbsp;&nbsp;&nbsp;&nbsp;Party B 's
rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">Party B shall provide property management services within this property area according to relevant
laws and regulations and this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party B shall charge property management fees, decoration management fees, decoration waste clearance
fees, parking management fees, specially engaged paid service fees and other related fees from proprietors and property users according
to relevant provisions of this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">If proprietors or property users violate the Temporary Management Convention, laws or regulations,
Party B shall take measures to discourage or stop it or file a lawsuit according to the seriousness of the case;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">With the prior consent of Party A, Party B shall have the right to hire a professional service
enterprise to undertake the project's special service business, but Party B shall not entrust all property management to a third
party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Party B shall accept the supervision and guidance from Party A, competent property management departments
and relevant government departments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">Party B shall ensure and continuously improve the quality of services, control costs and reduce
energy consumption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">7.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing annual minor repair and maintenance plans for the house,
ancillary buildings, public parts, shared facilities and equipment and greening, and shall organize their implementation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">8.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing annual medium and major repair and renovation and maintenance
plans for the house, ancillary buildings, public parts, shared facilities and equipment and greening, and shall organize their
implementation after they are voted by the proprietors meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">9.</TD><TD STYLE="text-align: justify">Party B shall inform relevant provisions on the use of the property to proprietors and property
users. When proprietors and property users decorate, Party B shall inform relevant provisions, enter into a written agreement with
them, and be responsible for supervision;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">10.</TD><TD STYLE="text-align: justify">Party B shall be responsible for preparing the annual property management plan, fund use plan and
final accounting report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">11.</TD><TD STYLE="text-align: justify">Party B shall publish the income and expenditure account of property management fees to all proprietors
and property users every six months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">12.</TD><TD STYLE="text-align: justify">Party B&nbsp;&nbsp;shall conduct a property service satisfaction survey to all proprietors and
property users every six months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">13.</TD><TD STYLE="text-align: justify">Party B shall not arbitrarily occupy or change the use function of the public facilities of the
property. If it is necessary to reconstruct, expand or improve supporting items within the property, it shall be approved by relevant
proprietors and shall be reported to relevant approving parties for approval before it can be implemented;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">14.</TD><TD STYLE="text-align: justify">If the property management fees are undercollected not due to Party B&rsquo;s reason, resulting
in that it is difficult to carry out property management work, Party B shall have the right to terminate this Contract and withdraw
from the property management of the project, provided that Party B shall notify Party A in writing three months in advance and
assist Party A in aftermath and take-over work;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">15.</TD><TD STYLE="text-align: justify">The quality of the building and its ancillary equipment and facilities of this project shall meet
the quality standards set by the country. For any accident or loss caused by its quality or defects which cannot be improved, Party
B shall bear no responsibility. However, Party B shall be obliged to take timely and effective measures to prevent expansion of
the loss, and promptly notify Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">16.</TD><TD STYLE="text-align: justify">During the management period of Party B, if any damage to the equipment and facilities or accident
occurs due to Party B&rsquo;s poor management, and thus causes property damage or personal injury to a third party, and it is identified
by relevant government departments to be the responsibility of Party B, Party B shall bear corresponding responsibility;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">17.</TD><TD STYLE="text-align: justify">Upon the termination of this Contract, Party B shall hand over various archival data kept during
its management period to Party A or the proprietors committee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">18.</TD><TD STYLE="text-align: justify">If Party A violates relevant provisions of this Contract, and causes Party B not to complete management
services, Party B shall have the right to require Party A to resolve it within a certain period of time. If this causes economic
loss to Party B, Party A shall give Party B corresponding economic compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">19.</TD><TD STYLE="text-align: justify">Party B shall fully cooperate with Party A to provide value-added services to proprietors and property
users, and provide all the convenience for this;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">20.</TD><TD STYLE="text-align: justify">If this Contract is terminated for any reason, Party B shall unconditionally undergo formalities
to hand over property management to Party A or a property management unit designed by Party A, and shall in no case delay the hand-over
or create any take-over obstacle. The period for such take-over shall be 30 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">21.</TD><TD STYLE="text-align: justify">If the property management services provided by Party B cause any liability accident, unexpected
accident or litigation due to Party B&rsquo;s reason, Party B shall be solely responsible for this. If relevant events cause economic
loss to Party A due to Party B&rsquo;s reason, Party B shall compensate Party A for this;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">22.</TD><TD STYLE="text-align: justify">All acts relating to the provision of property management services by Party B shall comply with
Chinese laws and regulations and orders issued by government departments. If Party A&rsquo;s&nbsp;&nbsp;aspects, such as reputation,
are affected by Party B&rsquo;s unlawful act, Party A shall have the right to reserve the rights of recourse for any loss sustained,
such as in reputation, from Party B;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">23.</TD><TD STYLE="text-align: justify">If Party B, after the termination of this Contract, does not transfer the property management right
to Party A or a property management enterprise designated by Party A, or withdraw from the property under this Contract, or hand
over the management room or relevant archival data, Party B shall pay RMB 2,500 as liquidated damages to Party A for each overdue
day. If Party B still fails to transfer the property management right and withdraw from the property within 30 days after the termination
of this Contract, Party A shall have the right to take all measures according to relevant laws and regulations, and all legal liabilities
and economic consequences arising herefrom shall be borne by Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">24.</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XV Handling of Unforeseeable
Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 37&nbsp;&nbsp;&nbsp;&nbsp;In order
to safeguard the vital interests of the public, proprietors and property users, if Party B sustains necessary economic loss due
to taking emergency measures in case of unforeseeable events, such as gas leakage, electric leakage, fire, water pipe burst, rescue
of life, assisting the public security organs in carrying out tasks, both parties shall handle such events according to relevant
laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Chapter XVI Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 38&nbsp;&nbsp;&nbsp;&nbsp;Party A and
Party B agree that this Contract can be terminated if any of the following cases occurs, provided that the terminating party shall
notify the other party in writing in advance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">This Contract shall be automatically terminated upon the expiry of the validity term agreed in
this Contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">This Contract shall be terminated after the property service contract signed between the proprietors
committee of this project on behalf of all proprietors and the property management enterprise takes effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">This Contract shall be terminated if Party A and Party B mutually agree and reach a written agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">This Contract cannot be fulfilled due to force majeure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.</TD><TD STYLE="text-align: justify">Either party is subject to legal sanction, and suffers bankruptcy liquidation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.</TD><TD STYLE="text-align: justify">Other provisions specified by laws and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 39&nbsp;&nbsp;&nbsp;&nbsp;After the
termination of this contract, Party A and Party B shall well handle their creditor&rsquo;s rights and debts, including the liquidation
of property management fees and various agreements signed with an external party. Party B shall assist Party A in handover and
aftermath work of property services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 40&nbsp;&nbsp;&nbsp;&nbsp;In 3 months
prior to the expiration of this Contract, Party B may apply to Party A for the renewal of this Contract. After Party A reviews
and approves it, both parties may agree to renew this Contract in the form of a supplementary agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XVII Liability for Breach of Contract
and Dispute Resolution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 41&nbsp;&nbsp;&nbsp;&nbsp;If Party
B violates relevant provisions of this Contract and fails to complete the agreed management services, Party A shall have the right
to require Party B to rectify it within a specified time limit.&nbsp;&nbsp;If the rectification still fails to meet the requirements
within this time lime, Party A shall have the right to terminate this Contract. If this causes economic loss to Party A, Party
B shall give Party A corresponding economic compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 42&nbsp;&nbsp;&nbsp;&nbsp;If Party
A violates relevant provisions of this Contract, causing Party B not to complete management services, Party B shall have the right
to request Party A to settle it within a certain period of time. If Party A fails to settle it within this time period, Party B
shall have the right to terminate this Contract. It this causes economic loss to Party B, Party A shall give Party B corresponding
economic compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 43&nbsp;&nbsp;&nbsp;&nbsp;Party B shall
bear no responsibility in the following cases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: justify">If the property management services are interrupted due to force majeure (including natural disasters,
war, etc.), Party B shall inform Party A about relevant information within 48 hours after the end of the force majeure event, and
at the same time provide effective evidence for the occurrence of this force majeure event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: justify">Party B has fulfilled the obligations of this Contract, but the inherent defect of the property
itself causes loss, Party B shall be obliged to take timely and effective measures to prevent the expansion of this loss, and shall
promptly notify Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: justify">If loss is caused due to maintenance of the shared areas, public facilities and equipment of the
property, which has been informed to proprietors and property users in advance, or loss is caused by temporary interruption of
water supply, power supply and public facilities and equipment; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: justify">If loss is caused by the interruption of water supply, power supply heating, communications, cable
television and other public facilities and equipment not due to Party B responsibility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 44&nbsp;&nbsp;&nbsp;&nbsp;For any dispute
arising from or in connection with the performance of this Contract, both parties shall settle it through friendly negotiation.
If no settlement can be reached through negotiation, either party may bring a lawsuit to the people's court of the place where
this Contract is performed. In the course of the proceedings, the contract shall continue to be fulfilled except where the parties
are in dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chapter XVIII Supplementary Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 45&nbsp;&nbsp;&nbsp;&nbsp;Both parties
agree that Party B shall, according to Party A&rsquo;s commission, undergo take-over acceptance formalities 30 days prior to the
move-in of the first proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 46&nbsp;&nbsp;&nbsp;&nbsp;Both parties
shall cooperate with law enforcement activities, rescue and other public affairs to be carried out within the property area, and
shall not obstruct such affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 47&nbsp;&nbsp;&nbsp;&nbsp;Neither party
shall transfer or sell or assign its rights, responsibilities and obligations under this Contract in any manner without the written
consent of the other party. Meanwhile, neither party shall disclose any trade secrets obtained from the other party to a third
party. Otherwise, the default party shall compensate for the loss caused to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 48&nbsp;&nbsp;&nbsp;&nbsp;This Contract
shall only take Party A and Party B as beneficiaries. Except for both parties to this Contract, this Contract cannot be implemented
by any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 49&nbsp;&nbsp;&nbsp;&nbsp;During the
execution period of this Contract, both parties agree that each party may refer to the name and service identification of the other
party in the following way in its business promotion and producing relevant publicity materials, and each party shall not charge
any fees from the other party for this .The reference shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B referred by Party A: Entrusted property
services: Beijing&nbsp;Development&nbsp;Area&nbsp;Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A referred by Party B: Entrusted service
project:&nbsp;Beijing&nbsp;Jingkai&nbsp;One&nbsp;Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 50&nbsp;&nbsp;&nbsp;&nbsp;After the
termination of this Contract, neither party shall continue to refer to the name and service identification of the other party in
its business promotion or on its relevant publicity materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 51&nbsp;&nbsp;&nbsp;&nbsp;The annexes
to this Contract are an integral part of this Contract, and shall have the same legal effect as this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 52&nbsp;&nbsp;&nbsp;&nbsp;As for issues
not mentioned in this Contract, or if any objection arises in interpreting this Contract, both parties shall settle or sign a supplementary
agreement on the basis of friendly negotiation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 53&nbsp;&nbsp;&nbsp;&nbsp;Any amendment
or supplement to this Contract shall be confirmed in writing by both parties, and shall have the same legal effect as this Contract.
The contents of such amendment or supplement shall not be inconsistent with the contents of this Contract and the Temporary Management
Convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 54&nbsp;&nbsp;&nbsp;&nbsp;This Contract
shall be made in sextuplicate, with Party A and Party B each holding three copies. Each of these 6 copies shall be original, and
shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 55&nbsp;&nbsp;&nbsp;&nbsp;The counterpart
copies (stamped) of Party A and Party B&rsquo;s business licenses within the validity period shall be attached as annexes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract shall take effect as of the date
when the representatives of both parties sign and seal this Contract on the date specified on the first page of this Contract,
and shall be valid as an annex to the &quot;Commodity&nbsp;Housing&nbsp;Presale&nbsp;Contract&quot; or the &quot;Contract&nbsp;for&nbsp;Sale&nbsp;of&nbsp;Finished&nbsp;Commodity&nbsp;Housing&quot;,
and shall be binding on all proprietors of this property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding: 0 5.4pt 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing&nbsp;&nbsp;Jingkai-Gongda&nbsp;Investment&nbsp;Management&nbsp;Co.,&nbsp;Ltd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/Beijing&nbsp;&nbsp;Jingkai-Gongda&nbsp;Investment&nbsp;Management&nbsp;Co.,&nbsp;Ltd</P></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0 5.4pt 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing&nbsp;Development&nbsp;Area&nbsp;Co.,Ltd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/Beijing&nbsp;Development&nbsp;Area&nbsp;Co.,Ltd</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0 5.4pt 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature and seal: /s/Shiyi Zhou</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0 5.4pt 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature and seal: /s/Guangqing Guo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0 5.4pt 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0 5.4pt 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annexes:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Layout Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Details of Property Constitution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3. Details of Commonly Shared Sections of
the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. Details of Commonly Shared Facilities
and Equipment of the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Details of Property Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. List of Hand-over Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 1: Layout Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="pg55img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="pg56img1_ex4-36.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 2:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Details of Property Constitution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Boundaries
    of <BR> Property</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corresponding
    Planned Building Number</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Planned
    Construction Area (m<SUP>3</SUP>)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Floor
    Area <BR> (m<SUP>3</SUP>)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Remarks</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B1
    office building</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6674.59</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B2
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5999.00</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B3
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5013.55</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B4
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4605.2</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B5
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6262.02</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B6
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4893.38</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B7
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6262.02</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B8
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3419.06</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B9
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3433.89</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B10
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4914.03</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B11
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2895.65</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stage
    1 D1F1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B12
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2715.48</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Parcel
    (east to</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B13
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2895.65</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54928.2</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Jinghai
    3rd&nbsp;&nbsp;Road;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B14
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2715.48</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">west
    to Jinghai</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Subtotal</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">83832.86</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1st&nbsp;&nbsp;Road;
    south to<BR>
    Kechuang 13<SUP>th</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A1
    Residential Building and Supporting Commercial Properties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9398.70</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Street;
    north to&nbsp;&nbsp;D1<BR>
    Block Road)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A2
    Residential Building and Supporting Commercial Properties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11102.12</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A3
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5107.47</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A4
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8122.87</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A5
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5107.47</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A6
    residential building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8191.73</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Subtotal</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">47030.36</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130863.22</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stage
    2 D1C1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C1
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33639.54</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Parcel
    (east to</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C2
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24753.57</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Jinghai
    3rd Road;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C3
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15049.66</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">west
    to Jinghai</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C4
    office building</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19990.67</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1st
    Road; south to<BR>
 D1 Block Road; <BR>
north to Kechuang<BR>
 12th Street;)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">DX1
    underground garage, commercial<BR>
    properties, ancillary facilities, and air raid<BR>
    shelters</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37924.56</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37994.9</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">131358</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The final area shall be determined by the actually
measured area in the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 3:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Details of Commonly Shared Sections of the
Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Load-carrying structure of the building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Main structure of the building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Public hallways</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Public corridors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Public staircases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Inner courtyard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Outdoor wall surfaces</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Roofs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. Fire control and security surveillance rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. Machine rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. Public restrooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. Public greens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. Rooms used by property service company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.15pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 4:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Details of Commonly Shared Facilities and
Equipment of the Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Elevators: 36 units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Septic tanks and rainwater retention tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Power distribution room</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Power distribution room</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Main boxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Property service rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Rooms for commonly-shared facilities and
equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Underground motor vehicle parking garages</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. Roads</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. Inter-building and central greens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. Sewer manholes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. Catch basins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. Power transformation and distribution system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. Public lighting facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">15. High pressure water pumps</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">16. Fire facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17. Lightning protection facilities...</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Standard for Beijing Residential Property
Management (Class III)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DB11/T 751-2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class III Standard for Beijing Residential Property
Service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Basic requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.1 Customer service premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A customer service center with office furniture,
telephones, and other office equipment shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) An original copy or photocopy of the qualification
certificate of the property service company, photos of persons in charge of the project, property service items, service standards,
chargeable items, charge rates, and all other relevant information shall be made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The customer service center shall be open
for business for at least 8 hours during work days and shall have watch-keepers on duty beyond the work hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) 24-hour service hotlines shall be set up
and made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.2 Staffing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) All staff shall obtain vocational qualification
certificates as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) The staff shall wear uniforms and badges
according to their respective job posts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) A project leader in charge of the property
service project, as well as building safety administrators, shall be appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) The project leader shall have more than
2 years of work experience on an equivalent job post with a property service company and shall be currently registered in the municipal
credit information database of project leaders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.3 Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Management rules shall be established for
the maintenance and repair of commonly-shared sections and facilities, fire safety and prevention, greening and landscape maintenance,
environmental sanitation, and maintenance of public order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) An emergency plan shall be established for
unexpected public events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) A training system shall be established to
organic training and examination on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) A property service log shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.4 Archives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A property management file shall be created</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Personnel shall be appointed for file management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Basic information, basic records, repair
and maintenance records, and charging records shall be managed with computers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.5 Signs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property service signs, such as safety warnings,
operation and construction warnings, and kindly reminders shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.6 Customer service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) The performance of the property service
contract and the income and expenditures in the previous year, as well as the budget for the current year, shall be made public
in the first quarter of every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) For important matters of property service
which are related to the normal life of proprietors or house users, notices shall be posted at main entrances and exits as well
as the entrance to each apartment unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Conducts in violation of laws and regulations
on public security, planning, and environmental protection shall be discouraged and reported to competent authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) For urgent repairs of water and power facilities,
repair workers shall reach the site within 20 minutes. For other repairs, repair workers shall reach the site within the time limit
agreed upon by both Parties. Notices shall be given within 30 minutes of repairs of facilities and equipment for which specialized
service enterprises are responsible, and return visits shall be paid for such repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Responses shall be made within 2 work days
to the opinions, suggestions, and complaints made by the proprietors or house users. Return visits shall be paid for complaints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Opinions on property service shall be publicly
solicited once every year; subsequent rectifications shall be made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Service quality of the project shall be
examined once every month. Safety inspections shall be conducted before important holidays and festivals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Proprietors shall be invited to visit the
machine rooms for commonly-shared facilities and equipment every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9) At least one community culture event shall
be organized every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10) Bulletin boards shall be set up, in order
to assist relevant authorities in public welfare publicity programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11) Insurances for shared sections, shared
facilities and equipment, and public liability shall be bought as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12) If conditions permit, specially engaged
services, such as indoor cleaning, laundry, cooking, car wash, property custody, and ticketing shall be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.7 Commissioning of the management specialized
services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Commissioning contracts for specialized
services shall be signed to define the rights and obligations of each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Specialized service enterprises shall meet
the qualification requirements set out by competent authorities; operating personnel shall have corresponding vocational qualification
certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The staff of specialized service enterprises
shall wear uniforms and badges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Specialized services shall be supervised,
managed, and assessed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Operation, repair, and maintenance of
commonly-shared sections, facilities, and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.1 Integrated management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Basic files of housing and commonly-shared
facilities and equipment shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Operation, inspection, and maintenance records
shall be archived on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Inspections shall be conducted to assess
the safety of the use of houses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) For problems identified during the inspection
of commonly-shared sections, repair plans shall be developed according to the scopes of responsibility and the problems shall be
repaired in accordance with their respective repair plans; failures in the operation of commonly-shared facilities and equipment,
as well as problems identified during inspections, shall be repaired promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) The repair and maintenance plan for the
next year shall be determined in the fourth quarter of every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Special-purpose equipment shall be operated,
repaired, maintained, and regularly tested in accordance with relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Inspections shall be conducted and preventive
measures shall be implemented before and after extreme weather conditions, such as thundering, heavy rainfall, strong winds, and
sandstorms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Machine rooms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Machine rooms shall be cleaned once per
month and shall be clear of sundries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Mouse baffles, raticide boxes, or mouse
glue traps shall be set up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Fire equipment shall be provided in easily
visible and accessible positions. Fire equipment shall be checked once per month to make sure it is intact and effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) Facilities and equipment shall have all
necessary signs and nameplates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Relevant rules and certificates shall be
posted or hung in easily visible positions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) Shift handover records and work logs shall
be full and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.2 Commonly-shared sections</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Building structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Structural members, such as beams, plates,
and columns shall be checked once per quarter. If any deformation or crack is detected during visual inspection, a request for
building safety assessment shall be filed, necessary protection measures shall be taken, and repairs shall be carried out according
to the assessment results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Building components</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A) Wall finish, plastering, eaves, balconies,
rainshades, and supporting members for outdoor units of air conditioners shall be checked once per quarter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B) Patrol inspection shall be conducted once
per month for doors, windows, and glass of commonly-shared sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C) Indoor flooring, wall surfaces, ceilings,
outdoor roofs, and water aprons of commonly-shared sections shall be checked once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">D) Waterproofing and rainwater down pipes shall
be checked before the flood season every year and after heavy rainfall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Ancillary structures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Patrol inspection shall be conducted once
per month for roads, yards, stairs and handrails, curb stones, tube wells, ditches, and channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Rainwater and sewage wells shall be checked
once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Patrol inspection shall be conducted once
per month for gates, enclosing walls, and fences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Patrol inspection shall be conducted once
per month for leisure chairs, pavilions, sculptures, and featured landscapes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Lightening protection devices shall be tested
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.3 Air conditioning system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Before operation, a systematic inspection
shall be conducted for the water chilling unit, circulating water pumps, cooling tower, fans, fan coils, and water treatment facilities
and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) During operation, patrol inspection shall
be conducted once per day for the air conditioning system in order to ensure that the indoor temperature meets relevant requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Energy saving measures shall be developed
and energy consumption shall be counted and analyzed on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Pipes and valves shall be checked and derusted
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Pressure vessels, meters, and noise of the
cooling tower shall be checked once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) The fresh air ventilator, air processor
filter screen, surface air cooler, box body, and fan coil filter screen shall be cleaned and sterilized once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) An overhaul shall be conducted on the air
conditioning system every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.4 Secondary water supply facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Sterilizing equipment shall be used in accordance
with requirements by health and disease prevention authorities. Cleaning and sterilizing shall be conducted according to relevant
requirements. Water quality measured in water quality tests shall meet national hygienic standards on domestic and drinking water.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Patrol inspection shall be conducted twice
per day on the water tank room and water pump room in order to check the operating status of equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) The standby water pump shall be switched
online once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Lubrication of water pumps shall be checked
once per year; the lubricant shall be replenished or replaced as necessary. Water pumps shall be maintained once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Water supply pipes and valves shall be derusted
and painted every year. All exposed pipes shall be freeze-proofed before the beginning of each winter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Cover plates of the water tank and the impounding
reservoir shall be kept intact and locked; the key shall be kept by specially assigned persons. The overflow pipe orifice and the
ventilation pipe orifice shall be covered with metal protection screens and shall be kept intact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.5 Drainage system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Drainage facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Before each flood season, the rainwater and
sewage wells and roof rainwater inlets shall be inspected, cleaned, and dredged. After every rainfall, the main drainage outlets
and tubular wells shall be inspected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Sewage pumps</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted twice
per day during the flood season and once per week beyond the flood season in order to check the operating status of the equipment;
a manual startup test shall be conducted once every two weeks; maintenance shall be done once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Septic tanks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Septic tanks shall be checked once every six
months and shall be dredged if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.6 Lighting and electrical equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) In-building lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted three
times per week. General failures shall be fixed within one day; complicated failures shall be fixed within 5 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Outside-building lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
week. General failures shall be fixed within one day and complicated failures shall be fixed within one week. The time controller
shall be adjusted once per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Emergency lighting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
day. Any failures identified shall be instantly fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) LV cabinets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted twice
per day on the operating status of equipment. Maintenance shall be done once per year, including fastening, testing, and cleaning;
electrical safety shall be checked once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) LV power distribution cabinets and LV lines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
month on the operating status of equipment; Maintenance shall be done once per year, including fastening, testing, and cleaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Control cabinets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once every
two weeks on the operating status of equipment; Maintenance shall be done once per year, including fastening, testing, commissioning,
and cleaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Power generators</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commissioning shall be done once per month
to ensure normal operation. Storage batteries shall be activated once per year. Patrol inspection shall be conducted once per week
for battery chargers and storage batteries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8) Testing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The in-house power meter shall be tested once
every five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9) Power distribution rooms and power distribution
compartments on every floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proper measures shall be taken to keep out
small animals. Perimeters of wiring ducts passing through walls shall be tightly sealed. Locks shall be intact. Incoming and outgoing
lines of cables and switches shall have proper signs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.7 Security system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Alarm control host</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patrol inspection shall be conducted once per
day to check the operating status of equipment. Surfaces shall be cleaned once every two weeks and interiors shall be cleared of
dust once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Door machine of intercom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buttons and display shall be checked once per
month. Surfaces shall be cleaned once per month; Interiors shall be cleared of dust once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Network control cabinet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Appearance shall be checked once every six
months. For connecting wires, surface cleaning shall be done once per quarter and internal dedusting shall be done once per six
months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Infrared emission detectors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wiring, detecting range, and waterproofing
shall be checked once per quarter. Surfaces shall be cleaned once per quarter and interiors shall be cleared of dust once every
six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Video acquisition devices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Surveillance images and video recording functions
shall be checked once per week. Surfaces shall be cleaned once every two weeks and interiors shall be cleared of dust once every
six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Cameras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A) Focusing, infrared night vision, wiring,
and waterproofing shall be checked once per quarter and adjustments and tests shall be performed as appropriate. Surface cleaning
shall be done for lenses once per quarter. Internal dedusting shall be done for the protective housing once every six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B) During operation, patrol inspection shall
be conducted on the spray pond, water pumps, and ancillary facilities twice per week and the anti-creeping facilities shall be
checked once per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C) Safety warning signs shall be set up as
necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">D) Water quality shall meet hygienic requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3. Fire safety and prevention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1 Integrated management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) A fire safety responsibility system shall
be established and implemented. Persons responsible for fire safety shall be appointed. Fire safety responsibilities shall be clearly
defined for every level and every job post.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) A voluntary firefighting team armed with
necessary firefighting equipment shall be set up. Relevant personnel shall master the basic firefighting knowledge and skills.
A fire drill involving employees and proprietors or house users shall be organized annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Fire safety bulletins shall be set up and
regular fire safety education shall be carried out. Two fire safety trainings shall be provided for employees every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Patrol inspection shall be conducted on
fire protection once per day. Fire protection inspection shall be conducted once per month. Firefighting equipment shall be tested
once per year according to relevant regulations in order to ensure that the evacuation paths, safety exits, fire lanes, and firefighting
facilities and equipment meet relevant safety requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) An conduct in violation of fire safety rules,
as well as fire hazards, must be immediately corrected or eliminated once discovered. Any conduct or hazard that cannot be corrected
or eliminated must be reported to the fire department of the local police.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) The fire control room shall be manned by
watch-keepers around the clock. Each shift, which consists of two persons, shall promptly process all kinds of alarms and failure
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) In the event of a fire, the police must
be immediately notified. Attempts shall be made to put out fire in its initial stage, personnel in danger shall be evacuated, and
assistance shall be offered to the fire department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.2 Repair and maintenance of firefighting
facilities and equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Automatic fire alarm system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Patrol inspection shall be conducted once
per day on fire alarm controllers interlock control equipment to check the functioning of equipment and to ensure uninterrupted
around-clock normal operation. The alarm function of alarm controllers and interlock control equipment, as well as the interlock
control, display, and printing functions, shall be checked and tested once per month. Interiors of machine cabinets shall be dedusted
once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Fire alarm controllers, manual alarm buttons,
and alarm devices shall be randomly selected for testing once per month. After having been in use for 2 years, the alarm and warning
functions of manual alarm buttons and alarm devices shall be cleaned by specialized cleaning companies once every three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Standby power supply</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The master power supply and standby power supply
shall be tested and switched between each other once per month. The standby power supply and storage batteries shall be put to
one charge-discharge test every quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Fire control broadcast system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interlock and forced switchover functions
of fire emergency telephones, intercom phones in important locations, intercom telephone hosts, broadcast equipment, megaphones,
and loudspeakers shall be checked and tested once per month, and their volume shall be tested as well; the interiors of machines
shall be removed of dust once per year and the equipment inside cabinets shall be removed of dust once per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Smoke control and exhaust system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Irrigation shall be well planned. The irrigating
water shall completely and evenly permeate the soil to prevent conspicuous drought and flood; Generally, plants must be watered
4 months before germination, 5 months before germination, in autumn, and before winter, respectively. For cool-season lawns, a
higher frequency of irrigation may be adopted according to the growth and soil conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Fertilization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fertilizers shall be administered according
to plant growth. Arboreal trees shall be fertilized once or twice every two years; shrubs shall be fertilized once or twice per
year; Ground cover and lawn plants shall be fertilized twice or thrice per year. Additional fertilization may be used for bedding
plants according to their growth. Dependence on chemical fertilizers shall be minimized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Pest and plant disease control</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the pattern of plant pests and diseases,
plants shall be inspected at least three times per month during the growing season and pests and diseases shall be controlled in
accordance with the inspection results, so that leaves do not fall prematurely and plants do not die because of pest or disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Trimming</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arboreal trees shall be trimmed once every
winter. Shrubs shall be trimmed once during the growing season and in the winter, respectively. The green hedges and color lumps
shall be trimmed once before the Labor Day, before the National Day, and in the winter, respectively. Cool-season lawns shall be
trimmed at least once or twice per month, depending on the growth, during the growing season and at least 12 times per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Weeding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Full weeding shall be carried out three times
per year. The weeding frequency shall be elevated for important green belts. Green belts with weeds shall not exceed 10% of the
total green belt area. Seasonal weeds shall be effectively controlled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Garbage disposal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Waste created during greening work and garbage
in the green belts shall be cleared three times per week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.3 Inspection of work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Greening work shall be checked three times
per month during the growing season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Landscape maintenance measures and work
plans shall be developed for each quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Greening files shall be present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Environmental hygiene</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1 Collection and removal of household garbage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Sorted collection shall be implemented for
household garbage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Hermetic garbage collection vessels with
sort signs shall be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Garbage collection vessels shall be cleaned
at least once every two weeks. Pesticides shall be sprayed daily during the breeding season of flies and mosquitos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Garbage shall be moved to designated garbage
disposal sites once per day and shall not be dumped randomly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Garbage trucks shall be clean and tidy in
appearance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.2 Cleaning of commonly-shared sections of
property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Inside buildings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Lobby and elevator hall on 1<SUP>st</SUP>
floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ground of the lobby and the elevator hall
on the 1<SUP>st</SUP> floor shall be swept and mopped once per day. The mailboxes and glass surfaces in the lobby shall be wiped
once per week. The wall surfaces in the lobby and in the elevator hall shall be wiped once per month. Patrol inspection and cleaning
shall be done for the lobby and the elevator hall on the 1<SUP>st</SUP> floor once per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Corridors and stairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Grounds of corridors and stairs shall be swept
once per week and mopped once every two weeks. Shared facilities, such as handrails, windowsills, fire doors, fire hydrants, and
signs of the stairs, shall be wiped once every two weeks. Light fixtures in the building shall be dedusted once per quarter. Patrol
inspection and cleaning shall be done for the corridors and stairs on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Elevator compartment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The doors and panels of the elevator compartment
shall be wiped once per day. The ground of the elevator compartment shall be mopped once per day. Elevator compartments decorated
with stainless steel or other materials shall be maintained once per month. Elevator compartments decorated with stone materials
shall be maintained once per quarter. Patrol inspection and cleaning shall be done twice per day for the elevator compartment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Terrace and roof: The terrace and roof shall
be swept once per quarter; during the rain season, the terrace and the roof shall be swept once every 2 months. Patrol inspection
shall be conducted once per month on the terrace and internal courtyard and any sundries shall be promptly removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Outdoor roads and facilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sweeping shall be done once per day and patrol
inspection and cleaning shall be done twice per day for the outdoor roads. The outdoor public lighting and shared facilities shall
be cleaned once per month. Rain hoods and door awnings shall be cleaned once per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5) Waterscape</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sterilization and purification shall be carried
out according to the water quality. During operation, the water surface shall be cleaned twice per week and the bottom of the pond
shall be cleaned twice per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6) Pest control and prevention</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Assistance shall be offered to competent authorities
in pest control and prevention. Prior notices shall be given of pesticides to be administered. Easily visible signs shall be set
up where pesticides have been administered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7) Cleaning in rainy and snowy weathers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After a rain, water in the main roads and trunk
roads of the community shall be swept away. In snowy weathers, ground snow shall be promptly swept away and ground ice shoveled.
If it snows at night, the ice and snow on main roads shall be removed before 10:00 AM next morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3 Inspection and logging of work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Quality of cleaning shall be checked once
per day and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Quality of cleaning shall be fully checked
once per quarter and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Complete cleaning files shall be kept</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Maintenance of public order</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1 Main entrances and exits shall be guarded
by specially assigned watch-keepers around the clock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.2 Patrol inspection routes shall be set.
Patrol inspection shall be properly carried out and recorded, twice between 6:00 and 22:00 and once between 22:30 6:00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.3 Patrol inspection shall be conducted on
parking lots and order shall be properly maintained for the use of roads and sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.4 Motor vehicles must have proper permits
when entering or exiting the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.5 Security control rooms shall be manned
by specially assigned watch-keepers around the clock; Surveillance videos and alarm records shall be retained for 30 days in case
of the need to investigate. Management rules and emergency plans shall be posted in conspicuous positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.6 Illegal conducts shall be immediately reported
to the police and assistance shall be offered to competent authorities in processing illegal conducts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.7 Two special emergency plan drills shall
be conducted every year and proper records shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.8 Duty personnel shall stand by around the
clock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.9 Records and files</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Complete and valid records shall be kept
of all items of work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Complete files shall be kept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Decoration and fitting management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.1 Decoration and fitting management service
rules shall be established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.2 Decoration and fitting management files
shall be created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.3 Declaration and registration of proprietors
or house users for decoration and fitting shall be proper handled. Interior decoration and fitting management service agreements
shall be signed with proprietors or house users, who shall be informed of the forbidden behavior and precautions in the decoration
and fitting work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.4 During decoration and fitting, patrol inspection
shall be conducted for the site once per day. If it is discovered that the proprietor or the house user fails to declare and register
the decoration and fitting project or violate the law or any relevant regulation, such behavior shall be immediately dissuaded.
If the proprietor or the house user refuses to correct such behavior, the violation shall be reported to competent authorities,
the proprietor, and the proprietors committee and shall be made public within the range of the property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.5 Inspection shall be carried out after decoration
and fitting is completed. Any interested party that violates the interior decoration and fitting management service agreement shall
be treated as agreed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.6 If the removal of decoration waste is commissioned
to a third party, the waste shall be temporarily piled in designated locations and retention and covering measures shall be taken.
Such waste shall be removed within 2 days. If the decoration waste is to be removed by the constructor, the waste shall be transported
out of the property in bags or in hermetic vessels within 2 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Property Service Contract of Beijing Jingkai One Center Project</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex 6:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>List of Hand-over Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Site plan of the completion; as-built drawings
of individual buildings, structures, and equipment; as-built drawings of supporting facilities and underground pipes; and layout
drawings of pipelines for buildings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Technical data on the installation, use,
and maintenance of facilities and equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Quality warranty documents and user's instruction
documents of the property (<I>Building Quality Warranty</I> and <I>Building User's Manual</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Materials of acceptance inspection by related
professional agencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. List of property rights of the house and
supporting facilities (including proprietor's name, construction area, and contact information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Pressure test reports for water supply and
heat supply systems</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Report on measured area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Other materials required for property service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beijing Jingkai&middot;One Center Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Temporary Management Convention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Project Owner: Beijing Jingkai-Gongda Investment
Management Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(MM)/(DD)/(YY)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Table of contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 1 </FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 2 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 3 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use, maintenance and management of exclusive areas of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 4 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use, maintenance and management of shared areas of property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 5 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decoration and furnishing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 6 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary property service</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 7 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection and handover of project items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 8 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property service fee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 9 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part 10 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplementary provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter of Commitment for Temporary Management Convention</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 1 General provisions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To carry out the after-sales property management
of Beijing Jingkai &middot; One Center Project (this &ldquo;Property&rdquo;), safeguard legitimate rights and interests of all
proprietors and house users, and to preserve public environment and order in the shared areas of the property, the project owner,
prior to sales of the property, develops this temporary management convention (this &ldquo;Convention&rdquo;) with respect to use,
maintenance and management of the property, common interests and obligations of proprietors, and liability for violation of this
convention in accordance with the <I>Regulations of Beijing Municipality for Realty Management</I> (Decree of the People&rsquo;s
Government of Beijing Municipality No. 219) and the relevant laws, regulations and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Owner shall present and explain this convention
to the Buyer prior to sales of the property. This convention shall be attached to the <I>Beijing Commodity Housing Presale Contract</I>
or the <I>Contract for Sale of Finished Commodity Housing in Beijing</I> to be made by and between the first Buyer of the property
and the Owner (the &ldquo;Housing Purchase Contract&rdquo;) as an annex thereto. By written undertaking in connection with this
convention, the first Buyer acknowledges this convention, and effects of this convention shall be extended to subsequent Buyers
of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This convention shall be binding upon the Owner,
proprietors and the house users. The proprietor shall warrant that the co-occupier and the relevant person to use this property
in compliance with this convention and the relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agreements involving common interests of proprietors
contained in the <I>Preliminary Property Service Contract</I> by and between the project owner and the property service enterprise
shall be consistent with those of this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 2 Overview of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I. Overview of properties within the property
area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name of property: <U>Beijing Jingkai &middot;
One Center</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Location: <U>Lot D1F1, Eastern Zone,
Beijing Economic-Technological Development Area Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Type of property: <U>office and commercial
properties</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U></U>Floor area: <U>83,832.86m<SUP>2</SUP> (measured area prevails)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Scope of the property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">East to: <U>3rd Jinghai Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">South to: <U>13<SUP>th</SUP> Kechuang
Street</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">West to: <U>1st Jinghai Road</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">North to: <U>Qujian Road D1#</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details concerning properties situated within
area of this property are found in the <I>Preliminary Property Service Contract</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">II. Rooms for property service within area
of this property are located on the <U>aboveground 1F and underground 1F of A2</U>, with floor area: <U>aboveground 100m<SUP>2</SUP>,
and underground 50m<SUP>2</SUP></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">III. Overview of property service enterprise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name of enterprise: Beijing Jingkai Investment
Development Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal representative: Guo Guangqing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Business license number: 110000001699163</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Qualification class and qualification certificate
number: No.0075 JWQZS [2014]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Registered office: Building 1, Zone A, Beijing
Gongda Software Park, No. 1 Disheng North Street, Beijing Economic-Technological Development Area, Beijing, 100176, China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact phone: 010-67873388</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 3 Use, maintenance and management
of exclusive areas of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IV. A proprietor is entitled to occupation,
use, income and disposal of the exclusive area of the property, and shall also comply with the relevant laws and regulations of
the country and Beijing municipality without endangering safety of the building or infringing upon legitimate rights and interests
of any other person. The proprietor and the house user shall comply with regulations on supply of power, water, heating, and of
gas, drainage, accessibility, ventilation, lighting, decoration &amp; outfitting, surrounding sanitation and environmental protection,
and properly deal with his or her relationship with proprietors of neighboring houses in the principles of facilitation of use,
safety and neatness of the property, fairness and rationality without jeopardizing public interests and interests of any other
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">V. A proprietor shall, upon expiration of the
warranty period of the property, solely take charge of maintenance and repair of the exclusive area of his or her property. Such
proprietor shall be liable for any loss of any other proprietor incurred due to delay in repair or maintenance or failure to take
actions to eliminate potential safety risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VI. A proprietor and a house user shall use
the property for the planned purpose set forth in the house purchase contract, and annex and supplementary agreement thereto, and
where the planned purpose of the property has to be changed, such proprietor and house user shall complete the relevant procedures
in accordance with the laws subject to approval by the relevant competent governmental authority with written consent of the interested
proprietor, project owner and the property service enterprise, and shall notify the property service enterprise, property right
holder and proprietors committee of such change. Nature of use of the shared sections and facilities that are developed within
the property management area according to the planning shall not be changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VII. A proprietor and a house user shall promptly
deal with any potential safety risk that is revealed during use of water, electricity, gas, heating, cooling and ventilation facilities
and equipment in accordance with the relevant regulations and report such risk to the property service enterprise and authority
concerned; coordinate with the relevant authority to take actions to avoid danger when emergency event occurs; comply with and
ensure their employees, visitors, customers, agents and contractors to comply with regulations concerning fire protection safety
and safety rules developed by property the property service enterprise, and shall make sufficient fire extinguishers available
within his or her unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VIII. For outdoor and indoor equipment, facilities,
and garden greening and sites of a proprietor,, which are either situated within the exclusive area or are used by such proprietor
independently, such proprietor shall entrust the qualified professional enterprise with regular inspection, repair and maintenance
of items including (but not limited to) lifting equipment, pressure vessel equipment, pressure gauge, fire-fighting facility and
equipment, greening support facility and equipment, and central air-conditioning equipment, obtain the permit for safe operation
from the competent governmental authority, and shall be liable for any and all expenses incurred in connection therewith pursuant
to the relevant regulations of the country and Beijing municipality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VX. Neither a proprietor nor a house user shall
modify structure, appearance and use of the house without authorization; engage in catering and other trades resulting in excessive
noises to residents and environmental pollution in the ground floor store of the residential property; open or block exterior door
and window or change their sizes and styles without authorization; change material and color of finish of outer wall; erect or
develop any building and structure on the roof, building body, and accessory platform and within any other commonly shared sections;
and change the pipe without authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">X. In the event that the property service enterprise
has to access the exclusive area for repair, maintenance, renewal and renovation of the shared areas of the property, it shall
give a prior notice to the relevant proprietor and house user, and proprietor and house user of the relevant exclusive area shall
coordinate with such enterprise. If a proprietor or house user hinders or provide negative coordination in connection with such
repair, maintenance, renewal and renovation, resulting in damage to or any other loss of the property, such proprietor or house
user shall be liable for aggravation of the loss incurred from such hindering or negative coordination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the proprietor refuses or fails to repair
after receipt of notice, the property service enterprise is entitled either to perform on its own or to cause any third party to
perform such repair , in which case the proprietor shall be liable for any and all consequential losses and expenses, and it shall
also pay the property service enterprise the fines equal to 2&#8241; of total property purchase price on daily basis for the period
commencing from the date on which the property service enterprise gives oral or written warning and ending on the date on which
such repair is completed. Such fines shall be fully paid one time on the date of remedy of the breach, and shall be allocated to
the public fund of the community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the proprietor refuses to accept liability
for repair or loss, or fails to pay the fines on due date, hindering normal operation of the property or resulting in damage to
the property or loss of any other proprietor, such other proprietor and the property service enterprise have the right to entrust
professional lawyer with safeguarding their rights, and such proprietor shall bear any and all consequential costs and expenses
(including but not limited to attorney's fee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the property service enterprise,
as a result of an emergency that endangers public interests and legitimate rights or interests of any other proprietor, has to
access the exclusive area of a property for maintenance or repair, the property service enterprise shall notify the relevant proprietor
or house user of such property in advance, and if it is indeed impossible to notify such proprietor or house user, the property
service enterprise is allowed to perform such repair or maintenance under supervision of the public security authority, government
of the relevant jurisdiction, and other non-interested proprietor, provided that the enterprise shall notify the relevant proprietor
or house user thereafter and shall well settle the problems arising thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XI. In the event that a proprietor or house
user has to temporarily occupy or dig road or site due to repair or maintenance of property or due to public interest, such proprietor
or house user shall complete the relevant formalities in accordance with the relevant laws and regulations, issue public announcement
in advance, obtain written consent from the property service enterprise hired by the project owner, and shall reinstate such road
or site within the agreed period. Such proprietor or house user shall be liable for any consequential loss of the property service
enterprise, any other proprietor or house user, and any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XII. If a property poses safety threat or endangers
public interests or legitimate rights or interests of any other proprietor, the relevant responsible person such as proprietor
or house user of such property shall immediately take actions to eliminate such threat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Neither a proprietor nor a house user shall
raise any animal and pet within the area of property in the office park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Where a proprietor or house user engages
in such activities as production, processing, office and R&amp;D in buildings in the park, such proprietor or house user shall
execute the relevant national standards, develop the relevant management, production and safety measures, as well as prevention
measures, and shall arrange and use park facilities and energy facilities in a reasonable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. To transport goods into or out of the park,
the organization shall comply with the relevant property management rules, and the proprietor or house user shall go through the
relevant formalities with the property service enterprise. Any large transportation vehicle with capacity more than 30t (including
30t) is prohibited from accessing into the park, and in case of transportation in such large vehicle, the proprietor or the house
user shall arrange lighter on its own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIII. Where a proprietor leases out, transfers
or otherwise dispose of his or her exclusive area, such proprietor shall notify the project owner and the property service enterprise
in writing in advance, notify the tenant and the buyer of this convention in compliance with the regulations for leasing and transfer
of house, and shall notify the project owner and property service enterprise of the lease and transfer (i.e., attach this convention
to the relevant contract or document as annex thereto, notify the project owner and the property service enterprise of disposal
of the realty in writing within three days as of the date of execution of such relevant contract and document, and submit the letter
of commitment for the right successor signing this convention to the property service enterprise), otherwise the proprietor shall
be severally and jointly liable for loss and overdue fee incurred due to violation of the property management system and this convention
on part of the tenant and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 4&nbsp;&nbsp;Use, maintenance and
management of shared areas of property</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIV. A proprietor shall be entitled to rights
and assume obligations in connection with shared area of the property, and shall not refuse to fulfill obligations by reason of
waiver of any right. When using shared area of the property, a proprietor or house user shall comply with regulations and rules
developed by the project owner for use of shared area of property, and maintenance of public order, environment and sanitation
in accordance with the <I>Preliminary Property Service Contract</I>. In case of damage to the shared area of property as a result
of improper use on part of the user, the responsible person shall assume the legal liabilities such as reinstatement and compensation
for loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XV. A proprietor or house user shall reasonably
use the shared facility and equipment, consciously maintain the property neat and good-looking, and comply with regulations of
the governmental for appearance and environment of the municipality. A proprietor or house user shall not erect any facility, building
or structure, permanent or temporary, within the public area; not damage pipe well or cable above or ground the greening area,
not shade or enclose the well lid, and not disturb necessary infrastructure within the greening area, installation and normal operation
of the equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVI. When driving and parking a vehicle within
the property management area (including motor vehicle and non-motor vehicle), a proprietor or house user shall comply with the
rules for driving and parking within the property management area without parking the vehicle on the shared road, public greening
area and other public sites and without occupying fire-fighting passageway or outdoor hydrant and equipment pipe well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A property service staff has the right to instruct
any person who violates the parking management rules to rectify such violation immediately, and such person shall be liable for
any and all consequential losses. Any person shall otherwise sign the agreement for use and management of parking space with the
property service enterprise and pay the relevant parking space management fee no matter how such person obtains the right of use
of the parking space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVII. A proprietor or house user shall operate
and use the lift in compliance with the relevant regulations of competent governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XVIII. To erect company nameplates and sign
boards (including but not limited to emblem) that are erected within public area, the proprietors or house users shall not install
any such nameplate or sign board on their own but shall contact the property service enterprise for centralized fabrication and
installation at the relevant expenses of such proprietors or house users. The project owner will provide spaces for hanging corporate
guidance emblem at the entrance lobby on the ground floor, provided that the proprietor or house user shall notify the property
service enterprise of the emblem details 7 days ahead of mobilization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XIX. A proprietor or house user shall reasonably
use water, electricity, gas, heating, cooling, ventilation, fire protection and security facilities and equipment without any unauthorized
removal or modification in accordance with the relevant regulations, and shall be liable for any and all consequences and losses
of public area, shared equipment, and neighboring proprietor or house user as a result of unauthorized removal or modification.
The property service enterprise has the right to claim repair, recovery or compensation against a proprietor or house user in connection
with any loss caused by such proprietor or house user, and to report such loss to the competent governmental authority and the
competent industry authority. If any equipment or facility that is so removed or modified remains within its warranty period, then
warranty obligation of the relevant warranty provide shall be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XX. Garbage of each building shall be classified
according to the Regulations of <I>Beijing Municipality for Administration of Domestic Garbage</I> (Bulletin No. 20 issued by the
Standing Committee of the 3rd Municipal People's Congress of Beijing), and shall be stored in area specified by the property service
enterprise, which in turn shall arrange to clear such garbage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXI. The following acts shall be prohibited
within the property management area:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. unauthorized removal or modification of
load bearing structure and main structure of the house, unauthorized change of appearance of the house, unauthorized occupation
of or damage to shared area of property, shared facility and equipment and the relevant site, and unauthorized relocation of shared
facility and equipment of property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. damage to or scratch of any public items
of the property such as glass curtain wall, wall of passageway/corridor and glass/column, in which case the relevant responsible
person shall be liable for costs in connection with repair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. drilling on the glass curtain wall or sticking
any type of facility, object or advertisement board on the indoor or outdoor surfaces of the curtain wall. Any device shall not
touch any structural member of the curtain wall, Correctly use and specially protect external door and window, and do not support
the external window with a hard object. Promptly close and lock external door and window when all persons leave the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. non-compliance of building load capacity
of the property by installing (placing) any furniture, equipment, mechanical device and other articles exceeding the roof load
capacity onto any part of the roof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. unauthorized placement of articles, unauthorized
erection of any building, structure, bracket,&nbsp;&nbsp;canopy, advertisement board, signboard, umbrella and any other article
not approved by all other proprietors or house users onto the common terrace or roof platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. stacking of flammable, explosive, hypertoxic,
or radioactive substance, and emission of harmful substances such as air pollutant, water pollutant, noise, light, and electromagnetic
wave.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. blockage or obstacle of any public item
or public site, or placement or disposal of any garbage or article in public item or public site or out of the window.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. unauthorized hanging, posting, alteration,
scratching, erection of flag, distribution of brochure, or installation of neon light in public item or the relevant site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. encroachment of or damage to public greening
area (including but not limited to cutting and digging), road, flowers, trees, artistic landscape, and facilities and equipment
for culture, recreation, sports and leisure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. parking on public road, or washing or repair
of vehicles on public road.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. installation of satellite receiver or any
other high-power receiving device that shall be subject to approval by the governmental approval, without approval by the governmental
approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. engaging in activities endangering public
interests and infringing legitimate rights and interests of any other person using the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. demanding the property service enterprise
for services irrelevant to the property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. any other act prohibited by laws, regulations
and this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXII. Any proprietor shall pay the specific
repair fund as prescribed, and shall pay the property service fee in accordance with the Preliminary Property Service Contract.
If a proprietor sells, transfers, mortgages or contributes his or her property, the repair fund he or she pays for the public item
and shared facility and equipment shall remain the funds for repair and renewal of the public item and shared facility and equipment
of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIII. The order preservation staff has the
right to inquire about a strange visitor and register such visit in order to preserve safety and order within the property management
area, and a proprietor or house user shall cause the visitor to coordinate with such staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of fire, theft, personal injury or
death and any other safety accident, the proprietor, house user, property service enterprise, and the project owner shall report
to the public security authority. The property service enterprise and the project owner shall coordinate with such authority to
conduct investigations and evidence gathering. The supervision video shall be kept in compliance with the relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIV. Where a proprietor or house user violates
this convention, the property service enterprise has the right to urge such proprietor or house user to rectify such violation
by advice, warning, prevention or any other measure permitted by laws, and such proprietor shall remedy such violation until he
or she becomes compliant with this convention as required by the property service enterprise within the prescribed time limit at
his or her remedy costs. If the proprietor fails to remedy his or her violation of this convention even through coordination, the
property service enterprise is entitled to directly initiate civil litigation to the people's court, and if the proprietor violates
the relevant regulations and policies, the property service enterprise is entitled to complain about and report such violation
to the competent authority concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 5&nbsp;&nbsp;Decoration and furnishing</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXV. In order to maintain quality of the property,
the proprietor and house user undertake that the decoration recipient and decoration &amp; furnishing enterprise engaged by such
recipient, as well as the project owner shall comply with the <I>Guidance for Decoration</I> for the property area to perform decoration.
The proprietor or house user and the decoration recipient shall declare the decoration to and register the decoration with the
property service enterprise prior to decoration, and sign the <I>Housing Decoration Management Service Agreement</I> with the property
service enterprise, defining the relevant rights and obligations, components of service and liability for breach of agreement.
The proprietor or house user shall conduct decoration &amp; furnishing in accordance with the housing decoration management service
agreement, and observe the precautions for decoration &amp; furnishing, and shall not perform any decoration prohibition. The proprietor
shall place the decoration &amp; furnishing materials and waste resulted from decoration in the designated area without unauthorized
occupation of the public items and public site of the property. The proprietor or house user shall pay fees in connection with
decoration management (including but not limited to decoration management fee, decoration garbage disposal fee and decoration deposit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During decoration &amp; furnishing construction
within the property management area, decoration work generating noises is prohibited in the building from 8:30 a.m. to 18:00 p.m.
in working days, and actions shall be taken for decoration work to be performed in other times in order to mitigate interference
with surroundings. The proprietor or house user shall post an announcement in the building, indicating the date and time of decoration
&amp; furnishing to be performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVI. Where decoration &amp; furnishing of
house influences normal operation of public item and shared facilities and equipment, and infringes upon legitimate rights and
interests of neighboring proprietor or house user, the proprietor or house user of the property under decoration shall promptly
reinstate normal operation and legitimate rights and interests, and shall assume the relevant compensation liability. The proprietor
or house user shall coordinate with the property service enterprise to bind and manage the decoration &amp; furnishing enterprise.
The proprietor or house user shall promptly reinstate normal operation of the public items and shared facilities and equipment
that is influenced by decoration of the house, and shall repair the public area if consequentially damaged and shall be liable
for any consequential loss of any other proprietor or house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVII. During decoration of house, the proprietor
and house user shall take finished product protection measures for the relevant public area, and shall neither remove or modify
the load-bearing wall and pipes nor damage waterproofing course. The property service enterprise has the right to supervise and
inspect decoration activities of the proprietor and the house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any decoration work shall be subject to
approval and acceptance by the governmental authority concerned pursuant to the relevant regulations, the proprietor and house
user shall complete such approval and acceptance in accordance with such regulations, and shall file such decoration work with
the property service enterprise. If modification of fire-fighting system is involved in the decoration, the proprietor or house
user shall submit such modification to the fire protection authority for approval and acceptance and file such modification with
the property service enterprise. Any proprietor or house user shall not move, relocate, close, replace, cancel or remove any fire-fighting
equipment and facility without prior written consent of the property service enterprise, and shall not damage the fire-fighting
facilities or result in wrong alarm of or damage to fire alarm system for human-made reason, otherwise such proprietor or house
user shall be liable for any and all consequences incurred due to any act under the laws and regulations such as fire control law
and the relevant fire control regulations, and shall also bear all repair costs, losses, and penalties imposed by the government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 6&nbsp;&nbsp;Preliminary property
service</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXVIII. The project owner and property service
enterprise shall take charge of preliminary property service for the property management area. Regarding exact property services,
service standard and property service fee, the <I>Preliminary Property Service Contract</I> shall apply.&nbsp;&nbsp;Any proprietor
shall fully pay the payable fees under the property purchase contract or the <I>Preliminary Property Service Contract</I> .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXIX. In order to safeguard their common interests,
all proprietors agree to grant the following rights to the project owner with respect to property management activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. to develop regulations and rules for use
of public items and shared facilities &amp; equipment of the property, preservation of public order, public greening area and environmental
sanitation, and for other property service aspects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. to prevent the proprietor or house user
from violating this convention and the regulations and rules by warning, advice, publicity and other necessary actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. to withhold property service fee payable
by the proprietor and any other fee collected and handed over on behalf of the proprietor under the laws, regulations and the <I>Preliminary
Property Service Contract</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. to pay property service fee for unsold houses
commencing from the due date of the property service fee. Where the property service fee for any unsold house paid by the project
owner includes the property service fee that become payable after such house is sold, the project owner has the right to, following
such sales, withdraw the balance of the said property service fee it pays without written confirmation by the proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. to fully withdraw the balance of the preliminary
property service fee the project owner pays as the preliminary property service provider without written confirmation by the proprietor,
provided that the audited preliminary property service fee assumed by the project owner exceeds the actual fee incurred for the
preliminary property service period, in which case the excess property service fee shall be the property of the project owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXX. In order to safeguard their common interests,
all proprietors agree to grant the following rights to the property service enterprise with respect to property management activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. to cooperate with the project owner to develop
regulations and rules for use of public items and shared facilities &amp; equipment of the property, preservation of public order,
public greening area and environmental sanitation, and for other property service aspects, in accordance with this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. it is lawful for property service staff
to damage exclusive area of any proprietor without any liability, provided that such damage is indeed necessary for urgent danger
prevention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. property service staff can open channel
or door to any part of the property from time to time for any national administrative authority, law enforcement authority, or
judicial authority if any such authority has to access the park in order to perform its duties, in which case the proprietor shall
understand and cooperate with such authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. there is no any personal, property custody
or insurance relationship within this property with the proprietor and house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. the property service enterprise may be relieved
from liability for inconvenience brought to the proprietor or house user as a result of necessary maintenance or repair of the
public item or shared facilities and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 7&nbsp;&nbsp;Inspection and handover
of project items</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXI. In the event that all proprietors decide
to terminate the preliminary property service contract and that they determine the property management mode, the project owner
shall verify the shared areas of the property with the proprietors and handover the shared areas to the proprietors in the manner
as prescribed in the regulations of Beijing for handover of property items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXII. Where inspections demonstrate that the
shared areas of the property comply with the relevant standards, or after inspection and handover are completed under the property
purchase contract (including deemed completion of inspection and handover), the project owner shall fully fulfill obligations and
responsibilities in connection with the shared areas in addition to the warranty liability, which shall be performed on the basis
of the warranty period and warranty scope as provided in the national regulations and the property purchase contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIII. The proprietors meeting shall, within
30 days after it is established and after the property management mode is determined, carry out post-inspection and handover of
shared areas of the property with the project owner. The preliminary property service contract shall be terminated on the date
on which the inspection and handover of shared areas of property are accomplished. In the event that the handover is not accomplished
within the said 30 days for any reason not attributable to the project owner, the date on which the said 30-day period expires
shall be deemed as the completion date of property handover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIV. If the proprietors meeting continues
choosing the property service enterprise appointed by the project owner (including deemed de facto management), the project owner
is not required to complete such formalities as handover and inspection with the property service enterprise given that the project
owner has inspected the property and shared areas with and handed over the relevant documentations to the property service enterprise
in accordance with the <I>Measures for Property Undertaking and Inspection</I> (J. F. [2010] No. 165), and <I>Measures of Beijing
Municipality for Realty Management</I> (Decree of the People's Government of Beijing No. 219) when the project owner appointed
the property service enterprise, and that the property service enterprise has been managing and maintaining the shared areas, and
the date on which the proprietors meeting makes decision shall be deemed as the completion date of handover and inspection, commencing
from which the Buyer shall pay the property service fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXV. If any dispute arises out of inspection
of the shared areas between the proprietor and the property service enterprise, and if authoritative organization determines that
the shared areas satisfy the relevant criteria, the handover shall be deemed to be completed at time of inspection, and the proprietor
shall pay the due but not paid property service fee if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVI. The shared areas of property shall be
inspected and handed over as long as they materially comply with the handover conditions, and any repairable defect in the shared
area shall not influence receipt of the property, provided that the project owner shall be responsible for repair of such defect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 8&nbsp;&nbsp;Property service fee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVII. Any proprietor or house user shall
pay the project owner or property service enterprise the property service fee promptly in accordance with the <I>Preliminary Property
Service Contract</I>, and if a proprietor entrusts the property service enterprise with providing specially engaged service other
than those set forth therein, such proprietor and the property service enterprise shall otherwise agree upon fees for such specially
engaged service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Property service rate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office Building (sold as a whole): 5.50yuan/month&bull;
m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office Building (partially sold ): 6.50yuan/month&bull;
m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commercial property: 5.50yuan/month&bull; m'</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Payment period of property service fee:
the project owner or the property service enterprise shall pre-collect the property service fee on annual basis. A proprietor shall
pay the property service fee for the first year when he or she moves in the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Subsequent payment of property service fee:
the property service enterprise will remind the proprietor of paying the property service fee for the next year thirty days prior
to expiration of the period related to the property service fee that has been paid by the proprietor. The proprietor shall, prior
to expiration of the period related to the paid property service fee, pay the next tranche of property service fee to the project
owner or the property service enterprise in cash or by cheque or T/T, and accordingly the payee shall issue the formal invoice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Commencement date of property service fee:
the commencement date of property service fee shall be the date from which the formal move-in procedures can be performed as indicated
on the move-in notice or similar instrument issued by the developer. In the event that a proprietor fails to complete the move-in
procedures promptly for his or her own reason, such proprietor shall still pay the property service fee accrued from the said date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. If a proprietor fails to pay the due and
payable property service fee, such proprietor shall pay the project owner or the property service enterprise the liquidated damages
equal to 3% of the payable property service fee per day. Where a proprietor fails to pay the property service fee for more than
6 months after the due date, the project owner or the property service enterprise has the right to publish the overdue payment
at obvious positions in the property management area, and where a proprietor owes the due property service fee for more than 12
months, the project owner or the property service enterprise has the right to initiate an action against such proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. In case of forced change in labor cost as
a result of adjustment in unit price of energy fee which is approved by the government or change in the national laws, regulations
and policies, the property service rate shall be adjusted following the relevant procedures stipulated by the government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXVIII. Where the proprietor and the house
user agree that the property service fee shall be paid by the house user, such agreement shall prevail, in which case the proprietor
shall be severally and jointly liable for payment of the property service fee. The proprietor shall immediately notify the property
service enterprise in writing of any payment agreement reached by and between the proprietor and the house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIX. All proprietors within the property
area shall pay, use and manage the specific repair fund as prescribed, and if balance of the fund is less than 30% of the initial
collection amount, the proprietors shall contribute to the specific repair fund as prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXX. Where the project owner or the property
service enterprise undertakes entrustment with collection and handover for competent governmental or industry authorities, the
proprietor shall pay the project owner or property service enterprise the payable fees such as those for water, electricity and
gas that are covered by such collection and handover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 9 Other matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXI. When completing the move-in formalities,
a proprietor or house user shall fully complete various forms, and shall provide the property service enterprise with the minimum
2 lawful and valid contact phone numbers so that the property service enterprise could contact the proprietor or house user in
case of emergency. The proprietor or house user shall promptly notify the property service enterprise in writing of any change
in such phone numbers, otherwise the proprietor or house user shall solely assume any liability and loss incurred in connection
with consequential failure of the property service enterprise to contact the proprietor or house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXII. A proprietor shall be liable for losses
of any other person due to negligence and improper conduct of employee, temporary visitor, contractor, tenant, and agent of such
proprietor and any other house user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXIII. A bulletin board shall be erected
within the property area, and the relevant management information the project owner and the property service enterprise announce
on such board, and notice or announcement the project owner and the property service enterprise issue to the proprietor shall be
deemed to be delivered to all proprietors on the third day as of the date of publicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Part 10 Supplementary provisions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXIV. In the event that a proprietor, house
user, project owner or property service enterprise violates the laws, regulations and this convention, disturbing normal operation
of the property or resulting in personal injury or loss of property of the right holder, the infringed party is entitled to initiate
a legal action to local people's court with jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXV. For the purpose of this convention,
the public item and shared facilities and equipment of the property shall mean house, space, site and the relevant facilities and
equipment owned or used by several or all proprietors other than the exclusive area of individual proprietor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVI. For the purpose of this convention,
the house user shall mean family and employee of a proprietor, tenant and its employee, co-user, temporary user, borrower, visitor,
and authorized caretaker of the house, and any other person whom is authorized by the proprietor to use such house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVII. This convention shall be binding upon
proprietors and house users within the property management area only. In case of transfer of this property, effects of this convention
shall be extended to the property transferee. Where the house user violates this convention, the proprietor shall be jointly and
severally liable for such violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXVIII. The project owner shall be entitled
to proprietor's rights of and undertake proprietor's obligations in connection with unsold portions and sold but not delivered
portions within the property management area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXIX. The proprietor, project owner and property
service enterprise shall hold each copy of this convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXX. This convention shall be attached to
the Beijing Commodity Housing Presale Contract as an annex thereto, and shall come into force as of the date on which the first
Buyer of this property signs the commitment (letter of commitment provided in the annex) and expire on the effective date of the
management convention developed by the proprietors meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXXI. If there is any conflict between provisions
hereof and the relevant laws and regulations, such provisions shall be null and void without influencing effects of the remaining
provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">XXXXXII. The person developing this convention
shall be bound to interpret this convention. This convention shall not be amended in any way unless the proprietors meeting is
established, and the proprietors meeting shall re-consider and re-develop the proprietor management convention after the meeting
is established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex: Letter of Commitment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Beijing Jingkai&middot;<U>One Center</U>
Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Letter of Commitment for Management Convention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">I / our company is the Buyer
of Unit No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of Building <U>B7</U> of <U>Beijing Jingkai &bull; One Center</U>
Project (hereinafter refers to as &ldquo;this Property&rdquo;). In order to safeguard the common interests of all the proprietors
in this property management area, I / our company agrees and represents as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">I.</TD><TD STYLE="text-align: justify">Acknowledges that &ldquo;the Temporary Management Convention for Beijing Jingkai &bull; One Center
Project&rdquo; (hereinafter refers to as &ldquo;this Convention&rdquo;) as stipulated by <U>Beijing Jingkai-Gongda Investment Management
Co., Ltd.</U> has been read thoroughly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">II.</TD><TD STYLE="text-align: justify">Agrees to fulfill, comply with and cause the persons related to this Property fulfill and comply
with the all the liabilities and obligations for the proprietors as well as the property users as specified in the Management Convention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">III.</TD><TD STYLE="text-align: justify">I / our company agrees to assume the corresponding liabilities resulted from breach of this Convention
and furthers agrees to assume any joint liability from any action of any user of this Property in breaching of this Convention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">IV.</TD><TD STYLE="text-align: justify">I / our company agrees to acquire the Letter of Commitment for this Convention executed by successor
of this Property at the time of assignment of this Property, and deliver the same to the Project Owner or the property service
enterprise, and this Letter of Commitment shall remain in full force and effect until receipt of the successor&rsquo;s Letter of
Commitment by the Project Owner or the property service enterprise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Promisee (Seal): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">/seal/ Tarena Software Technology (Hangzhou) Co., Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date of Signature:&nbsp;__________</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify; text-indent: -21pt">&nbsp;</P>


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annex IX: Other Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Supplementary Agreement to Beijing Commodity
Housing Presale Contract on Beijing Jingkai &bull; One <U>Center</U> Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Seller: Beijing Jingkai-Gongda Investment
Management Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Buyer: Tarena Software Technology (Hangzhou)
Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">Both the Seller and the
Buyer agree to enter into and comply with this Supplementary Agreement (hereinafter referred to as &ldquo;the Supplementary Agreement&rdquo;)
so as to supplement the Beijing Commodity Housing Presale Contract (Contract No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
hereinafter referred to as &ldquo;the Presale Contract&rdquo;) executed between both parties through friendly negotiation and based
on voluntariness with respect to the outstanding issues related to the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Article 1 Definitions
and Interpretations in the Presale Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. &ldquo;Delivery&rdquo;
as mentioned in the annexes to the Contract shall mean &ldquo;delivery for use&rdquo;, and only refer to transfer for occupation
and risk transfer of this Commodity Housing, excluding the contents of title transfer and registration of this Commodity Housing
to be dealt with by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. &ldquo;The Seller
shall &lsquo;show&rsquo; the relevant documents to the Buyer&rdquo; as mentioned in the Presale Contract shall mean &ldquo;that
the Seller shall keep the relevant documents at the marketing place or the handover &amp; takeover place of this Commodity Housing
and make the same available to the Buyer for consultation other than providing duplicates to the Buyer&rdquo;; &ldquo;the Buyer
shall &lsquo;show&rsquo; the relevant documents to the Seller&rdquo; shall mean &ldquo;the Buyer shall show expressly the duplicates
of the relevant documents and the Seller shall have the right to consult the same&rdquo;; &ldquo;the Seller shall &lsquo;provide&rsquo;
the relevant documents to the Buyer&rdquo; shall mean &ldquo;the Seller shall deliver the data or documents to the Buyer in person
or with the mode of service as agreed in this Supplementary Agreement&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">3. &ldquo;The project
quality codes, standards and working drawing design documents issued by the State and Beijing Municipality&rdquo; as mentioned
in the Presale Contract refers to &ldquo;the mandatory project quality codes, standards and working drawing design documents of
the State and Beijing Municipality in effect at the time of design and construction&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&ldquo;The orientation
of this Commodity Housing&rdquo; as given in Article 3 of the Presale Contract shall refer to &ldquo;the orientations of some of
the rooms of this Commodity Housing&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">4. &ldquo;Day&rdquo; as
mentioned in the Presale Contract shall refer to &ldquo;calendar day&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">5. &ldquo;The date of
duly receipt&rdquo; as mentioned in the Presale Contract shall refer to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(1) In case of
delivery by mail, the 5<SUP>th</SUP> day after the date of delivery by mail shall be deemed as the date of duly receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(2) In case of delivery
by courier, in person or taking delivery by the assigned person, the date of receipt as indicated on the receipt form shall be
deemed as the date of duly receipt; when no receipt form is made, the date given on the letter shall be deemed as the date of duly
receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">(3) In case of transmission
by fax or email, the second day after the date indicated on the notice shall be deemed as the date of duly receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt"><B>Article 2 Supplementary
Provisions for House Delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">1. In case the Buyer asserts
its right for sales return of the commodity housing to the Seller for reason that the commodity housing has serious quality defect(s)
in accordance with the relevant provisions as given in the Presale Contract, the Buyer shall show the valid testing report as issued
by a statutory appraisal agency within 60 days (including the 60<SUP>th</SUP> day) after the date of handover of the commodity
housing by the Seller. Any failure to show or being unable to show within the said deadline shall be deemed as the commodity housing
is acceptable in quality, and the Buyer has waived its right for asserting sales return, in this case, the Presale Contract shall
continue to be fulfilled and Buyer shall not assert its right for sales return to the Seller according to these provisions. The
Buyer shall assume the responsibility for not taking delivery of the commodity housing in time if it has rejected to take over
this Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">In case the Buyer asserts its right for sales
return of the commodity housing to the Seller according to the provisions as given under Article 17 (2) of the Presale Contract,
the Buyer shall show the valid testing report as issued by a statutory appraisal agency within 60 days (including the 60<SUP>th</SUP>
day) after the date of handover of the commodity housing by the Seller. Any failure to show or being unable to show within the
said deadline shall be deemed as the commodity housing is acceptable in indoor air quality. In this case, the Buyer shall assume
the responsibility for not taking delivery of the commodity housing in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">Air quality measure shall
be based on the initial state of the Commodity Housing at the time of delivery. The Seller shall assume no responsibility for any
non-conformity with the standards of the state with respect to indoor air quality after the Buyer has made any decoration or transformation
to the Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">2. Unless otherwise agreed
between both parties, the Seller shall deliver this Commodity Housing to the Buyer at the time as specified in the Presale Contract.
In case the delivery conditions for this Commodity Housing as specified in the Presale Contract have been satisfied ahead of the
time as specified, the Seller can make delivery ahead of the time as specified, and the date of taking delivery shall be the date
as indicated on the written document &ldquo;Notice on Taking Delivery&rdquo; issued by the Seller to notify the Buyer to handle
the relevant formalities and take over the Commodity Housing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">3. For any Commodity Housing
of which the acceptance and registration formalities upon project completion have been satisfied, if the Commodity Housing is defective
identified at the time of taking delivery, the Buyer shall reject this Commodity Housing by virtue of the said defect. The Seller
shall assume its obligations for warranty and maintenance, but not bear any liability for breach of contract due to late delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">4. After actual delivery of this Commodity
Housing by the Buyer, any occupation and damage to this Commodity Housing by any other person, and damage to the devices and equipment
of the property shall be under the responsibility of the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">5. The Buyer shall pay up
the taxes as specified in Article 16(5) of the Presale Contract before the formalities of taking over the keys. The Seller may
have the right to refuse to handle the formalities of handing over the keys to the Buyer if the Buyer has not paid of the above
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Article 3 Property Management
Service Related to this Commodity Housing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">1. The Buyer agrees that the Seller will select
or replace a property management company to exercise property management by law before formal establishment of the Proprietors
Committees. After formal establishment of the Proprietors Committees, the Proprietors Committees shall have the right to further
employ the existing property service enterprise or select another property management entity by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">2. If the Buyer carries out decoration on this
Commodity Housing by itself after the occupancy formalities, it shall comply with &ldquo;the Temporary Management Convention for
Beijing Jingkai &bull; One <U>Center</U> Project&rdquo;, and shall not make any damage to this Commodity Housing and bring any
nuisance to the proprietors in the vicinity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">3. The Buyer shall not use this property for
other purposes other than those specified in the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>Article 4 Special Provisions
for Cancellation of the Presale Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">l. In case of occurrence
of any circumstance in which the Buyer shall be entitled to terminate the contract due to the Seller&rsquo;s default as specified
in the Presale Contract, the Buyer shall issue a written notice for cancellation of the Presale Contract to the Seller within 60
days (including the 60<SUP>th</SUP> day) after occurrence of the said circumstance. The Buyer&rsquo;s failure&rsquo;s to do so
shall be deemed as the Buyer has waived its right for cancellation of the contract and agreement to further fulfillment of the
Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">2. In case
of occurrence of any circumstance which may lead to cancellation of the contract by either party as referred in the Presale Contract
as well as this Supplementary Agreement, the Buyer shall issue its written application for cancellation of the contract to the
Seller, then, execute the Agreement on Cancellation of the Commodity Housing Presale Contract within 5 days after delivery of the
said application, and assist the Seller to complete all the formalities for cancellation of the presale contract for this Commodity
Housing at the competent government authorities, otherwise, the Buyer shall pay liquidated damages to the Seller at 2/10000 of
the total price of this Commodity Housing to the Seller per each day&rsquo;s delay in payment (excluding the delay caused by the
Seller).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify; text-indent: 14.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>Article 5 Notification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">l. The Buyer shall provide its correct contact
information in detail (including the address, telephone, fax and contact person, etc.) to the Buyer at the time of concluding the
Presale Contract, and issue its written notice to the Seller within 7 days after any change to the said address or any other contact
information, otherwise, the original contact information provided by the Buyer shall further remain in effect, and the Seller shall
assume no legal liability for the Buyer&rsquo;s not receiving any relevant notice from the Seller due to change to the Buyer&rsquo;s
contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. According to the Presale
Contract and this Agreement, important documents such as any notice from one party to the other party shall be delivered to the
address as specified in the Presale Contract as well as this Agreement or otherwise given by the written notice from the other
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.6pt"><B>Article 6 Other Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">l. The Seller&rsquo;s sales advertisement and
publicity presentation materials (including but not limited to postings, brochures, sand table, models and advertisements, etc.)
for this Commodity Housing shall not be deemed as a contractual offer, and the rights and obligations of both parties shall be
based on the provisions as specified in the Presale Contract as well as the corresponding supplementary agreements. The Seller
shall not assume any liability for any matter which has not been agreed between both parties in the Presale Contract (including
but not limited to any oral promise, recommendation and publicity made by the Seller as well as its staff).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">2. If a fire sprinkler system is provided in
the commodity housing purchased by the Buyer, when performing fine decoration on the commodity housing after purchase, the Buyer
shall comply with the requirements as specified in the relevant laws, regulations and codes of the state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">3. The Seller shall be responsible
for warranty of this Commodity Housing according to Article 18 of the Presale Contract, Nevertheless, the Seller shall not be responsible
for any damage due to any force majeure event or modification out of artificial reasons or any defect upon expiry of the warranty
period which shall be under the Buyer&rsquo;s responsibility. In addition, the Seller shall not take any warranty obligation for
any change to the original state of this Commodity Housing caused by decoration by the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">4. The Presale Contract (including the annexes
as well as this Supplementary Agreement) shall constitute all the contents with respect to selling and purchase of this Commodity
Housing between the Buyer and the Seller and supersede all the previous agreements made between both parties and all the literal
and picture materials provided by the Seller immediately upon execution. This Supplementary Agreement and the Presale Contract
shall have equal legal effect. This Supplementary Agreement shall prevail in case of any conflict between the provisions in this
Supplementary Agreement and the Presale Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>Article 7 Special Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">1. After purchase of this
Commodity Housing, this Commodity Housing can be only used by the legal entity which has been registered at Beijing <U>Economic-Technological
Development Area</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">2. When handling the title
transfer and registration processes related to this Commodity Housing by the Buyer and the Seller, both parties shall execute the
relevant legal documents as required by the title registration authority, and shall comply with the relevant conditions and requirements
as imposed by the competent government authority. In case that the title certificate of this Commodity Housing has not been obtained
on time at the Buyer&rsquo;s fault (including but not limited to that the Buyer has not satisfied the relevant requirements for
admission to the development area, the Buyer has failed to pay the relevant taxes, provide the relevant information and execute
the legal documents necessary for handling the property right according to the Seller&rsquo;s requirements, etc.), the Buyer shall
assume the liability and Seller shall not assume any liability for breach of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">3. Agreement on &ldquo;Specialized Housing
Maintenance Funds&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">The Buyer agrees that the
Buyer shall be liable to pay the public maintenance cost in full and in time at the amount and due time as given in the written
notice from the property service enterprise when the public locations and public facilities and devices in the area where this
Commodity Housing is located require maintenance, renewal or reconstruction upon expiry of the warranty period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">4. The Seller shall issue
the VAT invoice in full to the Buyer within 60 days after the Buyer has completed registration of the new company (i.e. the property
owner of this house) and the Seller has received the purchase price in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.25pt">5. &ldquo;The Buyer&rdquo; in the Beijing Commodity
Housing Presale Contract as well as its annexes and this Supplementary Agreement shall refer to the Buyer or any company under
the same control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seller
    (Seal)</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Buyer
    (Seal)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/seal/ Beijing
    Jingkai-Gongda     Investment</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/seal/ Tarena
    Software</FONT> Technology (Hangzhou) Co., Ltd.   </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Co.,
    Ltd.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date: </B><U>November
    5, 2016</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 89; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>12
<FILENAME>v461874_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>List of Major Subsidiaries and Variable
interest entity </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 48%; border-bottom: Black 1pt solid"><B>Name</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Jurisdiction</B><BR>
<B>of</B><BR>
<B>Incorporation</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><B>Affiliate&nbsp;Relationship&nbsp;with&nbsp;</B><BR>
<B>The&nbsp;Registrant</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tarena Hong Kong Limited</TD>
    <TD>&nbsp;</TD>
    <TD>Hong Kong</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tarena Software Technology (Hangzhou) Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tarena Technologies Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenyang Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jinan Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Qingdao Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tarena (Wuhan) Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chongqing Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kunming Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nanjing Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zhuhai Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Guangzhou Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenzhen Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Beijing Yingcai Tianyi Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Heilongjiang Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Harbin Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shijiazhuang Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Changchun Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tianjin Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Yantai Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Xi&rsquo;an Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Suzhou Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Wuxi Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ningbo Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nanchang Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Fuzhou Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 48%; border-bottom: Black 1pt solid"><B>Name</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Jurisdiction</B><BR>
<B>of</B><BR>
<B>Incorporation</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><B>Affiliate&nbsp;Relationship&nbsp;with&nbsp;</B><BR>
<B>The&nbsp;Registrant</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nanjing Tarena Weishang Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Guangxi Nanning Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zhengzhou Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Changsha Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chengdu Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hefei Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Xiamen Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dalian Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Wuhan Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weishang Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weiguan Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weicheng Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weixin Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Changchun Yingcai Tianyi Technology Co. Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Beijing Pairuite Internet Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weiying Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chengdu Tarena Weishang Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Taiyuan Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hangzhou Tarena Weishang Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dongguan Tarena Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Weifang Tarena Times Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Luoyang Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tianjin Tarena Software Development Co. Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tianjin Weishang Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gansu Tarena Information Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Beijing Caixiu Renren Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Software Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai Tarena Weijia Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 48%; border-bottom: Black 1pt solid"><B>Name</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Jurisdiction</B><BR>
<B>of</B><BR>
<B>Incorporation</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><B>Affiliate&nbsp;Relationship&nbsp;with&nbsp;</B><BR>
<B>The&nbsp;Registrant</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Guizhou Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hainan Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Haikou Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Linyi Tarena Technology Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenzhen Tarena Weishang Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Wholly-owned subsidiary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenyang Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Shenyang Tarena Technology Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jinan Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Jinan Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Qingdao Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Qingdao Tarena Software Technology Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Wuhan Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Wuhan Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chongqing Jiulongpo Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Chongqing Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kunming Guandu Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Kunming Tarena Technology Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nanjing Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Nanjing Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zhuhai Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Zhuhai Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Guangzhou Tarena Software Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Guangzhou Tarena Information Technology Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 48%; border-bottom: Black 1pt solid"><B>Name</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Jurisdiction</B><BR>
<B>of</B><BR>
<B>Incorporation</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><B>Affiliate&nbsp;Relationship&nbsp;with&nbsp;</B><BR>
<B>The&nbsp;Registrant</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenzhen Bao&rsquo;an Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Shenzhen Tarena Software Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Harbin Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Harbin Tarena Technology Co., Ltd., a wholly-owned subsidiary of Tarena International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dalian High-Tech Zone Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Dalian Tarena Software Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nanjing Tarena Weishang Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Nanjing Tarena Weishang Information Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenyang Tarena Times Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Shenyang Tarena Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zhengzhou Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Zhengzhou Tarena Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dalian Shahekou Tarena Accounting Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Dalian Tarena Software Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chengdu High-tech Zone Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Chengdu Tarena Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chengdu Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Chengdu Tarena Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chongqing Nanan Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Chongqing Tarena Software Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Wuhan Technology Tarena Professional Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Wuhan Tarena Software Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Weifang Tarena Professional Education School </TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Tarena Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shenzhen Longhua Xinqu Tarena Professional Skills Education School</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>School sponsored by Shenzhen Tarena Software Technology Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Beijing Tarena Jinqiao Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Variable interest entity</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Guangzhou Huicai Software Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary of Variable interest entity</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hangzhou Tarena Technology Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary of Variable interest entity</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hangzhou Tarena Computer Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary of Variable interest entity</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>13
<FILENAME>v461874_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification by the Principal Executive
Officer Pursuant to<BR>
Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Shaoyun Han, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this Annual Report on Form&nbsp;20-F of Tarena International, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the period presented
in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The Company&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
the effectiveness of the Company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
in this report any change in the Company&rsquo;s internal control over financial reporting that occurred during the period covered
by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Company&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company&rsquo;s auditors and the audit committee of the Company&rsquo;s board of directors (or
persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April&nbsp;25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">/s/ Shaoyun Han</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 46%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shaoyun Han</FONT></TD>
    <TD STYLE="width: 47%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>14
<FILENAME>v461874_ex12-2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification by the Principal Financial
Officer Pursuant to<BR>
Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Yuduo Yang, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">I have reviewed this Annual Report on Form&nbsp;20-F of
Tarena International, Inc.;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the period presented
in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The Company&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
the effectiveness of the Company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
in this report any change in the Company&rsquo;s internal control over financial reporting that occurred during the period covered
by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Company&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company&rsquo;s auditors and the audit committee of the Company&rsquo;s board of directors (or
persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April&nbsp;25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">/s/ Yuduo Yang</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">Yuduo Yang</FONT></TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: red; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>15
<FILENAME>v461874_ex13-1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION&nbsp;1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Annual Report of
Tarena International, Inc. (the &ldquo;Company&rdquo;) on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2016 as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;),&nbsp;I, Shaoyun Han, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of
1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">/s/ Shaoyun Han</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 10pt">Shaoyun Han</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>16
<FILENAME>v461874_ex13-2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION&nbsp;1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Annual Report of
Tarena International, Inc. (the &ldquo;Company&rdquo;) on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2016 as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;),&nbsp;I, Yuduo Yang, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of
1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">/s/ Yuduo Yang</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 10pt">Yuduo Yang</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>17
<FILENAME>v461874_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;15.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 25 April, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Matter No.: 824093</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Doc Ref: 103291636</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">852 2842 9556</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Christopher.bickleyl@conyersdill.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tarena International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 10017, Building E, Zhongkun Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A18 Bei San Huan West Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Haidian District<BR>
Beijing 100098</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: <B>Tarena International, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference to our firm under the heading &ldquo;Item
10. Additional Information &mdash; E. Taxation &mdash; Cayman Islands Taxation&rdquo; in Tarena International, Inc.&rsquo;s Annual
Report on Form 20-F for the year ended 31 December 2016 (the &ldquo;<B>Annual Report</B>&rdquo;), which will be filed with the
Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) in the month of April 2017, and further consent to the incorporation
by reference into the Registration Statements on Form S-8 (File No.: 333-197226) filed on July 3, 2014 and on Form S-8 (File No.:
333-204494) filed on May 28, 2015, in each case pertaining to Tarena International, Inc.&rsquo;s 2008 share plan and 2014 share
incentive plan of the summary of our opinion under the heading &ldquo;Item 10. Additional Information &mdash; E. Taxation &mdash;
Cayman Islands Taxation&rdquo; in the Annual Report. We also consent to the filing with the SEC of this consent letter as an exhibit
to the Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving such consent, we do not thereby admit that we come
within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, or under the Securities
Exchange Act of 1934, in each case, as amended, or the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours faithfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Conyers Dill &amp; Pearman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #002F5F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Conyers Dill
&amp; Pearman</FONT></P>

<P STYLE="color: #002F5F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>18
<FILENAME>v461874_ex15-2.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;15.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Han Kun Law Offices Letterhead]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tarena International, Inc.<BR>
Suite 10017, Building E, Zhongkun Plaza<BR>
A18 Bei San Huan West Road, Haidian District<BR>
Beijing 100098 The People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir/Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the reference of our
name under the heading &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate Structure,&rdquo;
&ldquo;Item 4. Information on the Company&mdash;C. Organizational Structure&rdquo; and &ldquo;Item 10. Additional Information&mdash;E.
Taxation&mdash;People&rsquo;s Republic of China Taxation&rdquo; in Tarena International, Inc.&rsquo;s Annual Report on Form 20-F
for the year ended December 31, 2016 (the &ldquo;<B>Annual Report</B>&rdquo;), which will be filed with the Securities and Exchange
Commission (the &ldquo;<B>SEC</B>&rdquo;) in the month of April 2017, and further consent to the incorporation by reference into
the Registration Statements on Form S-8 (File No.: 333-197226) filed on July 3, 2014 and on Form S-8 (File No.: 333-204494) filed
on May 28, 2015, in each case pertaining to Tarena International, Inc.&rsquo;s 2008 share plan and 2014 share incentive plan of
the summary of our opinion under the heading &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Relating to Our Corporate
Structure,&rdquo; &ldquo;Item 4. Information on the Company&mdash;C. Organizational Structure&rdquo; and &ldquo;Item 10. Additional
Information&mdash;E. Taxation&mdash;People&rsquo;s Republic of China Taxation&rdquo; in the Annual Report. We also consent to the
filing of this consent letter with the SEC as an exhibit to the Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, or under
the Securities Exchange Act of 1934, in each case, as amended, or the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify">/s/ Han Kun Law Offices</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Han Kun Law Offices</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.3
<SEQUENCE>19
<FILENAME>v461874_ex15-3.htm
<DESCRIPTION>EXHIBIT 15.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;15.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public
Accounting Firm</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tarena International, Inc. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by
reference in the registration statements (No. 333-204494 and No. 333-197226) on Form S-8 of Tarena International, Inc. of our
report dated April 25, 2017, with respect to the consolidated balance sheets of Tarena International, Inc. as of
December 31, 2015 and 2016, and the related consolidated statements of comprehensive income, changes in equity (deficit) and
cash flows for each of the years in the three-year period ended December 31, 2016, which report appears in the December 31,
2016 annual report on Form 20-F of Tarena International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our report dated April 25, 2017 contains
an explanatory paragraph that states that the Company has elected to change its reporting currency from U.S. dollars to Chinese
Renminbi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify">/s/ KPMG Huazhen LLP</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beijing, China<BR>
April 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>20
<FILENAME>tedu-20161231.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<!-- Based on XBRL 2.1 -->
<xbrli:xbrl xmlns:tedu="http://bj.tedu.cn/20161231" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/deprecated" xmlns:country="http://xbrl.sec.gov/country/2016-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2016-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2016-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2011-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2016-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:utr="http://www.xbrl.org/2009/utr">
  <link:schemaRef xlink:type="simple" xlink:href="tedu-20161231.xsd" />

<!--Context Section-->
  <xbrli:context id="P01_01_2014To12_31_2014">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_27_2014">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-02-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn03_07_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-03-07</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2015To04_03_2015">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-04-01</xbrli:startDate>

      <xbrli:endDate>2015-04-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_03_2014">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-04-03</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P05_01_2016To05_31_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-05-01</xbrli:startDate>

      <xbrli:endDate>2016-05-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P09_01_2016To09_16_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-09-01</xbrli:startDate>

      <xbrli:endDate>2016-09-16</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn10_08_2003">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2003-10-08</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P12_01_2008To12_16_2008">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2008-12-01</xbrli:startDate>

      <xbrli:endDate>2008-12-16</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_15_2008">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2008-12-15</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_16_2008">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2008-12-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

<!--Dimension Section-->
  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:SinoGermanKnowHowEducationInvestmentCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:SinoGermanKnowHowEducationInvestmentCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P12_01_2015To12_31_2016_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:SinoGermanKnowHowEducationInvestmentCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-12-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P10_01_2015To10_31_2015_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:SinoGermanKnowHowEducationInvestmentCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-10-01</xbrli:startDate>

      <xbrli:endDate>2015-10-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P11_01_2015To11_30_2015_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:JueshengDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-11-01</xbrli:startDate>

      <xbrli:endDate>2015-11-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P08_01_2015To08_31_2015_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:MxsoftDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-08-01</xbrli:startDate>

      <xbrli:endDate>2015-08-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VariableInterestEntitiesByClassificationOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VariableInterestEntitiesByClassificationOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VariableInterestEntitiesByClassificationOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VariableInterestEntitiesByClassificationOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VariableInterestEntitiesByClassificationOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:HangzhouMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:BeijingMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:HangzhouMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:BeijingMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_28_2017_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2017-02-28</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P05_01_2017To05_30_2017_ScenarioForecastMemberusgaapStatementScenarioAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementScenarioAxis">us-gaap:ScenarioForecastMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-05-01</xbrli:startDate>

      <xbrli:endDate>2017-05-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CostOfSalesMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_CostOfSalesMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_CostOfSalesMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">us-gaap:ParentCompanyMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CNusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_KYusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:KY</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_CNusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_KYusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:KY</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_CNusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_KYusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:KY</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:AdvancedAndNewTechnologyEnterpriseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:AdvancedAndNewTechnologyEnterpriseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:AdvancedAndNewTechnologyEnterpriseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaSoftwareTechnologyHangzhouCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaSoftwareTechnologyHangzhouCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaSoftwareTechnologyHangzhouCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P10_01_2016To10_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:HockeyGlobalResourcesInvestmentLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-10-01</xbrli:startDate>

      <xbrli:endDate>2016-10-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn10_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:HockeyGlobalResourcesInvestmentLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-10-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P10_01_2016To10_31_2016_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-10-01</xbrli:startDate>

      <xbrli:endDate>2016-10-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2004To01_16_2004_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2004-01-01</xbrli:startDate>

      <xbrli:endDate>2004-01-16</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn01_16_2004_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2004-01-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_BasicEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:BasicEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_BasicEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:BasicEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P08_01_2011To08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2011-08-01</xbrli:startDate>

      <xbrli:endDate>2011-08-11</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2011-08-11</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_TaxYear2018MemberteduTaxFuturePeriodAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:TaxFuturePeriodAxis">tedu:TaxYear2018Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_TaxYear2019MemberteduTaxFuturePeriodAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:TaxFuturePeriodAxis">tedu:TaxYear2019Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_TaxYear2020MemberteduTaxFuturePeriodAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:TaxFuturePeriodAxis">tedu:TaxYear2020Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_TaxYear2021MemberteduTaxFuturePeriodAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:TaxFuturePeriodAxis">tedu:TaxYear2021Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2014To04_03_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-04-01</xbrli:startDate>

      <xbrli:endDate>2014-04-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_IncomeTaxPayableMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">tedu:IncomeTaxPayableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_IncomeTaxPayableMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">tedu:IncomeTaxPayableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:GuaranteeFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TecheduLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-04-01</xbrli:startDate>

      <xbrli:endDate>2013-04-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TarenaLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-04-01</xbrli:startDate>

      <xbrli:endDate>2013-04-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TecheduLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-04-09</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2013To04_09_2013_CommonStockMemberusgaapStatementEquityComponentsAxis_TarenaLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-04-01</xbrli:startDate>

      <xbrli:endDate>2013-04-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_09_2013_CommonStockMemberusgaapStatementEquityComponentsAxis_TarenaLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-04-09</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P12_01_2013To12_10_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TecheduLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-12-01</xbrli:startDate>

      <xbrli:endDate>2013-12-10</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P12_01_2013To12_10_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TarenaLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-12-01</xbrli:startDate>

      <xbrli:endDate>2013-12-10</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_09_2013_TecheduLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TecheduLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-04-09</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2013To04_09_2013_TecheduLimitedMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TecheduLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-04-01</xbrli:startDate>

      <xbrli:endDate>2013-04-09</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_27_2014_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-02-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_27_2014_CommonClassBMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-02-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn02_27_2014_ReservedSharesMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:ReservedSharesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-02-27</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:NewOrientalEducationTechnologyGroupIncMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_30_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:NewOrientalEducationTechnologyGroupIncMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-04-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:NewOrientalEducationTechnologyGroupIncMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:GuaranteeFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:GuaranteeFeeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn09_22_2008_PlanOneMemberusgaapPlanNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">tedu:PlanOneMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2008-09-22</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn11_28_2012_PlanOneMemberusgaapPlanNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">tedu:PlanOneMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2012-11-28</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_PlanTwoMemberusgaapPlanNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">tedu:PlanTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2011To12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:JanuaryFirstMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2011-01-01</xbrli:startDate>

      <xbrli:endDate>2011-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2011To12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberTwentySixthMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2011-01-01</xbrli:startDate>

      <xbrli:endDate>2011-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_JanuaryFirstMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:JanuaryFirstMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_SeptemberSixteenthMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_SeptemberSixteenthMemberusgaapAwardDateAxis_UponInitialPublicOfferingMemberusgaapVestingAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:VestingAxis">tedu:UponInitialPublicOfferingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:VestingAxis">tedu:RemainingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis_UponInitialPublicOfferingMemberusgaapVestingAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:VestingAxis">tedu:UponInitialPublicOfferingMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthTwoMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthTwoMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:VestingAxis">tedu:RemainingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2013-01-02</xbrli:startDate>

      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2013_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:FebruaryTwentiethMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConversionOfStockByUniqueDescriptionAxis">tedu:ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2014To04_03_2014_AprilThirdMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:AprilThirdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-04-01</xbrli:startDate>

      <xbrli:endDate>2014-04-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_03_2014_AprilThirdMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:AprilThirdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-04-03</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P11_01_2014To11_11_2014_NovemberEleventhMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:NovemberEleventhMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-11-01</xbrli:startDate>

      <xbrli:endDate>2014-11-11</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_BuildingMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:BuildingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:FurnitureAndFixturesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn01_16_2009_MinimumMemberusgaapRangeAxis_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2009-01-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P09_01_2008To09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2008-09-01</xbrli:startDate>

      <xbrli:endDate>2008-09-25</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2008-09-25</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:HockeyGlobalResourcesInvestmentLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:HockeyGlobalResourcesInvestmentLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsOneMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsOneMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsTwoMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P06_01_2016To06_30_2016_EquityInterestOfOnlinePlatformMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:EquityInterestOfOnlinePlatformMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-06-01</xbrli:startDate>

      <xbrli:endDate>2016-06-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_OfficeBuildingMemberusgaapMortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">us-gaap:OfficeBuildingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:FurnitureAndFixturesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_LeaseholdImprovementsMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_OfficeBuildingMemberusgaapMortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">us-gaap:OfficeBuildingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:FurnitureAndFixturesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_LeaseholdImprovementsMemberusgaapPropertyPlantAndEquipmentByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:JueshengDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:JueshengDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:MxsoftDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:MxsoftDotComMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:GuaranteeFeeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ServiceFeeMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:ServiceFeeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_TransferPricingMemberteduIncomeTaxesStatuteOfLimitationByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:IncomeTaxesStatuteOfLimitationByTypeAxis">tedu:TransferPricingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ComputationalErrorsMemberteduIncomeTaxesStatuteOfLimitationByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:IncomeTaxesStatuteOfLimitationByTypeAxis">tedu:ComputationalErrorsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_UnderpaymentOfTaxesIsMoreThanRmb100000MemberteduIncomeTaxesStatuteOfLimitationByTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="tedu:IncomeTaxesStatuteOfLimitationByTypeAxis">tedu:UnderpaymentOfTaxesIsMoreThanRmb100000Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P09_01_2015To09_30_2015_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-09-01</xbrli:startDate>

      <xbrli:endDate>2015-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_PreferredStockMemberusgaapStatementEquityComponentsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:PreferredStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SeriesBConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_SeriesCConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:SeriesCConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CNusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_CNusgaapStatementGeographicalAxis_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:UsDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_HkDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:HkDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_HKusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:US</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:US</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:UsDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CNusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_CNusgaapStatementGeographicalAxis_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:UsDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_HkDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_HKusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:HkDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_HKusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:US</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:RmbDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">country:US</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="tedu:DenominatedBankDepositsAxis">tedu:UsDollarDenominatedBankDepositsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_OtherNoncurrentLiabilitiesMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">us-gaap:OtherNoncurrentLiabilitiesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:HangzhouMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementGeographicalAxis">tedu:BeijingMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:GeographicConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_OtherNoncurrentLiabilitiesMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">us-gaap:OtherNoncurrentLiabilitiesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:ChuanbangMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:JavaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:DigitalArtsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:JavaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:DigitalArtsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:JavaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:DigitalArtsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2016To04_03_2016_AprilThirdMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:AprilThirdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-04-01</xbrli:startDate>

      <xbrli:endDate>2016-04-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn04_03_2016_AprilThirdMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:AprilThirdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-04-03</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_OtherNoncurrentAssetsMemberusgaapBalanceSheetLocationAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BalanceSheetLocationAxis">us-gaap:OtherNoncurrentAssetsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2018To12_31_2018_HanruEducationTechnologyCoLtdMemberdeiLegalEntityAxis_ScenarioForecastMemberusgaapStatementScenarioAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:HanruEducationTechnologyCoLtdMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:StatementScenarioAxis">us-gaap:ScenarioForecastMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2018-01-01</xbrli:startDate>

      <xbrli:endDate>2018-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:AmountsReceivedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:RepaymentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:AmountsReceivedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:RepaymentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:AmountsReceivedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:PreciseMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">tedu:RepaymentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SeriesBConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_SeriesCConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:SeriesCConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:WebFrontMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:WebFrontMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:ProductConcentrationRiskMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:ProductOrServiceAxis">tedu:WebFrontMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P10_01_2016To10_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-10-01</xbrli:startDate>

      <xbrli:endDate>2016-10-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:DerivativeInstrumentRiskAxis">us-gaap:ForeignExchangeForwardMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-05-19</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:DerivativeInstrumentRiskAxis">us-gaap:ForeignExchangeForwardMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2015To04_03_2015_AprilThirdMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:AprilThirdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-04-01</xbrli:startDate>

      <xbrli:endDate>2015-04-03</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:OtherCostMethodInvestmentsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P05_01_2016To05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:DerivativeInstrumentRiskAxis">us-gaap:ForeignExchangeForwardMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-05-01</xbrli:startDate>

      <xbrli:endDate>2016-05-19</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_BasicEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:BasicEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2014To12_31_2014_DilutedEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:DilutedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>

      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2015To12_31_2015_DilutedEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:DilutedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>

      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_DilutedEarningsMemberusgaapStatementClassOfStockAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">tedu:DilutedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_StateAdministrationOfTaxationChinaMemberusgaapIncomeTaxAuthorityNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:IncomeTaxAuthorityNameAxis">us-gaap:StateAdministrationOfTaxationChinaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn01_01_2013_MinimumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-01-01</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn09_16_2013_MaximumMemberusgaapRangeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-09-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_BeijingTarenaMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:BeijingTarenaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_ShanghaiTarenaMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">tedu:ShanghaiTarenaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_BeijingTarenaJinqiaoTechnologyCoLtdMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:BeijingTarenaJinqiaoTechnologyCoLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_EquityHoldersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_LoanAgreementsMemberusgaapDebtInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:EquityHoldersMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">tedu:LoanAgreementsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P01_01_2016To12_31_2016_EquityHoldersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_LoanAgreementsMemberusgaapDebtInstrumentAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">tedu:LoanAgreementsMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:EquityHoldersMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>

      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P03_01_2017To03_31_2017_ShanghaiTarenaSoftwareTechnologyCoLtdMemberdeiLegalEntityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:ShanghaiTarenaSoftwareTechnologyCoLtdMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2017-03-01</xbrli:startDate>

      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_MrHanMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_TarenaEntitiesMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaEntitiesMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:MrHanMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_MrLiMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_TarenaEntitiesMemberdeiLegalEntityAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="dei:LegalEntityAxis">tedu:TarenaEntitiesMember</xbrldi:explicitMember>

        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">tedu:MrLiMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2015_DeferredIncomeTaxChargesMemberusgaapRegulatoryAssetAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RegulatoryAssetAxis">us-gaap:DeferredIncomeTaxChargesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2016_DeferredIncomeTaxChargesMemberusgaapRegulatoryAssetAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RegulatoryAssetAxis">us-gaap:DeferredIncomeTaxChargesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn01_31_2013_JanuaryFirstMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:JanuaryFirstMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-01-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn09_16_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberSixteenthTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2013-09-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:FebruaryTwentiethMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:JanuaryFirstMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2011-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="PAsOn12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">tedu:SeptemberTwentySixthMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:instant>2011-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>

  <xbrli:context id="P04_01_2016To04_03_2016_DirectorMemberusgaapTitleOfIndividualAxis">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001592560</xbrli:identifier>

      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>

    <xbrli:period>
      <xbrli:startDate>2016-04-01</xbrli:startDate>

      <xbrli:endDate>2016-04-03</xbrli:endDate>
    </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_per_Share">
    <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="USD">
    <xbrli:measure>iso4217:USD</xbrli:measure>
  </xbrli:unit>

  <xbrli:unit id="CNY_per_Share">
    <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="Item">
    <xbrli:measure>tedu:Item</xbrli:measure>
  </xbrli:unit>

  <xbrli:unit id="pure">
    <xbrli:measure>xbrli:pure</xbrli:measure>
  </xbrli:unit>

<!--Element Section-->
  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016" id="Factid_1" unitRef="CNY" decimals="-3">241854000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014" id="Factid_2" unitRef="CNY" decimals="-3">151850000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015" id="Factid_3" unitRef="CNY" decimals="-3">178760000</us-gaap:ProfitLoss>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2016To12_31_2016" id="Factid_4" unitRef="CNY" decimals="-3">72757000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2014To12_31_2014" id="Factid_5" unitRef="CNY" decimals="-3">43478000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2015To12_31_2015" id="Factid_6" unitRef="CNY" decimals="-3">54981000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:ProvisionForDoubtfulAccounts contextRef="P01_01_2016To12_31_2016" id="Factid_7" unitRef="CNY" decimals="-3">33605000</us-gaap:ProvisionForDoubtfulAccounts>

  <us-gaap:ProvisionForDoubtfulAccounts contextRef="P01_01_2014To12_31_2014" id="Factid_8" unitRef="CNY" decimals="-3">46000000</us-gaap:ProvisionForDoubtfulAccounts>

  <us-gaap:ProvisionForDoubtfulAccounts contextRef="P01_01_2015To12_31_2015" id="Factid_9" unitRef="CNY" decimals="-3">63103000</us-gaap:ProvisionForDoubtfulAccounts>

  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="P01_01_2016To12_31_2016" id="Factid_10" unitRef="CNY" decimals="-3">-297000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>

  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="P01_01_2014To12_31_2014" id="Factid_11" unitRef="CNY" decimals="-3">-1102000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>

  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="P01_01_2015To12_31_2015" id="Factid_12" unitRef="CNY" decimals="-3">-500000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>

  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="P01_01_2016To12_31_2016" id="Factid_13" unitRef="CNY" decimals="-3">-18895000</us-gaap:DeferredIncomeTaxExpenseBenefit>

  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="P01_01_2014To12_31_2014" id="Factid_14" unitRef="CNY" decimals="-3">-4190000</us-gaap:DeferredIncomeTaxExpenseBenefit>

  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="P01_01_2015To12_31_2015" id="Factid_15" unitRef="CNY" decimals="-3">-21614000</us-gaap:DeferredIncomeTaxExpenseBenefit>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2016To12_31_2016" id="Factid_16" unitRef="CNY" decimals="-3">67824000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2014To12_31_2014" id="Factid_17" unitRef="CNY" decimals="-3">24976000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2015To12_31_2015" id="Factid_18" unitRef="CNY" decimals="-3">32919000</us-gaap:ShareBasedCompensation>

  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="P01_01_2016To12_31_2016" id="Factid_19" unitRef="CNY" decimals="-3">-22928000</us-gaap:IncreaseDecreaseInAccountsReceivable>

  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="P01_01_2014To12_31_2014" id="Factid_20" unitRef="CNY" decimals="-3">102974000</us-gaap:IncreaseDecreaseInAccountsReceivable>

  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="P01_01_2015To12_31_2015" id="Factid_21" unitRef="CNY" decimals="-3">66901000</us-gaap:IncreaseDecreaseInAccountsReceivable>

  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="P01_01_2016To12_31_2016" id="Factid_22" unitRef="CNY" decimals="-3">60362000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>

  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="P01_01_2014To12_31_2014" id="Factid_23" unitRef="CNY" decimals="-3">15125000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>

  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="P01_01_2015To12_31_2015" id="Factid_24" unitRef="CNY" decimals="-3">16713000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>

  <us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet contextRef="P01_01_2016To12_31_2016" id="Factid_25" unitRef="CNY" decimals="-3">-5264000</us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet>

  <us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet contextRef="P01_01_2014To12_31_2014" id="Factid_26" unitRef="CNY" decimals="-3">17587000</us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet>

  <us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet contextRef="P01_01_2015To12_31_2015" id="Factid_27" unitRef="CNY" decimals="-3">655000</us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentAssets contextRef="P01_01_2016To12_31_2016" id="Factid_28" unitRef="CNY" decimals="-3">7071000</us-gaap:IncreaseDecreaseInOtherNoncurrentAssets>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentAssets contextRef="P01_01_2014To12_31_2014" id="Factid_29" unitRef="CNY" decimals="-3">4042000</us-gaap:IncreaseDecreaseInOtherNoncurrentAssets>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentAssets contextRef="P01_01_2015To12_31_2015" id="Factid_30" unitRef="CNY" decimals="-3">3757000</us-gaap:IncreaseDecreaseInOtherNoncurrentAssets>

  <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="P01_01_2016To12_31_2016" id="Factid_31" unitRef="CNY" decimals="-3">-248000</us-gaap:IncreaseDecreaseInAccountsPayable>

  <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="P01_01_2014To12_31_2014" id="Factid_32" unitRef="CNY" decimals="-3">-269000</us-gaap:IncreaseDecreaseInAccountsPayable>

  <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="P01_01_2015To12_31_2015" id="Factid_33" unitRef="CNY" decimals="-3">533000</us-gaap:IncreaseDecreaseInAccountsPayable>

  <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="P01_01_2016To12_31_2016" id="Factid_34" unitRef="CNY" decimals="-3">-800000</us-gaap:IncreaseDecreaseInDueToRelatedParties>

  <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="P01_01_2014To12_31_2014" id="Factid_35" unitRef="CNY" xsi:nil="true" />

  <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="P01_01_2015To12_31_2015" id="Factid_36" unitRef="CNY" decimals="-3">879000</us-gaap:IncreaseDecreaseInDueToRelatedParties>

  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="P01_01_2016To12_31_2016" id="Factid_37" unitRef="CNY" decimals="-3">34947000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>

  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="P01_01_2014To12_31_2014" id="Factid_38" unitRef="CNY" decimals="-3">14641000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>

  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="P01_01_2015To12_31_2015" id="Factid_39" unitRef="CNY" decimals="-3">23287000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>

  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="P01_01_2016To12_31_2016" id="Factid_40" unitRef="CNY" decimals="-3">101439000</us-gaap:IncreaseDecreaseInDeferredRevenue>

  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="P01_01_2014To12_31_2014" id="Factid_41" unitRef="CNY" decimals="-3">23528000</us-gaap:IncreaseDecreaseInDeferredRevenue>

  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="P01_01_2015To12_31_2015" id="Factid_42" unitRef="CNY" decimals="-3">46570000</us-gaap:IncreaseDecreaseInDeferredRevenue>

  <us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities contextRef="P01_01_2016To12_31_2016" id="Factid_43" unitRef="CNY" decimals="-3">36781000</us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities>

  <us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities contextRef="P01_01_2014To12_31_2014" id="Factid_44" unitRef="CNY" decimals="-3">11992000</us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities>

  <us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities contextRef="P01_01_2015To12_31_2015" id="Factid_45" unitRef="CNY" decimals="-3">27362000</us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities contextRef="P01_01_2016To12_31_2016" id="Factid_46" unitRef="CNY" decimals="-3">-2559000</us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities contextRef="P01_01_2014To12_31_2014" id="Factid_47" unitRef="CNY" decimals="-3">8568000</us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities>

  <us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities contextRef="P01_01_2015To12_31_2015" id="Factid_48" unitRef="CNY" decimals="-3">-1055000</us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016" id="Factid_49" unitRef="CNY" decimals="-3">524030000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014" id="Factid_50" unitRef="CNY" decimals="-3">175343000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015" id="Factid_51" unitRef="CNY" decimals="-3">347698000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="P01_01_2016To12_31_2016" id="Factid_52" unitRef="CNY" decimals="-3">381982000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>

  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="P01_01_2014To12_31_2014" id="Factid_53" unitRef="CNY" decimals="-3">48405000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>

  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="P01_01_2015To12_31_2015" id="Factid_54" unitRef="CNY" decimals="-3">99961000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>

  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="P01_01_2016To12_31_2016" id="Factid_55" unitRef="CNY" decimals="-3">358000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>

  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="P01_01_2014To12_31_2014" id="Factid_56" unitRef="CNY" decimals="-3">227000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>

  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="P01_01_2015To12_31_2015" id="Factid_57" unitRef="CNY" decimals="-3">1040000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>

  <us-gaap:PaymentsToAcquireShortTermInvestments contextRef="P01_01_2016To12_31_2016" id="Factid_58" unitRef="CNY" decimals="-3">1937000000</us-gaap:PaymentsToAcquireShortTermInvestments>

  <us-gaap:PaymentsToAcquireShortTermInvestments contextRef="P01_01_2014To12_31_2014" id="Factid_59" unitRef="CNY" decimals="-3">622800000</us-gaap:PaymentsToAcquireShortTermInvestments>

  <us-gaap:PaymentsToAcquireShortTermInvestments contextRef="P01_01_2015To12_31_2015" id="Factid_60" unitRef="CNY" decimals="-3">945000000</us-gaap:PaymentsToAcquireShortTermInvestments>

  <us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments contextRef="P01_01_2016To12_31_2016" id="Factid_61" unitRef="CNY" decimals="-3">1937000000</us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments>

  <us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments contextRef="P01_01_2014To12_31_2014" id="Factid_62" unitRef="CNY" decimals="-3">622800000</us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments>

  <us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments contextRef="P01_01_2015To12_31_2015" id="Factid_63" unitRef="CNY" decimals="-3">945000000</us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2016To12_31_2016" id="Factid_64" unitRef="CNY" decimals="-3">421170000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2014To12_31_2014" id="Factid_65" unitRef="CNY" decimals="-3">708124000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2015To12_31_2015" id="Factid_66" unitRef="CNY" decimals="-3">639019000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2016To12_31_2016" id="Factid_67" unitRef="CNY" decimals="-3">678741000</tedu:ProceedsFromMaturityOfDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2014To12_31_2014" id="Factid_68" unitRef="CNY" decimals="-3">22325000</tedu:ProceedsFromMaturityOfDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2015To12_31_2015" id="Factid_69" unitRef="CNY" decimals="-3">690250000</tedu:ProceedsFromMaturityOfDeposits>

  <us-gaap:PaymentsToAcquireLoansReceivable contextRef="P01_01_2016To12_31_2016" id="Factid_70" unitRef="CNY" decimals="-3">18525000</us-gaap:PaymentsToAcquireLoansReceivable>

  <us-gaap:PaymentsToAcquireLoansReceivable contextRef="P01_01_2014To12_31_2014" id="Factid_71" unitRef="CNY" decimals="-3">3030000</us-gaap:PaymentsToAcquireLoansReceivable>

  <us-gaap:PaymentsToAcquireLoansReceivable contextRef="P01_01_2015To12_31_2015" id="Factid_72" unitRef="CNY" decimals="-3">1227000</us-gaap:PaymentsToAcquireLoansReceivable>

  <us-gaap:ProceedsFromCollectionOfLoansReceivable contextRef="P01_01_2016To12_31_2016" id="Factid_73" unitRef="CNY" decimals="-3">3096000</us-gaap:ProceedsFromCollectionOfLoansReceivable>

  <us-gaap:ProceedsFromCollectionOfLoansReceivable contextRef="P01_01_2014To12_31_2014" id="Factid_74" unitRef="CNY" decimals="-3">2468000</us-gaap:ProceedsFromCollectionOfLoansReceivable>

  <us-gaap:ProceedsFromCollectionOfLoansReceivable contextRef="P01_01_2015To12_31_2015" id="Factid_75" unitRef="CNY" decimals="-3">1608000</us-gaap:ProceedsFromCollectionOfLoansReceivable>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016" id="Factid_76" unitRef="CNY" decimals="-3">-156449000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014" id="Factid_77" unitRef="CNY" decimals="-3">-734539000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015" id="Factid_78" unitRef="CNY" decimals="-3">-72309000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2016To12_31_2016" id="Factid_79" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2014To12_31_2014" id="Factid_80" unitRef="CNY" decimals="-3">592161000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2015To12_31_2015" id="Factid_81" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2016To12_31_2016" id="Factid_82" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2014To12_31_2014" id="Factid_83" unitRef="CNY" decimals="-3">83052000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2015To12_31_2015" id="Factid_84" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2016To12_31_2016" id="Factid_85" unitRef="CNY" decimals="-3">20388000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2014To12_31_2014" id="Factid_86" unitRef="CNY" decimals="-3">1518000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2015To12_31_2015" id="Factid_87" unitRef="CNY" decimals="-3">22456000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2016To12_31_2016" id="Factid_88" unitRef="CNY" decimals="-3">44406000</us-gaap:PaymentsForRepurchaseOfCommonStock>

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2014To12_31_2014" id="Factid_89" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2015To12_31_2015" id="Factid_90" unitRef="CNY" decimals="-3">49355000</us-gaap:PaymentsForRepurchaseOfCommonStock>

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2016To12_31_2016" id="Factid_91" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2014To12_31_2014" id="Factid_92" unitRef="CNY" decimals="-3">21705000</us-gaap:PaymentsOfStockIssuanceCosts>

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2015To12_31_2015" id="Factid_93" unitRef="CNY" xsi:nil="true" />

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016" id="Factid_94" unitRef="CNY" decimals="-3">-78044000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014" id="Factid_95" unitRef="CNY" decimals="-3">655026000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015" id="Factid_96" unitRef="CNY" decimals="-3">-26899000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2016To12_31_2016" id="Factid_97" unitRef="CNY" decimals="-3">7197000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2014To12_31_2014" id="Factid_98" unitRef="CNY" decimals="-3">5837000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2015To12_31_2015" id="Factid_99" unitRef="CNY" decimals="-3">4413000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:CashPeriodIncreaseDecrease contextRef="P01_01_2016To12_31_2016" id="Factid_100" unitRef="CNY" decimals="-3">296734000</us-gaap:CashPeriodIncreaseDecrease>

  <us-gaap:CashPeriodIncreaseDecrease contextRef="P01_01_2014To12_31_2014" id="Factid_101" unitRef="CNY" decimals="-3">101667000</us-gaap:CashPeriodIncreaseDecrease>

  <us-gaap:CashPeriodIncreaseDecrease contextRef="P01_01_2015To12_31_2015" id="Factid_102" unitRef="CNY" decimals="-3">252903000</us-gaap:CashPeriodIncreaseDecrease>

  <us-gaap:Cash contextRef="PAsOn12_31_2015" id="Factid_103" unitRef="CNY" decimals="-3">513938000</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2013" id="Factid_104" unitRef="CNY" decimals="-3">159368000</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2014" id="Factid_105" unitRef="CNY" decimals="-3">261035000</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2016" id="Factid_106" unitRef="CNY" decimals="-3">810672000</us-gaap:Cash>

  <us-gaap:IncomeTaxesPaid contextRef="P01_01_2016To12_31_2016" id="Factid_107" unitRef="CNY" decimals="-3">3096000</us-gaap:IncomeTaxesPaid>

  <us-gaap:IncomeTaxesPaid contextRef="P01_01_2014To12_31_2014" id="Factid_108" unitRef="CNY" decimals="-3">3479000</us-gaap:IncomeTaxesPaid>

  <us-gaap:IncomeTaxesPaid contextRef="P01_01_2015To12_31_2015" id="Factid_109" unitRef="CNY" decimals="-3">2246000</us-gaap:IncomeTaxesPaid>

  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="P01_01_2016To12_31_2016" id="Factid_110" unitRef="CNY" decimals="-3">3692000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>

  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="P01_01_2014To12_31_2014" id="Factid_111" unitRef="CNY" decimals="-3">1758000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>

  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="P01_01_2015To12_31_2015" id="Factid_112" unitRef="CNY" decimals="-3">3685000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_113" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_114" unitRef="CNY" decimals="-3">3648000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_115" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PrepaidRent contextRef="PAsOn12_31_2015" id="Factid_116" unitRef="CNY" decimals="-3">17925000</us-gaap:PrepaidRent>

  <us-gaap:PrepaidRent contextRef="PAsOn12_31_2016" id="Factid_117" unitRef="CNY" decimals="-3">25038000</us-gaap:PrepaidRent>

  <us-gaap:InterestReceivableCurrent contextRef="PAsOn12_31_2015" id="Factid_118" unitRef="CNY" decimals="-3">11485000</us-gaap:InterestReceivableCurrent>

  <us-gaap:InterestReceivableCurrent contextRef="PAsOn12_31_2016" id="Factid_119" unitRef="CNY" decimals="-3">5945000</us-gaap:InterestReceivableCurrent>

  <tedu:PrepaidAdvertisingDeposits contextRef="PAsOn12_31_2015" id="Factid_120" unitRef="CNY" decimals="-3">10975000</tedu:PrepaidAdvertisingDeposits>

  <tedu:PrepaidAdvertisingDeposits contextRef="PAsOn12_31_2016" id="Factid_121" unitRef="CNY" decimals="-3">11875000</tedu:PrepaidAdvertisingDeposits>

  <us-gaap:PrepaidAdvertising contextRef="PAsOn12_31_2015" id="Factid_122" unitRef="CNY" decimals="-3">9991000</us-gaap:PrepaidAdvertising>

  <us-gaap:PrepaidAdvertising contextRef="PAsOn12_31_2016" id="Factid_123" unitRef="CNY" decimals="-3">14193000</us-gaap:PrepaidAdvertising>

  <us-gaap:PrepaidTaxes contextRef="PAsOn12_31_2015" id="Factid_124" unitRef="CNY" decimals="-3">7176000</us-gaap:PrepaidTaxes>

  <us-gaap:PrepaidTaxes contextRef="PAsOn12_31_2016" id="Factid_125" unitRef="CNY" decimals="-3">50587000</us-gaap:PrepaidTaxes>

  <tedu:PrepaidEmployeeHousingLoans contextRef="PAsOn12_31_2015" id="Factid_126" unitRef="CNY" decimals="-3">2290000</tedu:PrepaidEmployeeHousingLoans>

  <tedu:PrepaidEmployeeHousingLoans contextRef="PAsOn12_31_2016" id="Factid_127" unitRef="CNY" decimals="-3">4968000</tedu:PrepaidEmployeeHousingLoans>

  <tedu:PrepaidTravelAndRelatedExpenses contextRef="PAsOn12_31_2015" id="Factid_128" unitRef="CNY" decimals="-3">423000</tedu:PrepaidTravelAndRelatedExpenses>

  <tedu:PrepaidTravelAndRelatedExpenses contextRef="PAsOn12_31_2016" id="Factid_129" unitRef="CNY" decimals="-3">1404000</tedu:PrepaidTravelAndRelatedExpenses>

  <us-gaap:OtherAssetsCurrent contextRef="PAsOn12_31_2015" id="Factid_130" unitRef="CNY" decimals="-3">5838000</us-gaap:OtherAssetsCurrent>

  <us-gaap:OtherAssetsCurrent contextRef="PAsOn12_31_2016" id="Factid_131" unitRef="CNY" decimals="-3">12078000</us-gaap:OtherAssetsCurrent>

  <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="PAsOn12_31_2015" id="Factid_132" unitRef="CNY" decimals="-3">66103000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>

  <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="PAsOn12_31_2016" id="Factid_133" unitRef="CNY" decimals="-3">126088000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2016_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_134" unitRef="CNY" decimals="-3">12000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2015_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_135" unitRef="CNY" decimals="-3">12000000</us-gaap:CostMethodInvestments>

  <tedu:PaymentsToAcquireCostMethodInvestments contextRef="P12_01_2015To12_31_2016_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_136" unitRef="CNY" decimals="-3">12000000</tedu:PaymentsToAcquireCostMethodInvestments>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P10_01_2015To10_31_2015_SinoGermanKnowHowEducationInvestmentCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_137" unitRef="pure" decimals="4">0.0286</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <tedu:PaymentsToAcquireCostMethodInvestments contextRef="P11_01_2015To11_30_2015_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_138" unitRef="CNY" decimals="-3">5000000</tedu:PaymentsToAcquireCostMethodInvestments>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P11_01_2015To11_30_2015_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_139" unitRef="pure" decimals="4">0.0050</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <tedu:PaymentsToAcquireCostMethodInvestments contextRef="P08_01_2015To08_31_2015_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_140" unitRef="CNY" decimals="-3">4000000</tedu:PaymentsToAcquireCostMethodInvestments>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P08_01_2015To08_31_2015_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_141" unitRef="pure" decimals="4">0.0571</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <us-gaap:TaxesPayableCurrent contextRef="PAsOn12_31_2015" id="Factid_142" unitRef="CNY" decimals="-3">18347000</us-gaap:TaxesPayableCurrent>

  <us-gaap:TaxesPayableCurrent contextRef="PAsOn12_31_2016" id="Factid_143" unitRef="CNY" decimals="-3">29995000</us-gaap:TaxesPayableCurrent>

  <us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="PAsOn12_31_2015" id="Factid_144" unitRef="CNY" decimals="-3">37396000</us-gaap:EmployeeRelatedLiabilitiesCurrent>

  <us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="PAsOn12_31_2016" id="Factid_145" unitRef="CNY" decimals="-3">59512000</us-gaap:EmployeeRelatedLiabilitiesCurrent>

  <us-gaap:OtherAccruedLiabilitiesCurrent contextRef="PAsOn12_31_2015" id="Factid_146" unitRef="CNY" decimals="-3">24092000</us-gaap:OtherAccruedLiabilitiesCurrent>

  <us-gaap:OtherAccruedLiabilitiesCurrent contextRef="PAsOn12_31_2016" id="Factid_147" unitRef="CNY" decimals="-3">28360000</us-gaap:OtherAccruedLiabilitiesCurrent>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2015" id="Factid_148" unitRef="CNY" decimals="-3">79835000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2016" id="Factid_149" unitRef="CNY" decimals="-3">117867000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:SalesRevenueServicesNet contextRef="P01_01_2016To12_31_2016" id="Factid_150" unitRef="CNY" decimals="-3">1545680000</us-gaap:SalesRevenueServicesNet>

  <us-gaap:SalesRevenueServicesNet contextRef="P01_01_2014To12_31_2014" id="Factid_151" unitRef="CNY" decimals="-3">835275000</us-gaap:SalesRevenueServicesNet>

  <us-gaap:SalesRevenueServicesNet contextRef="P01_01_2015To12_31_2015" id="Factid_152" unitRef="CNY" decimals="-3">1174596000</us-gaap:SalesRevenueServicesNet>

  <us-gaap:SalesRevenueGoodsNet contextRef="P01_01_2016To12_31_2016" id="Factid_153" unitRef="CNY" decimals="-3">35980000</us-gaap:SalesRevenueGoodsNet>

  <us-gaap:SalesRevenueGoodsNet contextRef="P01_01_2014To12_31_2014" id="Factid_154" unitRef="CNY" decimals="-3">18038000</us-gaap:SalesRevenueGoodsNet>

  <us-gaap:SalesRevenueGoodsNet contextRef="P01_01_2015To12_31_2015" id="Factid_155" unitRef="CNY" decimals="-3">27466000</us-gaap:SalesRevenueGoodsNet>

  <us-gaap:OtherSalesRevenueNet contextRef="P01_01_2016To12_31_2016" id="Factid_156" unitRef="CNY" decimals="-3">1875000</us-gaap:OtherSalesRevenueNet>

  <us-gaap:OtherSalesRevenueNet contextRef="P01_01_2014To12_31_2014" id="Factid_157" unitRef="CNY" decimals="-3">2873000</us-gaap:OtherSalesRevenueNet>

  <us-gaap:OtherSalesRevenueNet contextRef="P01_01_2015To12_31_2015" id="Factid_158" unitRef="CNY" decimals="-3">1136000</us-gaap:OtherSalesRevenueNet>

  <us-gaap:ExciseAndSalesTaxes contextRef="P01_01_2016To12_31_2016" id="Factid_159" unitRef="CNY" decimals="-3">12681000</us-gaap:ExciseAndSalesTaxes>

  <us-gaap:ExciseAndSalesTaxes contextRef="P01_01_2014To12_31_2014" id="Factid_160" unitRef="CNY" decimals="-3">19245000</us-gaap:ExciseAndSalesTaxes>

  <us-gaap:ExciseAndSalesTaxes contextRef="P01_01_2015To12_31_2015" id="Factid_161" unitRef="CNY" decimals="-3">25190000</us-gaap:ExciseAndSalesTaxes>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2016To12_31_2016" id="Factid_162" unitRef="CNY" decimals="-3">1579604000</us-gaap:SalesRevenueNet>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2014To12_31_2014" id="Factid_163" unitRef="CNY" decimals="-3">836941000</us-gaap:SalesRevenueNet>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2015To12_31_2015" id="Factid_164" unitRef="CNY" decimals="-3">1178008000</us-gaap:SalesRevenueNet>

  <dei:DocumentType contextRef="P01_01_2016To12_31_2016" id="Factid_165">20-F</dei:DocumentType>

  <dei:AmendmentFlag contextRef="P01_01_2016To12_31_2016" id="Factid_166">false</dei:AmendmentFlag>

  <dei:DocumentPeriodEndDate contextRef="P01_01_2016To12_31_2016" id="Factid_167">2016-12-31</dei:DocumentPeriodEndDate>

  <dei:DocumentFiscalYearFocus contextRef="P01_01_2016To12_31_2016" id="Factid_168">2016</dei:DocumentFiscalYearFocus>

  <dei:DocumentFiscalPeriodFocus contextRef="P01_01_2016To12_31_2016" id="Factid_169">FY</dei:DocumentFiscalPeriodFocus>

  <dei:EntityCentralIndexKey contextRef="P01_01_2016To12_31_2016" id="Factid_170">0001592560</dei:EntityCentralIndexKey>

  <dei:CurrentFiscalYearEndDate contextRef="P01_01_2016To12_31_2016" id="Factid_171">--12-31</dei:CurrentFiscalYearEndDate>

  <dei:EntityWellKnownSeasonedIssuer contextRef="P01_01_2016To12_31_2016" id="Factid_172">No</dei:EntityWellKnownSeasonedIssuer>

  <dei:EntityCurrentReportingStatus contextRef="P01_01_2016To12_31_2016" id="Factid_173">Yes</dei:EntityCurrentReportingStatus>

  <dei:EntityFilerCategory contextRef="P01_01_2016To12_31_2016" id="Factid_174">Accelerated Filer</dei:EntityFilerCategory>

  <us-gaap:Cash contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_175" unitRef="CNY" decimals="-3">1043000</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_176" unitRef="CNY" decimals="-3">630000</us-gaap:Cash>

  <us-gaap:DueFromRelatedPartiesCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_177" unitRef="CNY" decimals="-3">25109000</us-gaap:DueFromRelatedPartiesCurrent>

  <us-gaap:DueFromRelatedPartiesCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_178" unitRef="CNY" decimals="-3">21650000</us-gaap:DueFromRelatedPartiesCurrent>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_179" unitRef="CNY" decimals="-3">26152000</us-gaap:AssetsCurrent>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_180" unitRef="CNY" decimals="-3">22280000</us-gaap:AssetsCurrent>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_181" unitRef="CNY" decimals="-3">18000</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_182" unitRef="CNY" decimals="-3">3000</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:LongTermInvestments contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_183" unitRef="CNY" decimals="-3">18000000</us-gaap:LongTermInvestments>

  <us-gaap:LongTermInvestments contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_184" unitRef="CNY" decimals="-3">35000000</us-gaap:LongTermInvestments>

  <us-gaap:OtherAssetsNoncurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_185" unitRef="CNY" decimals="-3">266000</us-gaap:OtherAssetsNoncurrent>

  <us-gaap:Assets contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_186" unitRef="CNY" decimals="-3">44436000</us-gaap:Assets>

  <us-gaap:Assets contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_187" unitRef="CNY" decimals="-3">57999000</us-gaap:Assets>

  <us-gaap:AccruedIncomeTaxesCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_188" unitRef="CNY" decimals="-3">3737000</us-gaap:AccruedIncomeTaxesCurrent>

  <us-gaap:AccruedIncomeTaxesCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_189" unitRef="CNY" decimals="-3">3729000</us-gaap:AccruedIncomeTaxesCurrent>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_190" unitRef="CNY" decimals="-3">892000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_191" unitRef="CNY" decimals="-3">176000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_192" unitRef="CNY" decimals="-3">39307000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_193" unitRef="CNY" decimals="-3">46486000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_194" unitRef="CNY" decimals="-3">43936000</us-gaap:LiabilitiesCurrent>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_195" unitRef="CNY" decimals="-3">50391000</us-gaap:LiabilitiesCurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_196" unitRef="CNY" decimals="-3">267000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_197" unitRef="CNY" decimals="-3">267000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_198" unitRef="CNY" decimals="-3">44203000</us-gaap:Liabilities>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_199" unitRef="CNY" decimals="-3">50658000</us-gaap:Liabilities>

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_200" unitRef="CNY" decimals="-3">-14542000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_201" unitRef="CNY" decimals="-3">-2415000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_202" unitRef="CNY" decimals="-3">-892000</us-gaap:ProfitLoss>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_203" unitRef="CNY" decimals="-3">-4252000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_204" unitRef="CNY" decimals="-3">-2201000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_205" unitRef="CNY" decimals="-3">-2166000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_206" unitRef="CNY" decimals="-3">478000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_207" unitRef="CNY" decimals="-3">-18000000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_208" unitRef="CNY" decimals="-3">-11886000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_209" unitRef="CNY" decimals="-3">4124000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_210" unitRef="CNY" decimals="-3">19755000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_211" unitRef="CNY" decimals="-3">13639000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2014To12_31_2014_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_212" unitRef="CNY" decimals="-3">2902000</us-gaap:SalesRevenueNet>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2015To12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_213" unitRef="CNY" decimals="-3">177000</us-gaap:SalesRevenueNet>

  <us-gaap:SalesRevenueNet contextRef="P01_01_2016To12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_214" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_215" unitRef="pure" decimals="3">0.658</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_216" unitRef="pure" decimals="3">0.652</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_217" unitRef="pure" decimals="3">0.750</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_218" unitRef="pure" decimals="3">0.255</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_219" unitRef="pure" decimals="3">0.155</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_220" unitRef="pure" decimals="3">0.410</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_221" unitRef="pure" decimals="3">0.330</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_222" unitRef="pure" decimals="3">0.123</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_223" unitRef="pure" decimals="3">0.453</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_224" unitRef="pure" decimals="3">0.443</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:SubsequentEventsTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_225">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="clear:both;WIDTH: 99.98%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="99%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 18&lt;/font&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;b&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; SUBSEQUENT EVENTS&lt;/font&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On February 28, 2017, The Board of Directors approved to declare a cash dividend of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1.10&lt;/font&gt; (US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.16&lt;/font&gt;) per ordinary share to shareholders as of the close of trading on March 27, 2017. The cash dividend will be paid on or about May 30, 2017. The aggregate amount of cash dividends to be paid is approximately RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;64,900&lt;/font&gt; (US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9,500&lt;/font&gt;).&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SubsequentEventsTextBlock>

  <us-gaap:DividendsPayableAmountPerShare contextRef="PAsOn02_28_2017_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_226" unitRef="USD_per_Share" decimals="2">0.16</us-gaap:DividendsPayableAmountPerShare>

  <us-gaap:DividendsCommonStockCash contextRef="P05_01_2017To05_30_2017_ScenarioForecastMemberusgaapStatementScenarioAxis" id="Factid_227" unitRef="USD" decimals="-3">9500000</us-gaap:DividendsCommonStockCash>

  <tedu:InterestIncomeFromEquityMethodInvestment contextRef="P01_01_2014To12_31_2014" id="Factid_228" unitRef="CNY" decimals="-3">4652000</tedu:InterestIncomeFromEquityMethodInvestment>

  <tedu:InterestIncomeFromEquityMethodInvestment contextRef="P01_01_2015To12_31_2015" id="Factid_229" unitRef="CNY" decimals="-3">5961000</tedu:InterestIncomeFromEquityMethodInvestment>

  <tedu:InterestIncomeFromEquityMethodInvestment contextRef="P01_01_2016To12_31_2016" id="Factid_230" unitRef="CNY" decimals="-3">12676000</tedu:InterestIncomeFromEquityMethodInvestment>

  <us-gaap:AdvertisingExpense contextRef="P01_01_2014To12_31_2014" id="Factid_231" unitRef="CNY" decimals="-3">102820000</us-gaap:AdvertisingExpense>

  <us-gaap:AdvertisingExpense contextRef="P01_01_2015To12_31_2015" id="Factid_232" unitRef="CNY" decimals="-3">151533000</us-gaap:AdvertisingExpense>

  <us-gaap:AdvertisingExpense contextRef="P01_01_2016To12_31_2016" id="Factid_233" unitRef="CNY" decimals="-3">201298000</us-gaap:AdvertisingExpense>

  <us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_234">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;General and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,047)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,241)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,477)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Operating loss&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(1,047)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(4,241)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(4,477)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Equity in income of subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;129,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;194,914&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;253,396&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Foreign currency exchange gains (loss)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,251&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(31,923)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,753)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;14,059&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;17,610&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;8,027&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Loss on foreign currency forward contract&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(12,898)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Other income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,400&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,559&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;151,850&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;151,850&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 1px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Foreign currency translation adjustment, net of nil income tax&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2,896)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;34,748&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Unrealized holding gains on available for sale securities, net of RMB42 income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,235&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(235)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;148,954&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;213,508&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;269,826&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock>

  <us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_235">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Operating activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) operating activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;19,036&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;9,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(10,272)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Investing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Purchase of time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(569,312)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(588,426)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(298,688)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Proceeds from maturity of time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,071&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;603,501&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;620,607&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Investments made to subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(104,662)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(198,137)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) investing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(670,903)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;15,075&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;123,782&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Financing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Advances from a related party&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,432&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Repayment of advances from a related party&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,432)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares upon the IPO&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;592,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares in private placement concurrent with the IPO&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;83,052&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares in connection with exercise of share options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,518&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,456&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;20,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Payment of dividends&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(54,026)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Repurchase of treasury shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(49,355)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(44,406)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Payment of IPO costs&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(17,228)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) financing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;659,503&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(26,899)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(78,044)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Effect of foreign currency exchange rate changes on cash and cash equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(27)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;398&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,029&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Net increase (decrease) in cash and cash equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,609&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,656)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,495&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Cash and cash equivalents at beginning of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;322&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,931&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Cash and cash equivalents at end of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,931&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;43,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Non-cash investing and financing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,648&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;107,994&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;592,849&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock>

  <us-gaap:RevenueFromGrants contextRef="P01_01_2014To12_31_2014" id="Factid_236" unitRef="CNY" decimals="-3">9916000</us-gaap:RevenueFromGrants>

  <us-gaap:RevenueFromGrants contextRef="P01_01_2015To12_31_2015" id="Factid_237" unitRef="CNY" decimals="-3">5851000</us-gaap:RevenueFromGrants>

  <us-gaap:RevenueFromGrants contextRef="P01_01_2016To12_31_2016" id="Factid_238" unitRef="CNY" decimals="-3">3199000</us-gaap:RevenueFromGrants>

  <us-gaap:DefinedBenefitPlanContributionsByEmployer contextRef="P01_01_2014To12_31_2014" id="Factid_239" unitRef="CNY" decimals="-3">51510000</us-gaap:DefinedBenefitPlanContributionsByEmployer>

  <us-gaap:DefinedBenefitPlanContributionsByEmployer contextRef="P01_01_2015To12_31_2015" id="Factid_240" unitRef="CNY" decimals="-3">69370000</us-gaap:DefinedBenefitPlanContributionsByEmployer>

  <us-gaap:DefinedBenefitPlanContributionsByEmployer contextRef="P01_01_2016To12_31_2016" id="Factid_241" unitRef="CNY" decimals="-3">85325000</us-gaap:DefinedBenefitPlanContributionsByEmployer>

  <us-gaap:DeferredOfferingCosts contextRef="PAsOn04_03_2014" id="Factid_242" unitRef="CNY" decimals="-3">3788000</us-gaap:DeferredOfferingCosts>

  <us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_243">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt; FONT-SIZE: 10pt"&gt; &lt;div&gt;&lt;strong&gt;3&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="FONT-SIZE: 10pt"&gt; &lt;div&gt;&lt;strong&gt;ACCOUNTS RECEIVABLE&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Accounts receivable consists of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Accounts receivable:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Gross&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;237,624&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;214,142&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Unearned interest&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(15,997)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(15,130)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Total accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;221,627&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;199,012&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Less: allowance for doubtful accounts&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(66,857)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(100,462)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Accounts receivable, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;154,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;98,550&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The classification of accounts receivable is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div&gt;Accounts receivable, net &amp;#150; current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;146,999&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;97,374&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div&gt;Accounts receivable, net &amp;#150; non-current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,771&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;Total accounts receivable, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;154,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;98,550&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The movements of the allowance for doubtful accounts are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Balance at the beginning of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;14,041&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;66,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Additions charged to bad debt expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;46,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;63,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;33,605&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Write-off of bad debt allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(24,694)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(31,593)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Balance at the end of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;66,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;100,462&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.34in; MARGIN: 0in"&gt; The aging analysis of our accounts receivable based on due date is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;As&amp;#160;of&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Aging:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; current&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;104,368&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;78,276&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 1-3 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,005&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;15,306&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 4-6 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;13,373&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,846&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 7-12 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,748&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; greater than one year past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;48,866&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;71,836&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Total accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;221,627&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;199,012&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>

  <us-gaap:Cash contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_244" unitRef="CNY" decimals="-3">6275000</us-gaap:Cash>

  <us-gaap:Cash contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_245" unitRef="CNY" decimals="-3">43770000</us-gaap:Cash>

  <us-gaap:RestrictedInvestmentsCurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_246" unitRef="CNY" decimals="-3">397388000</us-gaap:RestrictedInvestmentsCurrent>

  <us-gaap:RestrictedInvestmentsCurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_247" unitRef="CNY" decimals="-3">242795000</us-gaap:RestrictedInvestmentsCurrent>

  <us-gaap:RestrictedCashAndCashEquivalents contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_248" unitRef="CNY" decimals="-3">150000000</us-gaap:RestrictedCashAndCashEquivalents>

  <us-gaap:RestrictedCashAndCashEquivalents contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_249" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_250" unitRef="CNY" decimals="-3">10843000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>

  <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_251" unitRef="CNY" decimals="-3">1855000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_252" unitRef="CNY" decimals="-3">564506000</us-gaap:AssetsCurrent>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_253" unitRef="CNY" decimals="-3">288420000</us-gaap:AssetsCurrent>

  <us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_254" unitRef="CNY" decimals="-3">786264000</us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>

  <us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_255" unitRef="CNY" decimals="-3">1316552000</us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>

  <us-gaap:Assets contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_256" unitRef="CNY" decimals="-3">1350770000</us-gaap:Assets>

  <us-gaap:Assets contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_257" unitRef="CNY" decimals="-3">1604972000</us-gaap:Assets>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_258" unitRef="CNY" decimals="-3">6522000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:AccruedLiabilitiesCurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_259" unitRef="CNY" decimals="-3">3409000</us-gaap:AccruedLiabilitiesCurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_260" unitRef="CNY" decimals="-3">5634000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_261" unitRef="CNY" decimals="-3">3343000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_262">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Accounts receivable:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Gross&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;237,624&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;214,142&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Unearned interest&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(15,997)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(15,130)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Total accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;221,627&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;199,012&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;Less: allowance for doubtful accounts&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(66,857)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(100,462)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Accounts receivable, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;154,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;98,550&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_263" unitRef="CNY" decimals="-3">12156000</us-gaap:Liabilities>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_264" unitRef="CNY" decimals="-3">6752000</us-gaap:Liabilities>

  <us-gaap:CommitmentsAndContingencies contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_265" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CommitmentsAndContingencies contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_266" unitRef="CNY" xsi:nil="true" />

  <tedu:SummaryOfAccountsReceivableClassificationTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_267">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div&gt;Accounts receivable, net &amp;#150; current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;146,999&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;97,374&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div&gt;Accounts receivable, net &amp;#150; non-current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,771&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div&gt;Total accounts receivable, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;154,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;98,550&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:SummaryOfAccountsReceivableClassificationTableTextBlock>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_268" unitRef="CNY" decimals="-3">276000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_269" unitRef="CNY" decimals="-3">302000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_270" unitRef="CNY" decimals="-3">98000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_271" unitRef="CNY" decimals="-3">86000</us-gaap:CommonStockValue>

  <us-gaap:TreasuryStockCommonValue contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_272" unitRef="CNY" decimals="-3">49355000</us-gaap:TreasuryStockCommonValue>

  <us-gaap:TreasuryStockCommonValue contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_273" unitRef="CNY" decimals="-3">93761000</us-gaap:TreasuryStockCommonValue>

  <tedu:SummaryOfAccountsReceivableValuationAllowanceTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_274">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Balance at the beginning of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;14,041&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;66,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Additions charged to bad debt expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;46,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;63,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;33,605&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Write-off of bad debt allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(24,694)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(31,593)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Balance at the end of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;66,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;100,462&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:SummaryOfAccountsReceivableValuationAllowanceTableTextBlock>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_275" unitRef="CNY" decimals="-3">907018000</us-gaap:AdditionalPaidInCapital>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_276" unitRef="CNY" decimals="-3">995216000</us-gaap:AdditionalPaidInCapital>

  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_277" unitRef="CNY" decimals="-3">30232000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>

  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_278" unitRef="CNY" decimals="-3">58204000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_279" unitRef="CNY" decimals="-3">450345000</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_280" unitRef="CNY" decimals="-3">638173000</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_281" unitRef="CNY" decimals="-3">1338614000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_282" unitRef="CNY" decimals="-3">1598220000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_283" unitRef="CNY" decimals="-3">1350770000</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_284" unitRef="CNY" decimals="-3">1604972000</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_285" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_286" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_287" unitRef="shares" decimals="INF">860000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_288" unitRef="shares" decimals="INF">860000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_289" unitRef="shares" decimals="INF">44914538</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_290" unitRef="shares" decimals="INF">48735228</us-gaap:CommonStockSharesIssued>

  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="PAsOn12_31_2013" id="Factid_291" unitRef="CNY" decimals="-3">14041000</us-gaap:AllowanceForDoubtfulAccountsReceivable>

  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="PAsOn12_31_2014" id="Factid_292" unitRef="CNY" decimals="-3">35347000</us-gaap:AllowanceForDoubtfulAccountsReceivable>

  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="PAsOn12_31_2015" id="Factid_293" unitRef="CNY" decimals="-3">66857000</us-gaap:AllowanceForDoubtfulAccountsReceivable>

  <us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="P01_01_2014To12_31_2014" id="Factid_294" unitRef="CNY" decimals="-3">24694000</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>

  <us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="P01_01_2015To12_31_2015" id="Factid_295" unitRef="CNY" decimals="-3">31593000</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>

  <us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="P01_01_2016To12_31_2016" id="Factid_296" unitRef="CNY" decimals="-3">0</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>

  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="PAsOn12_31_2016" id="Factid_297" unitRef="CNY" decimals="-3">100462000</us-gaap:AllowanceForDoubtfulAccountsReceivable>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_298" unitRef="shares" decimals="INF">43988425</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:AccountsReceivableGross contextRef="PAsOn12_31_2015" id="Factid_299" unitRef="CNY" decimals="-3">221627000</us-gaap:AccountsReceivableGross>

  <us-gaap:AccountsReceivableGross contextRef="PAsOn12_31_2016" id="Factid_300" unitRef="CNY" decimals="-3">199012000</us-gaap:AccountsReceivableGross>

  <us-gaap:AccountsReceivableNet contextRef="PAsOn12_31_2015" id="Factid_301" unitRef="CNY" decimals="-3">154770000</us-gaap:AccountsReceivableNet>

  <us-gaap:AccountsReceivableNet contextRef="PAsOn12_31_2016" id="Factid_302" unitRef="CNY" decimals="-3">98550000</us-gaap:AccountsReceivableNet>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_303" unitRef="shares" decimals="INF">47160248</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_304" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_305" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_306" unitRef="shares" decimals="INF">40000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:AccountsReceivableNetCurrent contextRef="PAsOn12_31_2015" id="Factid_307" unitRef="CNY" decimals="-3">146999000</us-gaap:AccountsReceivableNetCurrent>

  <us-gaap:AccountsReceivableNetCurrent contextRef="PAsOn12_31_2016" id="Factid_308" unitRef="CNY" decimals="-3">97374000</us-gaap:AccountsReceivableNetCurrent>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_309" unitRef="shares" decimals="INF">40000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:AccountsReceivableNetNoncurrent contextRef="PAsOn12_31_2015" id="Factid_310" unitRef="CNY" decimals="-3">7771000</us-gaap:AccountsReceivableNetNoncurrent>

  <us-gaap:AccountsReceivableNetNoncurrent contextRef="PAsOn12_31_2016" id="Factid_311" unitRef="CNY" decimals="-3">1176000</us-gaap:AccountsReceivableNetNoncurrent>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_312" unitRef="shares" decimals="INF">10574896</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_313" unitRef="shares" decimals="INF">10574896</us-gaap:CommonStockSharesOutstanding>

  <tedu:AgingAccountsReceivableCurrent contextRef="PAsOn12_31_2015" id="Factid_314" unitRef="CNY" decimals="-3">104368000</tedu:AgingAccountsReceivableCurrent>

  <tedu:AgingAccountsReceivableCurrent contextRef="PAsOn12_31_2016" id="Factid_315" unitRef="CNY" decimals="-3">78276000</tedu:AgingAccountsReceivableCurrent>

  <tedu:AgingAccountsReceivable1To3MonthsPastDue contextRef="PAsOn12_31_2015" id="Factid_316" unitRef="CNY" decimals="-3">37005000</tedu:AgingAccountsReceivable1To3MonthsPastDue>

  <tedu:AgingAccountsReceivable1To3MonthsPastDue contextRef="PAsOn12_31_2016" id="Factid_317" unitRef="CNY" decimals="-3">15306000</tedu:AgingAccountsReceivable1To3MonthsPastDue>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_318" unitRef="shares" decimals="INF">8895249</us-gaap:CommonStockSharesOutstanding>

  <tedu:AgingAccountsReceivable4To6MonthsPastDue contextRef="PAsOn12_31_2015" id="Factid_319" unitRef="CNY" decimals="-3">13373000</tedu:AgingAccountsReceivable4To6MonthsPastDue>

  <tedu:AgingAccountsReceivable4To6MonthsPastDue contextRef="PAsOn12_31_2016" id="Factid_320" unitRef="CNY" decimals="-3">10846000</tedu:AgingAccountsReceivable4To6MonthsPastDue>

  <tedu:AgingAccountsReceivable7To12MonthsPastDue contextRef="PAsOn12_31_2015" id="Factid_321" unitRef="CNY" decimals="-3">18015000</tedu:AgingAccountsReceivable7To12MonthsPastDue>

  <tedu:AgingAccountsReceivable7To12MonthsPastDue contextRef="PAsOn12_31_2016" id="Factid_322" unitRef="CNY" decimals="-3">22748000</tedu:AgingAccountsReceivable7To12MonthsPastDue>

  <tedu:AgingAccountsReceivableGreaterThanOneYearPastDue contextRef="PAsOn12_31_2015" id="Factid_323" unitRef="CNY" decimals="-3">48866000</tedu:AgingAccountsReceivableGreaterThanOneYearPastDue>

  <tedu:AgingAccountsReceivableGreaterThanOneYearPastDue contextRef="PAsOn12_31_2016" id="Factid_324" unitRef="CNY" decimals="-3">71836000</tedu:AgingAccountsReceivableGreaterThanOneYearPastDue>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_325" unitRef="shares" decimals="INF">8895249</us-gaap:CommonStockSharesIssued>

  <us-gaap:TreasuryStockShares contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_326" unitRef="shares" decimals="INF">926113</us-gaap:TreasuryStockShares>

  <us-gaap:TreasuryStockShares contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_327" unitRef="shares" decimals="INF">1574980</us-gaap:TreasuryStockShares>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_328" unitRef="CNY" decimals="-3">1047000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_329" unitRef="CNY" decimals="-3">4241000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_330" unitRef="CNY" decimals="-3">4477000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_331" unitRef="CNY" decimals="-3">-1047000</us-gaap:OperatingIncomeLoss>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_332" unitRef="CNY" decimals="-3">-4241000</us-gaap:OperatingIncomeLoss>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_333" unitRef="CNY" decimals="-3">-4477000</us-gaap:OperatingIncomeLoss>

  <us-gaap:IncomeLossFromSubsidiariesNetOfTax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_334" unitRef="CNY" decimals="-3">129811000</us-gaap:IncomeLossFromSubsidiariesNetOfTax>

  <us-gaap:IncomeLossFromSubsidiariesNetOfTax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_335" unitRef="CNY" decimals="-3">194914000</us-gaap:IncomeLossFromSubsidiariesNetOfTax>

  <us-gaap:IncomeLossFromSubsidiariesNetOfTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_336" unitRef="CNY" decimals="-3">253396000</us-gaap:IncomeLossFromSubsidiariesNetOfTax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_337" unitRef="CNY" decimals="-3">7251000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_338" unitRef="CNY" decimals="-3">-31923000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_339" unitRef="CNY" decimals="-3">-4753000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <tedu:InterestIncome contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_340" unitRef="CNY" decimals="-3">14059000</tedu:InterestIncome>

  <tedu:InterestIncome contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_341" unitRef="CNY" decimals="-3">17610000</tedu:InterestIncome>

  <tedu:InterestIncome contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_342" unitRef="CNY" decimals="-3">8027000</tedu:InterestIncome>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_343" unitRef="CNY" decimals="-3">1776000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_344" unitRef="CNY" decimals="-3">2400000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_345" unitRef="CNY" decimals="-3">2559000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_346" unitRef="CNY" decimals="-3">151850000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_347" unitRef="CNY" decimals="-3">178760000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_348" unitRef="CNY" decimals="-3">241854000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_349" unitRef="CNY" xsi:nil="true" />

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_350" unitRef="CNY" xsi:nil="true" />

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_351" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_352" unitRef="CNY" decimals="-3">151850000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_353" unitRef="CNY" decimals="-3">178760000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_354" unitRef="CNY" decimals="-3">241854000</us-gaap:ProfitLoss>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_355" unitRef="CNY" decimals="-3">-2896000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_356" unitRef="CNY" decimals="-3">34748000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_357" unitRef="CNY" decimals="-3">22972000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_358">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;strong&gt;5&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;strong&gt;PROPERTY AND EQUIPMENT, NET&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Property and equipment consists of the following:&amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Office buildings&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;281,541&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Furniture&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,510&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,078&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Office equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;211,385&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;271,862&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Leasehold improvements&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;53,126&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;64,383&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Total property and equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;275,021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;635,864&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Less: accumulated depreciation&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(147,157)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(198,527)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Property and equipment, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;127,864&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;437,337&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; Depreciation expense for property and equipment was allocated to the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div&gt;Cost of revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;38,088&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;48,553&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;61,967&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div&gt;Selling and marketing expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,694&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,226&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div&gt;General and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,649&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,031&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,455&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div&gt;Research and development expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;488&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;703&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;43,478&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;54,981&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;72,757&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_359" unitRef="CNY" decimals="-3">148954000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_360" unitRef="CNY" decimals="-3">213508000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_361" unitRef="CNY" decimals="-3">269826000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <tedu:ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_362">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; Depreciation expense for property and equipment was allocated to the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Cost of revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;38,088&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;48,553&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;61,967&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Selling and marketing expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,694&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,226&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;General and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,649&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,031&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,455&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Research and development expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;488&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;703&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;43,478&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;54,981&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;72,757&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_363" unitRef="CNY" decimals="-3">19036000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_364" unitRef="CNY" decimals="-3">9770000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_365" unitRef="CNY" decimals="-3">-10272000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_366" unitRef="CNY" decimals="-3">569312000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_367" unitRef="CNY" decimals="-3">588426000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:PaymentsToAcquireTimeDeposits contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_368" unitRef="CNY" decimals="-3">298688000</tedu:PaymentsToAcquireTimeDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_369" unitRef="CNY" decimals="-3">3071000</tedu:ProceedsFromMaturityOfDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_370" unitRef="CNY" decimals="-3">603501000</tedu:ProceedsFromMaturityOfDeposits>

  <tedu:ProceedsFromMaturityOfDeposits contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_371" unitRef="CNY" decimals="-3">620607000</tedu:ProceedsFromMaturityOfDeposits>

  <us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_372" unitRef="CNY" decimals="-3">104662000</us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>

  <us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_373" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_374" unitRef="CNY" decimals="-3">198137000</us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_375" unitRef="CNY" decimals="-3">-670903000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_376" unitRef="CNY" decimals="-3">15075000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_377" unitRef="CNY" decimals="-3">123782000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2014To12_31_2014_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_378" unitRef="CNY" decimals="-3">38088000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2014To12_31_2014_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_379" unitRef="CNY" decimals="-3">2253000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2014To12_31_2014_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_380" unitRef="CNY" decimals="-3">2649000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2014To12_31_2014_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_381" unitRef="CNY" decimals="-3">488000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2015To12_31_2015_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_382" unitRef="CNY" decimals="-3">48553000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2015To12_31_2015_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_383" unitRef="CNY" decimals="-3">2694000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2015To12_31_2015_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_384" unitRef="CNY" decimals="-3">3031000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2015To12_31_2015_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_385" unitRef="CNY" decimals="-3">703000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2016To12_31_2016_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_386" unitRef="CNY" decimals="-3">61967000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2016To12_31_2016_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_387" unitRef="CNY" decimals="-3">3226000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2016To12_31_2016_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_388" unitRef="CNY" decimals="-3">6455000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:DepreciationDepletionAndAmortization contextRef="P01_01_2016To12_31_2016_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_389" unitRef="CNY" decimals="-3">1109000</us-gaap:DepreciationDepletionAndAmortization>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_390" unitRef="CNY" decimals="-3">659503000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_391" unitRef="CNY" decimals="-3">-26899000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_392" unitRef="CNY" decimals="-3">-78044000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_393" unitRef="CNY" decimals="-3">7609000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_394" unitRef="CNY" decimals="-3">-1656000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_395" unitRef="CNY" decimals="-3">37495000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="PAsOn12_31_2013_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_396" unitRef="CNY" decimals="-3">322000</us-gaap:CashAndCashEquivalentsAtCarryingValue>

  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="PAsOn12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_397" unitRef="CNY" decimals="-3">7931000</us-gaap:CashAndCashEquivalentsAtCarryingValue>

  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_398" unitRef="CNY" decimals="-3">6275000</us-gaap:CashAndCashEquivalentsAtCarryingValue>

  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_399" unitRef="CNY" decimals="-3">43770000</us-gaap:CashAndCashEquivalentsAtCarryingValue>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_400" unitRef="CNY" decimals="-3">3648000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_401" unitRef="CNY" decimals="-3">107994000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_402" unitRef="CNY" decimals="-3">592849000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_403" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_404" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_405" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_406" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_407" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_408" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_409">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt;&lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 16&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; COMMITMENTS AND CONTINGENCIES&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt;&lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (a)&lt;/font&gt;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Operating lease commitments&lt;/font&gt;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 49pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Future minimum lease payments under non-cancelable operating lease agreements as of December&amp;#160;31, 2016 were as follows. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The Company&amp;#8217;s leases do not contain any contingent rent payment terms.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Year ending December 31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;116,805&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;100,736&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;70,660&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;47,230&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;32,542&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2022 and thereafter&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;53,924&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;421,897&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in" align="justify"&gt;Gross rent expenses incurred under operating leases were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;77,493&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;108,992&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;136,076&lt;/font&gt; for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively. Sublease rental income of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,416&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;382&lt;/font&gt; and RMB &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 460&lt;/font&gt; for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively, were recognized as reductions of gross rental expenses.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>

  <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_410">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"&gt;The Company&amp;#8217;s leases do not contain any contingent rent payment terms.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Year ending December 31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2017&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;116,805&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;100,736&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;70,660&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2020&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;47,230&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;32,542&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;2022 and thereafter&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;53,924&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;421,897&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="PAsOn12_31_2016" id="Factid_411" unitRef="CNY" decimals="-3">116805000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="PAsOn12_31_2016" id="Factid_412" unitRef="CNY" decimals="-3">100736000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="PAsOn12_31_2016" id="Factid_413" unitRef="CNY" decimals="-3">70660000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="PAsOn12_31_2016" id="Factid_414" unitRef="CNY" decimals="-3">47230000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears contextRef="PAsOn12_31_2016" id="Factid_415" unitRef="CNY" decimals="-3">32542000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter contextRef="PAsOn12_31_2016" id="Factid_416" unitRef="CNY" decimals="-3">53924000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter>

  <us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="PAsOn12_31_2016" id="Factid_417" unitRef="CNY" decimals="-3">421897000</us-gaap:OperatingLeasesFutureMinimumPaymentsDue>

  <us-gaap:OperatingLeasesRentExpenseMinimumRentals contextRef="P01_01_2014To12_31_2014" id="Factid_418" unitRef="CNY" decimals="-3">77493000</us-gaap:OperatingLeasesRentExpenseMinimumRentals>

  <us-gaap:OperatingLeasesRentExpenseMinimumRentals contextRef="P01_01_2015To12_31_2015" id="Factid_419" unitRef="CNY" decimals="-3">108992000</us-gaap:OperatingLeasesRentExpenseMinimumRentals>

  <us-gaap:OperatingLeasesRentExpenseMinimumRentals contextRef="P01_01_2016To12_31_2016" id="Factid_420" unitRef="CNY" decimals="-3">136076000</us-gaap:OperatingLeasesRentExpenseMinimumRentals>

  <us-gaap:OperatingLeasesRentExpenseSubleaseRentals1 contextRef="P01_01_2014To12_31_2014" id="Factid_421" unitRef="CNY" decimals="-3">1416000</us-gaap:OperatingLeasesRentExpenseSubleaseRentals1>

  <us-gaap:OperatingLeasesRentExpenseSubleaseRentals1 contextRef="P01_01_2015To12_31_2015" id="Factid_422" unitRef="CNY" decimals="-3">382000</us-gaap:OperatingLeasesRentExpenseSubleaseRentals1>

  <us-gaap:OperatingLeasesRentExpenseSubleaseRentals1 contextRef="P01_01_2016To12_31_2016" id="Factid_423" unitRef="CNY" decimals="-3">460000</us-gaap:OperatingLeasesRentExpenseSubleaseRentals1>

  <us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_424">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The components of income before income taxes are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;146,570&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;200,789&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;272,745&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Hong Kong&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(1,964)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(1,908)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(573)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Cayman Islands&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;22,039&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(16,154)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(11,542)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;166,645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;182,727&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;260,630&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock>

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="P01_01_2014To12_31_2014" id="Factid_425" unitRef="CNY" decimals="-3">148320000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="P01_01_2015To12_31_2015" id="Factid_426" unitRef="CNY" decimals="-3">178760000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="P01_01_2016To12_31_2016" id="Factid_427" unitRef="CNY" decimals="-3">241854000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2014To12_31_2014_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_428" unitRef="CNY" decimals="-3">-5648000</us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther>

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2014To12_31_2014_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_429" unitRef="CNY" decimals="-3">-5745000</us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther>

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2014To12_31_2014_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_430" unitRef="CNY" decimals="-3">-8566000</us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther>

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2015To12_31_2015_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_431" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2015To12_31_2015_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_432" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2015To12_31_2015_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_433" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2016To12_31_2016_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_434" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2016To12_31_2016_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_435" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DilutiveSecuritiesEffectOnBasicEarningsPerShareOther contextRef="P01_01_2016To12_31_2016_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_436" unitRef="CNY" xsi:nil="true" />

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="P01_01_2014To12_31_2014" id="Factid_437" unitRef="CNY" decimals="-3">128361000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="P01_01_2015To12_31_2015" id="Factid_438" unitRef="CNY" decimals="-3">178760000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>

  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="P01_01_2016To12_31_2016" id="Factid_439" unitRef="CNY" decimals="-3">241854000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>

  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="P01_01_2014To12_31_2014" id="Factid_440" unitRef="shares" decimals="INF">41223389</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="P01_01_2015To12_31_2015" id="Factid_441" unitRef="shares" decimals="INF">53767810</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="P01_01_2016To12_31_2016" id="Factid_442" unitRef="shares" decimals="INF">55540670</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

  <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="P01_01_2014To12_31_2014" id="Factid_443" unitRef="shares" decimals="INF">6546743</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>

  <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="P01_01_2015To12_31_2015" id="Factid_444" unitRef="shares" decimals="INF">4983046</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>

  <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="P01_01_2016To12_31_2016" id="Factid_445" unitRef="shares" decimals="INF">3464591</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>

  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="P01_01_2014To12_31_2014" id="Factid_446" unitRef="shares" decimals="INF">47770132</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="P01_01_2015To12_31_2015" id="Factid_447" unitRef="shares" decimals="INF">58750856</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="P01_01_2016To12_31_2016" id="Factid_448" unitRef="shares" decimals="INF">59005261</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

  <us-gaap:EarningsPerShareBasic contextRef="P01_01_2014To12_31_2014" id="Factid_449" unitRef="CNY_per_Share" decimals="2">3.11</us-gaap:EarningsPerShareBasic>

  <us-gaap:EarningsPerShareBasic contextRef="P01_01_2015To12_31_2015" id="Factid_450" unitRef="CNY_per_Share" decimals="2">3.32</us-gaap:EarningsPerShareBasic>

  <us-gaap:EarningsPerShareBasic contextRef="P01_01_2016To12_31_2016" id="Factid_451" unitRef="CNY_per_Share" decimals="2">4.35</us-gaap:EarningsPerShareBasic>

  <us-gaap:EarningsPerShareDiluted contextRef="P01_01_2014To12_31_2014" id="Factid_452" unitRef="CNY_per_Share" decimals="2">2.69</us-gaap:EarningsPerShareDiluted>

  <us-gaap:EarningsPerShareDiluted contextRef="P01_01_2015To12_31_2015" id="Factid_453" unitRef="CNY_per_Share" decimals="2">3.04</us-gaap:EarningsPerShareDiluted>

  <us-gaap:EarningsPerShareDiluted contextRef="P01_01_2016To12_31_2016" id="Factid_454" unitRef="CNY_per_Share" decimals="2">4.10</us-gaap:EarningsPerShareDiluted>

  <us-gaap:SummaryOfValuationAllowanceTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_455">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The movements of the valuation allowance are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.5in; WIDTH: 92%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="38%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at the beginning of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,362&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;20,115&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Additions of valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,198&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,069&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,076&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Reduction of valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(483)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(3,316)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(6,684)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at the end of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,362&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;20,115&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;26,507&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SummaryOfValuationAllowanceTextBlock>

  <us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_456">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"&gt; A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December&amp;#160;31, 2014, 2015 and 2016 is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at beginning of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36,921&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;53,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Increase related to current year tax positions&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,436&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;51,050&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;66,122&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Settlement&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(17,279)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(34,567)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(49,704)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at end of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36,921&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;53,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,822&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2014To12_31_2014" id="Factid_457" unitRef="CNY" decimals="-3">166645000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2015To12_31_2015" id="Factid_458" unitRef="CNY" decimals="-3">182727000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2016To12_31_2016" id="Factid_459" unitRef="CNY" decimals="-3">260630000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2014To12_31_2014_CNusgaapStatementGeographicalAxis" id="Factid_460" unitRef="CNY" decimals="-3">146570000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2014To12_31_2014_HKusgaapStatementGeographicalAxis" id="Factid_461" unitRef="CNY" decimals="-3">-1964000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2014To12_31_2014_KYusgaapStatementGeographicalAxis" id="Factid_462" unitRef="CNY" decimals="-3">22039000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2015To12_31_2015_CNusgaapStatementGeographicalAxis" id="Factid_463" unitRef="CNY" decimals="-3">200789000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2015To12_31_2015_HKusgaapStatementGeographicalAxis" id="Factid_464" unitRef="CNY" decimals="-3">-1908000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2015To12_31_2015_KYusgaapStatementGeographicalAxis" id="Factid_465" unitRef="CNY" decimals="-3">-16154000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2016To12_31_2016_CNusgaapStatementGeographicalAxis" id="Factid_466" unitRef="CNY" decimals="-3">272745000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2016To12_31_2016_HKusgaapStatementGeographicalAxis" id="Factid_467" unitRef="CNY" decimals="-3">-573000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="P01_01_2016To12_31_2016_KYusgaapStatementGeographicalAxis" id="Factid_468" unitRef="CNY" decimals="-3">-11542000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="PAsOn12_31_2013" id="Factid_469" unitRef="shares" decimals="INF">8134830</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="PAsOn12_31_2014" id="Factid_470" unitRef="shares" decimals="INF">8038950</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="PAsOn12_31_2015" id="Factid_471" unitRef="shares" decimals="INF">5581776</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="PAsOn12_31_2016" id="Factid_472" unitRef="shares" decimals="INF">4327869</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2014To12_31_2014" id="Factid_473" unitRef="shares" decimals="INF">1805784</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2015To12_31_2015" id="Factid_474" unitRef="shares" decimals="INF">615624</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2016To12_31_2016" id="Factid_475" unitRef="shares" decimals="INF">1115807</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2014To12_31_2014" id="Factid_476" unitRef="shares" decimals="INF">1786449</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2015To12_31_2015" id="Factid_477" unitRef="shares" decimals="INF">3015872</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2016To12_31_2016" id="Factid_478" unitRef="shares" decimals="INF">2106043</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="P01_01_2014To12_31_2014" id="Factid_479" unitRef="shares" decimals="INF">115215</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_480" unitRef="shares" decimals="INF">56926</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="P01_01_2016To12_31_2016" id="Factid_481" unitRef="shares" decimals="INF">263671</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="P01_01_2014To12_31_2014" id="Factid_482" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_483" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="P01_01_2016To12_31_2016" id="Factid_484" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="PAsOn12_31_2013" id="Factid_485" unitRef="USD_per_Share" decimals="2">0.82</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="PAsOn12_31_2014" id="Factid_486" unitRef="USD_per_Share" decimals="2">1.44</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="PAsOn12_31_2015" id="Factid_487" unitRef="USD_per_Share" decimals="2">1.77</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="PAsOn12_31_2016" id="Factid_488" unitRef="USD_per_Share" decimals="2">1.88</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2014To12_31_2014" id="Factid_489" unitRef="USD_per_Share" decimals="2">3.05</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2015To12_31_2015" id="Factid_490" unitRef="USD_per_Share" decimals="2">3.38</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2016To12_31_2016" id="Factid_491" unitRef="USD_per_Share" decimals="2">1.90</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="P01_01_2014To12_31_2014" id="Factid_492" unitRef="USD_per_Share" decimals="2">0.14</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="P01_01_2015To12_31_2015" id="Factid_493" unitRef="USD_per_Share" decimals="2">1.20</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="P01_01_2016To12_31_2016" id="Factid_494" unitRef="USD_per_Share" decimals="2">1.46</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="P01_01_2014To12_31_2014" id="Factid_495" unitRef="USD_per_Share" decimals="2">2.91</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="P01_01_2015To12_31_2015" id="Factid_496" unitRef="USD_per_Share" decimals="2">3.33</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="P01_01_2016To12_31_2016" id="Factid_497" unitRef="USD_per_Share" decimals="2">2.98</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2016To12_31_2016" id="Factid_498" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2015To12_31_2015" id="Factid_499" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="P01_01_2014To12_31_2014" id="Factid_500" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="P01_01_2014To12_31_2014" id="Factid_501">P6Y2M8D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="P01_01_2015To12_31_2015" id="Factid_502">P5Y8M5D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="P01_01_2016To12_31_2016" id="Factid_503">P5Y10M2D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="PAsOn12_31_2014" id="Factid_504" unitRef="USD" decimals="0">77658</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="PAsOn12_31_2015" id="Factid_505" unitRef="USD" decimals="0">48412</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="PAsOn12_31_2016" id="Factid_506" unitRef="USD" decimals="0">56743</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>

  <us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="P01_01_2014To12_31_2014" id="Factid_507" unitRef="CNY" decimals="-3">18985000</us-gaap:CurrentIncomeTaxExpenseBenefit>

  <us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="P01_01_2015To12_31_2015" id="Factid_508" unitRef="CNY" decimals="-3">25581000</us-gaap:CurrentIncomeTaxExpenseBenefit>

  <us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="P01_01_2016To12_31_2016" id="Factid_509" unitRef="CNY" decimals="-3">37671000</us-gaap:CurrentIncomeTaxExpenseBenefit>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue contextRef="PAsOn12_31_2016" id="Factid_510" unitRef="USD" decimals="0">52460</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 contextRef="PAsOn12_31_2016" id="Factid_511" unitRef="USD" decimals="0">35045</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1>

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2014To12_31_2014" id="Factid_512" unitRef="CNY" decimals="-3">14795000</us-gaap:IncomeTaxExpenseBenefit>

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2015To12_31_2015" id="Factid_513" unitRef="CNY" decimals="-3">3967000</us-gaap:IncomeTaxExpenseBenefit>

  <us-gaap:IncomeTaxExpenseBenefit contextRef="P01_01_2016To12_31_2016" id="Factid_514" unitRef="CNY" decimals="-3">18776000</us-gaap:IncomeTaxExpenseBenefit>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 contextRef="P01_01_2016To12_31_2016" id="Factid_515">P4Y1M2D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1 contextRef="P01_01_2016To12_31_2016" id="Factid_516">P5Y7M2D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice contextRef="PAsOn12_31_2016" id="Factid_517" unitRef="USD_per_Share" decimals="2">1.74</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="PAsOn12_31_2016" id="Factid_518" unitRef="USD_per_Share" decimals="2">1.17</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="PAsOn12_31_2016" id="Factid_519" unitRef="shares" decimals="INF">2536418</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber contextRef="PAsOn12_31_2016" id="Factid_520" unitRef="shares" decimals="INF">3959763</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber>

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2014To12_31_2014" id="Factid_521" unitRef="pure" decimals="3">0.250</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2015To12_31_2015" id="Factid_522" unitRef="pure" decimals="3">0.250</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2016To12_31_2016" id="Factid_523" unitRef="pure" decimals="3">0.250</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="P01_01_2014To12_31_2014" id="Factid_524" unitRef="pure" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="P01_01_2015To12_31_2015" id="Factid_525" unitRef="pure" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="P01_01_2016To12_31_2016" id="Factid_526" unitRef="pure" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="P01_01_2014To12_31_2014" id="Factid_527" unitRef="pure" decimals="3">-0.030</us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>

  <us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="P01_01_2015To12_31_2015" id="Factid_528" unitRef="pure" decimals="3">0.025</us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>

  <us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="P01_01_2016To12_31_2016" id="Factid_529" unitRef="pure" decimals="3">0.012</us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="P01_01_2014To12_31_2014" id="Factid_530" unitRef="pure" decimals="3">0.027</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="P01_01_2014To12_31_2014" id="Factid_531" unitRef="pure" decimals="4">0.0381</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="P01_01_2015To12_31_2015" id="Factid_532" unitRef="pure" decimals="3">0.033</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="P01_01_2016To12_31_2016" id="Factid_533" unitRef="pure" decimals="3">0.027</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="P01_01_2014To12_31_2014" id="Factid_534" unitRef="pure" decimals="3">0.517</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="P01_01_2014To12_31_2014" id="Factid_535" unitRef="pure" decimals="3">0.038</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="P01_01_2015To12_31_2015" id="Factid_536" unitRef="pure" decimals="3">0.045</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost contextRef="P01_01_2016To12_31_2016" id="Factid_537" unitRef="pure" decimals="3">0.065</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther contextRef="P01_01_2014To12_31_2014" id="Factid_538" unitRef="pure" decimals="3">0.005</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther contextRef="P01_01_2015To12_31_2015" id="Factid_539" unitRef="pure" decimals="3">0.006</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther>

  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther contextRef="P01_01_2016To12_31_2016" id="Factid_540" unitRef="pure" decimals="3">0.001</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2014To12_31_2014_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis" id="Factid_541" unitRef="pure" decimals="3">0.010</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2015To12_31_2015_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis" id="Factid_542" unitRef="pure" decimals="3">-0.001</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2016To12_31_2016_AdvancedAndNewTechnologyEnterpriseMemberdeiLegalEntityAxis" id="Factid_543" unitRef="pure" decimals="3">0.007</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2014To12_31_2014_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_544" unitRef="pure" decimals="3">0.001</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2015To12_31_2015_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_545" unitRef="pure" decimals="3">-0.007</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent contextRef="P01_01_2016To12_31_2016_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_546" unitRef="pure" decimals="3">-0.005</tedu:EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent>

  <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="P01_01_2014To12_31_2014" id="Factid_547" unitRef="pure" decimals="3">0.064</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>

  <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="P01_01_2015To12_31_2015" id="Factid_548" unitRef="pure" decimals="3">0.031</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>

  <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="P01_01_2016To12_31_2016" id="Factid_549" unitRef="pure" decimals="3">0.025</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="P01_01_2015To12_31_2015_MinimumMemberusgaapRangeAxis" id="Factid_550" unitRef="pure" decimals="3">0.623</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="P01_01_2015To12_31_2015_MaximumMemberusgaapRangeAxis" id="Factid_551" unitRef="pure" decimals="3">0.709</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_552" unitRef="pure" decimals="3">0.635</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

  <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="P01_01_2014To12_31_2014" id="Factid_553" unitRef="pure" decimals="3">0.089</us-gaap:EffectiveIncomeTaxRateContinuingOperations>

  <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="P01_01_2015To12_31_2015" id="Factid_554" unitRef="pure" decimals="3">0.022</us-gaap:EffectiveIncomeTaxRateContinuingOperations>

  <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="P01_01_2016To12_31_2016" id="Factid_555" unitRef="pure" decimals="3">0.072</us-gaap:EffectiveIncomeTaxRateContinuingOperations>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_556" unitRef="pure" decimals="3">0.688</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple contextRef="P01_01_2014To12_31_2014" id="Factid_557" unitRef="pure" decimals="1">2.2</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple contextRef="P01_01_2015To12_31_2015" id="Factid_558" unitRef="pure" decimals="1">2.0</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple contextRef="P01_01_2016To12_31_2016" id="Factid_559" unitRef="pure" decimals="1">2.0</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="P01_01_2015To12_31_2015_MinimumMemberusgaapRangeAxis" id="Factid_560" unitRef="pure" decimals="4">0.0268</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="P01_01_2015To12_31_2015_MaximumMemberusgaapRangeAxis" id="Factid_561" unitRef="pure" decimals="4">0.0299</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

  <tedu:DeferredTaxAssetsAccountsReceivable contextRef="PAsOn12_31_2015" id="Factid_562" unitRef="CNY" decimals="-3">34616000</tedu:DeferredTaxAssetsAccountsReceivable>

  <tedu:DeferredTaxAssetsAccountsReceivable contextRef="PAsOn12_31_2016" id="Factid_563" unitRef="CNY" decimals="-3">47126000</tedu:DeferredTaxAssetsAccountsReceivable>

  <us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="PAsOn12_31_2015" id="Factid_564" unitRef="CNY" decimals="-3">7065000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>

  <us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="PAsOn12_31_2016" id="Factid_565" unitRef="CNY" decimals="-3">9984000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>

  <us-gaap:DeferredTaxAssetsTaxDeferredExpense contextRef="PAsOn12_31_2015" id="Factid_566" unitRef="CNY" decimals="-3">13666000</us-gaap:DeferredTaxAssetsTaxDeferredExpense>

  <us-gaap:DeferredTaxAssetsTaxDeferredExpense contextRef="PAsOn12_31_2016" id="Factid_567" unitRef="CNY" decimals="-3">23401000</us-gaap:DeferredTaxAssetsTaxDeferredExpense>

  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="PAsOn12_31_2015" id="Factid_568" unitRef="CNY" xsi:nil="true" />

  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="PAsOn12_31_2016" id="Factid_569" unitRef="CNY" decimals="-3">123000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>

  <us-gaap:DeferredTaxAssetsGross contextRef="PAsOn12_31_2015" id="Factid_570" unitRef="CNY" decimals="-3">55347000</us-gaap:DeferredTaxAssetsGross>

  <us-gaap:DeferredTaxAssetsGross contextRef="PAsOn12_31_2016" id="Factid_571" unitRef="CNY" decimals="-3">80634000</us-gaap:DeferredTaxAssetsGross>

  <us-gaap:DeferredTaxAssetsValuationAllowance contextRef="PAsOn12_31_2015" id="Factid_572" unitRef="CNY" decimals="-3">20115000</us-gaap:DeferredTaxAssetsValuationAllowance>

  <us-gaap:DeferredTaxAssetsValuationAllowance contextRef="PAsOn12_31_2016" id="Factid_573" unitRef="CNY" decimals="-3">26507000</us-gaap:DeferredTaxAssetsValuationAllowance>

  <us-gaap:DeferredTaxAssetsNet contextRef="PAsOn12_31_2015" id="Factid_574" unitRef="CNY" decimals="-3">35232000</us-gaap:DeferredTaxAssetsNet>

  <us-gaap:DeferredTaxAssetsNet contextRef="PAsOn12_31_2016" id="Factid_575" unitRef="CNY" decimals="-3">54127000</us-gaap:DeferredTaxAssetsNet>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_576" unitRef="pure" decimals="4">0.0215</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_577" unitRef="pure" decimals="4">0.0318</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2014" id="Factid_578" unitRef="USD_per_Share" decimals="2">8.60</us-gaap:SharePrice>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2015_MinimumMemberusgaapRangeAxis" id="Factid_579" unitRef="USD_per_Share" decimals="2">9.28</us-gaap:SharePrice>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2015_MaximumMemberusgaapRangeAxis" id="Factid_580" unitRef="USD_per_Share" decimals="2">12.85</us-gaap:SharePrice>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_581" unitRef="USD_per_Share" decimals="2">9.99</us-gaap:SharePrice>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_582" unitRef="USD_per_Share" decimals="2">16.54</us-gaap:SharePrice>

  <us-gaap:DeferredTaxAssetsValuationAllowance contextRef="PAsOn12_31_2013" id="Factid_583" unitRef="CNY" decimals="-3">3647000</us-gaap:DeferredTaxAssetsValuationAllowance>

  <us-gaap:DeferredTaxAssetsValuationAllowance contextRef="PAsOn12_31_2014" id="Factid_584" unitRef="CNY" decimals="-3">14362000</us-gaap:DeferredTaxAssetsValuationAllowance>

  <tedu:ValuationAllowanceDeferredTaxAssetAdditions contextRef="P01_01_2014To12_31_2014" id="Factid_585" unitRef="CNY" decimals="-3">11198000</tedu:ValuationAllowanceDeferredTaxAssetAdditions>

  <tedu:ValuationAllowanceDeferredTaxAssetAdditions contextRef="P01_01_2015To12_31_2015" id="Factid_586" unitRef="CNY" decimals="-3">9069000</tedu:ValuationAllowanceDeferredTaxAssetAdditions>

  <tedu:ValuationAllowanceDeferredTaxAssetAdditions contextRef="P01_01_2016To12_31_2016" id="Factid_587" unitRef="CNY" decimals="-3">13076000</tedu:ValuationAllowanceDeferredTaxAssetAdditions>

  <tedu:ValuationAllowanceDeferredTaxAssetReductions contextRef="P01_01_2014To12_31_2014" id="Factid_588" unitRef="CNY" decimals="-3">483000</tedu:ValuationAllowanceDeferredTaxAssetReductions>

  <tedu:ValuationAllowanceDeferredTaxAssetReductions contextRef="P01_01_2015To12_31_2015" id="Factid_589" unitRef="CNY" decimals="-3">3316000</tedu:ValuationAllowanceDeferredTaxAssetReductions>

  <tedu:ValuationAllowanceDeferredTaxAssetReductions contextRef="P01_01_2016To12_31_2016" id="Factid_590" unitRef="CNY" decimals="-3">6684000</tedu:ValuationAllowanceDeferredTaxAssetReductions>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2014To12_31_2014" id="Factid_591" unitRef="USD_per_Share" decimals="2">6.35</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_592" unitRef="USD_per_Share" decimals="2">9.16</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_593" unitRef="USD_per_Share" decimals="2">10.17</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue contextRef="P01_01_2014To12_31_2014" id="Factid_594" unitRef="USD" decimals="-3">11468000</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_595" unitRef="USD" decimals="-3">5641000</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue>

  <tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_596" unitRef="USD" decimals="-3">11352000</tedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2013" id="Factid_597" unitRef="CNY" decimals="-3">18764000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2014" id="Factid_598" unitRef="CNY" decimals="-3">36921000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2015" id="Factid_599" unitRef="CNY" decimals="-3">53404000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="P01_01_2014To12_31_2014" id="Factid_600" unitRef="CNY" decimals="-3">35436000</us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>

  <us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="P01_01_2015To12_31_2015" id="Factid_601" unitRef="CNY" decimals="-3">51050000</us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>

  <us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="P01_01_2016To12_31_2016" id="Factid_602" unitRef="CNY" decimals="-3">66122000</us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>

  <us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities contextRef="P01_01_2014To12_31_2014" id="Factid_603" unitRef="CNY" decimals="-3">17279000</us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities>

  <us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities contextRef="P01_01_2015To12_31_2015" id="Factid_604" unitRef="CNY" decimals="-3">34567000</us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities>

  <us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities contextRef="P01_01_2016To12_31_2016" id="Factid_605" unitRef="CNY" decimals="-3">49704000</us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2016" id="Factid_606" unitRef="CNY" decimals="-3">69822000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:PaymentsToAcquireEquityMethodInvestments contextRef="P10_01_2016To10_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_607" unitRef="CNY" decimals="-3">790000</us-gaap:PaymentsToAcquireEquityMethodInvestments>

  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="PAsOn10_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_608" unitRef="pure" decimals="3">0.285</us-gaap:EquityMethodInvestmentOwnershipPercentage>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="PAsOn12_31_2015" id="Factid_609" unitRef="shares" decimals="INF">25000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="PAsOn12_31_2016" id="Factid_610" unitRef="shares" decimals="INF">10000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_611" unitRef="shares" decimals="INF">25000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P01_01_2016To12_31_2016" id="Factid_612" unitRef="shares" decimals="INF">20000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_613" unitRef="shares" decimals="INF">27780</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod contextRef="P01_01_2016To12_31_2016" id="Factid_614" unitRef="shares" decimals="INF">35000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_615" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="P01_01_2016To12_31_2016" id="Factid_616" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="PAsOn12_31_2015" id="Factid_617" unitRef="USD_per_Share" decimals="2">9.63</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="PAsOn12_31_2016" id="Factid_618" unitRef="USD_per_Share" decimals="2">10.82</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_619" unitRef="USD_per_Share" decimals="2">9.63</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_620" unitRef="USD_per_Share" decimals="2">10.82</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_621" unitRef="USD_per_Share" decimals="2">9.06</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_622" unitRef="USD_per_Share" decimals="2">9.97</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_623" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_624" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:PaymentsToAcquireAvailableForSaleSecurities contextRef="P10_01_2016To10_31_2016_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_625" unitRef="CNY" decimals="-3">10000000</us-gaap:PaymentsToAcquireAvailableForSaleSecurities>

  <tedu:ScheduleOfNetRevenuesTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_626">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="36%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Tuition fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;835,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,174,596&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,545,680&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Certification service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,038&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;27,466&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,980&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Loan referral service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;8,750&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,873&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,136&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,875&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Business taxes and surcharges&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(19,245)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(25,190)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(12,681)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;Total net revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;836,941&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,178,008&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,579,604&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:ScheduleOfNetRevenuesTableTextBlock>

  <us-gaap:RevenueOtherFinancialServices contextRef="P01_01_2016To12_31_2016" id="Factid_627" unitRef="CNY" decimals="-3">8750000</us-gaap:RevenueOtherFinancialServices>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P01_01_2004To01_16_2004_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_628" unitRef="shares" decimals="INF">8571430</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P01_01_2004To01_16_2004_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_629" unitRef="CNY" decimals="-3">4138000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:SharePrice contextRef="PAsOn01_16_2004_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_630" unitRef="CNY_per_Share" decimals="2">0.48</us-gaap:SharePrice>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2015To12_31_2015_BasicEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_631" unitRef="CNY_per_Share" decimals="2">1.06</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2016To12_31_2016_BasicEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_632" unitRef="CNY_per_Share" decimals="2">1.18</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P08_01_2011To08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_633" unitRef="shares" decimals="INF">10914852</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P08_01_2011To08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_634" unitRef="CNY" decimals="-3">127817000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:SharePrice contextRef="PAsOn08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_635" unitRef="CNY_per_Share" decimals="2">11.71</us-gaap:SharePrice>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts contextRef="P08_01_2011To08_11_2011_SeriesCPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_636" unitRef="CNY" decimals="-3">1397000</us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts>

  <us-gaap:OperatingLossCarryforwards contextRef="PAsOn12_31_2016" id="Factid_637" unitRef="CNY" decimals="-3">39936000</us-gaap:OperatingLossCarryforwards>

  <us-gaap:OperatingLossCarryforwards contextRef="PAsOn12_31_2016_TaxYear2018MemberteduTaxFuturePeriodAxis" id="Factid_638" unitRef="CNY" decimals="-3">227000</us-gaap:OperatingLossCarryforwards>

  <us-gaap:OperatingLossCarryforwards contextRef="PAsOn12_31_2016_TaxYear2019MemberteduTaxFuturePeriodAxis" id="Factid_639" unitRef="CNY" decimals="-3">11053000</us-gaap:OperatingLossCarryforwards>

  <us-gaap:OperatingLossCarryforwards contextRef="PAsOn12_31_2016_TaxYear2020MemberteduTaxFuturePeriodAxis" id="Factid_640" unitRef="CNY" decimals="-3">8165000</us-gaap:OperatingLossCarryforwards>

  <us-gaap:OperatingLossCarryforwards contextRef="PAsOn12_31_2016_TaxYear2021MemberteduTaxFuturePeriodAxis" id="Factid_641" unitRef="CNY" decimals="-3">20491000</us-gaap:OperatingLossCarryforwards>

  <us-gaap:UndistributedEarningsOfForeignSubsidiaries contextRef="PAsOn12_31_2015" id="Factid_642" unitRef="CNY" decimals="-3">604218000</us-gaap:UndistributedEarningsOfForeignSubsidiaries>

  <us-gaap:UndistributedEarningsOfForeignSubsidiaries contextRef="PAsOn12_31_2016" id="Factid_643" unitRef="CNY" decimals="-3">937735000</us-gaap:UndistributedEarningsOfForeignSubsidiaries>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P04_01_2014To04_03_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_644" unitRef="shares" decimals="INF">25430831</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate contextRef="PAsOn12_31_2015" id="Factid_645" unitRef="CNY" decimals="-3">49198000</us-gaap:UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate>

  <us-gaap:UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate contextRef="PAsOn12_31_2016" id="Factid_646" unitRef="CNY" decimals="-3">69263000</us-gaap:UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2015_IncomeTaxPayableMemberusgaapBalanceSheetLocationAxis" id="Factid_647" unitRef="CNY" decimals="-3">42489000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2016_IncomeTaxPayableMemberusgaapBalanceSheetLocationAxis" id="Factid_648" unitRef="CNY" decimals="-3">62665000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit contextRef="PAsOn12_31_2016" id="Factid_649" unitRef="CNY" decimals="-3">66122000</us-gaap:SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P04_01_2014To04_03_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_650" unitRef="CNY" decimals="-3">157000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_651" unitRef="CNY" decimals="-3">112000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_652" unitRef="CNY" decimals="-3">664000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2015To12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_653" unitRef="CNY" decimals="-3">2053000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_654" unitRef="CNY" decimals="-3">6445000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <tedu:AuthorizedShareCapital contextRef="PAsOn10_08_2003" id="Factid_655" unitRef="USD" decimals="-3">150000</tedu:AuthorizedShareCapital>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn10_08_2003" id="Factid_656" unitRef="shares" decimals="INF">90000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn10_08_2003" id="Factid_657" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:PreferredStockSharesAuthorized contextRef="PAsOn10_08_2003" id="Factid_658" unitRef="shares" decimals="INF">60000000</us-gaap:PreferredStockSharesAuthorized>

  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="PAsOn10_08_2003" id="Factid_659" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>

  <us-gaap:StockholdersEquityNoteStockSplitConversionRatio1 contextRef="P12_01_2008To12_16_2008" id="Factid_660" unitRef="pure" decimals="0">10</us-gaap:StockholdersEquityNoteStockSplitConversionRatio1>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_15_2008" id="Factid_661" unitRef="shares" decimals="INF">9000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_15_2008" id="Factid_662" unitRef="shares" decimals="INF">1358000</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_16_2008" id="Factid_663" unitRef="shares" decimals="INF">13580000</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_664" unitRef="shares" decimals="INF">1146059</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_665" unitRef="shares" decimals="INF">229212</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_666" unitRef="CNY" decimals="-3">31320000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P04_01_2013To04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_667" unitRef="CNY" decimals="-3">6264000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:SharePrice contextRef="PAsOn04_09_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_668" unitRef="CNY_per_Share" decimals="2">27.33</us-gaap:SharePrice>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P04_01_2013To04_09_2013_CommonStockMemberusgaapStatementEquityComponentsAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_669" unitRef="CNY" decimals="-3">25056000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:SharePrice contextRef="PAsOn04_09_2013_CommonStockMemberusgaapStatementEquityComponentsAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_670" unitRef="CNY_per_Share" decimals="2">27.33</us-gaap:SharePrice>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P12_01_2013To12_10_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_671" unitRef="shares" decimals="INF">1146059</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P12_01_2013To12_10_2013_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_672" unitRef="shares" decimals="INF">229212</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="PAsOn04_09_2013_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_673" unitRef="pure" decimals="2">0.19</us-gaap:DebtInstrumentInterestRateStatedPercentage>

  <us-gaap:DebtInstrumentTerm contextRef="P04_01_2013To04_09_2013_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_674">P30M</us-gaap:DebtInstrumentTerm>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn02_27_2014" id="Factid_675" unitRef="shares" decimals="INF">1000000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn02_27_2014" id="Factid_676" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn02_27_2014_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_677" unitRef="shares" decimals="INF">860000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn02_27_2014_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_678" unitRef="shares" decimals="INF">40000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn02_27_2014_ReservedSharesMemberusgaapStatementClassOfStockAxis" id="Factid_679" unitRef="shares" decimals="INF">100000000</us-gaap:CommonStockSharesAuthorized>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_680" unitRef="CNY" decimals="-3">9000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_681" unitRef="CNY" decimals="-3">83043000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement>

  <us-gaap:RestrictedInvestmentsCurrent contextRef="PAsOn12_31_2015" id="Factid_682" unitRef="CNY" decimals="-3">449878000</us-gaap:RestrictedInvestmentsCurrent>

  <us-gaap:RestrictedInvestmentsCurrent contextRef="PAsOn12_31_2016" id="Factid_683" unitRef="CNY" decimals="-3">416724000</us-gaap:RestrictedInvestmentsCurrent>

  <us-gaap:RestrictedCashAndCashEquivalents contextRef="PAsOn12_31_2015" id="Factid_684" unitRef="CNY" decimals="-3">150000000</us-gaap:RestrictedCashAndCashEquivalents>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2015" id="Factid_685" unitRef="CNY" decimals="-3">1326918000</us-gaap:AssetsCurrent>

  <us-gaap:AssetsCurrent contextRef="PAsOn12_31_2016" id="Factid_686" unitRef="CNY" decimals="-3">1450858000</us-gaap:AssetsCurrent>

  <us-gaap:RestrictedInvestmentsNoncurrent contextRef="PAsOn12_31_2015" id="Factid_687" unitRef="CNY" decimals="-3">114227000</us-gaap:RestrictedInvestmentsNoncurrent>

  <us-gaap:RestrictedInvestmentsNoncurrent contextRef="PAsOn12_31_2016" id="Factid_688" unitRef="CNY" decimals="-3">58667000</us-gaap:RestrictedInvestmentsNoncurrent>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn12_31_2015" id="Factid_689" unitRef="CNY" decimals="-3">127864000</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:PropertyPlantAndEquipmentNet contextRef="PAsOn12_31_2016" id="Factid_690" unitRef="CNY" decimals="-3">437337000</us-gaap:PropertyPlantAndEquipmentNet>

  <us-gaap:Goodwill contextRef="PAsOn12_31_2015" id="Factid_691" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Goodwill contextRef="PAsOn12_31_2016" id="Factid_692" unitRef="CNY" decimals="-3">3365000</us-gaap:Goodwill>

  <us-gaap:LongTermInvestments contextRef="PAsOn12_31_2015" id="Factid_693" unitRef="CNY" decimals="-3">24000000</us-gaap:LongTermInvestments>

  <us-gaap:LongTermInvestments contextRef="PAsOn12_31_2016" id="Factid_694" unitRef="CNY" decimals="-3">41760000</us-gaap:LongTermInvestments>

  <us-gaap:OtherAssetsNoncurrent contextRef="PAsOn12_31_2015" id="Factid_695" unitRef="CNY" decimals="-3">53111000</us-gaap:OtherAssetsNoncurrent>

  <us-gaap:OtherAssetsNoncurrent contextRef="PAsOn12_31_2016" id="Factid_696" unitRef="CNY" decimals="-3">91849000</us-gaap:OtherAssetsNoncurrent>

  <us-gaap:Assets contextRef="PAsOn12_31_2015" id="Factid_697" unitRef="CNY" decimals="-3">1653891000</us-gaap:Assets>

  <us-gaap:Assets contextRef="PAsOn12_31_2016" id="Factid_698" unitRef="CNY" decimals="-3">2085012000</us-gaap:Assets>

  <us-gaap:AccountsPayableCurrent contextRef="PAsOn12_31_2015" id="Factid_699" unitRef="CNY" decimals="-3">4413000</us-gaap:AccountsPayableCurrent>

  <us-gaap:AccountsPayableCurrent contextRef="PAsOn12_31_2016" id="Factid_700" unitRef="CNY" decimals="-3">4502000</us-gaap:AccountsPayableCurrent>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2015" id="Factid_701" unitRef="CNY" decimals="-3">879000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2016" id="Factid_702" unitRef="CNY" decimals="-3">79000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:AccruedIncomeTaxesCurrent contextRef="PAsOn12_31_2015" id="Factid_703" unitRef="CNY" decimals="-3">56293000</us-gaap:AccruedIncomeTaxesCurrent>

  <us-gaap:AccruedIncomeTaxesCurrent contextRef="PAsOn12_31_2016" id="Factid_704" unitRef="CNY" decimals="-3">91240000</us-gaap:AccruedIncomeTaxesCurrent>

  <us-gaap:DeferredRevenueCurrent contextRef="PAsOn12_31_2015" id="Factid_705" unitRef="CNY" decimals="-3">164524000</us-gaap:DeferredRevenueCurrent>

  <us-gaap:DeferredRevenueCurrent contextRef="PAsOn12_31_2016" id="Factid_706" unitRef="CNY" decimals="-3">266061000</us-gaap:DeferredRevenueCurrent>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2015" id="Factid_707" unitRef="CNY" decimals="-3">305944000</us-gaap:LiabilitiesCurrent>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2016" id="Factid_708" unitRef="CNY" decimals="-3">479749000</us-gaap:LiabilitiesCurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2015" id="Factid_709" unitRef="CNY" decimals="-3">9333000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:OtherLiabilitiesNoncurrent contextRef="PAsOn12_31_2016" id="Factid_710" unitRef="CNY" decimals="-3">7043000</us-gaap:OtherLiabilitiesNoncurrent>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2015" id="Factid_711" unitRef="CNY" decimals="-3">315277000</us-gaap:Liabilities>

  <us-gaap:Liabilities contextRef="PAsOn12_31_2016" id="Factid_712" unitRef="CNY" decimals="-3">486792000</us-gaap:Liabilities>

  <us-gaap:CommitmentsAndContingencies contextRef="PAsOn12_31_2015" id="Factid_713" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CommitmentsAndContingencies contextRef="PAsOn12_31_2016" id="Factid_714" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_715" unitRef="CNY" decimals="-3">276000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_716" unitRef="CNY" decimals="-3">302000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_717" unitRef="CNY" decimals="-3">98000</us-gaap:CommonStockValue>

  <us-gaap:CommonStockValue contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_718" unitRef="CNY" decimals="-3">86000</us-gaap:CommonStockValue>

  <us-gaap:TreasuryStockCommonValue contextRef="PAsOn12_31_2015" id="Factid_719" unitRef="CNY" decimals="-3">49355000</us-gaap:TreasuryStockCommonValue>

  <us-gaap:TreasuryStockCommonValue contextRef="PAsOn12_31_2016" id="Factid_720" unitRef="CNY" decimals="-3">93761000</us-gaap:TreasuryStockCommonValue>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn12_31_2015" id="Factid_721" unitRef="CNY" decimals="-3">907018000</us-gaap:AdditionalPaidInCapital>

  <us-gaap:AdditionalPaidInCapital contextRef="PAsOn12_31_2016" id="Factid_722" unitRef="CNY" decimals="-3">995216000</us-gaap:AdditionalPaidInCapital>

  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="PAsOn12_31_2015" id="Factid_723" unitRef="CNY" decimals="-3">30232000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>

  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="PAsOn12_31_2016" id="Factid_724" unitRef="CNY" decimals="-3">58204000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn12_31_2015" id="Factid_725" unitRef="CNY" decimals="-3">450345000</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="PAsOn12_31_2016" id="Factid_726" unitRef="CNY" decimals="-3">638173000</us-gaap:RetainedEarningsAccumulatedDeficit>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015" id="Factid_727" unitRef="CNY" decimals="-3">1338614000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016" id="Factid_728" unitRef="CNY" decimals="-3">1598220000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn12_31_2015" id="Factid_729" unitRef="CNY" decimals="-3">1653891000</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="PAsOn12_31_2016" id="Factid_730" unitRef="CNY" decimals="-3">2085012000</us-gaap:LiabilitiesAndStockholdersEquity>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_731" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_732" unitRef="USD_per_Share" decimals="2">9.00</us-gaap:SharePrice>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014" id="Factid_733" unitRef="CNY" decimals="-3">567360000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts contextRef="P01_01_2014To12_31_2014" id="Factid_734" unitRef="CNY" decimals="-3">24801000</us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_735" unitRef="CNY" decimals="-3">71000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_736" unitRef="CNY" decimals="-3">567289000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering>

  <tedu:StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis" id="Factid_737" unitRef="shares" decimals="INF">1500000</tedu:StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014" id="Factid_738" unitRef="CNY" decimals="-3">83052000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement>

  <us-gaap:ConversionOfStockSharesConverted1 contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_739" unitRef="shares" decimals="INF">1679647</us-gaap:ConversionOfStockSharesConverted1>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_740" unitRef="shares" decimals="INF">2141043</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:ConversionOfStockSharesConverted1 contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_741" unitRef="shares" decimals="INF">8924365</us-gaap:ConversionOfStockSharesConverted1>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_742" unitRef="shares" decimals="INF">1788393</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:ConversionOfStockSharesConverted1 contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_743" unitRef="shares" decimals="INF">18158128</us-gaap:ConversionOfStockSharesConverted1>

  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_744" unitRef="shares" decimals="INF">3043652</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_745" unitRef="shares" decimals="INF">860000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_746" unitRef="shares" decimals="INF">40000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_747" unitRef="shares" decimals="INF">48735228</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_748" unitRef="shares" decimals="INF">47160248</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_749" unitRef="shares" decimals="INF">8895249</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_750" unitRef="shares" decimals="INF">8895249</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:StockRepurchaseProgramAuthorizedAmount1 contextRef="PAsOn12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_751" unitRef="CNY" decimals="-3">133556000</us-gaap:StockRepurchaseProgramAuthorizedAmount1>

  <us-gaap:TreasuryStockSharesAcquired contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_752" unitRef="shares" decimals="INF">926113</us-gaap:TreasuryStockSharesAcquired>

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_753" unitRef="CNY" decimals="-3">49355000</us-gaap:TreasuryStockValueAcquiredCostMethod>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn04_30_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis" id="Factid_754" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:SharePrice contextRef="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_NewOrientalEducationTechnologyGroupIncMemberdeiLegalEntityAxis" id="Factid_755" unitRef="USD_per_Share" decimals="2">9.00</us-gaap:SharePrice>

  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="P01_01_2014To12_31_2014" id="Factid_756" unitRef="CNY" xsi:nil="true" />

  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="P01_01_2015To12_31_2015" id="Factid_757" unitRef="CNY" xsi:nil="true" />

  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="P01_01_2016To12_31_2016" id="Factid_758" unitRef="CNY" decimals="-3">-29000</us-gaap:IncomeLossFromEquityMethodInvestments>

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_759" unitRef="CNY" decimals="-3">-526457000</tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings>

  <us-gaap:PaymentsToAcquireLongtermInvestments contextRef="P01_01_2014To12_31_2014" id="Factid_760" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsToAcquireLongtermInvestments contextRef="P01_01_2015To12_31_2015" id="Factid_761" unitRef="CNY" decimals="-3">24000000</us-gaap:PaymentsToAcquireLongtermInvestments>

  <us-gaap:PaymentsToAcquireLongtermInvestments contextRef="P01_01_2016To12_31_2016" id="Factid_762" unitRef="CNY" decimals="-3">12755000</us-gaap:PaymentsToAcquireLongtermInvestments>

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2014To12_31_2014" id="Factid_763" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2015To12_31_2015" id="Factid_764" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2016To12_31_2016" id="Factid_765" unitRef="CNY" decimals="-3">54026000</us-gaap:PaymentsOfDividends>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_766" unitRef="CNY" decimals="-3">107994000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_767" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_768" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_769" unitRef="CNY" decimals="-3">592849000</us-gaap:ConversionOfStockAmountConverted1>

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2015To12_31_2015_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_770" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConversionOfStockAmountConverted1 contextRef="P01_01_2016To12_31_2016_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_771" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2015To12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_772" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_773" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="PAsOn09_22_2008_PlanOneMemberusgaapPlanNameAxis" id="Factid_774" unitRef="shares" decimals="INF">6002020</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="PAsOn11_28_2012_PlanOneMemberusgaapPlanNameAxis" id="Factid_775" unitRef="shares" decimals="INF">8184990</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="PAsOn12_31_2014_PlanTwoMemberusgaapPlanNameAxis" id="Factid_776" unitRef="shares" decimals="INF">1833696</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2011To12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_777" unitRef="shares" decimals="INF">124000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2011To12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis" id="Factid_778" unitRef="shares" decimals="INF">1533020</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_02_2013To12_31_2013_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_779" unitRef="shares" decimals="INF">2029386</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthMemberusgaapAwardDateAxis" id="Factid_780" unitRef="shares" decimals="INF">30000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthMemberusgaapAwardDateAxis_UponInitialPublicOfferingMemberusgaapVestingAxis" id="Factid_781" unitRef="pure" decimals="2">0.25</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthMemberusgaapAwardDateAxis" id="Factid_782" unitRef="pure" decimals="2">0.75</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis" id="Factid_783" unitRef="shares" decimals="INF">458424</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis_UponInitialPublicOfferingMemberusgaapVestingAxis" id="Factid_784" unitRef="pure" decimals="2">0.25</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthTwoMemberusgaapAwardDateAxis" id="Factid_785" unitRef="pure" decimals="2">0.75</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013" id="Factid_786" unitRef="CNY" decimals="-3">-407735000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_787" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_788" unitRef="CNY" decimals="-3">107000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_789" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_790" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_791" unitRef="CNY" decimals="-3">-1620000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2013_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_792" unitRef="CNY" decimals="-3">-406222000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2013_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_793" unitRef="shares" xsi:nil="true" />

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2013_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_794" unitRef="shares" decimals="INF">12226558</us-gaap:CommonStockSharesIssued>

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_795" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_796" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_797" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_798" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_799" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_800" unitRef="CNY" decimals="-3">151850000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_801" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_802" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_803" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_804" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_805" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_806" unitRef="CNY" decimals="-3">178760000</us-gaap:ProfitLoss>

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_807" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_808" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_809" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_810" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_811" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProfitLoss contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_812" unitRef="CNY" decimals="-3">241854000</us-gaap:ProfitLoss>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014" id="Factid_813" unitRef="CNY" decimals="-3">-2896000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015" id="Factid_814" unitRef="CNY" decimals="-3">34748000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016" id="Factid_815" unitRef="CNY" decimals="-3">22972000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_816" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_817" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_818" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_819" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_820" unitRef="CNY" decimals="-3">-2896000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_821" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_822" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_823" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_824" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_825" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_826" unitRef="CNY" decimals="-3">34748000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_827" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_828" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_829" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_830" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_831" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_832" unitRef="CNY" decimals="-3">22972000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_833" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014" id="Factid_834" unitRef="CNY" decimals="-3">24976000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015" id="Factid_835" unitRef="CNY" decimals="-3">32919000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016" id="Factid_836" unitRef="CNY" decimals="-3">67824000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_837" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_838" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_839" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_840" unitRef="CNY" decimals="-3">24976000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_841" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_842" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="P01_01_2014To12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis" id="Factid_843" unitRef="shares" decimals="INF">1805784</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_844" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_845" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_846" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_847" unitRef="CNY" decimals="-3">32919000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_848" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_849" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_850" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_851" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_852" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_853" unitRef="CNY" decimals="-3">67824000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_854" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_855" unitRef="CNY" xsi:nil="true" />

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014" id="Factid_856" unitRef="CNY" decimals="-3">3530000</tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount>

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_857" unitRef="CNY" xsi:nil="true" />

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_858" unitRef="CNY" xsi:nil="true" />

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_859" unitRef="CNY" xsi:nil="true" />

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_860" unitRef="CNY" decimals="-3">3030000</tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount>

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_861" unitRef="CNY" xsi:nil="true" />

  <tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_862" unitRef="CNY" decimals="-3">500000</tedu:AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_863" unitRef="CNY" decimals="-3">71000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_864" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_865" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_866" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_867" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_868" unitRef="shares" decimals="INF">11500000</tedu:StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering>

  <tedu:StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_869" unitRef="shares" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_870" unitRef="CNY" decimals="-3">9000</tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement>

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_871" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_872" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_873" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_874" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_875" unitRef="shares" decimals="INF">1500000</tedu:StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement>

  <tedu:StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_876" unitRef="shares" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_877" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_878" unitRef="CNY" decimals="-3">44000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_879" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_880" unitRef="CNY" decimals="-3">3604000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_881" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_882" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_883" unitRef="CNY" decimals="-3">3648000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_884" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_885" unitRef="CNY" decimals="-3">45000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_886" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_887" unitRef="CNY" decimals="-3">107949000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_888" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_889" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_890" unitRef="CNY" decimals="-3">107994000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_891" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_892" unitRef="CNY" decimals="-3">68000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_893" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_894" unitRef="CNY" decimals="-3">592781000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_895" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_896" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_897" unitRef="CNY" decimals="-3">592849000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice contextRef="PAsOn12_31_2015_MinimumMemberusgaapRangeAxis" id="Factid_898" unitRef="USD_per_Share" decimals="2">0.89</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice contextRef="PAsOn12_31_2015_MaximumMemberusgaapRangeAxis" id="Factid_899" unitRef="USD_per_Share" decimals="2">4.36</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2015To12_31_2015_MinimumMemberusgaapRangeAxis" id="Factid_900">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2015To12_31_2015_MaximumMemberusgaapRangeAxis" id="Factid_901">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice contextRef="PAsOn12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_902" unitRef="USD_per_Share" decimals="3">0.058</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice contextRef="PAsOn12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_903" unitRef="USD_per_Share" decimals="2">4.36</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_904">P6M</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_905">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_906" unitRef="shares" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesAConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_907" unitRef="shares" decimals="INF">7196159</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesBConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_908" unitRef="shares" decimals="INF">7319820</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis_ConversionOfSeriesCConvertibleRedeemablePreferredStockMemberusgaapConversionOfStockByUniqueDescriptionAxis" id="Factid_909" unitRef="shares" decimals="INF">10914852</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014" id="Factid_910" unitRef="CNY" decimals="-3">1518000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015" id="Factid_911" unitRef="CNY" decimals="-3">22456000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_912" unitRef="CNY" decimals="-3">11000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_913" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_914" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_915" unitRef="CNY" decimals="-3">1507000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_916" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_917" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_918" unitRef="CNY" decimals="-3">19000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_919" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_920" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_921" unitRef="CNY" decimals="-3">22437000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_922" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_923" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_924" unitRef="CNY" decimals="-3">14000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_925" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_926" unitRef="shares" decimals="INF">1788393</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_927" unitRef="shares" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_928" unitRef="shares" decimals="INF">3043652</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_929" unitRef="shares" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_930" unitRef="shares" decimals="INF">2141043</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_931" unitRef="shares" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014" id="Factid_932" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015" id="Factid_933" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_934" unitRef="CNY" decimals="-3">55000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_935" unitRef="CNY" decimals="-3">-55000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_936" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_937" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_938" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_939" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_940" unitRef="CNY" decimals="-3">111000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_941" unitRef="CNY" decimals="-3">-111000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_942" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_943" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_944" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_945" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_946" unitRef="CNY" decimals="-3">12000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_947" unitRef="CNY" decimals="-3">-12000</tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_948" unitRef="shares" decimals="INF">8924365</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="P01_01_2015To12_31_2015" id="Factid_949" unitRef="CNY" decimals="-3">235831000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="P01_01_2016To12_31_2016" id="Factid_950" unitRef="CNY" decimals="-3">141040000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_951" unitRef="shares" decimals="INF">-8924365</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_952" unitRef="shares" decimals="INF">18158128</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_953" unitRef="shares" decimals="INF">-18158128</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_954" unitRef="shares" decimals="INF">1679647</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_955" unitRef="shares" decimals="INF">-1679647</tedu:StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock>

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014" id="Factid_956" unitRef="CNY" xsi:nil="true" />

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_957" unitRef="CNY" xsi:nil="true" />

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_958" unitRef="CNY" xsi:nil="true" />

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_959" unitRef="CNY" xsi:nil="true" />

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_960" unitRef="CNY" decimals="-3">526457000</tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings>

  <tedu:ReclassificationAdditionalPaidInCapitalAndRetainedEarnings contextRef="P01_01_2014To12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_961" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014" id="Factid_962" unitRef="CNY" decimals="-3">1119086000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_963" unitRef="CNY" decimals="-3">146000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_964" unitRef="CNY" decimals="-3">209000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_965" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_966" unitRef="CNY" decimals="-3">851662000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_967" unitRef="CNY" decimals="-3">-4516000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2014_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_968" unitRef="CNY" decimals="-3">271585000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_969" unitRef="CNY" decimals="-3">276000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_970" unitRef="CNY" decimals="-3">98000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_971" unitRef="CNY" decimals="-3">-49355000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_972" unitRef="CNY" decimals="-3">907018000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_973" unitRef="CNY" decimals="-3">30232000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_974" unitRef="CNY" decimals="-3">450345000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_975" unitRef="CNY" decimals="-3">302000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_976" unitRef="CNY" decimals="-3">86000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_977" unitRef="CNY" decimals="-3">-93761000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_978" unitRef="CNY" decimals="-3">995216000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_979" unitRef="CNY" decimals="-3">58204000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="PAsOn12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_980" unitRef="CNY" decimals="-3">638173000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_981" unitRef="shares" decimals="INF">23712758</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2014_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_982" unitRef="shares" decimals="INF">28733024</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_983" unitRef="shares" decimals="INF">44914538</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_984" unitRef="shares" decimals="INF">10574896</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_985" unitRef="shares" decimals="INF">48735228</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_986" unitRef="shares" decimals="INF">8895249</us-gaap:CommonStockSharesIssued>

  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions contextRef="PAsOn12_31_2016" id="Factid_987" unitRef="CNY" decimals="-3">71282000</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions>

  <tedu:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions contextRef="P01_01_2016To12_31_2016" id="Factid_988">P2Y2M5D</tedu:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions>

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015" id="Factid_989" unitRef="CNY" decimals="-3">49355000</us-gaap:TreasuryStockValueAcquiredCostMethod>

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_990" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_991" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_992" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_993" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2015To12_31_2015_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_994" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_995" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_996" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_997" unitRef="CNY" decimals="-3">20374000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_998" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_999" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_1000" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_1001" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_1002" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016" id="Factid_1003" unitRef="CNY" xsi:nil="true" />

  <tedu:StockIssuedConvertedDuringPeriodValueConversionOfCommonStock contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1004" unitRef="CNY" xsi:nil="true" />

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016" id="Factid_1005" unitRef="CNY" decimals="-3">20388000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>

  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1006" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_1007" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_1008" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_1009" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1010" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1011" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_1012" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_1013" unitRef="CNY" decimals="-3">5235000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_1014" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016" id="Factid_1015" unitRef="CNY" decimals="-3">5235000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1016" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016" id="Factid_1017" unitRef="CNY" decimals="-3">54026000</us-gaap:Dividends>

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1018" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1019" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1020" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_1021" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_1022" unitRef="CNY" xsi:nil="true" />

  <us-gaap:Dividends contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_1023" unitRef="CNY" decimals="-3">54026000</us-gaap:Dividends>

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016" id="Factid_1024" unitRef="CNY" decimals="-3">44406000</us-gaap:TreasuryStockValueAcquiredCostMethod>

  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1025" unitRef="CNY" decimals="-3">44406000</us-gaap:TreasuryStockValueAcquiredCostMethod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P04_01_2014To04_03_2014_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1026" unitRef="shares" decimals="INF">27780</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:SharePrice contextRef="PAsOn04_03_2014_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1027" unitRef="USD_per_Share" decimals="0">9</us-gaap:SharePrice>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P11_01_2014To11_11_2014_NovemberEleventhMemberusgaapAwardDateAxis" id="Factid_1028" unitRef="shares" decimals="INF">1944</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions contextRef="PAsOn12_31_2016" id="Factid_1029" unitRef="CNY" decimals="-3">244000</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions>

  <tedu:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions contextRef="P01_01_2016To12_31_2016" id="Factid_1030">P3M</tedu:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue contextRef="P01_01_2015To12_31_2015" id="Factid_1031" unitRef="CNY" decimals="-3">1567000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue contextRef="P01_01_2016To12_31_2016" id="Factid_1032" unitRef="CNY" decimals="-3">2316000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_02_2013To12_31_2013_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1033">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2011To12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1034">P5Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_02_2013To12_31_2013_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1035">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:CostOfRevenue contextRef="P01_01_2014To12_31_2014" id="Factid_1036" unitRef="CNY" decimals="-3">240084000</us-gaap:CostOfRevenue>

  <us-gaap:CostOfRevenue contextRef="P01_01_2015To12_31_2015" id="Factid_1037" unitRef="CNY" decimals="-3">333559000</us-gaap:CostOfRevenue>

  <us-gaap:CostOfRevenue contextRef="P01_01_2016To12_31_2016" id="Factid_1038" unitRef="CNY" decimals="-3">449104000</us-gaap:CostOfRevenue>

  <us-gaap:GrossProfit contextRef="P01_01_2014To12_31_2014" id="Factid_1039" unitRef="CNY" decimals="-3">596857000</us-gaap:GrossProfit>

  <us-gaap:GrossProfit contextRef="P01_01_2015To12_31_2015" id="Factid_1040" unitRef="CNY" decimals="-3">844449000</us-gaap:GrossProfit>

  <us-gaap:GrossProfit contextRef="P01_01_2016To12_31_2016" id="Factid_1041" unitRef="CNY" decimals="-3">1130500000</us-gaap:GrossProfit>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_01_2011To12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1042">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:SellingAndMarketingExpense contextRef="P01_01_2014To12_31_2014" id="Factid_1043" unitRef="CNY" decimals="-3">261489000</us-gaap:SellingAndMarketingExpense>

  <us-gaap:SellingAndMarketingExpense contextRef="P01_01_2015To12_31_2015" id="Factid_1044" unitRef="CNY" decimals="-3">384954000</us-gaap:SellingAndMarketingExpense>

  <us-gaap:SellingAndMarketingExpense contextRef="P01_01_2016To12_31_2016" id="Factid_1045" unitRef="CNY" decimals="-3">527553000</us-gaap:SellingAndMarketingExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2014To12_31_2014" id="Factid_1046" unitRef="CNY" decimals="-3">183998000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2015To12_31_2015" id="Factid_1047" unitRef="CNY" decimals="-3">251298000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:GeneralAndAdministrativeExpense contextRef="P01_01_2016To12_31_2016" id="Factid_1048" unitRef="CNY" decimals="-3">307519000</us-gaap:GeneralAndAdministrativeExpense>

  <us-gaap:ResearchAndDevelopmentExpense contextRef="P01_01_2014To12_31_2014" id="Factid_1049" unitRef="CNY" decimals="-3">33454000</us-gaap:ResearchAndDevelopmentExpense>

  <us-gaap:ResearchAndDevelopmentExpense contextRef="P01_01_2015To12_31_2015" id="Factid_1050" unitRef="CNY" decimals="-3">50515000</us-gaap:ResearchAndDevelopmentExpense>

  <us-gaap:ResearchAndDevelopmentExpense contextRef="P01_01_2016To12_31_2016" id="Factid_1051" unitRef="CNY" decimals="-3">65594000</us-gaap:ResearchAndDevelopmentExpense>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_01_2015To12_31_2015" id="Factid_1052">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2014To12_31_2014" id="Factid_1053" unitRef="CNY" decimals="-3">117916000</us-gaap:OperatingIncomeLoss>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2015To12_31_2015" id="Factid_1054" unitRef="CNY" decimals="-3">157682000</us-gaap:OperatingIncomeLoss>

  <us-gaap:OperatingIncomeLoss contextRef="P01_01_2016To12_31_2016" id="Factid_1055" unitRef="CNY" decimals="-3">229834000</us-gaap:OperatingIncomeLoss>

  <tedu:InterestIncome contextRef="P01_01_2014To12_31_2014" id="Factid_1056" unitRef="CNY" decimals="-3">26802000</tedu:InterestIncome>

  <tedu:InterestIncome contextRef="P01_01_2015To12_31_2015" id="Factid_1057" unitRef="CNY" decimals="-3">42732000</tedu:InterestIncome>

  <tedu:InterestIncome contextRef="P01_01_2016To12_31_2016" id="Factid_1058" unitRef="CNY" decimals="-3">23974000</tedu:InterestIncome>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2014To12_31_2014" id="Factid_1059" unitRef="CNY" decimals="-3">14568000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2015To12_31_2015" id="Factid_1060" unitRef="CNY" decimals="-3">11812000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:OtherNonoperatingIncomeExpense contextRef="P01_01_2016To12_31_2016" id="Factid_1061" unitRef="CNY" decimals="-3">15960000</us-gaap:OtherNonoperatingIncomeExpense>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2014To12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis" id="Factid_1062">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2014To12_31_2014" id="Factid_1063" unitRef="CNY" xsi:nil="true" />

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2015To12_31_2015" id="Factid_1064" unitRef="CNY" xsi:nil="true" />

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2016To12_31_2016" id="Factid_1065" unitRef="CNY" decimals="-3">-12898000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2014To12_31_2014" id="Factid_1066" unitRef="CNY" decimals="-3">7359000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2015To12_31_2015" id="Factid_1067" unitRef="CNY" decimals="-3">-29499000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="P01_01_2016To12_31_2016" id="Factid_1068" unitRef="CNY" decimals="-3">3760000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_01_2014To12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis" id="Factid_1069">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment contextRef="P01_01_2014To12_31_2014" id="Factid_1070" unitRef="CNY" decimals="-3">3530000</us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment>

  <us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment contextRef="P01_01_2015To12_31_2015" id="Factid_1071" unitRef="CNY" xsi:nil="true" />

  <us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment contextRef="P01_01_2016To12_31_2016" id="Factid_1072" unitRef="CNY" xsi:nil="true" />

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthMemberusgaapAwardDateAxis" id="Factid_1073">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthMemberusgaapAwardDateAxis" id="Factid_1074">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_02_2013To12_31_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis" id="Factid_1075">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_02_2013To12_31_2013_RemainingMemberusgaapVestingAxis_SeptemberSixteenthTwoMemberusgaapAwardDateAxis" id="Factid_1076">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="P01_01_2011To12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis" id="Factid_1077">P5Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2014To12_31_2014" id="Factid_1078" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2015To12_31_2015" id="Factid_1079" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016" id="Factid_1080" unitRef="CNY" decimals="-3">235000</us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2014To12_31_2014" id="Factid_1081" unitRef="CNY" decimals="-3">148954000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2015To12_31_2015" id="Factid_1082" unitRef="CNY" decimals="-3">213508000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="P01_01_2016To12_31_2016" id="Factid_1083" unitRef="CNY" decimals="-3">269826000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2014To12_31_2014_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_1084" unitRef="CNY" decimals="-3">349000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2015To12_31_2015_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_1085" unitRef="CNY" decimals="-3">664000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2016To12_31_2016_CostOfSalesMemberusgaapIncomeStatementLocationAxis" id="Factid_1086" unitRef="CNY" decimals="-3">4124000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2014To12_31_2014_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1087" unitRef="CNY" decimals="-3">1036000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2014To12_31_2014_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1088" unitRef="CNY" decimals="-3">1289000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2014To12_31_2014_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1089" unitRef="CNY" decimals="-3">22302000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2015To12_31_2015_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1090" unitRef="CNY" decimals="-3">1959000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2015To12_31_2015_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1091" unitRef="CNY" decimals="-3">28274000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2015To12_31_2015_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1092" unitRef="CNY" decimals="-3">2022000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2016To12_31_2016_SellingAndMarketingExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1093" unitRef="CNY" decimals="-3">5496000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2016To12_31_2016_GeneralAndAdministrativeExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1094" unitRef="CNY" decimals="-3">51154000</us-gaap:ShareBasedCompensation>

  <us-gaap:ShareBasedCompensation contextRef="P01_01_2016To12_31_2016_ResearchAndDevelopmentExpenseMemberusgaapIncomeStatementLocationAxis" id="Factid_1095" unitRef="CNY" decimals="-3">7050000</us-gaap:ShareBasedCompensation>

  <us-gaap:OtherAssetsNoncurrent contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_1096" unitRef="CNY" decimals="-3">716000</us-gaap:OtherAssetsNoncurrent>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1097" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1098" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1099" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1100" unitRef="USD_per_Share" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1101" unitRef="shares" decimals="INF">860000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1102" unitRef="shares" decimals="INF">40000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1103" unitRef="shares" decimals="INF">44914538</us-gaap:CommonStockSharesIssued>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1104" unitRef="shares" decimals="INF">43988425</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1105" unitRef="shares" decimals="INF">10574896</us-gaap:CommonStockSharesIssued>

  <us-gaap:TreasuryStockShares contextRef="PAsOn12_31_2015_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1106" unitRef="shares" decimals="INF">926113</us-gaap:TreasuryStockShares>

  <us-gaap:TreasuryStockShares contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1107" unitRef="shares" decimals="INF">1574980</us-gaap:TreasuryStockShares>

  <us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_1108" unitRef="pure" decimals="3">0.223</us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent>

  <us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_1109" unitRef="pure" decimals="3">0.531</us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent>

  <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1110">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;/div&gt; &lt;table style="BORDER-BOTTOM-COLOR: #000000; MARGIN-TOP: 0px; BORDER-TOP-COLOR: #000000; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (c)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: justify; BORDER-TOP-COLOR: #000000; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Foreign currency&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;In 2016, the Company changed its reporting currency from United States Dollars (&amp;#8220;USD&amp;#8221;) to Chinese Renminbi (&amp;#8220;RMB&amp;#8221;). Prior years&amp;#8217; comparative financial information have been recasted as if the Company always used RMB as its reporting currency.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The functional currency of Tarena International and Tarena Hong Kong Limited (&amp;#8220;Tarena HK&amp;#8221;) is the USD. The functional currency of Tarena International&amp;#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs is the RMB. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains (losses) in the consolidated statements of comprehensive income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income (loss) within shareholders&amp;#8217; equity (deficit).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People&amp;#8217;s Bank of China (the &amp;#8220;PBOC&amp;#8221;) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>

  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1111">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(g)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Property and equipment&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Property and equipment are recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. The estimated useful life of property and equipment is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; LINE-HEIGHT: 115%; WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; MARGIN-LEFT: 0.5in; FONT-SIZE: 11pt; BORDER-TOP: #000000; BORDER-RIGHT: #000000" border="0" cellspacing="0" cellpadding="0" width="85%"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Office buildings&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #000000; BORDER-RIGHT: #000000; PADDING-TOP: 0in"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;45&lt;/font&gt; years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Furniture&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 17.35pt; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5&lt;/font&gt;&amp;#160;years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Office equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3&lt;/font&gt;&amp;#160;to&amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4&lt;/font&gt;&amp;#160;years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Leasehold&amp;#160;improvements&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt; Shorter&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;term&amp;#160;or&amp;#160;the&amp;#160;estimated&amp;#160;useful&amp;#160;life&amp;#160;of&amp;#160;the&amp;#160;assets&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>

  <us-gaap:LeasePolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1112">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;(m)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Operating lease&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The Company leases premises for learning centers and offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, other lease concessions or contingent rent in the lease agreements. The lease terms of the Company&amp;#8217;s learning centers range between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10&lt;/font&gt; years. The Company has no legal or contractual asset retirement obligations at the end of the lease term.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Certain learning centers of the Company sublease a portion of the areas to certain students for their living accommodation. Income from subleases is recognized on a straight-line basis over the term of the lease and recognized as reduction of costs of revenues.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:LeasePolicyTextBlock>

  <us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="P01_01_2016To12_31_2016" id="Factid_1113">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (o)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Research and development expense&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; Research and development costs are expensed as incurred.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ResearchAndDevelopmentExpensePolicy>

  <us-gaap:IncomeTaxPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1114">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (q)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Income taxes&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to an unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:IncomeTaxPolicyTextBlock>

  <us-gaap:DeferredChargesPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1115">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (r)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Deferred offering costs&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Deferred offering costs consist principally of legal, printing and registration costs in connection with the IPO. Upon completion of the IPO on April 3, 2014, the deferred offering costs of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,788&lt;/font&gt; were recognized as a reduction of&amp;#160;the offering proceeds.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:DeferredChargesPolicyTextBlock>

  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="P01_01_2016To12_31_2016" id="Factid_1116">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (s)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Share based compensation&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>

  <us-gaap:EarningsPerSharePolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1117">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (u)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Earnings per share&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Basic earnings per Class A and Class B ordinary share is computed by dividing net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders by the weighted average number of Class A and Class B ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities, if any, based on participating rights in undistributed earnings.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Tarena International&amp;#8217;s Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series C convertible redeemable preferred shares were participating securities since the holders of these securities participated in dividends on the same basis as Class A and Class B ordinary shareholders.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Diluted earnings per share is calculated by dividing net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders as adjusted for the effect of dilutive Class A and Class B ordinary share equivalents, if any, by the weighted average number of Class A and Class B ordinary and dilutive Class A and Class B ordinary share equivalents outstanding during the year. Class A and Class B ordinary share equivalents include the Class A and Class B ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method) and conversion of convertible redeemable preferred shares (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted earnings per Class A and Class B ordinary share if the impact is anti-dilutive.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:EarningsPerSharePolicyTextBlock>

  <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1118">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (v)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Segment reporting&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company uses the management approach in determining its operating segments. The management approach considers the internal reporting used by the Company&amp;#8217;s chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance of the segments of the Company. Management has determined that the Company has one operating segment, which is the training segment. All of the Company&amp;#8217;s operations and customers are located in the PRC. Consequently, no geographic information is presented.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>

  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1119">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (x)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Recently issued accounting standards&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;The Financial Reporting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In December 2015, the FASB issued ASU No. 2015-14, &lt;i&gt; Revenue from contracts with customers&lt;/i&gt;, which deferred the effective date of ASU 2014-09. The new standard is effective for annual reporting periods beginning after December 15, 2017. The Company will apply the new revenue standard beginning January 1, 2018. The Company has set up an implementation team that is currently in the process of analyzing each of the Company&amp;#8217;s revenue streams in accordance with the new revenue standard to determine the impact on the Company&amp;#8217;s consolidated financial statements. The Company plans to continue the evaluation, analysis, and documentation of its adoption of ASU 2014-09 (including those subsequently issued updates that clarify its provisions) in 2017 as the Company works towards the implementation and finalizes its determination of the impact that the adoption will have on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On January 5, 2016, the FASB issued ASU 2016-01 (&amp;#8220;ASU 2016-01&amp;#8221;), &lt;i&gt;Recognition and Measurement of Financial Assets and Financial Liabilities&lt;/i&gt;, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On February 25, 2016, the FASB issued ASU No. 2016-02 (&amp;#8220;ASU 2016-02&amp;#8221;), &lt;i&gt;Leases&lt;/i&gt;. ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. ASU 2016-02 is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On March 30, 2016, the FASB issued ASU 2016-09 (&amp;#8220;ASU 2016-09&amp;#8221;), &lt;i&gt;Compensation&amp;#160;- Stock Compensation: Improvements to Employee Share-Based Payment Accounting&lt;/i&gt;, which relates to accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification in the statement of cash flows; and (d) accounting for forfeitures of share-based payments. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect this standard to have a material impact on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In June 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2016-13, &lt;i&gt;Financial Instruments-Credit Losses (Topic 326)&lt;/i&gt;, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In August 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2016-15, &lt;i&gt;Statement of Cash Flows &amp;#151; Classification of Certain Cash Receipts and Cash Payments&lt;/i&gt;, which clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In November 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2016-18, &lt;i&gt;Statement of Cash Flows (Topic 230): Restricted Cash&lt;/i&gt;. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In January 2017, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2017-01, &lt;i&gt;Business Combinations (Topic 805): Clarifying the Definition of a Business&lt;/i&gt;, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In January 2017, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2017-04, &lt;i&gt;Simplifying the Test for Goodwill Impairment&lt;/i&gt;. The guidance removes Step 2 of a goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit&amp;#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

  <us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1120">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;627,148&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;867,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with a financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;52,680&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;152,792&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&amp;#8220;HK SAR&amp;#8221;)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,535&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;HK dollar denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;99&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;547,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;55&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;261,913&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock>

  <tedu:PastDueAccountsReceivableTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1121">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;As&amp;#160;of&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Aging:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; current&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;104,368&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;78,276&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 1-3 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,005&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;15,306&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 4-6 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;13,373&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,846&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; 7-12 months past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,748&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div&gt;&amp;#150; greater than one year past due&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;48,866&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;71,836&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div&gt;Total accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;221,627&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;199,012&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:PastDueAccountsReceivableTableTextBlock>

  <us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1122">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;ASSETS&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Current assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Cash&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;43,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;397,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;242,795&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Restricted time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;150,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Prepaid expenses and other current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,843&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,855&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;564,506&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;288,420&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Investments and loans to subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;786,264&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,316,552&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,350,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,604,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;LIABILITIESAND SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Current liabilities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,522&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6,522&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Other non-current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,343&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;12,156&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6,752&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Commitments and contingencies&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Shareholders&amp;#8217; equity:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Class A ordinary shares (US$0.001 par value,860,000,000 shares authorized, 44,914,538 and 48,735,228 shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;276&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;302&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;98&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;86&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(49,355)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(93,761)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Additional paid-in capital&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;907,018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;995,216&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Accumulated other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;30,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;58,204&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;450,345&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;638,173&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total shareholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,338,614&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,598,220&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total liabilities and shareholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,350,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,604,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock>

  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="P01_01_2016To12_31_2016_BuildingMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1123">P45Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>

  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="P01_01_2016To12_31_2016_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1124">P5Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>

  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1125">P3Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>

  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1126">P4Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>

  <us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract contextRef="P01_01_2016To12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_1127">P1Y</us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract>

  <us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_1128">P10Y</us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract>

  <us-gaap:SharePrice contextRef="PAsOn01_16_2009_MinimumMemberusgaapRangeAxis_SeriesAPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1129" unitRef="USD_per_Share" decimals="2">0.58</us-gaap:SharePrice>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P09_01_2008To09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1130" unitRef="shares" decimals="INF">5630630</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="P09_01_2008To09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1131" unitRef="CNY" decimals="-3">34099000</us-gaap:StockIssuedDuringPeriodValueNewIssues>

  <us-gaap:SharePrice contextRef="PAsOn09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1132" unitRef="CNY_per_Share" decimals="2">6.06</us-gaap:SharePrice>

  <us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="P09_01_2008To09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1133" unitRef="shares" decimals="INF">1689190</us-gaap:DebtConversionConvertedInstrumentSharesIssued1>

  <us-gaap:EquityMethodInvestments contextRef="PAsOn12_31_2015_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1134" unitRef="CNY" xsi:nil="true" />

  <us-gaap:EquityMethodInvestments contextRef="PAsOn12_31_2016_HockeyGlobalResourcesInvestmentLimitedMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1135" unitRef="CNY" decimals="-3">760000</us-gaap:EquityMethodInvestments>

  <us-gaap:AvailableForSaleSecuritiesNoncurrent contextRef="PAsOn12_31_2015" id="Factid_1136" unitRef="CNY" xsi:nil="true" />

  <us-gaap:AvailableForSaleSecuritiesNoncurrent contextRef="PAsOn12_31_2016" id="Factid_1137" unitRef="CNY" decimals="-3">15000000</us-gaap:AvailableForSaleSecuritiesNoncurrent>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsOneMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1138" unitRef="pure" decimals="4">0.0143</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsTwoMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1139" unitRef="pure" decimals="4">0.0074</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <tedu:CostMethodInvestmentsEquityInterestAcquired contextRef="P06_01_2016To06_30_2016_EquityInterestOfOnlinePlatformMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1140" unitRef="pure" decimals="4">0.0200</tedu:CostMethodInvestmentsEquityInterestAcquired>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2015" id="Factid_1141" unitRef="CNY" decimals="-3">275021000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2016" id="Factid_1142" unitRef="CNY" decimals="-3">635864000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2015_OfficeBuildingMemberusgaapMortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" id="Factid_1143" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2015_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1144" unitRef="CNY" decimals="-3">10510000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2015_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1145" unitRef="CNY" decimals="-3">211385000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2015_LeaseholdImprovementsMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1146" unitRef="CNY" decimals="-3">53126000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2016_OfficeBuildingMemberusgaapMortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" id="Factid_1147" unitRef="CNY" decimals="-3">281541000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2016_FurnitureAndFixturesMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1148" unitRef="CNY" decimals="-3">18078000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2016_OfficeEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1149" unitRef="CNY" decimals="-3">271862000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:PropertyPlantAndEquipmentGross contextRef="PAsOn12_31_2016_LeaseholdImprovementsMemberusgaapPropertyPlantAndEquipmentByTypeAxis" id="Factid_1150" unitRef="CNY" decimals="-3">64383000</us-gaap:PropertyPlantAndEquipmentGross>

  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="PAsOn12_31_2015" id="Factid_1151" unitRef="CNY" decimals="-3">147157000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>

  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="PAsOn12_31_2016" id="Factid_1152" unitRef="CNY" decimals="-3">198527000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>

  <us-gaap:RestrictedCashAndCashEquivalents contextRef="PAsOn12_31_2016" id="Factid_1153" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax contextRef="P01_01_2016To12_31_2016" id="Factid_1154" unitRef="CNY" decimals="-3">42000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax contextRef="P01_01_2016To12_31_2016" id="Factid_1155" unitRef="CNY" decimals="-3">42000</us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax>

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1156" unitRef="CNY" decimals="-3">-12898000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1157" unitRef="CNY" xsi:nil="true" />

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1158" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1159" unitRef="CNY" decimals="-3">5235000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax>

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1160" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1161" unitRef="CNY" xsi:nil="true" />

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1162" unitRef="CNY" decimals="-3">-27000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1163" unitRef="CNY" decimals="-3">398000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1164" unitRef="CNY" decimals="-3">2029000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations>

  <us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense contextRef="P01_01_2016To12_31_2016" id="Factid_1165" unitRef="CNY" decimals="-3">0</us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense>

  <us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense contextRef="P01_01_2015To12_31_2015" id="Factid_1166" unitRef="CNY" decimals="-3">0</us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense>

  <us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense contextRef="P01_01_2014To12_31_2014" id="Factid_1167" unitRef="CNY" decimals="-3">0</us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2015_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1168" unitRef="CNY" decimals="-3">5000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2016_JueshengDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1169" unitRef="CNY" decimals="-3">5000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2015_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1170" unitRef="CNY" decimals="-3">4000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2016_MxsoftDotComMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1171" unitRef="CNY" decimals="-3">4000000</us-gaap:CostMethodInvestments>

  <tedu:PaymentsToAcquireCostMethodInvestments contextRef="P06_01_2016To06_30_2016_EquityInterestOfOnlinePlatformMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1172" unitRef="CNY" decimals="-3">2000000</tedu:PaymentsToAcquireCostMethodInvestments>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_GuaranteeFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_1173" unitRef="CNY" decimals="-3">112000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_1174" unitRef="CNY" decimals="-3">664000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2015To12_31_2015_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_1175" unitRef="CNY" decimals="-3">2053000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2016To12_31_2016_ServiceFeeMemberusgaapRelatedPartyTransactionAxis" id="Factid_1176" unitRef="CNY" decimals="-3">6445000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_31_2015_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1177" unitRef="shares" decimals="INF">10574896</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockSharesAuthorized contextRef="PAsOn12_16_2008" id="Factid_1178" unitRef="shares" decimals="INF">90000000</us-gaap:CommonStockSharesAuthorized>

  <us-gaap:CommonStockSharesOutstanding contextRef="PAsOn12_15_2008" id="Factid_1179" unitRef="shares" decimals="INF">1358000</us-gaap:CommonStockSharesOutstanding>

  <us-gaap:CommonStockSharesIssued contextRef="PAsOn12_16_2008" id="Factid_1180" unitRef="shares" decimals="INF">13580000</us-gaap:CommonStockSharesIssued>

  <us-gaap:PreferredStockSharesAuthorized contextRef="PAsOn12_15_2008" id="Factid_1181" unitRef="shares" decimals="INF">6000000</us-gaap:PreferredStockSharesAuthorized>

  <us-gaap:PreferredStockSharesIssued contextRef="PAsOn12_15_2008" id="Factid_1182" unitRef="shares" decimals="INF">1589125</us-gaap:PreferredStockSharesIssued>

  <us-gaap:PreferredStockSharesAuthorized contextRef="PAsOn12_16_2008" id="Factid_1183" unitRef="shares" decimals="INF">60000000</us-gaap:PreferredStockSharesAuthorized>

  <us-gaap:PreferredStockSharesIssued contextRef="PAsOn12_16_2008" id="Factid_1184" unitRef="shares" decimals="INF">15891250</us-gaap:PreferredStockSharesIssued>

  <us-gaap:PreferredStockSharesOutstanding contextRef="PAsOn12_15_2008" id="Factid_1185" unitRef="shares" decimals="INF">1589125</us-gaap:PreferredStockSharesOutstanding>

  <us-gaap:PreferredStockSharesOutstanding contextRef="PAsOn12_16_2008" id="Factid_1186" unitRef="shares" decimals="INF">15891250</us-gaap:PreferredStockSharesOutstanding>

  <tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises contextRef="P01_01_2016To12_31_2016" id="Factid_1187" unitRef="pure" decimals="2">0.15</tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises>

  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome contextRef="P01_01_2016To12_31_2016_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_1188" unitRef="pure" decimals="1">0.5</us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome>

  <tedu:IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises contextRef="P01_01_2016To12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_1189" unitRef="pure" decimals="1">0.2</tedu:IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises>

  <tedu:IncomeTaxesCalculationBasisUnderDeemedProfitMethod contextRef="P01_01_2016To12_31_2016" id="Factid_1190">income tax at 25% on its deemed profit which is calculated based on revenues less deemed expenses equal to 85% and 90% of revenues.</tedu:IncomeTaxesCalculationBasisUnderDeemedProfitMethod>

  <tedu:IncomeTaxExaminationOpenYearsForExamination contextRef="P01_01_2016To12_31_2016" id="Factid_1191">2012 to 2016</tedu:IncomeTaxExaminationOpenYearsForExamination>

  <tedu:IncomeTaxExaminationStatuteOfLimitation contextRef="P01_01_2016To12_31_2016_TransferPricingMemberteduIncomeTaxesStatuteOfLimitationByTypeAxis" id="Factid_1192">P10Y</tedu:IncomeTaxExaminationStatuteOfLimitation>

  <tedu:IncomeTaxExaminationStatuteOfLimitation contextRef="P01_01_2016To12_31_2016_ComputationalErrorsMemberteduIncomeTaxesStatuteOfLimitationByTypeAxis" id="Factid_1193">P3Y</tedu:IncomeTaxExaminationStatuteOfLimitation>

  <tedu:IncomeTaxExaminationStatuteOfLimitation contextRef="P01_01_2016To12_31_2016_UnderpaymentOfTaxesIsMoreThanRmb100000MemberteduIncomeTaxesStatuteOfLimitationByTypeAxis" id="Factid_1194">P5Y</tedu:IncomeTaxExaminationStatuteOfLimitation>

  <tedu:ReceivableCollectionServicesFeeDescription contextRef="P01_01_2016To12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1195">2%~12% of the amount collected</tedu:ReceivableCollectionServicesFeeDescription>

  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="P09_01_2015To09_30_2015_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1196" unitRef="CNY" decimals="-3">1432000</us-gaap:ProceedsFromRelatedPartyDebt>

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax contextRef="P01_01_2014To12_31_2014" id="Factid_1197" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax contextRef="P01_01_2015To12_31_2015" id="Factid_1198" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax contextRef="P01_01_2016To12_31_2016" id="Factid_1199" unitRef="CNY" xsi:nil="true" />

  <us-gaap:LiquidationBasisOfAccountingLiquidationPlan contextRef="P01_01_2016To12_31_2016_PreferredStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1200">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an if-converted basis.</us-gaap:LiquidationBasisOfAccountingLiquidationPlan>

  <us-gaap:PreferredStockRedemptionTerms contextRef="P01_01_2016To12_31_2016_SeriesBConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis" id="Factid_1201">an amount equal to 150% of Series B Original Issuance Price; plus, an amount equal to all declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; plus, 10% compound interest per annum on 150% of Series B Original Issuance Price for each Series B convertible redeemable preferred share from the date of issuance to the earliest redemption date of the security.</us-gaap:PreferredStockRedemptionTerms>

  <us-gaap:PreferredStockRedemptionTerms contextRef="P01_01_2016To12_31_2016_SeriesCConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis" id="Factid_1202">(i)an amount equal to 137.50% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; or (ii)the fair market value of the Series C convertible redeemable preferred shares as of the most recent year end, as determined by an independent appraiser mutually agreeable to the Company and the holder of the Series C convertible redeemable preferred shares.</us-gaap:PreferredStockRedemptionTerms>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_CNusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1203" unitRef="CNY" decimals="-3">627148000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_CNusgaapStatementGeographicalAxis_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1204" unitRef="CNY" decimals="-3">52680000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_HKusgaapStatementGeographicalAxis" id="Factid_1205" unitRef="CNY" decimals="-3">645000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_HkDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_HKusgaapStatementGeographicalAxis" id="Factid_1206" unitRef="CNY" decimals="-3">99000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_HKusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1207" unitRef="CNY" decimals="-3">3000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis" id="Factid_1208" unitRef="CNY" decimals="-3">547388000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2015_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis" id="Factid_1209" unitRef="CNY" decimals="-3">55000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_CNusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1210" unitRef="CNY" decimals="-3">867811000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_CNusgaapStatementGeographicalAxis_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1211" unitRef="CNY" decimals="-3">152792000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_HKusgaapStatementGeographicalAxis" id="Factid_1212" unitRef="CNY" decimals="-3">3535000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_HkDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_HKusgaapStatementGeographicalAxis" id="Factid_1213" unitRef="CNY" decimals="-3">1000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_HKusgaapStatementGeographicalAxis_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis" id="Factid_1214" unitRef="CNY" decimals="-3">3000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_RmbDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis" id="Factid_1215" unitRef="CNY" decimals="-3">0</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:CashCashEquivalentsAndRestrictedInvestments contextRef="PAsOn12_31_2016_UsDollarDenominatedBankDepositsMemberteduDenominatedBankDepositsAxis_USusgaapStatementGeographicalAxis" id="Factid_1216" unitRef="CNY" decimals="-3">261913000</tedu:CashCashEquivalentsAndRestrictedInvestments>

  <tedu:StatutoryAccountingPracticesStatutoryAppropriations contextRef="P01_01_2014To12_31_2014" id="Factid_1217" unitRef="CNY" decimals="-3">15823000</tedu:StatutoryAccountingPracticesStatutoryAppropriations>

  <tedu:StatutoryAccountingPracticesStatutoryAppropriations contextRef="P01_01_2015To12_31_2015" id="Factid_1218" unitRef="CNY" decimals="-3">36524000</tedu:StatutoryAccountingPracticesStatutoryAppropriations>

  <tedu:StatutoryAccountingPracticesStatutoryAppropriations contextRef="P01_01_2016To12_31_2016" id="Factid_1219" unitRef="CNY" decimals="-3">40491000</tedu:StatutoryAccountingPracticesStatutoryAppropriations>

  <us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance contextRef="PAsOn12_31_2014" id="Factid_1220" unitRef="CNY" decimals="-3">38228000</us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>

  <us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance contextRef="PAsOn12_31_2015" id="Factid_1221" unitRef="CNY" decimals="-3">74752000</us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>

  <us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance contextRef="PAsOn12_31_2016" id="Factid_1222" unitRef="CNY" decimals="-3">115243000</us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>

  <tedu:StatutoryReservesPercentageOfAppropriationFromNetProfit contextRef="PAsOn12_31_2016" id="Factid_1223" unitRef="pure" decimals="1">0.1</tedu:StatutoryReservesPercentageOfAppropriationFromNetProfit>

  <tedu:StatutoryReservesBalanceAsPercentageToCapital contextRef="PAsOn12_31_2016" id="Factid_1224" unitRef="pure" decimals="1">0.5</tedu:StatutoryReservesBalanceAsPercentageToCapital>

  <tedu:StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit contextRef="PAsOn12_31_2016" id="Factid_1225" unitRef="pure" decimals="2">0.25</tedu:StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit>

  <tedu:StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets contextRef="PAsOn12_31_2016" id="Factid_1226" unitRef="pure" decimals="2">0.25</tedu:StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2015_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1227" unitRef="CNY" decimals="-3">3000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1228" unitRef="CNY" decimals="-3">5000000</us-gaap:CostMethodInvestments>

  <tedu:NumberOfEntitiesAccountedUsingCostMethod contextRef="P01_01_2015To12_31_2015_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1229" unitRef="Item" decimals="0">2</tedu:NumberOfEntitiesAccountedUsingCostMethod>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2015_OtherNoncurrentLiabilitiesMemberusgaapBalanceSheetLocationAxis" id="Factid_1230" unitRef="CNY" decimals="-3">3700000</us-gaap:UnrecognizedTaxBenefits>

  <dei:EntityRegistrantName contextRef="P01_01_2016To12_31_2016" id="Factid_1231">Tarena International, Inc.</dei:EntityRegistrantName>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_HangzhouMemberusgaapStatementGeographicalAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1232" unitRef="pure" decimals="3">0.319</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_BeijingMemberusgaapStatementGeographicalAxis_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1233" unitRef="pure" decimals="3">0.124</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:UseOfEstimates contextRef="P01_01_2016To12_31_2016" id="Factid_1234">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (b)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Use of estimates&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimated selling price of deliverables in multiple element arrangements, the fair values of share-based compensation awards and available-for-sale investments, the collectability of accounts receivable, the realizability of deferred income tax assets, the accruals for tax uncertainties and other contingencies, the recoverability of the carrying amounts of property and equipment and the useful lives of property and equipment. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:UseOfEstimates>

  <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1235">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (j)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Revenue recognition&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (&amp;#8220;VAT&amp;#8221;) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Tuition fees&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Tuition fees are recognized as revenue proportionately as the training courses are delivered, with unearned portion of tuition fees being recorded as deferred revenue. Certain qualified students are allowed to pay their tuition fees on installment for a period of time exceeding one year. When tuition services are sold on installment terms that exceeds one year beyond the point in time that revenue is recognized, the receivable, and therefore the revenue is recorded at the present value of the payments. The difference between the present value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount receivable is the rate at which the students can obtain financing of a similar nature from other sources at the date of the transaction.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;font style="BACKGROUND-COLOR: transparent"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; T&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;he Company enters into arrangements with certain students that purchase multiple services, including classroom training and extended on-line case studies (&amp;#8220;multiple-element arrangements&amp;#8221;). Each element within the multiple-element arrangements is accounted for as a separate unit of accounting provided the following criteria are met: the delivered services have value to the customer on a standalone basis; and for an arrangement that includes a general right of return relative to the delivered services, delivery or performance of the undelivered service is considered probable and is substantially controlled by the Company. A deliverable has standalone value if the service is sold separately by the Company or another vendor. The Company&amp;#8217;s revenue arrangements do not include a general right of return relative to the delivered services.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The Company treats training contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes and recognizes revenue during the contract period when each deliverable service is provided. The Company allocates the contract price among all the deliverables at the inception of the arrangement on the basis of their relative selling prices according to the selling price hierarchy established by Accounting Standard Update No. 2009-13, &lt;i&gt;Revenue Recognition - Multiple-Deliverable Revenue Arrangements&lt;/i&gt;. The Company first uses vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, the Company uses management&amp;#8217;s best estimate of selling price for the deliverables.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Certification service revenue&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company provides certification service to students who complete the training course and enroll for the exams. The Company is responsible for the certification service, including organization, proctoring and grading of exams. All certificates are issued by third parties to the students who pass the exam. The Company acts as the principal in providing this service and recognizes revenue on gross basis because the Company is the primary obligor in the arrangement and is responsible for fulfilling the ordered services by the students. Cash received before the students taking the exam, is recorded as deferred revenue, and subsequently recognized as certification service revenue upon completion of the certification service, which occurs when the certificates are provided to the students.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Loan referral service revenue&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;In 2016, pursuant to the agreements between the Company and a number of financial service providers, the Company promotes loan products of these financial service providers to its students, who need financial assistance for the payment of their tuition fees, in exchange for a referral fee at a rate of between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5&lt;/font&gt;% to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;8&lt;/font&gt;% of the principal amount of the loans. The Company does not provide guarantee for the loans, which are between the financial service providers and its students. Loan referral service revenue is recognized upon the initiation of the loans.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>

  <us-gaap:AdvertisingCostsPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1236">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (l)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Advertising costs&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Advertising costs are expensed as incurred and included in selling and marketing expenses. Advertising costs were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;102,820&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;151,533&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;201,298&lt;/font&gt; for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>

  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1237">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(w)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Fair value measurements&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company applies the provisions of ASC Topic 820, &lt;i&gt;Fair Value Measurements and Disclosures,&lt;/i&gt; for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell 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 Company 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. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.75in; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 3 inputs are unobservable inputs for the asset or liability.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management&amp;#8217;s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The carrying amounts of cash, current&amp;#160;time deposits, restricted time deposits, accounts receivable, loans to employees, accounts payable, amounts due to a related party, accrued expenses and other current liabilities as of December&amp;#160;31, 2015 and 2016 approximate their fair value because of short maturity of these instruments.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The carrying amounts of non-current time deposits as of December&amp;#160;31, 2015 and 2016 approximates their fair value since the interest rates of the time deposits did not differ significantly from the market interest rates for similar types of time deposits.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The fair values of time deposits, restricted time deposits as of December&amp;#160;31, 2015 and 2016 are categorized as Level 2 measurement.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;strong&gt; &lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Available-for-sale investment as of December 31, 2016 is valued based on the implied enterprise value indirectly observed in a recent transaction at the reporting date and is categorized as Level 2 measurement.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>

  <tedu:ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1238">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid expenses and other current assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid rental expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;17,925&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,038&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Interest receivable from time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,485&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,945&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid advertising deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;10,975&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,875&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid advertising expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,991&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,193&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid value-added tax&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,587&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Housing loans made to employees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2,290&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4,968&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Staff advances&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;423&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,838&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12,078&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total prepaid expenses and other current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;66,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;126,088&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 2%; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,751&lt;/font&gt; and were included in other non-current assets.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock>

  <us-gaap:RevenueOtherFinancialServices contextRef="P01_01_2014To12_31_2014" id="Factid_1239" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RevenueOtherFinancialServices contextRef="P01_01_2015To12_31_2015" id="Factid_1240" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1241">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The actual income tax expense reported in the consolidated statements of comprehensive income for each of the years ended December&amp;#160;31, 2014, 2015 and 2016 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;PRC statutory income tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Increase (decrease) in effective income tax rate resulting from:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Cayman and HK entities not subject to income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(3.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Research and development bonus deduction&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(3.3)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Non-deductible selling, general and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Share based compensation&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Other non-deductible selling, general and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;ANTE preferential tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(0.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Tarena Hangzhou preferential tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(0.1)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Change in valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Tarena Hangzhou and Hanru Hangzhou tax holiday&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(20.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(31.1)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(25.2)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div&gt;Actual income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;8.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>

  <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1242">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The principal components of deferred income tax assets are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34,616&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;47,126&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Tax loss carry forwards&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,065&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,984&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Advertising expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,666&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;23,401&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;123&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total deferred income tax assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;55,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;80,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(20,115)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(26,507)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax assets, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;54,127&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2016_OtherNoncurrentLiabilitiesMemberusgaapBalanceSheetLocationAxis" id="Factid_1243" unitRef="CNY" decimals="-3">3700000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1244">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The significant related party transactions are summarized as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;Transactions with Chuanbang&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Guarantee fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;112&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Cash collection service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;664&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;2,053&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;6,445&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;Transactions with others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Advances from Precise&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(1,432)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Repayment of advances from Precise&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;1,432&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; Notes:&amp;#160;&lt;/div&gt; &amp;#160; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (a)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &amp;#8220;peer-to-peer&amp;#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &amp;#8220;Student Loan Program&amp;#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;112&lt;/font&gt;, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016, respectively.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (b)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&amp;#8217;s accounts receivable. The fee for the service is calculated based on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2%~12% of the amount collected&lt;/font&gt;. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;664&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,053&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6,445&lt;/font&gt; for the years ended December 31, 2014, 2015 and 2016, respectively.&amp;#160;The amount due to Chuanbang as of December 31, 2015 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;879&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;.&amp;#160;The amount due to Chuanbang as of December 31, 2016 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;79&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;, which has been fully paid by March 31, 2017.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (c)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In September 2015, Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp;amp; Co. L.P (&amp;#8220;KKR&amp;#8221;), a shareholder of the Company, provided cash advances in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,432&lt;/font&gt; to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2015_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1245" unitRef="CNY" decimals="-3">879000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:DueToRelatedPartiesCurrent contextRef="PAsOn12_31_2016_ChuanbangMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1246" unitRef="CNY" decimals="-3">79000</us-gaap:DueToRelatedPartiesCurrent>

  <us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1247">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&amp;#160;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Number&amp;#160;of&amp;#160;Non-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Grant&amp;#160;Date&amp;#160;Fair&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;vested&amp;#160;Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Value&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December 31, 2013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;29,724&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.38&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,944)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;13.95&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December&amp;#160;31, 2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;27,780&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.63&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(27,780)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December&amp;#160;31, 2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.63&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;20,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(35,000)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.97&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December 31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock>

  <us-gaap:EarningsPerShareTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1248">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; EARNINGS&amp;#160;&amp;#160;PER SHARE&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"&gt; Basic and diluted earnings per share is calculated as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Numerator:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Net income attributable to Class A and Class B ordinary shareholders&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;148,320&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Less:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series A convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(5,648)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series B convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(5,745)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series C convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(8,566)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Net income for basic and diluted earnings per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;128,361&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator for basic earnings per share:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Weighted average number of Class A and Class B ordinary shares outstanding&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;41,223,389&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;53,767,810&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;55,540,670&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Dilutive effect of outstanding share options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,546,743&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,983,046&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,464,591&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator for diluted earnings per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;47,770,132&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;58,750,856&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;59,005,261&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;Basic earnings per Class A and Class B ordinary share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.11&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.32&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.35&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;Diluted earnings per Class A and Class B ordinary share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;2.69&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.04&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.10&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 25.9pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;The Company uses the two-class method to calculate basic and diluted earnings per Class A and Class B ordinary share. Under the two-class method, when calculating the basic and dilutive earnings per Class A and Class B ordinary share, net income attributable to Class A and Class B ordinary shareholders is adjusted to reflect the net income which is allocated to preferred shares.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:EarningsPerShareTextBlock>

  <us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1249">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="clear:both;WIDTH: 99.98%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="99%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;PARENT ONLY FINANCIAL INFORMATION&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The following presents condensed parent company financial information of Tarena International. &amp;#160;&lt;/font&gt;&lt;/div&gt; &amp;#160; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Condensed Balance Sheets&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;ASSETS&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Current assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Cash&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;43,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;397,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;242,795&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Restricted time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;150,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Prepaid expenses and other current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,843&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,855&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;564,506&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;288,420&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Investments and loans to subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;786,264&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,316,552&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,350,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,604,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;LIABILITIESAND SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Current liabilities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,522&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6,522&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Other non-current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,343&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;12,156&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6,752&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Commitments and contingencies&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Shareholders&amp;#8217; equity:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Class A ordinary shares (US$0.001 par value,860,000,000 shares authorized, 44,914,538 and 48,735,228 shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;276&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;302&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;98&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;86&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(49,355)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(93,761)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Additional paid-in capital&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;907,018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;995,216&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Accumulated other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;30,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;58,204&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"&gt; &lt;div&gt;Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;450,345&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;638,173&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total shareholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,338,614&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,598,220&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"&gt; &lt;div&gt;Total liabilities and shareholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,350,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,604,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Condensed Statements of Comprehensive Income&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;General and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,047)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,241)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,477)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Operating loss&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(1,047)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(4,241)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(4,477)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Equity in income of subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;129,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;194,914&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;253,396&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Foreign currency exchange gains (loss)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,251&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(31,923)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(4,753)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;14,059&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;17,610&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;8,027&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Loss on foreign currency forward contract&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(12,898)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Other income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,400&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,559&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;151,850&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;151,850&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 1px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Foreign currency translation adjustment, net of nil income tax&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2,896)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;34,748&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,972&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Unrealized holding gains on available for sale securities, net of RMB42 income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,235&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"&gt; &lt;div&gt;Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(235)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div&gt;Comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;148,954&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;213,508&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;269,826&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"&gt;&lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Condensed Statements of Cash Flows&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Operating activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) operating activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;19,036&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;9,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(10,272)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Investing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Purchase of time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(569,312)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(588,426)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(298,688)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Proceeds from maturity of time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,071&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;603,501&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;620,607&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Investments made to subsidiaries&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(104,662)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(198,137)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) investing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(670,903)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;15,075&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;123,782&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Financing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Advances from a related party&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,432&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Repayment of advances from a related party&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,432)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares upon the IPO&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;592,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares in private placement concurrent with the IPO&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;83,052&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Issuance of Class A ordinary shares in connection with exercise of share options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,518&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;22,456&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;20,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Payment of dividends&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(54,026)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Repurchase of treasury shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(49,355)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(44,406)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Payment of IPO costs&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(17,228)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Net cash provided by (used in) financing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;659,503&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(26,899)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;(78,044)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Effect of foreign currency exchange rate changes on cash and cash equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(27)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;398&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,029&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Net increase (decrease) in cash and cash equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,609&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,656)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,495&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Cash and cash equivalents at beginning of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;322&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,931&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Cash and cash equivalents at end of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;7,931&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;43,770&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"&gt; &lt;div&gt;Non-cash investing and financing activities:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,648&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;107,994&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"&gt; &lt;div&gt;Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;592,849&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock>

  <us-gaap:DividendsPayableAmountPerShare contextRef="PAsOn02_28_2017_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_1250" unitRef="CNY_per_Share" decimals="2">1.10</us-gaap:DividendsPayableAmountPerShare>

  <us-gaap:DividendsCommonStockCash contextRef="P05_01_2017To05_30_2017_ScenarioForecastMemberusgaapStatementScenarioAxis" id="Factid_1251" unitRef="CNY" decimals="-3">64900000</us-gaap:DividendsCommonStockCash>

  <us-gaap:ConsolidationPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1252">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(a)&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;&lt;i&gt;Principles of consolidation&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The consolidated financial statements include the financial statements of Tarena International, its wholly-owned subsidiaries, VIEs in which Tarena International is the primary beneficiary and their wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ConsolidationPolicyTextBlock>

  <us-gaap:PensionAndOtherPostretirementPlansPolicy contextRef="P01_01_2016To12_31_2016" id="Factid_1253">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(p)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Employee benefits&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22.3&lt;/font&gt;% to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 53.1&lt;/font&gt;% on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2014, 2015 and 2016, the costs of the Company&amp;#8217;s obligations to the defined contribution plans amounted to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;51,510&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;69,370&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;85,325&lt;/font&gt;, respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PensionAndOtherPostretirementPlansPolicy>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1254" unitRef="pure" decimals="3">0.367</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1255" unitRef="pure" decimals="3">0.291</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1256" unitRef="pure" decimals="3">0.288</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1257" unitRef="pure" decimals="3">0.322</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_JavaMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1258" unitRef="pure" decimals="3">0.343</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_DigitalArtsMemberusgaapProductOrServiceAxis_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1259" unitRef="pure" decimals="3">0.280</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1260">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Numerator:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Net income attributable to Class A and Class B ordinary shareholders&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;148,320&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Less:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series A convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(5,648)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series B convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(5,745)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Earnings allocated to participating Series C convertible redeemable preferred shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(8,566)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Net income for basic and diluted earnings per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;128,361&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;178,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;241,854&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator for basic earnings per share:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Weighted average number of Class A and Class B ordinary shares outstanding&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;41,223,389&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;53,767,810&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;55,540,670&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Dilutive effect of outstanding share options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6,546,743&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,983,046&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,464,591&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Denominator for diluted earnings per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;47,770,132&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;58,750,856&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;59,005,261&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;Basic earnings per Class A and Class B ordinary share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.11&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.32&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.35&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;Diluted earnings per Class A and Class B ordinary share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;2.69&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3.04&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.10&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>

  <us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1261">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Number&amp;#160;of&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Remaining&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Aggregate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Exercise&amp;#160;Price&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Contractual&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Intrinsic&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Years&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Value&amp;#160;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;8,134,830&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;0.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,805,784&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,786,449)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.14&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(115,215)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.91&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;8,038,950&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.44&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6.19&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;77,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;615,624&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.38&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(3,015,872)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(56,926)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5,581,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.77&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.68&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;48,412&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,115,807&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.90&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2,106,043)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.46&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(263,671)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.98&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4,327,869&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.88&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;56,743&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Vested and expected to vest as of December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3,959,763&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.74&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.59&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;52,460&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Exercisable as of December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;2,536,418&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.17&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;35,045&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock>

  <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1262">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Expected volatility&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;51.7%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;62.3%-70.9%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;63.5%-68.8%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Expected dividends yield&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Exercise multiple&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Risk-free interest rate per annum&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.81%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.68%-2.99%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.15%-3.18%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Estimated fair value of underlying ordinary shares (per share)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$8.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$9.28-US$12.85&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$9.99-US$16.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1263">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.56in; WIDTH: 83%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"&gt; &lt;div&gt;Weighted average grant date fair value of option per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6.35&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.16&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.17&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"&gt; &lt;div&gt;Aggregate grant date fair value of options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;11,468&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,641&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;11,352&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P04_01_2016To04_03_2016_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1264" unitRef="shares" decimals="INF">20000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:SharePrice contextRef="PAsOn04_03_2016_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1265" unitRef="USD_per_Share" decimals="0">0</us-gaap:SharePrice>

  <us-gaap:CostOfSalesPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1266">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(k)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Cost of revenues&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; Cost of revenues consists of payroll and employee benefits, rent expenses of learning centers, depreciation relating to property and equipment used for operating the learning centers, and other operating costs that are directly attributed to the provision of training services.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CostOfSalesPolicyTextBlock>

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2014To12_31_2014" id="Factid_1267" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2015To12_31_2015" id="Factid_1268" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="P01_01_2016To12_31_2016" id="Factid_1269" unitRef="CNY" decimals="-3">5235000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax>

  <tedu:LongTermLoansToEmployees contextRef="PAsOn12_31_2016_OtherNoncurrentAssetsMemberusgaapBalanceSheetLocationAxis" id="Factid_1270" unitRef="CNY" decimals="-3">12751000</tedu:LongTermLoansToEmployees>

  <tedu:AvailableforsaleInvestmentOwnershipInterestAcquired contextRef="P10_01_2016To10_31_2016_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1271" unitRef="pure" decimals="3">0.139</tedu:AvailableforsaleInvestmentOwnershipInterestAcquired>

  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays contextRef="P01_01_2016To12_31_2016" id="Factid_1272" unitRef="pure" decimals="3">0.252</us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays>

  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays contextRef="P01_01_2015To12_31_2015" id="Factid_1273" unitRef="pure" decimals="3">0.311</us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays>

  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays contextRef="P01_01_2014To12_31_2014" id="Factid_1274" unitRef="pure" decimals="2">0.20</us-gaap:EffectiveIncomeTaxRateReconciliationTaxHolidays>

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2016To12_31_2016_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_1275" unitRef="pure" decimals="3">0.125</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2014To12_31_2014_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_1276" unitRef="pure" xsi:nil="true" />

  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="P01_01_2015To12_31_2015_TarenaSoftwareTechnologyHangzhouCoLtdMemberdeiLegalEntityAxis" id="Factid_1277" unitRef="pure" xsi:nil="true" />

  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome contextRef="P01_01_2018To12_31_2018_HanruEducationTechnologyCoLtdMemberdeiLegalEntityAxis_ScenarioForecastMemberusgaapStatementScenarioAxis" id="Factid_1278" unitRef="pure" decimals="1">0.5</us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1279" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2014To12_31_2014_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis" id="Factid_1280" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2015To12_31_2015_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1281" unitRef="CNY" decimals="-3">-1432000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2015To12_31_2015_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis" id="Factid_1282" unitRef="CNY" decimals="-3">1432000</us-gaap:RelatedPartyTransactionAmountsOfTransaction>

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2016To12_31_2016_AmountsReceivedMemberusgaapRelatedPartyTransactionAxis_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis" id="Factid_1283" unitRef="CNY" xsi:nil="true" />

  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="P01_01_2016To12_31_2016_PreciseMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_RepaymentsMemberusgaapRelatedPartyTransactionAxis" id="Factid_1284" unitRef="CNY" xsi:nil="true" />

  <us-gaap:LongTermDebt contextRef="PAsOn04_09_2013_TecheduLimitedMemberdeiLegalEntityAxis" id="Factid_1285" unitRef="CNY" decimals="-3">31320000</us-gaap:LongTermDebt>

  <tedu:AccountsReceivableFaceAmount contextRef="PAsOn12_31_2015" id="Factid_1286" unitRef="CNY" decimals="-3">237624000</tedu:AccountsReceivableFaceAmount>

  <tedu:AccountsReceivableFaceAmount contextRef="PAsOn12_31_2016" id="Factid_1287" unitRef="CNY" decimals="-3">214142000</tedu:AccountsReceivableFaceAmount>

  <us-gaap:DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables contextRef="PAsOn12_31_2015" id="Factid_1288" unitRef="CNY" decimals="-3">15997000</us-gaap:DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables>

  <us-gaap:DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables contextRef="PAsOn12_31_2016" id="Factid_1289" unitRef="CNY" decimals="-3">15130000</us-gaap:DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1290" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1291" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1292" unitRef="CNY" decimals="-3">235000</us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax>

  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1293" unitRef="CNY" decimals="-3">42000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax>

  <tedu:AccretionOfConvertibleRedeemablePreferredStock contextRef="P01_01_2014To12_31_2014_SeriesBConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis" id="Factid_1294" unitRef="CNY" decimals="-3">3530000</tedu:AccretionOfConvertibleRedeemablePreferredStock>

  <tedu:AccretionOfConvertibleRedeemablePreferredStock contextRef="P01_01_2014To12_31_2014_SeriesCConvertibleRedeemablePreferredSharesMemberusgaapStatementClassOfStockAxis" id="Factid_1295" unitRef="CNY" decimals="-3">0</tedu:AccretionOfConvertibleRedeemablePreferredStock>

  <tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises contextRef="P01_01_2015To12_31_2015" id="Factid_1296" unitRef="pure" decimals="2">0.15</tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises>

  <tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises contextRef="P01_01_2014To12_31_2014" id="Factid_1297" unitRef="pure" decimals="2">0.15</tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises>

  <tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises contextRef="P01_02_2013To12_31_2013" id="Factid_1298" unitRef="pure" decimals="2">0.15</tedu:IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1299" unitRef="CNY" decimals="-3">42000</us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P01_01_2014To12_31_2014_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1300" unitRef="shares" decimals="INF">11500000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="P04_01_2013To04_09_2013_CommonStockMemberusgaapStatementEquityComponentsAxis_TarenaLimitedMemberdeiLegalEntityAxis" id="Factid_1301" unitRef="shares" decimals="INF">916848</us-gaap:StockIssuedDuringPeriodSharesNewIssues>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1302" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis_CommonStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1303" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1304" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_AdditionalPaidInCapitalMemberusgaapStatementEquityComponentsAxis" id="Factid_1305" unitRef="CNY" xsi:nil="true" />

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_AccumulatedOtherComprehensiveIncomeMemberusgaapStatementEquityComponentsAxis" id="Factid_1306" unitRef="CNY" decimals="-3">235000</us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax>

  <us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax contextRef="P01_01_2016To12_31_2016_RetainedEarningsMemberusgaapStatementEquityComponentsAxis" id="Factid_1307" unitRef="CNY" xsi:nil="true" />

  <tedu:AmountsReceivedOnRelatedPartyBehalf contextRef="P01_01_2014To12_31_2014" id="Factid_1308" unitRef="CNY" xsi:nil="true" />

  <tedu:AmountsReceivedOnRelatedPartyBehalf contextRef="P01_01_2015To12_31_2015" id="Factid_1309" unitRef="CNY" decimals="-3">1432000</tedu:AmountsReceivedOnRelatedPartyBehalf>

  <tedu:AmountsReceivedOnRelatedPartyBehalf contextRef="P01_01_2016To12_31_2016" id="Factid_1310" unitRef="CNY" xsi:nil="true" />

  <tedu:RepaymentsOnRelatedPartyBehalf contextRef="P01_01_2014To12_31_2014" id="Factid_1311" unitRef="CNY" xsi:nil="true" />

  <tedu:RepaymentsOnRelatedPartyBehalf contextRef="P01_01_2015To12_31_2015" id="Factid_1312" unitRef="CNY" decimals="-3">1432000</tedu:RepaymentsOnRelatedPartyBehalf>

  <tedu:RepaymentsOnRelatedPartyBehalf contextRef="P01_01_2016To12_31_2016" id="Factid_1313" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2014To12_31_2014_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis" id="Factid_1314" unitRef="pure" decimals="1">0.0</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2015To12_31_2015_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis" id="Factid_1315" unitRef="pure" decimals="3">0.042</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:ConcentrationRiskPercentage1 contextRef="P01_01_2016To12_31_2016_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis_WebFrontMemberusgaapProductOrServiceAxis" id="Factid_1316" unitRef="pure" decimals="3">0.127</us-gaap:ConcentrationRiskPercentage1>

  <us-gaap:InvestmentHoldingsTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1317">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;strong&gt;6&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;strong&gt;LONG-TERM INVESTMENTS&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in"&gt; &lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Long-term investments consisted of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Sino-German Know-How Education Investment Co., Ltd.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;12,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;12,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Juesheng.com&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Mxsoft.com&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Other cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(d)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;24,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;26,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Equity method investment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Hockey global resources investment limited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(e)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Available-for-sale investment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(f)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;15,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;24,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;41,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 28pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (a)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,000&lt;/font&gt; in cash to acquire&amp;#160;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.86&lt;/font&gt;% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (b)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In November 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.50&lt;/font&gt;% of the total equity interest of an online shopping platform providing education products.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (c)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In August 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.71&lt;/font&gt;% of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (d)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;As of December 31, 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.43&lt;/font&gt;% and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.74&lt;/font&gt;% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.00&lt;/font&gt;% equity interest of an online platform providing vehicle sales and related services.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (e)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;790&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 28.5&lt;/font&gt;% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (f)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13.9&lt;/font&gt;% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock.&amp;#160;In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security.&amp;#160;&amp;#160;The Company recorded the investment as available-for-sale investment and recorded an increase of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,000&lt;/font&gt; in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:InvestmentHoldingsTextBlock>

  <tedu:ScheduleForCostAndEquityMethodInvestmentTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1318">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Sino-German Know-How Education Investment Co., Ltd.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;12,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;12,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Juesheng.com&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Mxsoft.com&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;4,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Other cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(d)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total cost method investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;24,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;26,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Equity method investment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Hockey global resources investment limited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(e)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Available-for-sale investment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(f)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;15,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;24,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;41,760&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 28pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (a)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,000&lt;/font&gt; in cash to acquire&amp;#160;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.86&lt;/font&gt;% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (b)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In November 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.50&lt;/font&gt;% of the total equity interest of an online shopping platform providing education products.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (c)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In August 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.71&lt;/font&gt;% of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (d)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;As of December 31, 2015, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.43&lt;/font&gt;% and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.74&lt;/font&gt;% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.00&lt;/font&gt;% equity interest of an online platform providing vehicle sales and related services.&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (e)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;790&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 28.5&lt;/font&gt;% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (f)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In October 2016, the Company paid RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10,000&lt;/font&gt; in cash to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13.9&lt;/font&gt;% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock.&amp;#160;In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security.&amp;#160;&amp;#160;The Company recorded the investment as available-for-sale investment and recorded an increase of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,000&lt;/font&gt; in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:ScheduleForCostAndEquityMethodInvestmentTableTextBlock>

  <us-gaap:AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax contextRef="P10_01_2016To10_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1319" unitRef="CNY" decimals="-3">5000000</us-gaap:AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax>

  <invest:DerivativeNotionalAmount contextRef="PAsOn05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis" id="Factid_1320" unitRef="CNY" decimals="-3">564095000</invest:DerivativeNotionalAmount>

  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="P01_01_2016To12_31_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis" id="Factid_1321" unitRef="CNY" decimals="-3">12898000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>

  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1322">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;10&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;INCOME TAXES&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Under the current laws of the Cayman Islands, Tarena International is not subject to tax on its income or capital gains. For the period from its inception on October&amp;#160;22, 2012 to December&amp;#160;31, 2016, Tarena HK did not have any assessable profits arising in or derived from HK SAR. Tarena International&amp;#8217;s PRC subsidiaries and consolidated VIEs and the subsidiaries of the VIEs file separate tax returns in the PRC. Effective from January&amp;#160;1, 2008, the PRC statutory income tax rate is 25% according to the Corporate Income Tax (&amp;#8220;CIT&amp;#8221;) Law which was passed by the National People&amp;#8217;s Congress on March&amp;#160;16, 2007.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Under the CIT Law, entities that qualify as &amp;#8220;Advanced and New Technology Enterprise&amp;#8221; (&amp;#8220;ANTE&amp;#8221;) are entitled to a preferential income tax rate of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;%. In 2009, the WOFE qualified as an ANTE, which entitled it to the preferential income tax rate of 15% from January&amp;#160;1, 2009 to December&amp;#160;31, 2011. In 2012, the WOFE renewed its ANTE qualification, which entitled it to the preferential income tax rate of 15% from January&amp;#160;1, 2012 to December&amp;#160;31, 2014. In 2015, the WOFE renewed its ANTE qualification, which entitled it to the preferential income tax rate of 15% from January&amp;#160;1, 2015 to December&amp;#160;31, 2017.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Tarena Software Technology (Hangzhou) Co., Ltd. (&amp;#8220;Tarena Hangzhou&amp;#8221;) was established in 2013 and qualified as an eligible software enterprise. As a result of this qualification, it is entitled to a tax holiday of a two-year full exemption followed by a three-year &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50&lt;/font&gt;% exemption, commencing from the year in which its taxable income is greater than zero. As a result, its income tax rates for the years ended December 31, 2014, 2015 and 2016 were nil, nil and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12.5&lt;/font&gt;%, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;In 2016, Tarena Hangzhou acquired Hanru Education&amp;amp; Technology Co., Ltd. (&amp;#8220;Hanru Hangzhou&amp;#8221;), which was qualified as an eligible software enterprise, and was entitled to a tax holiday of a two-year full exemption followed by a three-year &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50&lt;/font&gt;% exemption, commencing from the year in which its taxable income is greater than zero. As a result, the income tax rate of Hanru Hangzhou for the year ended December 31, 2016 was nil.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;Certain Tarena International&amp;#8217;s subsidiaries and branches qualified as &amp;#8220;Small Profit Enterprises&amp;#8221; in 2014, 2015&amp;#160;and 2016, and therefore are subject to the preferential income tax rate of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 20&lt;/font&gt;%.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;According to the approvals from the tax authorities in certain locations in the PRC, Tarena International&amp;#8217;s subsidiaries and consolidated VIEs and the subsidiaries of the VIEs that are based in these locations are required to use the deemed profit method to determine their income tax. Under the deemed profit method, these subsidiaries are subject to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;income tax at 25% on its deemed profit which is calculated based on revenues less deemed expenses equal to 85% and 90% of revenues.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"&gt; The components of income before income taxes are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;146,570&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;200,789&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;272,745&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Hong Kong&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(1,964)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(1,908)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(573)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Cayman Islands&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;22,039&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(16,154)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(11,542)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;166,645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;182,727&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;260,630&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Income tax expense consists of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Current income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,985&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,581&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;37,671&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax benefit&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(4,190)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(21,614)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(18,895)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,795&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,967&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The actual income tax expense reported in the consolidated statements of comprehensive income for each of the years ended December&amp;#160;31, 2014, 2015 and 2016 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;PRC statutory income tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Increase (decrease) in effective income tax rate resulting from:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Cayman and HK entities not subject to income taxes&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(3.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Research and development bonus deduction&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(3.3)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Non-deductible selling, general and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Share based compensation&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other non-deductible selling, general and administrative expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;ANTE preferential tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(1.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(0.7)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Tarena Hangzhou preferential tax rate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(0.1)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Change in valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;6.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Tarena Hangzhou and Hanru Hangzhou tax holiday&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(20.0)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(31.1)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(25.2)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Actual income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;8.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Basic earnings per Class A ordinary share and Class B ordinary share effect of the Company&amp;#8217;s tax holiday for the year ended December 31, 2014, 2015 and 2016 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.81&lt;/font&gt;,&amp;#160;RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1.06&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1.18&lt;/font&gt;, respectively.&amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Diluted earnings per Class A ordinary share and Class B ordinary share effect of the Company&amp;#8217;s tax holiday for the year ended December 31, 2014, 2015 and 2016 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.70&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.97&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1.11&lt;/font&gt;, respectively.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt;&amp;#160;&lt;/div&gt;&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The principal components of deferred income tax assets are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accounts receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34,616&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;47,126&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Tax loss carry forwards&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,065&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,984&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Advertising expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,666&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;23,401&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;123&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total deferred income tax assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;55,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;80,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(20,115)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(26,507)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax assets, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;54,127&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;The movements of the valuation allowance are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.5in; WIDTH: 92%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="38%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at the beginning of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,362&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;20,115&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Additions of valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,198&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,069&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,076&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Reduction of valuation allowance&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(483)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(3,316)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(6,684)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at the end of the year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,362&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;20,115&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;26,507&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The valuation allowance as of December&amp;#160;31, 2015 and 2016 was primarily provided for the deferred income tax assets of certain Tarena International&amp;#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs, which were at cumulative loss positions. In assessing the realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment. As of December&amp;#160;31, 2016, the Company had tax losses carryforwards of RMB &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 39,936&lt;/font&gt;. Tax losses of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;227&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;11,053&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;8,165&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;20,491&lt;/font&gt; will expire, if unused, by 2018, 2019, 2020 and 2021, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The CIT Law and its implementation rules impose a withholding income tax at &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10&lt;/font&gt;%, unless reduced by a tax treaty or arrangement, on the amount of dividends distributed by a PRC-resident enterprise to its immediate holding company outside the PRC that are related to earnings accumulated beginning on January&amp;#160;1, 2008. Dividends relating to undistributed earnings generated prior to January&amp;#160;1, 2008 are exempt from such withholding income tax.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The Company has considered temporary differences on the book to tax differences pertaining to all investment in subsidiaries including the determination of the indefinite reinvestment assertion that would apply to each foreign subsidiary. The Company evaluated each entity&amp;#8217;s historical, current business environment and plans to indefinitely reinvest all earnings accumulated in its respective jurisdiction for purpose of future business expansion.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Due to the plan to indefinitely reinvest its earnings in the PRC, the Company has not provided for deferred income tax liabilities on undistributed earnings of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;604,218&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;937,735&lt;/font&gt; as of December&amp;#160;31, 2015 and 2016, respectively. It is not practicable to estimate the unrecognized deferred income tax liabilities thereof.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December&amp;#160;31, 2014, 2015 and 2016 is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at beginning of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36,921&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;53,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Increase related to current year tax positions&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,436&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;51,050&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;66,122&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Settlement&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(17,279)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(34,567)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(49,704)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Balance at end of year&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36,921&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;53,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;69,822&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;49,198&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;69,263&lt;/font&gt; of unrecognized tax benefits as of December&amp;#160;31, 2015 and 2016, if recognized, would affect the effective tax rate. No interest and penalty expenses were recorded for the years ended December&amp;#160;31, 2014, 2015 or 2016. RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;42,489&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;62,665&lt;/font&gt; of unrecognized tax benefits as of December&amp;#160;31, 2015 and 2016 were included in income taxes payable. RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,700&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,700&lt;/font&gt; of unrecognized tax benefits as of December&amp;#160;31, 2015 and 2016 were included in other non-current liabilities. The remaining RMB7,215 and RMB3,457 unrecognized tax benefit as of December&amp;#160;31, 2015 and 2016, respectively were presented as a reduction of the deferred income tax assets for tax loss carry forwards since the uncertain tax position would reduce the tax loss carry forwards under the tax law. The unrecognized tax benefits represent the estimated income tax expenses the Company would be required to pay should its revenue for tax purposes be recognized in accordance with current PRC tax laws and regulations. Management believes that it is reasonably possible that RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;66,122&lt;/font&gt; unrecognized tax benefits as of December&amp;#160;31, 2016 will be recognized in the next twelve months as a result of such revenue being reported in the income tax filing during the next twelve months.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10&lt;/font&gt; years. There is no statute of limitation in the case of tax evasion. The income tax returns of Tarena International&amp;#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs for the years from &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2012 to 2016&lt;/font&gt; are open to examination by the PRC tax authorities.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:IncomeTaxDisclosureTextBlock>

  <us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments contextRef="P01_01_2014To12_31_2014" id="Factid_1323" unitRef="pure" decimals="1">0.0</us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>

  <us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments contextRef="P01_01_2015To12_31_2015" id="Factid_1324" unitRef="pure" decimals="3">0.001</us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>

  <us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments contextRef="P01_01_2016To12_31_2016" id="Factid_1325" unitRef="pure" decimals="1">0.0</us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>

  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1326">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;11&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;RELATED PARTY TRANSACTIONS&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;During the years ended December&amp;#160;31, 2014, 2015 and 2016, the Company entered into related party transactions with Mr.&amp;#160;Han, Chuanbang Business Consulting (Beijing) Co., Ltd. (&amp;#8220;Chuanbang&amp;#8221;), which is wholly owned by Mr.&amp;#160;Han, and Precise Advance Limited (&amp;#8220;Precise&amp;#8221;), which is owned by an executive of the Company&amp;#8217;s shareholder. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;The significant related party transactions are summarized as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;Transactions with Chuanbang&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Guarantee fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;112&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Cash collection service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;664&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;2,053&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;6,445&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"&gt; &lt;div&gt;Transactions with others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Advances from Precise&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(1,432)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"&gt; &lt;div&gt;Repayment of advances from Precise&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;1,432&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; Notes:&amp;#160;&lt;/div&gt; &amp;#160; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (a)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &amp;#8220;peer-to-peer&amp;#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &amp;#8220;Student Loan Program&amp;#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;112&lt;/font&gt;, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016, respectively.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (b)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&amp;#8217;s accounts receivable. The fee for the service is calculated based on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2%~12% of the amount collected&lt;/font&gt;. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;664&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,053&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6,445&lt;/font&gt; for the years ended December 31, 2014, 2015 and 2016, respectively.&amp;#160;The amount due to Chuanbang as of December 31, 2015 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;879&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;.&amp;#160;The amount due to Chuanbang as of December 31, 2016 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;79&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;, which has been fully paid by March 31, 2017.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; (c)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;In September 2015, Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp;amp; Co. L.P (&amp;#8220;KKR&amp;#8221;), a shareholder of the Company, provided cash advances in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,432&lt;/font&gt; to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

  <tedu:OrdinarySharesAndStatutoryReserveTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1327">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;b&gt;12&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;b&gt;ORDINARY SHARES AND STATUTORY RESERVE&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.4pt"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;Ordinary shares&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On October&amp;#160;8, 2003, Tarena International was established with authorized share capital of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;150&lt;/font&gt; or &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 90,000,000&lt;/font&gt; ordinary shares with a par value of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.001&lt;/font&gt; (being retroactively adjusted to reflect the effect of the share split) and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 60,000,000&lt;/font&gt; preferred shares with a par value of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.001&lt;/font&gt; (being retroactively adjusted to reflect the effect of the share split).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On December&amp;#160;16, 2008, the Board of Directors of Tarena International approved a &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10&lt;/font&gt;:1 share split, which increased (i)&amp;#160;the total number of authorized ordinary shares of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,000,000&lt;/font&gt;, and issued and outstanding ordinary shares of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,358,000&lt;/font&gt;&lt;/font&gt; to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 90,000,000&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,580,000&lt;/font&gt; respectively; and (ii)&amp;#160;the total number of authorized preferred shares of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,000,000&lt;/font&gt;, and issued and outstanding preferred shares of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,589,125&lt;/font&gt;&lt;/font&gt; to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 60,000,000&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,891,250&lt;/font&gt;&lt;/font&gt; respectively. All applicable share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect the effect of the share split.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On April 9, 2013, IDG Technology Venture Investments, LP (&amp;#8220;IDG&amp;#8221;), the Series A convertible redeemable preferred shareholder, entered into a series of agreements with Mr. Han, Connion Capital Ltd. (&amp;#8220;Connion&amp;#8221;), a company incorporated in the Cayman Islands with limited liability and wholly owned by Mr. Han, Techedu Limited, a company incorporated in the British Virgin Islands (&amp;#8220;BVI&amp;#8221;) with limited liability and wholly owned by Mr. Han, and GF Tarena Limited, a third party company incorporated with limited liability under the law of the BVI, pursuant to which IDG sold &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,146,059&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 229,212&lt;/font&gt; of its Series A convertible redeemable preferred shares to Techedu Limited and GF Tarena Limited for a consideration of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;31,320&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6,264&lt;/font&gt;, respectively, or RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;27.33&lt;/font&gt; per share. At the same time, Connion sold &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 916,848&lt;/font&gt; of its ordinary shares to GF Tarena Limited for a consideration of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;25,056&lt;/font&gt; or RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;27.33&lt;/font&gt; per share. The &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,146,059&lt;/font&gt; Series A convertible redeemable preferred shares purchased by Techedu Limited and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 229,212&lt;/font&gt; Series A convertible redeemable preferred shares purchased by GF Tarena Limited were converted to ordinary shares on December 10, 2013. To facilitate the purchase of the Series A convertible redeemable preferred shares, Techedu Limited borrowed a loan in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;31,320&lt;/font&gt; from GF Tarena Limited on April 9, 2013, with an annual interest rate of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 19&lt;/font&gt;% for a period of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;30&lt;/font&gt; months.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On February 27, 2014, the Board of Directors of Tarena International approved the fifth amendment of the Memorandum and Articles of Association (the &amp;#8220;Amended M&amp;amp;A&amp;#8221;), pursuant to which the authorized share capital was amended to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,000,000,000&lt;/font&gt; ordinary shares at a par value of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.001&lt;/font&gt; per share, of which &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 860,000,000&lt;/font&gt; shares were designated as Class A ordinary shares, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 40,000,000&lt;/font&gt; as Class B ordinary shares and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 100,000,000&lt;/font&gt; shares were designated as Reserved Shares, each with such rights, preferences and privileges set forth in the Amended M&amp;amp;A. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;In the Amended M&amp;amp;A, the Board of Directors of Tarena International approved that the Company to adopt a dual class ordinary share structure immediately upon the completion of the IPO. Upon the completion of the IPO, the Group&amp;#8217;s ordinary shares were divided into Class A ordinary shares and Class B ordinary shares. All of its issued and outstanding ordinary share prior to this offering were re-designated as Class B ordinary shares, all of its issued and outstanding preferred shares were automatically re-designated or converted into Class B ordinary shares on a one-for-one basis immediately upon the completion of the IPO and all of the issued and outstanding options, non-vested shares and non-vested share units granted by the Company pursuant to the 2008 Share Plan and the 2014 Share Incentive Plan were re-designated as options in Class A shares, non-vested Class A ordinary shares, non-vested Class A ordinary share units.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;In April 2014, in connection with its IPO, Tarena International issued &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,500,000&lt;/font&gt; Class A ordinary shares with par value of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.001&lt;/font&gt;, at a price of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9.00&lt;/font&gt; per share to investors. Net proceeds from the issuance of 11,500,000 Class A ordinary shares amounted to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;567,360&lt;/font&gt; (net of issuance costs of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;24,801&lt;/font&gt;), of which RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;71&lt;/font&gt; and RMB &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 567,289&lt;/font&gt; were recorded in the Class A ordinary shares and additional paid-in capital, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Concurrently upon the completion of the Company&amp;#8217;s IPO, the Company issued &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,500,000&lt;/font&gt; Class A ordinary shares with par value of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.001&lt;/font&gt; to New Oriental Education &amp;amp; Technology Group Inc., in a private placement at a price of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9.00&lt;/font&gt; per share. Proceeds from the issuance of Class A ordinary shares were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;83,052&lt;/font&gt; of which &lt;font style="BACKGROUND-COLOR: transparent"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9&lt;/font&gt;&lt;/font&gt; and&lt;/font&gt; RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;83,043&lt;/font&gt; were recorded in the Class A ordinary shares and additional paid-in capital, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;As a result of automatic conversion of Series A, Series B, and Series C convertible redeemable preferred shares into Class B ordinary shares upon completion of the Company&amp;#8217;s IPO on April 3, 2014, 25,430,831 Class B ordinary shares were issued. From January 1, 2014 to December 31, 2014, a total of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,924,365&lt;/font&gt; Class B ordinary shares were converted to Class A ordinary shares. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,788,393&lt;/font&gt; Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2015 to December 31, 2015, a total of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 18,158,128&lt;/font&gt; Class B ordinary shares were converted to Class A ordinary shares. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,043,652&lt;/font&gt; Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2016 to December 31, 2016, a total of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,679,647&lt;/font&gt; Class B ordinary shares were converted to Class A ordinary shares. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,141,043&lt;/font&gt; Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;As of December 31, 2016, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 860,000,000&lt;/font&gt; Class A ordinary shares and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 40,000,000&lt;/font&gt; Class B ordinary shares have been authorized, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 48,735,228&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 47,160,248&lt;/font&gt; Class A ordinary shares have been issued and outstanding, respectively, and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,895,249&lt;/font&gt;&lt;/font&gt; Class B ordinary shares have been issued and outstanding.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;Treasury shares&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On August 20, 2015, the board of directors of the Company authorized a share repurchase plan under which the Company may repurchase up to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;133,556&lt;/font&gt; of its ordinary shares over the next 12 months. The Company&amp;#160;repurchased &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 926,113&lt;/font&gt; ordinary shares on the open market with consideration of approximately RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;49,355&lt;/font&gt; for the year ended December 31, 2015. For the year ended December 31, 2016, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 648,867&lt;/font&gt;&lt;/font&gt; ordinary shares were repurchased on the open market in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;44,406&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;Statutory reserves&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;Under PRC rules and regulations, Tarena International&amp;#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs (the &amp;#8220;PRC Entities&amp;#8221;) are required to appropriate &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10&lt;/font&gt;% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory surplus reserve until the reserve balance reaches &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50&lt;/font&gt;% of their registered capital. In addition, private schools (held by the PRC Entities) which require reasonable returns are required to appropriate &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25&lt;/font&gt;% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory development fund, whereas in the case of private schools which do not require reasonable return, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25&lt;/font&gt;% of the annual increase of their net assets. The appropriation to these statutory reserves must be made before distribution of dividends to Tarena International can be made.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;For the years ended December&amp;#160;31, 2014, 2015 and 2016, the PRC Entities made appropriations to the statutory reserves of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;15,823&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;36,524&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;40,491&lt;/font&gt;, respectively. As of December&amp;#160;31, 2014, 2015 and 2016, the accumulated balance of the statutory reserves was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;38,228&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;74,752&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;115,243&lt;/font&gt;, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 49.05pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"&gt;&lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;Reclassification between additional paid-in capital and retained earnings&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify"&gt;On August 19, 2014, the Board of Directors approved the Company to undertake a reclassification of the balances between additional paid-in capital and retained earnings of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;526,457&lt;/font&gt;. The reclassification was due to the accretion of convertible redeemable preferred shares, of which RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;526,457&lt;/font&gt; were charged against the balance in accumulated deficit in the absence of additional paid-in capital.&amp;#160;&amp;#160;&lt;/div&gt; &amp;#160;&amp;#160; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div&gt;&lt;b&gt;Dividend&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On March 7, 2016, the Company&amp;#8217;s board of directors approved to declare a cash dividend of US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.15&lt;/font&gt; per ordinary share to shareholders as of the close of trading on April 6, 2016. The aggregate amount of cash dividends was approximately RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;54,026&lt;/font&gt;, which was paid in May 2016.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:OrdinarySharesAndStatutoryReserveTextBlock>

  <us-gaap:DividendsPayableAmountPerShare contextRef="PAsOn03_07_2016" id="Factid_1328" unitRef="USD_per_Share" decimals="2">0.15</us-gaap:DividendsPayableAmountPerShare>

  <us-gaap:DividendsCommonStockCash contextRef="P05_01_2016To05_31_2016" id="Factid_1329" unitRef="CNY" decimals="-3">54026000</us-gaap:DividendsCommonStockCash>

  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1330">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 24.5pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;14&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;SHARE BASED COMPENSATION&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.34in"&gt; &lt;strong&gt;&lt;i&gt;Share incentive plans&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On September&amp;#160;22, 2008, Tarena International adopted the 2008 Share Plan (the &amp;#8220;2008 Plan&amp;#8221;), pursuant to which Tarena International is authorized to issue share options and other share-based awards to key employees, directors and consultants of the Company to purchase up to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,002,020&lt;/font&gt; of its Class A ordinary shares (being retroactively adjusted to reflect the effect of the share split) under the 2008 Plan. On November&amp;#160;28, 2012, the Company increased the number of Class A ordinary shares authorized for issuance under the 2008 Plan to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,184,990&lt;/font&gt; Class A ordinary shares. Share options issued before September&amp;#160;22, 2008 are also administered under the 2008 Plan.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On February 1, 2014, Tarena International adopted the 2014 Share Plan (the &amp;#8220;2014 Plan&amp;#8221;), pursuant to which Tarena International was authorized to issue options, non-vested shares and non-vested share units to qualified employees, directors and consultants of the Company. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2014 Plan, or the Award Pool, is &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,833,696&lt;/font&gt;, provided that the shares reserved in the Award Pool shall be increased on the first day of each calendar year, commencing with January 1, 2015, if the unissued shares reserved in the Award Pool on such day account for less than 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year, as a result of which increase the shares unissued and reserved in the Award Pool immediately after each such increase shall equal 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;strong&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Share options&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On January 1, 2011 and September 26, 2011, the board of directors of Tarena International approved the grant of options to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 124,000&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,533,020&lt;/font&gt; ordinary shares of Tarena International to certain employees and directors. These options vest over a five-year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii) a liquidation event as defined in the Company&amp;#8217;s Memorandum and Articles of Association, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&amp;#8217;s ordinary shares on January 1, 2011 and September 26, 2011 was determined to be US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.63&lt;/font&gt; and US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.83&lt;/font&gt; per share, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On January 1, 2013, the board of directors of Tarena International approved the grant of options to certain employees to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,029,386&lt;/font&gt; ordinary shares of Tarena International. These options vest over a four year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii) a liquidation event as defined in the Company&amp;#8217;s Memorandum and Articles of Association, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On September 16, 2013, the board of directors of Tarena International approved the grant of options to an employee to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 30,000&lt;/font&gt; ordinary shares of Tarena International. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25&lt;/font&gt;% of the options will be vested at the closing of the Company&amp;#8217;s IPO while the remaining &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75&lt;/font&gt;% will vest over a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On September 16, 2013, the board of directors of Tarena International approved the grant of options to an officer to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 458,424&lt;/font&gt; ordinary shares of Tarena International. If the Company undertakes any additional round of financing or any other activities to effect an increase of the total shares outstanding on a fully diluted basis before the IPO, the officer will be granted additional share options at the same exercise price. The total number of share options the officer will be granted will be equal to not less than 1% of the Company&amp;#8217;s total shares outstanding on a fully diluted basis on the date immediately preceding the closing of the Company&amp;#8217;s IPO. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25&lt;/font&gt;% of the options will be immediately and fully vested at the closing of the Company&amp;#8217;s IPO while the remaining &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75&lt;/font&gt;% will vest over a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&amp;#8217;s ordinary shares on January 1, 2013 and September 16, 2013 was determined to be US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3.75&lt;/font&gt; and US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5.69&lt;/font&gt; per share, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On February 20, 2014, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,805,784&lt;/font&gt; ordinary shares of Tarena International. The options vest over a four year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&amp;#8217;s ordinary shares on February 20, 2014 was determined to be US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;8.60&lt;/font&gt; per share.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;During the year ended December 31, 2015, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 615,624&lt;/font&gt; ordinary shares of Tarena International at exercise prices ranging from US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.89&lt;/font&gt; to US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4.36&lt;/font&gt; per share. These options vest over a period ranging between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1&lt;/font&gt; year and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4&lt;/font&gt; years. The options have a contractual term of ten years.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;During the year ended December 31, 2016, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,115,807&lt;/font&gt; ordinary shares of Tarena International at exercise prices ranging from US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.058&lt;/font&gt; to US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4.36&lt;/font&gt; per share. These options vest over a period ranging between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.5&lt;/font&gt; year and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4&lt;/font&gt; years. The options have a contractual term of ten years.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"&gt; A summary of share options activity for the years ended December 31, 2014, 2015 and 2016 is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Number&amp;#160;of&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Remaining&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Aggregate&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Exercise&amp;#160;Price&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Contractual&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Intrinsic&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Years&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Value&amp;#160;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;8,134,830&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;0.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,805,784&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,786,449)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0.14&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(115,215)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.91&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;8,038,950&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.44&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;6.19&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;77,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;615,624&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.38&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(3,015,872)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(56,926)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5,581,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.77&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.68&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;48,412&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,115,807&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.90&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(2,106,043)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1.46&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(263,671)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.98&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"&gt; &lt;div&gt;Expired&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#151;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Outstanding at December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4,327,869&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.88&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;56,743&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Vested and expected to vest as of December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;3,959,763&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.74&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;5.59&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;52,460&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"&gt; &lt;div&gt;Exercisable as of December&amp;#160;31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;2,536,418&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1.17&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;4.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;35,045&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;The Company calculated the fair value of the share options on the grant date using the Binomial option-pricing valuation model. The assumptions used in the valuation model are summarized in the following table.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;The total intrinsic value of options exercised during the years ended December 31, 2014, 2015 and 2016 were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;153,860&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;235,831&lt;/font&gt;&amp;#160;and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;141,040&lt;/font&gt;, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Expected volatility&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;51.7%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;62.3%-70.9%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;63.5%-68.8%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Expected dividends yield&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;0%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Exercise multiple&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Risk-free interest rate per annum&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;3.81%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.68%-2.99%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2.15%-3.18%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"&gt; &lt;div&gt;Estimated fair value of underlying ordinary shares (per share)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$8.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$9.28-US$12.85&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;US$9.99-US$16.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;Because the Company&amp;#8217;s ordinary shares&amp;#160;had a short trading history at the time the options were issued, the expected volatility was based on the historical volatilities of comparable publicly traded companies engaged in the similar industry.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;The estimated fair value of the underlying ordinary shares on each date of grant prior to September 2013, was determined by management based on a retrospective valuation conducted by American Appraisal. The estimated fair values of the underlying ordinary shares on September 16, 2013 and February 20, 2014 were determined by management based on a contemporaneous valuation conducted by American Appraisal. The Company first determined its enterprise value by using income approach, which required the estimation of future cash flows, and the application of an appropriate discount rate with reference to comparable listed companies engaged in the similar industry to convert such future cash flows to a single present value, and then allocated the enterprise value between the ordinary shares and preferred shares. The fair values of the underlying ordinary shares on each date of grant after April 2014, were the closing prices of the Company&amp;#8217;s Class A ordinary shares traded in the Stock Exchange.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;No income tax benefit was recognized in the consolidated statements of comprehensive income as the share-based compensation expense was not tax deductible.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;The fair values of the options granted for the years ended December&amp;#160;31, 2014, 2015 and 2016 are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.56in; WIDTH: 83%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"&gt; &lt;div&gt;Weighted average grant date fair value of option per share&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;6.35&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.16&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.17&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"&gt; &lt;div&gt;Aggregate grant date fair value of options&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;11,468&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;5,641&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;11,352&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;As of December&amp;#160;31, 2016, there was approximately RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;71,282&lt;/font&gt; of total unrecognized compensation cost related to unvested share options. The unrecognized compensation costs are expected to be recognized over a weighted average period of approximately &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.18&lt;/font&gt; years.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;strong&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Non-vested shares&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &lt;strong&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On April 3, 2014, the board of directors of Tarena International approved the grant of two batches of non-vested shares to three independent directors. The number of the first batch of non-vested shares is equal to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 27,780&lt;/font&gt; shares, which was calculated as US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;250&lt;/font&gt; divided by US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9&lt;/font&gt; per share, i.e. the IPO price of ordinary share of Tarena International. Conditioned on the Grantee&amp;#8217;s continuous services as a director of the Company, a second batch of non-vested shares should be granted with the number equal to US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;250&lt;/font&gt; divided by the closing price of ordinary share of Tarena International on April 3, 2015, which was calculated as US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;250&lt;/font&gt; divided by US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10&lt;/font&gt; per share, with &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25,000&lt;/font&gt; non-vested shares were granted on April 3, 2015. The two batches of non-vested shares shall vest on the April 3, 2015 and 2016, respectively.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;On November 11, 2014, the board of directors of Tarena International approved the grant of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,944&lt;/font&gt; non-vested shares to 8 employees. One hundred percent of the non-vested shares shall vest immediately on the grant date.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;On April 3, 2016, the board of directors of Tarena International approved the grant of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 20,000&lt;/font&gt; non-vested shares to three independent directors, 25% of which vest at the end of every quarter within one year. Grantees of non-vested shares have no voting rights or dividend rights with respect to shares that have not been vested.&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"&gt; A summary of the non-vested shares activity under the 2014 Share Plan is summarized as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Weighted&amp;#160;Average&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Number&amp;#160;of&amp;#160;Non-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Grant&amp;#160;Date&amp;#160;Fair&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;vested&amp;#160;Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;Value&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;US$&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December 31, 2013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;29,724&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.38&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(1,944)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;13.95&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December&amp;#160;31, 2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;27,780&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.63&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(27,780)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December&amp;#160;31, 2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;25,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.63&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;20,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Vested&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(35,000)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;9.97&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Outstanding as of December 31, 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10.82&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"&gt;As of December 31, 2016, there was approximately RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;244&lt;/font&gt; of total unrecognized compensation cost related to non-vested shares, which is expected to be recognized over a weighted average period of approximately &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.25&lt;/font&gt; years. The total fair value of shares vested during the year ended December 31, 2015 and 2016 was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,567&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,316&lt;/font&gt; respectively.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="PAsOn12_31_2013" id="Factid_1331" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P01_01_2014To12_31_2014" id="Factid_1332" unitRef="shares" decimals="INF">29724</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod contextRef="P01_01_2014To12_31_2014" id="Factid_1333" unitRef="shares" decimals="INF">1944</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="P01_01_2014To12_31_2014" id="Factid_1334" unitRef="shares" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="PAsOn12_31_2014" id="Factid_1335" unitRef="shares" decimals="INF">27780</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="PAsOn12_31_2013" id="Factid_1336" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2014To12_31_2014" id="Factid_1337" unitRef="USD_per_Share" decimals="2">9.38</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="P01_01_2014To12_31_2014" id="Factid_1338" unitRef="USD_per_Share" decimals="2">13.95</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue contextRef="P01_01_2014To12_31_2014" id="Factid_1339" unitRef="USD_per_Share" xsi:nil="true" />

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="PAsOn12_31_2014" id="Factid_1340" unitRef="USD_per_Share" decimals="2">9.06</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P04_01_2015To04_03_2015_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1341" unitRef="shares" decimals="INF">25000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue contextRef="P04_01_2014To04_03_2014_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1342" unitRef="USD" decimals="-3">250000</tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue>

  <tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue contextRef="P04_01_2015To04_03_2015_AprilThirdMemberusgaapAwardDateAxis" id="Factid_1343" unitRef="USD" decimals="-3">250000</tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="P01_01_2014To12_31_2014" id="Factid_1344" unitRef="CNY" decimals="-3">153860000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue>

  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1345">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 18pt"&gt; &lt;div&gt;&lt;b&gt;2&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;b&gt;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(a)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Principles of consolidation&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The consolidated financial statements include the financial statements of Tarena International, its wholly-owned subsidiaries, VIEs in which Tarena International is the primary beneficiary and their wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (b)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Use of estimates&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimated selling price of deliverables in multiple element arrangements, the fair values of share-based compensation awards and available-for-sale investments, the collectability of accounts receivable, the realizability of deferred income tax assets, the accruals for tax uncertainties and other contingencies, the recoverability of the carrying amounts of property and equipment and the useful lives of property and equipment. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="BORDER-BOTTOM-COLOR: #000000; MARGIN-TOP: 0px; BORDER-TOP-COLOR: #000000; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (c)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: justify; BORDER-TOP-COLOR: #000000; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Foreign currency&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;In 2016, the Company changed its reporting currency from United States Dollars (&amp;#8220;USD&amp;#8221;) to Chinese Renminbi (&amp;#8220;RMB&amp;#8221;). Prior years&amp;#8217; comparative financial information have been recasted as if the Company always used RMB as its reporting currency.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The functional currency of Tarena International and Tarena Hong Kong Limited (&amp;#8220;Tarena HK&amp;#8221;) is the USD. The functional currency of Tarena International&amp;#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs is the RMB. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains (losses) in the consolidated statements of comprehensive income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income (loss) within shareholders&amp;#8217; equity (deficit).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People&amp;#8217;s Bank of China (the &amp;#8220;PBOC&amp;#8221;) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="BORDER-BOTTOM-COLOR: #000000; LINE-HEIGHT: 115%; BORDER-TOP-COLOR: #000000; FONT-FAMILY: Calibri,sans-serif; BORDER-RIGHT-COLOR: #000000; FONT-SIZE: 11pt; BORDER-LEFT-COLOR: #000000" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(d)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Cash, cash equivalents , time deposits and restricted time deposits&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Cash consist of cash on hand and cash in bank, which are unrestricted as to withdrawal. Cash equivalents consist of interest-bearing certificates of deposit with initial term of no more than three months when purchased.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Time deposits, which mature within one year as of the balance sheet date, represent interest-bearing certificates of deposit with an initial term of greater than three months when purchased. Time deposits which mature over one year as of the balance sheet date are included in non-current assets.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Time deposits that were pledged as collateral for line of credit with a financial institution in the U.S. with an initial term of greater than three months when purchased as of December 31, 2015 were reported as restricted time deposits.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Cash, time deposits and restricted time deposits maintained at banks consist of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;627,148&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;867,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with a financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;52,680&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;152,792&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&amp;#8220;HK SAR&amp;#8221;)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,535&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;HK dollar denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;99&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;547,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;55&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;261,913&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;To limit exposure to credit risk relating to bank deposits, the Company primarily places bank deposits only with large financial institutions in the PRC, HK SAR and the U.S. with acceptable credit rating.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(e)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Short-term investment&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;During the years ended December 31, 2014, 2015 and 2016, the Company invested RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;622,800&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;945,000&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,937,000&lt;/font&gt;, respectively, in financial products managed by three financial institutions in the PRC. The terms of the financial products range between 5 days and 91 days. The financial products matured before December 31, 2014, 2015 and 2016, respectively. The Company earned investment income of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,652&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,961&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,676&lt;/font&gt;, respectively on the financial products, which was included in other income in the consolidated statements of comprehensive income for the years ended December 31, 2014, 2015 and 2016.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(f)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Accounts receivable&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Accounts receivable primarily represent tuition fees due from students. Accounts receivable which are due over one year as of the balance sheet date are presented as non-current assets. The unearned interest on accounts receivable which are due over one year is reported in the consolidated balance sheets as a direct deduction from the principal amount of accounts receivable. See note 2(j). The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Accounts receivable is considered past due based on its contractual terms. In establishing the allowance, management considers historical losses, the students&amp;#8217; financial condition, the amount of accounts receivables in dispute, the accounts receivables aging and the students&amp;#8217; payment patterns. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Company estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Company takes a write off of the account balances when the Company can demonstrate all means of collection on the outstanding balances have been exhausted.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(g)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Property and equipment&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Property and equipment are recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. The estimated useful life of property and equipment is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; LINE-HEIGHT: 115%; WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; MARGIN-LEFT: 0.5in; FONT-SIZE: 11pt; BORDER-TOP: #000000; BORDER-RIGHT: #000000" border="0" cellspacing="0" cellpadding="0" width="85%"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Office buildings&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #000000; BORDER-RIGHT: #000000; PADDING-TOP: 0in"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;45&lt;/font&gt; years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Furniture&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 17.35pt; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5&lt;/font&gt;&amp;#160;years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Office equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3&lt;/font&gt;&amp;#160;to&amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4&lt;/font&gt;&amp;#160;years&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; Leasehold&amp;#160;improvements&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"&gt; Shorter&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;term&amp;#160;or&amp;#160;the&amp;#160;estimated&amp;#160;useful&amp;#160;life&amp;#160;of&amp;#160;the&amp;#160;assets&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (h)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; Goodwill&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; The excess of the purchase price over the fair value of net assets acquired is recorded on the consolidated balance sheets as goodwill. Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;ASC 350-20, &lt;i&gt;Goodwill&lt;/i&gt;, permits the Company to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test, using a two-step approach. If this is the case, the two-step goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;If the two-step goodwill impairment test is required, the first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired and the second step is not required. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test measures the amount of the impairment loss, if any, by comparing the implied fair value of goodwill to its carrying amount. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. The implied fair value of goodwill is calculated in the same manner that goodwill is calculated in a business combination, whereby the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit, with the excess purchase price over the amounts assigned to assets and liabilities representing the implied fair value of goodwill.&amp;#160;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(i)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Long-term investments&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company&amp;#8217;s long-term investments consist of cost method investments, equity method investment and available-for-sale investment.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; &lt;i&gt;&lt;u&gt;Cost method investments&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;Investments in entities in which the Company does not have an ability to exercise significant influence over the operating and financial matters of the investees and which do not have readily determinable fair value are accounted for using the cost method, under which the Company carries the investments at cost and recognizes as income for any dividend received from distribution of the investees&amp;#8217; earnings.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. No events or circumstances indicating a potential impairment were identified as of or for the year ended December 31, 2015 and 2016. The Company determines that it is not practicable to estimate fair value of cost method investments as of December 31, 2015 and 2016, because the sales prices or bid-and-asked quotations of the equity interests of these entities are not currently available and the cost of obtaining an independent valuation appears excessive considering the materiality of the investments to the Company.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;&lt;u&gt;Equity method investment&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Investment in entity in which the Company has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method.&amp;#160;Under the equity method, the Company initially records its investment at cost, its share of the post-acquisition profits or losses of the investee is recognized in the Company&amp;#8217;s consolidated statements of comprehensive income; and the Company&amp;#8217;s share of post-acquisition movements in equity is recognized in equity in the Company&amp;#8217;s consolidated balance sheets. Unrealized gains on transactions between the Company and an investee in which the Company has recorded an equity investment are eliminated to the extent of the Company&amp;#8217;s interest in the investee. To the extent of the Company&amp;#8217;s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &lt;i&gt;&lt;u&gt;Available-for-sale investment&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in" align="justify"&gt;For investment in debt security, the Company accounts for it as available-for-sale investment when it is not classified as either trading or held-to-maturity investments. Available-for-sale security is reported at fair value, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive income until realized. Realized gains or losses from the sale of available-for-sale investment are determined on a specific identification basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The Company&amp;#8217;s consolidated statements of comprehensive income reflects the full impairment (that is, the difference between the security&amp;#8217;s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more-likely than-not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale investment that management has no intent to sell and believes that it more likely than-not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the rest of the fair value loss is recognized in accumulated other comprehensive income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;A decline in the market value of any available-for-sale investments below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectibility of the financial product, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (j)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Revenue recognition&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (&amp;#8220;VAT&amp;#8221;) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Tuition fees&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Tuition fees are recognized as revenue proportionately as the training courses are delivered, with unearned portion of tuition fees being recorded as deferred revenue. Certain qualified students are allowed to pay their tuition fees on installment for a period of time exceeding one year. When tuition services are sold on installment terms that exceeds one year beyond the point in time that revenue is recognized, the receivable, and therefore the revenue is recorded at the present value of the payments. The difference between the present value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount receivable is the rate at which the students can obtain financing of a similar nature from other sources at the date of the transaction.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;font style="BACKGROUND-COLOR: transparent"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; T&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;he Company enters into arrangements with certain students that purchase multiple services, including classroom training and extended on-line case studies (&amp;#8220;multiple-element arrangements&amp;#8221;). Each element within the multiple-element arrangements is accounted for as a separate unit of accounting provided the following criteria are met: the delivered services have value to the customer on a standalone basis; and for an arrangement that includes a general right of return relative to the delivered services, delivery or performance of the undelivered service is considered probable and is substantially controlled by the Company. A deliverable has standalone value if the service is sold separately by the Company or another vendor. The Company&amp;#8217;s revenue arrangements do not include a general right of return relative to the delivered services.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The Company treats training contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes and recognizes revenue during the contract period when each deliverable service is provided. The Company allocates the contract price among all the deliverables at the inception of the arrangement on the basis of their relative selling prices according to the selling price hierarchy established by Accounting Standard Update No. 2009-13, &lt;i&gt;Revenue Recognition - Multiple-Deliverable Revenue Arrangements&lt;/i&gt;. The Company first uses vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, the Company uses management&amp;#8217;s best estimate of selling price for the deliverables.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Certification service revenue&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company provides certification service to students who complete the training course and enroll for the exams. The Company is responsible for the certification service, including organization, proctoring and grading of exams. All certificates are issued by third parties to the students who pass the exam. The Company acts as the principal in providing this service and recognizes revenue on gross basis because the Company is the primary obligor in the arrangement and is responsible for fulfilling the ordered services by the students. Cash received before the students taking the exam, is recorded as deferred revenue, and subsequently recognized as certification service revenue upon completion of the certification service, which occurs when the certificates are provided to the students.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;Loan referral service revenue&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;In 2016, pursuant to the agreements between the Company and a number of financial service providers, the Company promotes loan products of these financial service providers to its students, who need financial assistance for the payment of their tuition fees, in exchange for a referral fee at a rate of between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5&lt;/font&gt;% to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;8&lt;/font&gt;% of the principal amount of the loans. The Company does not provide guarantee for the loans, which are between the financial service providers and its students. Loan referral service revenue is recognized upon the initiation of the loans.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&amp;#160; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(k)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Cost of revenues&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; Cost of revenues consists of payroll and employee benefits, rent expenses of learning centers, depreciation relating to property and equipment used for operating the learning centers, and other operating costs that are directly attributed to the provision of training services.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (l)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Advertising costs&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Advertising costs are expensed as incurred and included in selling and marketing expenses. Advertising costs were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;102,820&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;151,533&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;201,298&lt;/font&gt; for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&amp;#160; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (m)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Operating lease&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company leases premises for learning centers and offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, other lease concessions or contingent rent in the lease agreements. The lease terms of the Company&amp;#8217;s learning centers range between &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1&lt;/font&gt; and &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10&lt;/font&gt; years. The Company has no legal or contractual asset retirement obligations at the end of the lease term.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Certain learning centers of the Company sublease a portion of the areas to certain students for their living accommodation. Income from subleases is recognized on a straight-line basis over the term of the lease and recognized as reduction of costs of revenues.&lt;/div&gt; &amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(n)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Government grant&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company&amp;#8217;s consolidated statements of comprehensive income when the grant becomes receivable. Government grants of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9,916&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,851&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,199&lt;/font&gt; were recognized and included in other income for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (o)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Research and development expense&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; Research and development costs are expensed as incurred.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(p)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Employee benefits&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22.3&lt;/font&gt;% to &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 53.1&lt;/font&gt;% on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2014, 2015 and 2016, the costs of the Company&amp;#8217;s obligations to the defined contribution plans amounted to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;51,510&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;69,370&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;85,325&lt;/font&gt;, respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (q)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Income taxes&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to an unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (r)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Deferred offering costs&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Deferred offering costs consist principally of legal, printing and registration costs in connection with the IPO. Upon completion of the IPO on April 3, 2014, the deferred offering costs of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,788&lt;/font&gt; were recognized as a reduction of&amp;#160;the offering proceeds.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (s)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Share based compensation&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (t)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Commitments and contingencies&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (u)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Earnings per share&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Basic earnings per Class A and Class B ordinary share is computed by dividing net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders by the weighted average number of Class A and Class B ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities, if any, based on participating rights in undistributed earnings.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Tarena International&amp;#8217;s Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series C convertible redeemable preferred shares were participating securities since the holders of these securities participated in dividends on the same basis as Class A and Class B ordinary shareholders.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Diluted earnings per share is calculated by dividing net income attributable to Tarena International&amp;#8217;s Class A and Class B ordinary shareholders as adjusted for the effect of dilutive Class A and Class B ordinary share equivalents, if any, by the weighted average number of Class A and Class B ordinary and dilutive Class A and Class B ordinary share equivalents outstanding during the year. Class A and Class B ordinary share equivalents include the Class A and Class B ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method) and conversion of convertible redeemable preferred shares (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted earnings per Class A and Class B ordinary share if the impact is anti-dilutive.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (v)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Segment reporting&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company uses the management approach in determining its operating segments. The management approach considers the internal reporting used by the Company&amp;#8217;s chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance of the segments of the Company. Management has determined that the Company has one operating segment, which is the training segment. All of the Company&amp;#8217;s operations and customers are located in the PRC. Consequently, no geographic information is presented.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(w)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Fair value measurements&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company applies the provisions of ASC Topic 820, &lt;i&gt;Fair Value Measurements and Disclosures,&lt;/i&gt; for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell 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 Company 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. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.75in; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;Level 3 inputs are unobservable inputs for the asset or liability.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management&amp;#8217;s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The carrying amounts of cash, current&amp;#160;time deposits, restricted time deposits, accounts receivable, loans to employees, accounts payable, amounts due to a related party, accrued expenses and other current liabilities as of December&amp;#160;31, 2015 and 2016 approximate their fair value because of short maturity of these instruments.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The carrying amounts of non-current time deposits as of December&amp;#160;31, 2015 and 2016 approximates their fair value since the interest rates of the time deposits did not differ significantly from the market interest rates for similar types of time deposits.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The fair values of time deposits, restricted time deposits as of December&amp;#160;31, 2015 and 2016 are categorized as Level 2 measurement.&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;strong&gt; &lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;Available-for-sale investment as of December 31, 2016 is valued based on the implied enterprise value indirectly observed in a recent transaction at the reporting date and is categorized as Level 2 measurement.&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (x)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Recently issued accounting standards&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;The Financial Reporting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In December 2015, the FASB issued ASU No. 2015-14, &lt;i&gt; Revenue from contracts with customers&lt;/i&gt;, which deferred the effective date of ASU 2014-09. The new standard is effective for annual reporting periods beginning after December 15, 2017. The Company will apply the new revenue standard beginning January 1, 2018. The Company has set up an implementation team that is currently in the process of analyzing each of the Company&amp;#8217;s revenue streams in accordance with the new revenue standard to determine the impact on the Company&amp;#8217;s consolidated financial statements. The Company plans to continue the evaluation, analysis, and documentation of its adoption of ASU 2014-09 (including those subsequently issued updates that clarify its provisions) in 2017 as the Company works towards the implementation and finalizes its determination of the impact that the adoption will have on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On January 5, 2016, the FASB issued ASU 2016-01 (&amp;#8220;ASU 2016-01&amp;#8221;), &lt;i&gt;Recognition and Measurement of Financial Assets and Financial Liabilities&lt;/i&gt;, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On February 25, 2016, the FASB issued ASU No. 2016-02 (&amp;#8220;ASU 2016-02&amp;#8221;), &lt;i&gt;Leases&lt;/i&gt;. ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. ASU 2016-02 is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;On March 30, 2016, the FASB issued ASU 2016-09 (&amp;#8220;ASU 2016-09&amp;#8221;), &lt;i&gt;Compensation&amp;#160;- Stock Compensation: Improvements to Employee Share-Based Payment Accounting&lt;/i&gt;, which relates to accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification in the statement of cash flows; and (d) accounting for forfeitures of share-based payments. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect this standard to have a material impact on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In June 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2016-13, &lt;i&gt;Financial Instruments-Credit Losses (Topic 326)&lt;/i&gt;, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In August 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2016-15, &lt;i&gt;Statement of Cash Flows &amp;#151; Classification of Certain Cash Receipts and Cash Payments&lt;/i&gt;, which clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In November 2016, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2016-18, &lt;i&gt;Statement of Cash Flows (Topic 230): Restricted Cash&lt;/i&gt;. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In January 2017, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2017-01, &lt;i&gt;Business Combinations (Topic 805): Clarifying the Definition of a Business&lt;/i&gt;, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;In January 2017, the FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2017-04, &lt;i&gt;Simplifying the Test for Goodwill Impairment&lt;/i&gt;. The guidance removes Step 2 of a goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit&amp;#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>

  <tedu:CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1346">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="BORDER-BOTTOM-COLOR: #000000; LINE-HEIGHT: 115%; BORDER-TOP-COLOR: #000000; FONT-FAMILY: Calibri,sans-serif; BORDER-RIGHT-COLOR: #000000; FONT-SIZE: 11pt; BORDER-LEFT-COLOR: #000000" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;(d)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Cash, cash equivalents , time deposits and restricted time deposits&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Cash consist of cash on hand and cash in bank, which are unrestricted as to withdrawal. Cash equivalents consist of interest-bearing certificates of deposit with initial term of no more than three months when purchased.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Time deposits, which mature within one year as of the balance sheet date, represent interest-bearing certificates of deposit with an initial term of greater than three months when purchased. Time deposits which mature over one year as of the balance sheet date are included in non-current assets.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Time deposits that were pledged as collateral for line of credit with a financial institution in the U.S. with an initial term of greater than three months when purchased as of December 31, 2015 were reported as restricted time deposits.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;Cash, time deposits and restricted time deposits maintained at banks consist of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;627,148&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;867,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with a financial institutions in the PRC&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;52,680&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;152,792&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&amp;#8220;HK SAR&amp;#8221;)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;645&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,535&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;HK dollar denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;99&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with a financial institution in HK SAR&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;547,388&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;US dollar denominated bank deposits with financial institutions in the U.S.&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;55&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;261,913&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;To limit exposure to credit risk relating to bank deposits, the Company primarily places bank deposits only with large financial institutions in the PRC, HK SAR and the U.S. with acceptable credit rating.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock>

  <us-gaap:InvestmentPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1347">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(e)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Short-term investment&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;During the years ended December 31, 2014, 2015 and 2016, the Company invested RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;622,800&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;945,000&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,937,000&lt;/font&gt;, respectively, in financial products managed by three financial institutions in the PRC. The terms of the financial products range between 5 days and 91 days. The financial products matured before December 31, 2014, 2015 and 2016, respectively. The Company earned investment income of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,652&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,961&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,676&lt;/font&gt;, respectively on the financial products, which was included in other income in the consolidated statements of comprehensive income for the years ended December 31, 2014, 2015 and 2016.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:InvestmentPolicyTextBlock>

  <us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy contextRef="P01_01_2016To12_31_2016" id="Factid_1348">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; (h)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt; Goodwill&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; The excess of the purchase price over the fair value of net assets acquired is recorded on the consolidated balance sheets as goodwill. Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;ASC 350-20, &lt;i&gt;Goodwill&lt;/i&gt;, permits the Company to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test, using a two-step approach. If this is the case, the two-step goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;If the two-step goodwill impairment test is required, the first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired and the second step is not required. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test measures the amount of the impairment loss, if any, by comparing the implied fair value of goodwill to its carrying amount. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. The implied fair value of goodwill is calculated in the same manner that goodwill is calculated in a business combination, whereby the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit, with the excess purchase price over the amounts assigned to assets and liabilities representing the implied fair value of goodwill.&amp;#160;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy>

  <tedu:LongtermInvestmentsPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1349">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(i)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Long-term investments&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;The Company&amp;#8217;s long-term investments consist of cost method investments, equity method investment and available-for-sale investment.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"&gt; &lt;i&gt;&lt;u&gt;Cost method investments&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;Investments in entities in which the Company does not have an ability to exercise significant influence over the operating and financial matters of the investees and which do not have readily determinable fair value are accounted for using the cost method, under which the Company carries the investments at cost and recognizes as income for any dividend received from distribution of the investees&amp;#8217; earnings.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. No events or circumstances indicating a potential impairment were identified as of or for the year ended December 31, 2015 and 2016. The Company determines that it is not practicable to estimate fair value of cost method investments as of December 31, 2015 and 2016, because the sales prices or bid-and-asked quotations of the equity interests of these entities are not currently available and the cost of obtaining an independent valuation appears excessive considering the materiality of the investments to the Company.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&lt;i&gt;&lt;u&gt;Equity method investment&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Investment in entity in which the Company has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method.&amp;#160;Under the equity method, the Company initially records its investment at cost, its share of the post-acquisition profits or losses of the investee is recognized in the Company&amp;#8217;s consolidated statements of comprehensive income; and the Company&amp;#8217;s share of post-acquisition movements in equity is recognized in equity in the Company&amp;#8217;s consolidated balance sheets. Unrealized gains on transactions between the Company and an investee in which the Company has recorded an equity investment are eliminated to the extent of the Company&amp;#8217;s interest in the investee. To the extent of the Company&amp;#8217;s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &lt;i&gt;&lt;u&gt;Available-for-sale investment&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in" align="justify"&gt;For investment in debt security, the Company accounts for it as available-for-sale investment when it is not classified as either trading or held-to-maturity investments. Available-for-sale security is reported at fair value, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive income until realized. Realized gains or losses from the sale of available-for-sale investment are determined on a specific identification basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;The Company&amp;#8217;s consolidated statements of comprehensive income reflects the full impairment (that is, the difference between the security&amp;#8217;s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more-likely than-not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale investment that management has no intent to sell and believes that it more likely than-not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the rest of the fair value loss is recognized in accumulated other comprehensive income.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"&gt;A decline in the market value of any available-for-sale investments below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectibility of the financial product, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:LongtermInvestmentsPolicyTextBlock>

  <tedu:GovernmentGrantsPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1350">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(n)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Government grant&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company&amp;#8217;s consolidated statements of comprehensive income when the grant becomes receivable. Government grants of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;9,916&lt;/font&gt;, RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;5,851&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,199&lt;/font&gt; were recognized and included in other income for the years ended December&amp;#160;31, 2014, 2015 and 2016, respectively.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:GovernmentGrantsPolicyTextBlock>

  <us-gaap:ReceivablesPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1351">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;(f)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;&lt;i&gt;Accounts receivable&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;Accounts receivable primarily represent tuition fees due from students. Accounts receivable which are due over one year as of the balance sheet date are presented as non-current assets. The unearned interest on accounts receivable which are due over one year is reported in the consolidated balance sheets as a direct deduction from the principal amount of accounts receivable. See note 2(j). The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Accounts receivable is considered past due based on its contractual terms. In establishing the allowance, management considers historical losses, the students&amp;#8217; financial condition, the amount of accounts receivables in dispute, the accounts receivables aging and the students&amp;#8217; payment patterns. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Company estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Company takes a write off of the account balances when the Company can demonstrate all means of collection on the outstanding balances have been exhausted.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ReceivablesPolicyTextBlock>

  <tedu:LoanReferralServiceRevenuepercentage contextRef="PAsOn12_31_2016_MinimumMemberusgaapRangeAxis" id="Factid_1352" unitRef="pure" decimals="2">0.05</tedu:LoanReferralServiceRevenuepercentage>

  <tedu:LoanReferralServiceRevenuepercentage contextRef="PAsOn12_31_2016_MaximumMemberusgaapRangeAxis" id="Factid_1353" unitRef="pure" decimals="2">0.08</tedu:LoanReferralServiceRevenuepercentage>

  <us-gaap:AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax contextRef="P01_01_2016To12_31_2016_OtherCostMethodInvestmentsMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1354" unitRef="USD" decimals="-3">0</us-gaap:AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax>

  <us-gaap:DerivativeInceptionDates contextRef="P05_01_2016To05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis" id="Factid_1355">2016-01-29</us-gaap:DerivativeInceptionDates>

  <us-gaap:DerivativeForwardExchangeRate1 contextRef="PAsOn05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis" id="Factid_1356" unitRef="pure" decimals="4">6.7070</us-gaap:DerivativeForwardExchangeRate1>

  <us-gaap:DerivativeMaturityDates contextRef="P05_01_2016To05_19_2016_ForeignExchangeForwardMemberusgaapDerivativeInstrumentRiskAxis" id="Factid_1357">2016-05-19</us-gaap:DerivativeMaturityDates>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2014To12_31_2014_BasicEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_1358" unitRef="CNY_per_Share" decimals="2">0.81</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2014To12_31_2014_DilutedEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_1359" unitRef="CNY_per_Share" decimals="2">0.70</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2015To12_31_2015_DilutedEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_1360" unitRef="CNY_per_Share" decimals="2">0.97</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare contextRef="P01_01_2016To12_31_2016_DilutedEarningsMemberusgaapStatementClassOfStockAxis" id="Factid_1361" unitRef="CNY_per_Share" decimals="2">1.11</us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare>

  <tedu:ForeignCurrencyForwardContractDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1362">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;9&lt;/b&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;LOSS ON FOREIGN CURRENCY FORWARD CONTRACT&lt;/b&gt;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The Company entered into a foreign currency forward contract on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;January 29, 2016&lt;/font&gt; to sell its time deposits denominated in RMB for US dollars at a fixed rate at &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.7070&lt;/font&gt; on &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;May 19, 2016&lt;/font&gt; with the notional amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;564,095&lt;/font&gt;. The Company settled the forward contract on May 19, 2016 and incurred a loss on foreign currency forward contract in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,898&lt;/font&gt; for the year ended December 31, 2016.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:ForeignCurrencyForwardContractDisclosureTextBlock>

  <tedu:WithholdingTaxPercentageOnRepatriatedEarnings contextRef="P01_01_2016To12_31_2016_StateAdministrationOfTaxationChinaMemberusgaapIncomeTaxAuthorityNameAxis" id="Factid_1363" unitRef="pure" decimals="1">0.1</tedu:WithholdingTaxPercentageOnRepatriatedEarnings>

  <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1364">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Cash&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1,043&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;630&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Amounts due from related parties&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;21,650&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;26,152&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;22,280&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Property and equipment, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Long term investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other non-current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;266&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;716&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,436&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;57,999&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Income taxes payable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,737&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,729&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;892&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Amounts due to related parties, including amounts due to WOFE for accrued service fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;39,307&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;46,486&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;43,936&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,391&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other non-current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;267&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;267&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,203&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt;&amp;#160;&lt;/div&gt;&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="30%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2,902&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;177&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net loss&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(14,542)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,415)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(892)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash used in operating activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(4,252)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,201)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,166)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash provided by (used in) investing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;478&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(18,000)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(11,886)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash provided by financing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;19,755&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,639&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>

  <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="P01_01_2016To12_31_2016_ProductConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1365">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Java&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;28.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Digital Arts&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;29.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;32.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;28.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Web Front&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;65.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;65.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;75.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P09_01_2016To09_16_2016" id="Factid_1366">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue contextRef="P04_01_2015To04_03_2015" id="Factid_1367" unitRef="USD" decimals="-3">250000</tedu:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue>

  <us-gaap:SharePrice contextRef="PAsOn01_01_2013_MinimumMemberusgaapRangeAxis" id="Factid_1368" unitRef="USD_per_Share" decimals="2">3.75</us-gaap:SharePrice>

  <us-gaap:SharePrice contextRef="PAsOn09_16_2013_MaximumMemberusgaapRangeAxis" id="Factid_1369" unitRef="USD_per_Share" decimals="2">5.69</us-gaap:SharePrice>

  <tedu:PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices contextRef="P01_01_2016To12_31_2016" id="Factid_1370" unitRef="CNY" decimals="-3">35000000</tedu:PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices>

  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="PAsOn12_31_2015_BeijingTarenaMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1371" unitRef="CNY" decimals="-3">2000000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>

  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="PAsOn12_31_2015_ShanghaiTarenaMemberusgaapScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" id="Factid_1372" unitRef="CNY" decimals="-3">1000000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>

  <us-gaap:ProceedsFromContributedCapital contextRef="P01_01_2016To12_31_2016_BeijingTarenaJinqiaoTechnologyCoLtdMemberdeiLegalEntityAxis" id="Factid_1373" unitRef="CNY" decimals="-3">3000000</us-gaap:ProceedsFromContributedCapital>

  <tedu:EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions contextRef="P01_01_2016To12_31_2016" id="Factid_1374" unitRef="pure" decimals="0">1</tedu:EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions>

  <us-gaap:DebtInstrumentFaceAmount contextRef="PAsOn12_31_2016_EquityHoldersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_LoanAgreementsMemberusgaapDebtInstrumentAxis" id="Factid_1375" unitRef="CNY" decimals="-3">6000000</us-gaap:DebtInstrumentFaceAmount>

  <tedu:DebtInstrumentInitialExpirationYear contextRef="P01_01_2016To12_31_2016_EquityHoldersMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_LoanAgreementsMemberusgaapDebtInstrumentAxis" id="Factid_1376">2026</tedu:DebtInstrumentInitialExpirationYear>

  <us-gaap:ProceedsFromCollectionOfLoansReceivable contextRef="P03_01_2017To03_31_2017_ShanghaiTarenaSoftwareTechnologyCoLtdMemberdeiLegalEntityAxis_SubsequentEventMemberusgaapSubsequentEventTypeAxis" id="Factid_1377" unitRef="CNY" decimals="-3">1000000</us-gaap:ProceedsFromCollectionOfLoansReceivable>

  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="PAsOn12_31_2016_MrHanMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_TarenaEntitiesMemberdeiLegalEntityAxis" id="Factid_1378" unitRef="pure" decimals="3">0.588</us-gaap:EquityMethodInvestmentOwnershipPercentage>

  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="PAsOn12_31_2016_MrLiMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis_TarenaEntitiesMemberdeiLegalEntityAxis" id="Factid_1379" unitRef="pure" decimals="3">0.122</us-gaap:EquityMethodInvestmentOwnershipPercentage>

  <us-gaap:TreasuryStockSharesAcquired contextRef="P01_01_2016To12_31_2016_TreasuryStockMemberusgaapStatementEquityComponentsAxis" id="Factid_1380" unitRef="shares" decimals="INF">648867</us-gaap:TreasuryStockSharesAcquired>

  <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="P01_01_2016To12_31_2016_GeographicConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis" id="Factid_1381">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Hangzhou&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;33.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;31.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Beijing&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;15.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;41.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;45.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2015_DeferredIncomeTaxChargesMemberusgaapRegulatoryAssetAxis" id="Factid_1382" unitRef="CNY" decimals="-3">7215000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:UnrecognizedTaxBenefits contextRef="PAsOn12_31_2016_DeferredIncomeTaxChargesMemberusgaapRegulatoryAssetAxis" id="Factid_1383" unitRef="CNY" decimals="-3">3457000</us-gaap:UnrecognizedTaxBenefits>

  <us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1384">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"&gt; &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.25in"&gt;&lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt; &lt;div&gt;&lt;b&gt;&lt;i&gt;(t)&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div&gt;&lt;b&gt;&lt;i&gt;Commitments and contingencies&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"&gt; In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>

  <tedu:FairValueOfOrdinaryShareByValuation contextRef="PAsOn01_31_2013_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1385" unitRef="USD_per_Share" decimals="2">3.75</tedu:FairValueOfOrdinaryShareByValuation>

  <tedu:FairValueOfOrdinaryShareByValuation contextRef="PAsOn09_16_2013_SeptemberSixteenthTwoMemberusgaapAwardDateAxis" id="Factid_1386" unitRef="USD_per_Share" decimals="2">5.69</tedu:FairValueOfOrdinaryShareByValuation>

  <tedu:FairValueOfOrdinaryShareByValuation contextRef="PAsOn12_31_2014_FebruaryTwentiethMemberusgaapAwardDateAxis" id="Factid_1387" unitRef="USD_per_Share" decimals="2">8.60</tedu:FairValueOfOrdinaryShareByValuation>

  <tedu:FairValueOfOrdinaryShareByValuation contextRef="PAsOn12_31_2011_JanuaryFirstMemberusgaapAwardDateAxis" id="Factid_1388" unitRef="USD_per_Share" decimals="2">0.63</tedu:FairValueOfOrdinaryShareByValuation>

  <tedu:FairValueOfOrdinaryShareByValuation contextRef="PAsOn12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis" id="Factid_1389" unitRef="USD_per_Share" decimals="2">0.83</tedu:FairValueOfOrdinaryShareByValuation>

  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="P04_01_2016To04_03_2016_DirectorMemberusgaapTitleOfIndividualAxis" id="Factid_1390" unitRef="shares" decimals="INF">20000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>

  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="P01_01_2011To12_31_2011_SeptemberTwentySixthMemberusgaapAwardDateAxis" id="Factid_1391">P10Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2016" id="Factid_1392" unitRef="CNY" decimals="-3">15000000</us-gaap:InvestmentsFairValueDisclosure>

  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="P01_01_2014To12_31_2014" id="Factid_1393" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="P01_01_2015To12_31_2015" id="Factid_1394" unitRef="CNY" decimals="-3">1000000</us-gaap:PaymentsToAcquireBusinessesGross>

  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="P01_01_2016To12_31_2016" id="Factid_1395" unitRef="CNY" decimals="-3">4360000</us-gaap:PaymentsToAcquireBusinessesGross>

  <us-gaap:CashAcquiredFromAcquisition contextRef="P01_01_2014To12_31_2014" id="Factid_1396" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CashAcquiredFromAcquisition contextRef="P01_01_2015To12_31_2015" id="Factid_1397" unitRef="CNY" xsi:nil="true" />

  <us-gaap:CashAcquiredFromAcquisition contextRef="P01_01_2016To12_31_2016" id="Factid_1398" unitRef="CNY" decimals="-3">148000</us-gaap:CashAcquiredFromAcquisition>

  <tedu:PrepaidExpensesAndOtherCurrentAssetsTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1399">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;b&gt;4&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;b&gt;PREPAID EXPENSES AND OTHER CURRENT ASSETS&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Prepaid expenses and other current assets consist of the following:&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid expenses and other current assets:&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid rental expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;17,925&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,038&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Interest receivable from time deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,485&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,945&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid advertising deposits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;10,975&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;11,875&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid advertising expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;9,991&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,193&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Prepaid value-added tax&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;7,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,587&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Housing loans made to employees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2,290&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4,968&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Staff advances&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;423&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1,404&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;5,838&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12,078&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total prepaid expenses and other current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;66,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;126,088&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 2%; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(a)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;12,751&lt;/font&gt; and were included in other non-current assets.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(b)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(c)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:PrepaidExpensesAndOtherCurrentAssetsTextBlock>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2015" id="Factid_1400" unitRef="CNY" decimals="-3">24000000</us-gaap:CostMethodInvestments>

  <us-gaap:CostMethodInvestments contextRef="PAsOn12_31_2016" id="Factid_1401" unitRef="CNY" decimals="-3">26000000</us-gaap:CostMethodInvestments>

  <tedu:NetRevenuesTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1402">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8&lt;/font&gt;&lt;/strong&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;strong&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;NET REVENUES&lt;/font&gt;&lt;/strong&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0in 0.34in"&gt; Net revenues consist of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="36%" colspan="8"&gt; &lt;div&gt;Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Tuition fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;835,275&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,174,596&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,545,680&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Certification service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,038&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;27,466&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;35,980&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Loan referral service fee&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;8,750&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;2,873&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,136&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;1,875&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;Business taxes and surcharges&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(19,245)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(25,190)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(12,681)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"&gt; &lt;div&gt;Total net revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;836,941&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,178,008&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;1,579,604&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"&gt; Others mainly represent miscellaneous fees, including franchise fee and guarantee fee (see note 11(a)).&lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:NetRevenuesTextBlock>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1403" unitRef="CNY" decimals="-3">6522000</us-gaap:LiabilitiesCurrent>

  <us-gaap:LiabilitiesCurrent contextRef="PAsOn12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1404" unitRef="CNY" decimals="-3">3409000</us-gaap:LiabilitiesCurrent>

  <tedu:RelatedPartyAdvances contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1405" unitRef="CNY" xsi:nil="true" />

  <tedu:RelatedPartyAdvances contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1406" unitRef="CNY" decimals="-3">1432000</tedu:RelatedPartyAdvances>

  <tedu:RelatedPartyAdvances contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1407" unitRef="CNY" xsi:nil="true" />

  <tedu:RepaymentOfRelatedPartyAdvances contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1408" unitRef="CNY" xsi:nil="true" />

  <tedu:RepaymentOfRelatedPartyAdvances contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1409" unitRef="CNY" decimals="-3">1432000</tedu:RepaymentOfRelatedPartyAdvances>

  <tedu:RepaymentOfRelatedPartyAdvances contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1410" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1411" unitRef="CNY" decimals="-3">592161000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1412" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1413" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1414" unitRef="CNY" decimals="-3">83052000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1415" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1416" unitRef="CNY" xsi:nil="true" />

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1417" unitRef="CNY" decimals="-3">1518000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1418" unitRef="CNY" decimals="-3">22456000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:ProceedsFromStockOptionsExercised contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1419" unitRef="CNY" decimals="-3">20388000</us-gaap:ProceedsFromStockOptionsExercised>

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1420" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1421" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfDividends contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1422" unitRef="CNY" decimals="-3">54026000</us-gaap:PaymentsOfDividends>

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1423" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1424" unitRef="CNY" decimals="-3">49355000</us-gaap:PaymentsForRepurchaseOfCommonStock>

  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1425" unitRef="CNY" decimals="-3">44406000</us-gaap:PaymentsForRepurchaseOfCommonStock>

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2014To12_31_2014_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1426" unitRef="CNY" decimals="-3">17228000</us-gaap:PaymentsOfStockIssuanceCosts>

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2015To12_31_2015_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1427" unitRef="CNY" xsi:nil="true" />

  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="P01_01_2016To12_31_2016_ParentCompanyMemberdeiLegalEntityAxis" id="Factid_1428" unitRef="CNY" xsi:nil="true" />

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2015" id="Factid_1429" unitRef="USD" xsi:nil="true" />

  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1430">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" align="center"&gt;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 18pt; FONT-SIZE: 10pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;1&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;strong&gt;DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;(a)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Description of business&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify"&gt;Tarena International, Inc. (&amp;#8220;Tarena International&amp;#8221;), through its wholly-owned subsidiaries and consolidated variable interest entities or VIEs (collectively referred to hereinafter as the &amp;#8220;Company&amp;#8221;), is principally engaged in providing professional education services including professional information technology (&amp;#8220;IT&amp;#8221;) training courses and non-IT training courses across the People&amp;#8217;s Republic of China (&amp;#8220;PRC&amp;#8221;). To a lesser extent, the Company is also engaged in providing IT and non-IT training courses for children. All of the Company&amp;#8217;s operations are located in the PRC with nearly all of its customers located in the PRC.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;(b)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Organization&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.49in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify"&gt;Tarena International is a holding company that was incorporated in the Cayman Islands on October&amp;#160;8, 2003 by Mr.&amp;#160;Han Shaoyun (&amp;#8220;Mr. Han&amp;#8221;), the founder and chief executive officer of the Company, and five other individuals. Tarena International is the parent company of a number of wholly-owned subsidiaries that are engaged in professional education services. The Company&amp;#8217;s education services in certain locations of the PRC were previously conducted through Beijing Tarena Jinqiao Technology Co., Ltd. (&amp;#8220;Beijing Tarena&amp;#8221;) and Shanghai Tarena Software Technology Co., Ltd. (&amp;#8220;Shanghai Tarena&amp;#8221;)(collectively, the &amp;#8220;Tarena Entities&amp;#8221;), and their subsidiaries, in order to comply with the PRC laws and regulations which restricted foreign investments in companies that were engaged in education services. Tarena Entities and their subsidiaries were principally engaged in providing professional education services including professional IT training courses in those locations and operated 23 learning centers as of December 31, 2011. Pursuant to the VIE Agreements as described below, Tarena International has effective financial control over Tarena Entities and their initial capital funding was provided by Tarena Technologies Inc., (a wholly-owned subsidiary of Tarena International or the &amp;#8220;WOFE&amp;#8221;, formerly known as Beijing Tarena Technology Co., Ltd.). The recognized and unrecognized revenue-producing assets that were held by Tarena Entities and their subsidiaries primarily consisted of property and equipment, operating leases for the learning premises, ICP license, www.tmooc.cn website and assembled workforce in those learning centers. Because of change in PRC laws and regulations in 2012 which encourages foreign investments in education services, the Company began to transfer most of the operations, including related assets and liabilities of Tarena Entities and their subsidiaries to the wholly-owned subsidiaries of Tarena International. As of December 31, 2013, all of the learning center operations of Tarena Entities and their subsidiaries have been transferred to other subsidiaries of Tarena International. As of December 31, 2016 Beijing Tarena invested RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;35,000&lt;/font&gt;&lt;/font&gt; in five&amp;#160;PRC companies, which are mainly engaged in provision of educational products and services.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="left"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify"&gt;Upon the&amp;#160;establishment of Tarena Entities in 2005, the&amp;#160;registered capital of Beijing Tarena and Shanghai Tarena were RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;2,000&lt;/font&gt;&lt;/font&gt; and RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,000&lt;/font&gt;&lt;/font&gt;, respectively. &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;In 2016, Beijing Tarena received additional capital injection of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,000&lt;/font&gt;&lt;/font&gt; through its nominee equity holders.&lt;/font&gt; All of the equity interests of Tarena Entities are legally held by Mr.&amp;#160;Han and Mr. Li Jianguang (&amp;#8220;Mr. Li&amp;#8221;), a director of Tarena International. Both individuals are nominee equity holders of Tarena Entities and holding their equity interests on behalf of Tarena International. Through a series of contractual agreements and arrangements as amended (the &amp;#8220;VIE Agreements&amp;#8221;), among Tarena International, WOFE, Tarena Entities and their nominee equity holders, the nominee equity holders of Tarena Entities have granted all their legal rights including voting rights and disposition rights of their equity interests in Tarena Entities to Tarena International. The nominee equity holders of Tarena Entities do not participate significantly in income and loss and do not have the power to direct the activities of the Tarena Entities that most significantly impact their economic performance. Accordingly, the Tarena Entities are considered variable interest entities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;In accordance with Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) 810-10-25-38A, Tarena International has a controlling financial interest in Tarena Entities because Tarena International has (i) the power to direct activities of Tarena Entities that most significantly impact the economic performance of Tarena Entities; and (ii)&amp;#160;the obligation to absorb the expected losses and the right to receive expected residual return of Tarena Entities that could potentially be significant to Tarena Entities. Thus, Tarena International is the primary beneficiary of the Tarena Entities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Under the terms of the VIE Agreements, Tarena International has (i)&amp;#160;the right to receive economic benefits that could potentially be significant to Tarena Entities in the form of service fees under the exclusive business cooperation agreements; (ii)&amp;#160;the right to receive all dividends declared by Tarena Entities and the right to all undistributed earnings of Tarena Entities; (iii)&amp;#160;the right to receive the residual benefits of Tarena Entities through its exclusive option to acquire &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;100&lt;/font&gt;&lt;/font&gt;% of the equity interests in Tarena Entities, to the extent permitted under PRC law. Accordingly, the financial statements of Tarena Entities are consolidated in Tarena International&amp;#8217;s consolidated financial statements.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Under the terms of the VIE Agreements, Tarena Entities&amp;#8217; nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to Tarena International. All of the equity (net assets) and net income of Tarena Entities are attributed to Tarena International.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The key terms of the VIE Agreements are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;strong&gt;Loan Agreements:&lt;/strong&gt; The WOFE provided RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6,000&lt;/font&gt;&lt;/font&gt; loans in aggregate to Tarena Entities&amp;#8217; nominee equity holders for the sole purpose of their contribution of Tarena Entities&amp;#8217; registered capital. The nominee equity holders of Tarena Entities can only repay the loans by transferring all of their legal equity interest in Tarena Entities to the WOFE or its designated representatives pursuant to the exclusive option agreements. The loans shall be interest-free, unless the transfer price exceeds the principal of the loans when each nominee equityholder of Tarena Entities transfers his equity interests in Tarena Entities to Tarena International or its designated representatives. Such excess over the principal of the loan shall be deemed as the interest of the loans to the extent permitted under the PRC law. The terms of the loans expire in &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2026&lt;/font&gt;&lt;/font&gt; as amended, which can be extended with the written notice of both the WOFE and Tarena Entities before expiration. In December 2016, the Company wound up Shanghai Tarena and received the repayment&lt;font style="BACKGROUND-COLOR: transparent"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,000&lt;/font&gt;&lt;/font&gt; from Shanghai Tarena&amp;#8217;s nominee equity holders in March 2017.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;strong&gt;&lt;font style="BACKGROUND-COLOR: transparent"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;strong&gt;Exclusive Option Agreements:&lt;/strong&gt; Each of the nominee equity holders irrevocably granted Tarena International, Inc. or its designated representatives an exclusive option to purchase, to the extent permitted under PRC law, all or part of his equity interests in Tarena Entities. In addition, Tarena International has the option to acquire the equity interests of Tarena Entities for a specified price equal to the loan provided by the WOFE to the nominee equity holders. If the lowest price permitted under PRC law is higher than the above price, the lowest price permitted under PRC law shall apply. Without Tarena International&amp;#8217;s prior written consent, the nominee equity holders shall not sell, transfer, mortgage, or otherwise dispose any equity interests in Tarena Entities. These agreements will remain effective until all equity interests held in Tarena Entities by the nominee equity holders are transferred or assigned to Tarena International or its designated representatives.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;strong&gt;Exclusive Business Cooperation Agreements:&lt;/strong&gt; The WOFE has the exclusive right to provide, among other things, technical support, business support and related consulting services to Tarena Entities and Tarena Entities agree to accept all the consultation and services provided by the WOFE. Without the WOFE&amp;#8217;s prior written consent, Tarena Entities are prohibited from engaging any third party to provide any of the services under this agreement. In addition, the WOFE exclusively owns all intellectual property rights arising out of or created during the performance of this agreement. Tarena Entities agree to pay a monthly service fee to the WOFE at an amount determined solely by the WOFE after taking into account factors including the complexity and difficulty of the services provided, the time consumed, the seniority of the WOFE employees providing services to Tarena Entities, the value of services provided, the market price of comparable services and the operating conditions of Tarena Entities. Furthermore, to the extent permitted under the PRC law, the WOFE agrees to provide financial support to Tarena Entities. The term of the agreement will remain effective unless the WOFE terminates the agreement in writing or a competent governmental authority rejects the renewal applications by either Tarena Entities or the WOFE to renew its respective business license upon expiration. Tarena Entities are not permitted to terminate this agreement in any event unless required by applicable laws.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;strong&gt;Power of Attorney:&lt;/strong&gt; Each nominee equity holder of Tarena Entities appointed the WOFE as the attorney-in-fact to act on all matters pertaining to Tarena Entities and to exercise all of their rights as an equity holder of Tarena Entities, including but not limited to attend shareholders&amp;#8217; meetings, vote on their behalf on all matters of Tarena Entities requiring shareholders&amp;#8217; approval under PRC laws and regulations and the articles of association of Tarena Entities, designate and appoint directors and senior management members. The WOFE may authorize or assign its rights under this appointment to any other person or entity at its sole discretion without prior notice to the nominee equity holders of Tarena Entities. Each power of attorney will remain effective until the nominee equity holder ceases to hold any equity interest in Tarena Entities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;strong&gt;Equity Interest Pledge Agreements:&lt;/strong&gt; Pursuant to the equity interest pledge agreement, Tarena Entities&amp;#8217; nominee equity holders pledged all of their equity interests in Tarena Entities to the WOFE to guarantee their performance of the obligations under the contractual arrangements including but not limited to, the service fees due to the WOFE. If Tarena Entities or any of Tarena Entities&amp;#8217; nominee equity holders breaches its contractual obligations under the contractual arrangements, the WOFE, as the pledgee, will be entitled to certain rights and entitlements, including receiving proceeds from the auction or sale of whole or part of the pledged equity interests of Tarena Entities in accordance with legal procedures. The WOFE has the right to receive dividends generated by the pledged equity interests during the term of the pledge. If any event of default as provided in the contractual arrangements occurs, the WOFE, as the pledgee, will be entitled to dispose of the pledged equity interests in accordance with PRC laws and regulations. The equity interest pledge agreements became effective on the date when the agreements were duly executed. The pledge was registered with relevant local administration for industry and commerce in December 2013 and April 2017, respectively, and will remain binding until Tarena Entities and their nominee equity holders discharge all their obligations under the contractual arrangements. The registration of the equity pledge enables the WOFE to enforce the equity pledge against third parties who acquire the equity interests of Tarena Entities in good faith.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Tarena International relies on the VIE Agreements to operate and control the Tarena Entities. However, these contractual arrangements may not be as effective as direct equity ownership in providing Tarena International with control over Tarena Entities. Any failure by Tarena Entities or the nominee equity holders to perform their obligations under the VIE Agreements would have a material adverse effect on the consolidated financial position and consolidated financial performance of the Company. All the VIE Agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed as some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit Tarena International&amp;#8217;s ability to enforce these contractual arrangements. In addition, if the legal structure and the VIE Agreements were found to be in violation of any existing or future PRC laws and regulations, Tarena International may be subject to fines or other legal or administrative sanctions.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;In the opinion of management, based on the legal opinion obtained from the Company&amp;#8217;s PRC legal counsel, the above contractual arrangements are legally binding and enforceable and do not violate current PRC laws and regulations. However, there are uncertainties regarding the interpretation and application of existing and future PRC laws and regulations. Accordingly, Tarena International cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and the VIE Arrangements are found to be in violation of any existing or future PRC laws and regulations, the PRC government could:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 35.3pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 36pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;revoke the business and operating licenses of the WOFE, its subsidiaries and Tarena Entities;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 35.3pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 36pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;discontinue or restrict the conduct of any transactions between the WOFE, its subsidiaries and Tarena Entities;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 35.3pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 36pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;impose fines, confiscate the income from Tarena Entities, or impose other requirements with which the Company may not be able to comply;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 35.3pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 36pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;require Tarena International to restructure its ownership structure or operations, including terminating the contractual arrangements with Tarena Entities and deregistering the equity pledges of Tarena Entities; and&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 35.3pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 36pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#8226;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;restrict or prohibit the use of the proceeds of future offering to finance the Company&amp;#8217;s business and operations in the PRC.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.49in" align="justify"&gt;If the imposition of any of these government actions causes Tarena International to lose its right to direct the activities of Tarena Entities or its right to receive substantially all the economic benefits and residual returns from Tarena Entities and Tarena International is not able to restructure its ownership structure and operations in a satisfactory manner, Tarena International would no longer be able to consolidate the financial results of Tarena Entities and their subsidiaries. In the opinion of management, the likelihood of deconsolidation of the Tarena Entities and their subsidiaries is remote based on current facts and circumstances.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The equity interests of Tarena Entities are legally held by Mr. Han and Mr. Li as nominee equity holders on behalf of the Company. Mr. Han and Mr. Li are also directors of Tarena International. Mr.&amp;#160;Han and Mr. Li each &lt;font style="BACKGROUND-COLOR: transparent"&gt;holds &lt;font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 58.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;% and &lt;font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12.2&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;%&lt;/font&gt; of the total voting rights as of December 31, 2016, respectively, assuming the exercise of all outstanding options held by Mr. Han&amp;#160;and Mr. Li as of such date. The Company cannot assure that when conflicts of interest arise, either of the nominee equity holders will act in the best interests of the Company or such conflicts will be resolved in the Company&amp;#8217;s favor. Currently, the Company does not have any arrangements to address potential conflicts of interest between the nominee equity holders and the Company, except that Tarena International could exercise the purchase option under the exclusive option agreement with the nominee equity holders to request them to transfer all of their equity&amp;#160;ownership in Tarena Entities to a PRC entity or individual designated by Tarena International. The Company relies on the nominee equity holders, who are bothTarena International&amp;#8217;s directors and who owe a fiduciary duty to Tarena International, to comply with the terms and conditions of the contractual arrangements. Such fiduciary duty requires directors to act in good faith and in the best interests of Tarena International and not to use their positions for personal gains. If the Company cannot resolve any conflict of interest or dispute between the Company and the nominee equity holders of Tarena Entities, the Company would have to rely on legal proceedings, which could result in disruption of the Company&amp;#8217;s business and subject the Company to substantial uncertainty as to the outcome of any such legal proceedings.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The Company&amp;#8217;s involvement with Tarena Entities under the VIE Agreements affected the Company&amp;#8217;s consolidated financial position, results of operations and cash flows as indicated below.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The assets and liabilities of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements as of December 31, 2015 and 2016 are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%" colspan="5"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Cash&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;1,043&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;630&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Amounts due from related parties&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;21,650&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;26,152&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;22,280&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Property and equipment, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Long term investments&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;35,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other non-current assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;266&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;716&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total assets&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,436&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;57,999&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Income taxes payable&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,737&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,729&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Accrued expenses and other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;892&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Amounts due to related parties, including amounts due to WOFE for accrued service fees&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;39,307&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;46,486&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;43,936&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,391&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Other non-current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;267&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;267&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44,203&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;50,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;Amounts due from/to related parties represents the amounts due from/to Tarena International and its wholly-owned subsidiaries, which are eliminated upon consolidation.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The financial performance and cash flows of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements for the years ended December 31, 2014, 2015 and 2016 are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="30%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net revenues&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2,902&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;177&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net loss&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(14,542)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,415)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(892)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash used in operating activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(4,252)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,201)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(2,166)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash provided by (used in) investing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;478&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(18,000)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(11,886)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Net cash provided by financing activities&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;19,755&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;13,639&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;All of the assets of Tarena Entities and their subsidiaries can be used only to settle obligations of Tarena Entities and their subsidiaries. None of the assets of Tarena Entities and their subsidiaries have been pledged or collateralized. The creditors of Tarena Entities and their subsidiaries do not have recourse to the general credit of Tarena International and its wholly-owned subsidiaries. Assets of Tarena Entities and their subsidiaries that can be used only to settle obligations of Tarena Entities and their subsidiaries and liabilities of Tarena Entities and their subsidiaries for which creditors (or beneficial interest holders) do not have recourse to the general credit of Tarena International and its wholly owned subsidiaries have been presented parenthetically alongside each balance sheet caption on the face of the consolidated balance sheets.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;During the periods presented, Tarena International and its wholly-owned subsidiaries provided financial support to Tarena Entities that they were not previously contractually required to provide in the form of advances. To the extent Tarena Entities require financial support, pursuant to the exclusive business cooperation agreements, the WOFE may, at its option and to the extent permitted under the PRC law, provide such support to Tarena Entities through loans to Tarena Entities&amp;#8217; nominee equity holders or entrustment loans to Tarena Entities.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;(c)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Basis of presentation&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&amp;#8220;U.S. GAAP&amp;#8221;).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"&gt; &lt;strong&gt;&lt;i&gt;(d)&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"&gt;&lt;strong&gt;&lt;i&gt;Significant concentrations and risks&lt;/i&gt;&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt"&gt; &lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"&gt; &lt;i&gt;Revenue concentration&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;A substantial portion of the Company&amp;#8217;s total net revenues are generated from Java, Digital Arts and Web Front&amp;#160;courses. The percentages of the Company&amp;#8217;s total net revenues from Java,&amp;#160;Digital Arts and Web Front&amp;#160;training courses are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Java&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;36.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;28.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;34.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Digital Arts&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;29.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;32.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;28.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Web Front&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;0.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;4.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;65.8&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;65.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;75.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The Company expects net revenues from these three training courses to continue to represent a substantial portion of its total net revenues in the future. Negative factors that adversely affect net revenues generated by these three training courses will have a material adverse effect on the Company&amp;#8217;s business, financial condition and results of operations. There were no other courses that represented revenues greater than 10% of total revenues.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;A substantial portion of the Company&amp;#8217;s students financed their tuition fees through the loans offered to them &lt;font style="BACKGROUND-COLOR: transparent"&gt;by &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Baidu Small Loan Co., Ltd., RenRenDai&lt;/font&gt;, Bank&lt;/font&gt; of China Consumer Finance Co., Ltd., CreditEase Business Consulting (Beijing) Co., Ltd., and Bank of Beijing Consumer Finance Company during the three-years period ended December 31, 2016. The Company expects students financed by these companies to continue to represent a substantial portion of its total students in the future. The Company believes other companies could provide similar loans to its students on comparable terms. However, negative factors that adversely affect these companies will have a material adverse effect on the Company&amp;#8217;s business, financial condition and results of operations.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;i&gt;Geographic concentration&lt;/i&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;A substantial portion of the Company&amp;#8217;s total net revenues are derived from its business operations in Beijing and Hangzhou. The percentages of the Company&amp;#8217;s total net revenues generated from its business operations in Beijing and Hangzhou are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&amp;#160;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"&gt; &lt;table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Hangzhou&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;33.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;31.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Beijing&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;15.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;12.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;41.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;45.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;44.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"&gt;The Company expects revenues derived from its business operations in Beijing and Hangzhou to continue to represent a significant portion of its total net revenues. Negative factors that adversely affect professional education services in Beijing or Hangzhou will have a material adverse effect on the Company&amp;#8217;s business, financial condition and results of operations. There were no other cities that represented revenues greater than 10% of total revenues.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>

  <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1431">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Property and equipment consists of the following:&amp;#160; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Office buildings&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;-&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;281,541&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Furniture&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;10,510&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,078&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Office equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;211,385&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;271,862&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Leasehold improvements&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;53,126&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;64,383&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Total property and equipment&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;275,021&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;635,864&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"&gt; &lt;div&gt;Less: accumulated depreciation&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(147,157)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;(198,527)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"&gt; &lt;div&gt;Property and equipment, net&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;127,864&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;437,337&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>

  <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1432">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in"&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt" align="justify"&gt;Income tax expense consists of the following:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt; Year&amp;#160;Ended&amp;#160;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2014&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Current income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,985&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;25,581&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;37,671&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Deferred income tax benefit&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(4,190)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(21,614)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(18,895)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;14,795&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;3,967&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;18,776&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>

  <dei:EntityCommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassAMemberusgaapStatementClassOfStockAxis" id="Factid_1433" unitRef="shares" decimals="INF">47160248</dei:EntityCommonStockSharesOutstanding>

  <dei:EntityCommonStockSharesOutstanding contextRef="PAsOn12_31_2016_CommonClassBMemberusgaapStatementClassOfStockAxis" id="Factid_1434" unitRef="shares" decimals="INF">8895249</dei:EntityCommonStockSharesOutstanding>

  <us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1435">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div&gt;&lt;strong&gt;7&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div&gt;&lt;strong&gt;ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES&lt;/strong&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="24%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;VAT and other tax payables&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;29,995&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Accrued payroll and employee benefits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,396&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;59,512&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;24,092&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;28,360&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;79,835&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;117,867&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Others mainly represent current deferred income under American Depositary Receipt program, accrual for employee reimbursement, rental expenses and other miscellaneous expenses.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>

  <us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1436">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"&gt; &lt;table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="24%" colspan="5"&gt; &lt;div&gt;December&amp;#160;31,&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;2016&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"&gt; &lt;div&gt;RMB&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;VAT and other tax payables&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;18,347&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;29,995&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Accrued payroll and employee benefits&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;37,396&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;59,512&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"&gt; &lt;div&gt;Others&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;24,092&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"&gt; &lt;div&gt;28,360&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="HEIGHT: 12px"&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"&gt; &lt;div&gt;Total&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;79,835&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"&gt; &lt;div&gt;117,867&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"&gt; &lt;div&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>

  <us-gaap:DebtConversionOriginalDebtAmount1 contextRef="P09_01_2008To09_25_2008_SeriesBPreferredStockMemberusgaapStatementClassOfStockAxis" id="Factid_1437" unitRef="CNY" decimals="0">10230</us-gaap:DebtConversionOriginalDebtAmount1>

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2015" id="Factid_1438" unitRef="CNY" xsi:nil="true" />

  <tedu:ForeignCurrencyTransactionGainLossBeforeTax1 contextRef="P01_01_2014To12_31_2014" id="Factid_1439" unitRef="CNY" decimals="-3">6605000</tedu:ForeignCurrencyTransactionGainLossBeforeTax1>

  <tedu:ForeignCurrencyTransactionGainLossBeforeTax1 contextRef="P01_01_2015To12_31_2015" id="Factid_1440" unitRef="CNY" decimals="-3">-29499000</tedu:ForeignCurrencyTransactionGainLossBeforeTax1>

  <tedu:ForeignCurrencyTransactionGainLossBeforeTax1 contextRef="P01_01_2016To12_31_2016" id="Factid_1441" unitRef="CNY" decimals="-3">3760000</tedu:ForeignCurrencyTransactionGainLossBeforeTax1>

  <tedu:TemporaryEquityTextBlock contextRef="P01_01_2016To12_31_2016" id="Factid_1442">&lt;div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;13&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;b&gt;PREFERRED SHARES&lt;/b&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"&gt; &lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"&gt; &lt;b&gt;&lt;i&gt;Series A convertible redeemable preferred shares&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;On January&amp;#160;16, 2004, pursuant to the Series A convertible redeemable preferred shares purchase agreements (&amp;#8220;Series A Purchase Agreement&amp;#8221;), Tarena International issued &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,571,430&lt;/font&gt; Series A convertible redeemable preferred shares to a third party investor for a total consideration of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;4,138&lt;/font&gt; or RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.48&lt;/font&gt; per share (&amp;#8220;Series A Original Issuance Price&amp;#8221;) (being retroactively adjusted to reflect the effect of the share split).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;The Company determined that there was no embedded beneficial conversion feature attributable to the Series A convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series A convertible redeemable preferred shares was greater than the estimated fair value of the Company&amp;#8217;s ordinary shares as of January&amp;#160;16, 2004. The estimated fair value of the underlying ordinary shares on January&amp;#160;16, 2004 was determined by management based on a retrospective valuation with the assistance of American Appraisal China Limited (&amp;#8220;American Appraisal&amp;#8221;), an independent valuation firm, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif"&gt; The significant terms of Series A convertible redeemable preferred shares are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(i)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Conversion&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The holders of Series A convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&amp;#8217;s Memorandum and Articles of Association, at a price lower than the Series A Original Issuance Price. In addition, each Series A Preferred Share is automatically converted into ordinary shares upon the consummation of a Qualified Public Offering, as defined in the Series A Purchase Agreement.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The contingent conversion price adjustment may provide the holders of the Series A convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(ii)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Voting&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The holders of Series A convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(iii)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Dividends&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series A convertible redeemable preferred shares as if all such Series A convertible redeemable preferred shares has been converted to ordinary shares.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(iv)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Liquidation preference&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.68in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The liquidation preference of the holders of Series A convertible redeemable preferred shares as of December&amp;#160;31, 2013 is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&amp;#160;first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)&amp;#160;second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)&amp;#160;third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;From the date of September&amp;#160;25, 2008 to August&amp;#160;11, 2011 (the date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference of the holders of Series A convertible redeemable preferred shares was as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&amp;#160;first to the holders of the Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; (ii)&amp;#160;second to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;From the date of its issuance (January 16, 2004) to September&amp;#160;25, 2008 (the date of the issuance of Series B convertible redeemable preferred shares), the liquidation preference of the holders of Series A convertible redeemable preferred shares was as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;In the event of any liquidation, dissolution, or winding up of the Company, the holders of the outstanding Series A convertible redeemable preferred shares shall be entitled to receive, prior and in preference to any distribution of any of the assets of Tarena International to the holders of the ordinary shares by reason of their ownership of such shares, an amount equal to the Series A Original Issuance Price plus dividends declared but unpaid on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of ordinary shares and Series A convertible redeemable preferred shares then outstanding, based on the number of ordinary shares then held by each shareholder on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(v)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Drag-along rights&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;Holders of a majority of the Series A convertible redeemable preferred shares have a drag-along right whereby they can require the ordinary shareholders to approve a third-party offer to directly or indirectly purchase all, or substantial all, of the equity interests or assets of the Company, provided that the transaction shall occur on or after the fifth anniversary of the closing of the issuance of the Series A convertible redeemable preferred shares or the transaction shall be at a price per share of not less than US$&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;0.58&lt;/font&gt; per share (being retroactively adjusted to reflect the effect of the share split). Triggering of this drag-along right results in a deemed liquidation of the Company at the option of a majority of the holders of Series A convertible redeemable preferred shares with a required distribution of the transaction proceeds in accordance with the Company&amp;#8217;s Memorandum and Articles of Association.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;Consequently, the Series A convertible redeemable preferred shares are classified outside of permanent equity.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"&gt; &lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"&gt; &lt;b&gt;&lt;i&gt;Series B convertible redeemable preferred shares&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;On September&amp;#160;25, 2008, pursuant to Series B convertible redeemable preferred shares purchase agreement, Tarena International issued &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,630,630&lt;/font&gt; Series B convertible redeemable preferred shares to a third party investor for a total consideration of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;34,099&lt;/font&gt; or RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;6.06&lt;/font&gt; per share (&amp;#8220;Series B Original Issuance Price&amp;#8221;) (being retroactively adjusted to reflect the effect of the share split). On the same date, an outstanding short term borrowing in the amount of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10,230&lt;/font&gt; was exchanged for &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,689,190&lt;/font&gt; shares of Series B convertible redeemable preferred shares (being retroactively adjusted to reflect the effect of the share split).&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;The Company determined that there was no embedded beneficial conversion feature attributable to the Series B convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series B convertible redeemable preferred shares was greater than the estimated fair value of the Company&amp;#8217;s ordinary shares as of September&amp;#160;25, 2008. The estimated fair value of the underlying ordinary shares on September&amp;#160;25, 2008 was determined by management based on a retrospective valuation with the assistance of American Appraisal, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.&amp;#160;&lt;/div&gt; &amp;#160; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The significant terms of Series B convertible redeemable preferred shares are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (i)&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Conversion&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The holders of Series B convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&amp;#8217;s Memorandum and Articles of Association, at a price lower than the Series B Original Issuance Price. In addition, each Series B convertible redeemable preferred share is automatically converted into ordinary shares upon the written consent of the holders of more than 45% of the then outstanding Series B convertible redeemable preferred shares and the holders of more than 45% of the then outstanding Series A convertible redeemable preferred shares or the consummation of a Qualified Public Offering, as defined in the Series B convertible redeemable preferred shares purchase agreement.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The contingent conversion price adjustment may provide the holders of the Series B convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="34"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (ii)&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Voting&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The holders of Series B convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (iii)&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Dividends&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series B convertible redeemable preferred shares as if all such Series B convertible redeemable preferred shares have been converted to ordinary shares.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (iv)&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Liquidation preference&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;The liquidation preference of the holders of Series B convertible redeemable preferred shares as of December 31, 2013 is as follows:&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii) second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii) third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;From the date of September 25, 2008 to August 11, 2011 (the date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference of the holders of Series B convertible redeemable preferred shares was as follows:&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; (ii) second to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (v)&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Redemption&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;If a Qualified Initial Public Offering or a Trade Sale, as defined in the Series B convertible redeemable preferred shares purchase agreement, did not occur by December 31, 2012 (the &amp;#8220;Redemption Date&amp;#8221;), the holders of Series B convertible redeemable preferred shares had the right to request for redemption any portion of the Series B convertible redeemable preferred shares they held at a price equal to the sum of:&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 28.35pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;an amount equal to 150% of Series B Original Issuance Price; plus,&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;an amount equal to all declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; plus,&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#8226;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"&gt; &lt;div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;10% compound interest per annum on 150% of Series B Original Issuance Price for each Series B convertible redeemable preferred share from the date of issuance to the earliest redemption date of the security.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;On August 11, 2011, in connection with the issuance of Series C convertible redeemable preferred shares, the Company and holders of Series B convertible redeemable preferred shares agreed to defer the Redemption Date until June 30, 2014.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt"&gt; &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"&gt; &lt;b&gt;&lt;i&gt;Series C convertible redeemable preferred shares&lt;/i&gt;&lt;/b&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;On August&amp;#160;11, 2011, pursuant to the Series C convertible redeemable preferred shares purchase agreement (&amp;#8220;Series C Purchase Agreement&amp;#8221;), Tarena International issued &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,914,852&lt;/font&gt; Series C convertible redeemable preferred shares to a third party investor for a total consideration of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;127,817&lt;/font&gt; or RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;11.71&lt;/font&gt; per share (&amp;#8220;Series C Original Issuance Price&amp;#8221;). Total issuance cost of Series C convertible redeemable preferred shares was RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1,397&lt;/font&gt;.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;The Company determined that there was no embedded beneficial conversion feature attributable to the Series C convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series C convertible redeemable preferred shares was greater than the estimated fair value of the Company&amp;#8217;s ordinary shares as of August&amp;#160;11, 2011. The estimated fair value of the underlying ordinary shares on August&amp;#160;11, 2011 was determined by management based on a retrospective valuation with the assistance of American Appraisal, a third party valuation firm, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify"&gt;The significant terms of Series C convertible redeemable preferred shares are as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(i)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Conversion&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 28.35pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The holders of Series C convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&amp;#8217;s Memorandum and Articles of Association, at a price lower than the Series C Original Issuance Price. In addition, each Series C Preferred Share is automatically converted into ordinary shares upon the closing of a Qualified Public Offering, as defined in the Memorandum and Articles of Association or the written consent of 67% of the holders of the Series C convertible redeemable preferred shares as well as the written consent of the holders of more than 45% of the then outstanding Series B convertible redeemable preferred shares and the written consent of the holders of more than 45% of the then outstanding Series A convertible redeemable preferred shares for conversion.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 28.35pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The contingent conversion price adjustments may provide the holders of the Series C convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, is recognized when the contingency is resolved.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(ii)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Voting&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The holders of Series C convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(iii)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Dividends&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The board of directors of Tarena International may approve the payment of dividends at their discretion to the holders of Series C convertible redeemable preferred shares. Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series C convertible redeemable preferred shares as if all such Series C convertible redeemable preferred shares have been converted to ordinary shares.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(iv)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Liquidation preference&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;The liquidation preference of the holders of Series C convertible redeemable preferred shares is as follows:&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;In the event of liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&amp;#160;first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)&amp;#160;second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)&amp;#160;third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &amp;#8220;if-converted&amp;#8221; basis.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="WIDTH: 24.45pt"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;(v)&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="CLEAR:both;CLEAR: both"&gt;Redemption&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;If a Qualified Initial Public Offering or a Trade Sale, as defined in the Series C convertible redeemable preferred shares purchase agreement, does not occur by June&amp;#160;30, 2014 (the &amp;#8220;Redemption Date&amp;#8221;), the holders of the Series C convertible redeemable preferred shares have the right to request for redemption for all or a portion of the Series C convertible redeemable preferred shares they hold at a price equal to the greater of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (i)&amp;#160;an amount equal to 137.50% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; or (ii)&amp;#160;the fair market value of the Series C convertible redeemable preferred shares as of the most recent year end, as determined by an independent appraiser mutually agreeable to the Company and the holder of the Series C convertible redeemable preferred shares.&lt;/font&gt;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;As of December&amp;#160;31, 2013, the Company concluded that it was probable that the Series B and Series C convertible redeemable preferred shares will become redeemable. The Company has elected to accrete changes in the redemption value over the period from the date of issuance to the earliest redemption date using the interest method. The total accretion of Series B&amp;#160;and Series C convertible redeemable preferred shares in the amount of &lt;font style="BACKGROUND-COLOR: transparent"&gt;&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;3,530&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; and nil were recorded as a reduction to additional paid-in capital first and then charged against accumulated deficit in the absence of additional paid-in capital for the year ended December&amp;#160;31, 2014.&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify"&gt;&amp;#160;&lt;/div&gt; &lt;div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"&gt;All the Series A, Series B and Series C convertible redeemable preferred shares were automatically converted into Class B ordinary shares upon completion of the Company&amp;#8217;s IPO on April 3, 2014. As a result, &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25,430,831&lt;/font&gt; Class B ordinary shares were issued upon the conversion of Series A, Series B and Series C convertible preferred shares. Upon the conversion, the carrying amounts of the Series A, Series B and Series C convertible preferred shares were recorded in additional paid-in capital of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;704,334&lt;/font&gt; and Class B ordinary shares of RMB&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;157&lt;/font&gt;.&lt;/div&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</tedu:TemporaryEquityTextBlock>

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2016_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_1443" unitRef="USD" xsi:nil="true" />

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_1444" unitRef="USD" xsi:nil="true" />

  <us-gaap:InvestmentsFairValueDisclosure contextRef="PAsOn12_31_2015_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMemberusgaapVariableInterestEntitiesByClassificationOfEntityAxis" id="Factid_1445" unitRef="CNY" xsi:nil="true" />

<!--FootNote Section Ref-->

  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="#Factid_126" xlink:type="locator" xlink:label="loc_1" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_1">Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB12,751 and were included in other non-current assets.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_1" xlink:from="loc_1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_127" xlink:type="locator" xlink:label="loc_3" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_1" xlink:from="loc_3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_128" xlink:type="locator" xlink:label="loc_4" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_4">Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_4" xlink:from="loc_4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_129" xlink:type="locator" xlink:label="loc_6" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_4" xlink:from="loc_6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_130" xlink:type="locator" xlink:label="loc_7" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_7">Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_7" xlink:from="loc_7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_131" xlink:type="locator" xlink:label="loc_9" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_7" xlink:from="loc_9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_134" xlink:type="locator" xlink:label="loc_10" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_10">In October 2015, the Company paid RMB12,000 in cash to acquire 2.86% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_10" xlink:from="loc_10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_135" xlink:type="locator" xlink:label="loc_12" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_10" xlink:from="loc_12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_651" xlink:type="locator" xlink:label="loc_13" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_13">Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &#8220;peer-to-peer&#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &#8220;Student Loan Program&#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB112, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016 respectively.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_13" xlink:from="loc_13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_652" xlink:type="locator" xlink:label="loc_15" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_15">Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&#8217;s accounts receivable. The fee for the service is calculated based on 2%!12% of the amount collected. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in General and administrative expenses in the consolidated statement of comprehensive income was RMB664, RMB2,053 and RMB6,445 for the years ended December 31, 2014, 2015 and 2016, respectively. The amount due to Chuanbang as of December 31, 2015 was RMB879. The amount due to Chuanbang as of December 31, 2016 was RMB79, which has been fully paid by March 31, 2017.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_15" xlink:from="loc_15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_653" xlink:type="locator" xlink:label="loc_17" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_15" xlink:from="loc_17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_654" xlink:type="locator" xlink:label="loc_18" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_15" xlink:from="loc_18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_772" xlink:type="locator" xlink:label="loc_19" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_13" xlink:from="loc_19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_773" xlink:type="locator" xlink:label="loc_20" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_13" xlink:from="loc_20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1036" xlink:type="locator" xlink:label="loc_21" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_21">Includes share-based compensation expense as follows (note 14):</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1037" xlink:type="locator" xlink:label="loc_23" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1038" xlink:type="locator" xlink:label="loc_24" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_24" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1043" xlink:type="locator" xlink:label="loc_25" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_25" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1044" xlink:type="locator" xlink:label="loc_26" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_26" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1045" xlink:type="locator" xlink:label="loc_27" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_27" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1046" xlink:type="locator" xlink:label="loc_28" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_28" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1047" xlink:type="locator" xlink:label="loc_29" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_29" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1048" xlink:type="locator" xlink:label="loc_30" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1049" xlink:type="locator" xlink:label="loc_31" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_31" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1050" xlink:type="locator" xlink:label="loc_32" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_32" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1051" xlink:type="locator" xlink:label="loc_33" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_21" xlink:from="loc_33" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1134" xlink:type="locator" xlink:label="loc_34" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_34">In October 2016, the Company paid RMB790 in cash to acquire 28.5% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_34" xlink:from="loc_34" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1135" xlink:type="locator" xlink:label="loc_36" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_34" xlink:from="loc_36" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1136" xlink:type="locator" xlink:label="loc_37" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_37">In October 2016, the Company paid RMB10,000 in cash to acquire 13.9% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock. In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security. The Company recorded the investment as available-for-sale investment and recorded an increase of RMB5,000 in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_37" xlink:from="loc_37" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1137" xlink:type="locator" xlink:label="loc_39" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_37" xlink:from="loc_39" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1168" xlink:type="locator" xlink:label="loc_40" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_40">In November 2015, the Company paid RMB5,000 in cash to acquire 0.50%of the total equity interest of an online shopping platform providing education products.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_40" xlink:from="loc_40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1169" xlink:type="locator" xlink:label="loc_42" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_40" xlink:from="loc_42" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1170" xlink:type="locator" xlink:label="loc_43" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_43">In August 2015, the Company paid RMB4,000 in cash to acquire 5.71%of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_43" xlink:from="loc_43" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1171" xlink:type="locator" xlink:label="loc_45" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_43" xlink:from="loc_45" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1227" xlink:type="locator" xlink:label="loc_46" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_46">As of December 31, 2015, the Company paid RMB3,000 in cash to acquire 1.43% and 0.74% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB2,000 in cash to acquire 2.00% equity interest of an online platform providing vehicle sales and related services.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_46" xlink:from="loc_46" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1228" xlink:type="locator" xlink:label="loc_48" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_46" xlink:from="loc_48" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1279" xlink:type="locator" xlink:label="loc_49" />

    <link:footnote xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:type="resource" xlink:label="FN_49">In September 2015,Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp; Co. L.P (&#8220;KKR&#8221;), a shareholder of the Company, provided cash advances in the amount of RMB1,432 to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.</link:footnote>

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_49" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1280" xlink:type="locator" xlink:label="loc_51" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_51" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1281" xlink:type="locator" xlink:label="loc_52" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_52" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1282" xlink:type="locator" xlink:label="loc_53" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_53" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1283" xlink:type="locator" xlink:label="loc_54" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_54" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1284" xlink:type="locator" xlink:label="loc_55" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_49" xlink:from="loc_55" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />

    <link:loc xlink:href="#Factid_1319" xlink:type="locator" xlink:label="loc_56" />

    <link:footnoteArc xlink:type="arc" order="1" xlink:to="FN_37" xlink:from="loc_56" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" />
  </link:footnoteLink>
</xbrli:xbrl>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>21
<FILENAME>tedu-20161231.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<schema targetNamespace="http://bj.tedu.cn/20161231" elementFormDefault="qualified" xmlns:tedu="http://bj.tedu.cn/20161231" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-gaap="http://fasb.org/us-gaap/2016-01-31" xmlns:country="http://xbrl.sec.gov/country/2016-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2016-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2016-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2011-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2016-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric">
  <annotation>
    <appinfo>
      <link:roleType roleURI="http://bj.tedu.cn/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>101 - Document - Document And Entity Information</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheets" id="ConsolidatedBalanceSheets">
        <link:definition>102 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical" id="ConsolidatedBalanceSheetsParenthetical">
        <link:definition>103 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome" id="ConsolidatedStatementsOfComprehensiveIncome">
        <link:definition>104 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical" id="ConsolidatedStatementsOfComprehensiveIncomeParenthetical">
        <link:definition>105 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit" id="ConsolidatedStatementsOfChangesInEquityDeficit">
        <link:definition>106 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical" id="ConsolidatedStatementsOfChangesInEquityDeficitParenthetical">
        <link:definition>107 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows" id="ConsolidatedStatementsOfCashFlows">
        <link:definition>108 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks" id="DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks">
        <link:definition>109 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPolicies" id="SummaryOfSignificantAccountingPolicies">
        <link:definition>110 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivable" id="AccountsReceivable">
        <link:definition>111 - Disclosure - ACCOUNTS RECEIVABLE</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets" id="PrepaidExpensesAndOtherCurrentAssets">
        <link:definition>112 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNet" id="PropertyAndEquipmentNet">
        <link:definition>113 - Disclosure - PROPERTY AND EQUIPMENT, NET</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/LongtermInvestments" id="LongtermInvestments">
        <link:definition>114 - Disclosure - LONG-TERM INVESTMENTS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities" id="AccruedExpensesAndOtherCurrentLiabilities">
        <link:definition>115 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/NetRevenues" id="NetRevenues">
        <link:definition>116 - Disclosure - NET REVENUES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContract" id="LossOnForeignCurrencyForwardContract">
        <link:definition>117 - Disclosure - LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxes" id="IncomeTaxes">
        <link:definition>118 - Disclosure - INCOME TAXES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
        <link:definition>119 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve" id="OrdinarySharesAndStatutoryReserve">
        <link:definition>120 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PreferredShares" id="PreferredShares">
        <link:definition>121 - Disclosure - PREFERRED SHARES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensation" id="ShareBasedCompensation">
        <link:definition>122 - Disclosure - SHARE BASED COMPENSATION</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/EarningsPerShare" id="EarningsPerShare">
        <link:definition>123 - Disclosure - EARNINGS PER SHARE</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
        <link:definition>124 - Disclosure - COMMITMENTS AND CONTINGENCIES</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformation" id="ParentOnlyFinancialInformation">
        <link:definition>125 - Disclosure - PARENT ONLY FINANCIAL INFORMATION</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SubsequentEvents" id="SubsequentEvents">
        <link:definition>126 - Disclosure - SUBSEQUENT EVENTS</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesPolicies" id="SummaryOfSignificantAccountingPoliciesPolicies">
        <link:definition>127 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables" id="DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables">
        <link:definition>128 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesTables" id="SummaryOfSignificantAccountingPoliciesTables">
        <link:definition>129 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivableTables" id="AccountsReceivableTables">
        <link:definition>130 - Disclosure - ACCOUNTS RECEIVABLE (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsTables" id="PrepaidExpensesAndOtherCurrentAssetsTables">
        <link:definition>131 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetTables" id="PropertyAndEquipmentNetTables">
        <link:definition>132 - Disclosure - PROPERTY AND EQUIPMENT, NET (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/LongtermInvestmentsTables" id="LongtermInvestmentsTables">
        <link:definition>133 - Disclosure - LONG-TERM INVESTMENTS (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesTables" id="AccruedExpensesAndOtherCurrentLiabilitiesTables">
        <link:definition>134 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/NetRevenuesTables" id="NetRevenuesTables">
        <link:definition>135 - Disclosure - NET REVENUES (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesTables" id="IncomeTaxesTables">
        <link:definition>136 - Disclosure - INCOME TAXES (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/RelatedPartyTransactionsTables" id="RelatedPartyTransactionsTables">
        <link:definition>137 - Disclosure - RELATED PARTY TRANSACTIONS (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationTables" id="ShareBasedCompensationTables">
        <link:definition>138 - Disclosure - SHARE BASED COMPENSATION (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/EarningsPerShareTables" id="EarningsPerShareTables">
        <link:definition>139 - Disclosure - EARNINGS PER SHARE (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesTables" id="CommitmentsAndContingenciesTables">
        <link:definition>140 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables" id="ParentOnlyFinancialInformationTables">
        <link:definition>141 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Tables)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails" id="DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails">
        <link:definition>142 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Organization) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails" id="DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails">
        <link:definition>143 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Significant Concentrations and Risks) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails" id="SummaryOfSignificantAccountingPoliciesDetails">
        <link:definition>144 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails" id="AccountsReceivableScheduleOfAccountsReceivableDetails">
        <link:definition>145 - Disclosure - ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails" id="AccountsReceivableClassificationOfAccountsReceivableDetails">
        <link:definition>146 - Disclosure - ACCOUNTS RECEIVABLE (Classification of Accounts Receivable) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails" id="AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails">
        <link:definition>147 - Disclosure - ACCOUNTS RECEIVABLE (Summary of Allowance for Doubtful Accounts) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails" id="AccountsReceivableScheduleOfAgingAccountsReceivableDetails">
        <link:definition>148 - Disclosure - ACCOUNTS RECEIVABLE (Schedule of Aging Accounts Receivable) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails" id="PrepaidExpensesAndOtherCurrentAssetsDetails">
        <link:definition>149 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" id="PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails">
        <link:definition>150 - Disclosure - PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails" id="PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails">
        <link:definition>151 - Disclosure - PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation Expense) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/LongtermInvestmentsDetails" id="LongtermInvestmentsDetails">
        <link:definition>152 - Disclosure - LONG-TERM INVESTMENTS (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails" id="AccruedExpensesAndOtherCurrentLiabilitiesDetails">
        <link:definition>153 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/NetRevenuesDetails" id="NetRevenuesDetails">
        <link:definition>154 - Disclosure - NET REVENUES (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails" id="LossOnForeignCurrencyForwardContractNarrativeDetails">
        <link:definition>155 - Disclosure - LOSS ON FOREIGN CURRENCY FORWARD CONTRACT (Narrative) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails" id="IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails">
        <link:definition>156 - Disclosure - INCOME TAXES (Schedule of Income before Income Taxes) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails" id="IncomeTaxesScheduleOfIncomeTaxExpensesDetails">
        <link:definition>157 - Disclosure - INCOME TAXES (Schedule of Income Tax Expenses) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" id="IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails">
        <link:definition>158 - Disclosure - INCOME TAXES (Schedule of Income Tax Rate Reconciliation) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" id="IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails">
        <link:definition>159 - Disclosure - INCOME TAXES (Schedule of Deferred Income Tax Assets) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails" id="IncomeTaxesSummaryOfValuationAllowanceDetails">
        <link:definition>160 - Disclosure - INCOME TAXES (Summary of Valuation Allowance) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails" id="IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails">
        <link:definition>161 - Disclosure - INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails" id="IncomeTaxesNarrativeDetails">
        <link:definition>162 - Disclosure - INCOME TAXES (Narrative) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails" id="RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails">
        <link:definition>163 - Disclosure - RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails" id="OrdinarySharesAndStatutoryReserveOrdinarySharesDetails">
        <link:definition>164 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE (Ordinary Shares) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails" id="OrdinarySharesAndStatutoryReserveStatutoryReserveDetails">
        <link:definition>165 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE (Statutory Reserve) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/PreferredSharesDetails" id="PreferredSharesDetails">
        <link:definition>166 - Disclosure - PREFERRED SHARES (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails" id="ShareBasedCompensationNarrativeDetails">
        <link:definition>167 - Disclosure - SHARE BASED COMPENSATION (Narrative) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails" id="ShareBasedCompensationSummaryOfStockOptionActivityDetails">
        <link:definition>168 - Disclosure - SHARE BASED COMPENSATION (Summary of Stock Option Activity) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails" id="ShareBasedCompensationSummaryOfFairValueAssumptionsDetails">
        <link:definition>169 - Disclosure - SHARE BASED COMPENSATION (Summary of Fair Value Assumptions) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails" id="ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails">
        <link:definition>170 - Disclosure - SHARE BASED COMPENSATION (Schedule of Fair Value of the Options Granted) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails" id="ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails">
        <link:definition>171 - Disclosure - SHARE BASED COMPENSATION (Summary of Non-vested Shares Activity) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" id="EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails">
        <link:definition>172 - Disclosure - EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails" id="CommitmentsAndContingenciesDetails">
        <link:definition>173 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" id="ParentOnlyFinancialInformationCondensedBalanceSheetsDetails">
        <link:definition>174 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" id="ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails">
        <link:definition>175 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Comprehensive Income) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" id="ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails">
        <link:definition>176 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Cash Flows) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:roleType roleURI="http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails" id="SubsequentEventsNarrativeDetails">
        <link:definition>177 - Disclosure - SUBSEQUENT EVENTS (Narrative) (Details)</link:definition>

        <link:usedOn>link:presentationLink</link:usedOn>

        <link:usedOn>link:definitionLink</link:usedOn>

        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>

      <link:linkbaseRef xlink:type="simple" xlink:href="tedu-20161231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="tedu-20161231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="tedu-20161231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />

      <link:linkbaseRef xlink:type="simple" xlink:href="tedu-20161231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
    </appinfo>
  </annotation>

  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />

  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />

  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />

  <import namespace="http://fasb.org/us-gaap/2016-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/country/2016-01-31" schemaLocation="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/currency/2016-01-31" schemaLocation="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/exch/2016-01-31" schemaLocation="http://xbrl.sec.gov/exch/2016/exch-2016-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-2011-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" />

  <import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd" />

  <import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd" />

  <import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />

  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />

  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />

  <import namespace="http://fasb.org/us-types/2016-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2016/elts/us-types-2016-01-31.xsd" />

  <element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_DocumentAndEntityInformationAbstract" />

  <element name="SummaryOfSignificantAccountingPoliciesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="tedu_SummaryOfSignificantAccountingPoliciesTable" />

  <element name="DenominatedBankDepositsAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="tedu_DenominatedBankDepositsAxis" />

  <element name="CashCashEquivalentsAndRestrictedInvestments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_CashCashEquivalentsAndRestrictedInvestments" />

  <element name="InterestIncomeFromEquityMethodInvestment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_InterestIncomeFromEquityMethodInvestment" />

  <element name="IncomeTaxesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="tedu_IncomeTaxesTable" />

  <element name="IncomeTaxesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxesLineItems" />

  <element name="OrdinarySharesAndStatutoryReserveAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_OrdinarySharesAndStatutoryReserveAbstract" />

  <element name="OrdinarySharesAndStatutoryReserveTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_OrdinarySharesAndStatutoryReserveTextBlock" />

  <element name="StatutoryAccountingPracticesStatutoryAppropriations" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_StatutoryAccountingPracticesStatutoryAppropriations" />

  <element name="ReservedSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ReservedSharesMember" />

  <element name="TecheduLimitedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TecheduLimitedMember" />

  <element name="TarenaLimitedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TarenaLimitedMember" />

  <element name="AuthorizedShareCapital" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_AuthorizedShareCapital" />

  <element name="StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" />

  <element name="StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" />

  <element name="StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" />

  <element name="ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" />

  <element name="PlanOneMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_PlanOneMember" />

  <element name="PlanTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_PlanTwoMember" />

  <element name="JanuaryFirstMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_JanuaryFirstMember" />

  <element name="FebruaryTwentiethMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_FebruaryTwentiethMember" />

  <element name="AprilThirdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_AprilThirdMember" />

  <element name="SeptemberSixteenthMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SeptemberSixteenthMember" />

  <element name="SeptemberSixteenthTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SeptemberSixteenthTwoMember" />

  <element name="SeptemberTwentySixthMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SeptemberTwentySixthMember" />

  <element name="NovemberEleventhMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_NovemberEleventhMember" />

  <element name="UponInitialPublicOfferingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_UponInitialPublicOfferingMember" />

  <element name="RemainingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_RemainingMember" />

  <element name="SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" />

  <element name="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" />

  <element name="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" />

  <element name="IncomeTaxEffectiveIncomeTaxRateReconciliationTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" />

  <element name="AdvancedAndNewTechnologyEnterpriseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_AdvancedAndNewTechnologyEnterpriseMember" />

  <element name="TarenaSoftwareTechnologyHangzhouCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" />

  <element name="IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" />

  <element name="EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" />

  <element name="TaxFuturePeriodAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="tedu_TaxFuturePeriodAxis" />

  <element name="TaxFuturePeriodDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TaxFuturePeriodDomain" />

  <element name="TaxYear2018Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TaxYear2018Member" />

  <element name="TaxYear2019Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TaxYear2019Member" />

  <element name="TaxYear2020Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TaxYear2020Member" />

  <element name="InterestIncome" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_InterestIncome" />

  <element name="ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" />

  <element name="ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" />

  <element name="ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" />

  <element name="PaymentsToAcquireTimeDeposits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_PaymentsToAcquireTimeDeposits" />

  <element name="ProceedsFromMaturityOfDeposits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_ProceedsFromMaturityOfDeposits" />

  <element name="RelatedPartyAdvances" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_RelatedPartyAdvances" />

  <element name="RepaymentOfRelatedPartyAdvances" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_RepaymentOfRelatedPartyAdvances" />

  <element name="SinoGermanKnowHowEducationInvestmentCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" />

  <element name="JueshengDotComMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_JueshengDotComMember" />

  <element name="MxsoftDotComMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_MxsoftDotComMember" />

  <element name="ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" />

  <element name="PaymentsToAcquireCostMethodInvestments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_PaymentsToAcquireCostMethodInvestments" />

  <element name="CostMethodInvestmentsEquityInterestAcquired" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_CostMethodInvestmentsEquityInterestAcquired" />

  <element name="CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" />

  <element name="LongtermInvestmentsPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_LongtermInvestmentsPolicyTextBlock" />

  <element name="GovernmentGrantsPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_GovernmentGrantsPolicyTextBlock" />

  <element name="AccountsReceivableFaceAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AccountsReceivableFaceAmount" />

  <element name="AmountsReceivedOnRelatedPartyBehalf" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AmountsReceivedOnRelatedPartyBehalf" />

  <element name="RepaymentsOnRelatedPartyBehalf" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_RepaymentsOnRelatedPartyBehalf" />

  <element name="StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" />

  <element name="StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" />

  <element name="AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" />

  <element name="StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" />

  <element name="PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" />

  <element name="BeijingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_BeijingMember" />

  <element name="HangzhouMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_HangzhouMember" />

  <element name="JavaMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_JavaMember" />

  <element name="DigitalArtsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_DigitalArtsMember" />

  <element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" />

  <element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" />

  <element name="DeferredTaxAssetsAccountsReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_DeferredTaxAssetsAccountsReceivable" />

  <element name="ValuationAllowanceDeferredTaxAssetAdditions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_ValuationAllowanceDeferredTaxAssetAdditions" />

  <element name="ValuationAllowanceDeferredTaxAssetReductions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_ValuationAllowanceDeferredTaxAssetReductions" />

  <element name="PrepaidAdvertisingDeposits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_PrepaidAdvertisingDeposits" />

  <element name="PrepaidEmployeeHousingLoans" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_PrepaidEmployeeHousingLoans" />

  <element name="PrepaidTravelAndRelatedExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_PrepaidTravelAndRelatedExpenses" />

  <element name="PrepaidExpensesAndOtherCurrentAssetsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" />

  <element name="ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" />

  <element name="ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" />

  <element name="ChuanbangMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ChuanbangMember" />

  <element name="GuaranteeFeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_GuaranteeFeeMember" />

  <element name="AmountsReceivedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_AmountsReceivedMember" />

  <element name="RepaymentsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_RepaymentsMember" />

  <element name="ServiceFeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ServiceFeeMember" />

  <element name="SummaryOfAccountsReceivableClassificationTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" />

  <element name="SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" />

  <element name="PastDueAccountsReceivableTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_PastDueAccountsReceivableTableTextBlock" />

  <element name="AgingAccountsReceivableCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AgingAccountsReceivableCurrent" />

  <element name="AgingAccountsReceivable1To3MonthsPastDue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AgingAccountsReceivable1To3MonthsPastDue" />

  <element name="AgingAccountsReceivable4To6MonthsPastDue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AgingAccountsReceivable4To6MonthsPastDue" />

  <element name="AgingAccountsReceivable7To12MonthsPastDue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AgingAccountsReceivable7To12MonthsPastDue" />

  <element name="AgingAccountsReceivableGreaterThanOneYearPastDue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" />

  <element name="NetRevenuesTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_NetRevenuesTextBlock" />

  <element name="ScheduleOfNetRevenuesTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ScheduleOfNetRevenuesTableTextBlock" />

  <element name="TemporaryEquityTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TemporaryEquityTextBlock" />

  <element name="ScheduleForCostAndEquityMethodInvestmentTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" />

  <element name="OtherCostMethodInvestmentsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_OtherCostMethodInvestmentsMember" />

  <element name="NumberOfEntitiesAccountedUsingCostMethod" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_NumberOfEntitiesAccountedUsingCostMethod" />

  <element name="OtherCostMethodInvestmentsOneMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_OtherCostMethodInvestmentsOneMember" />

  <element name="TaxYear2021Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TaxYear2021Member" />

  <element name="NewOrientalEducationTechnologyGroupIncMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_NewOrientalEducationTechnologyGroupIncMember" />

  <element name="ForeignCurrencyTransactionGainLossBeforeTax1" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="tedu_ForeignCurrencyTransactionGainLossBeforeTax1" />

  <element name="OtherCostMethodInvestmentsTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_OtherCostMethodInvestmentsTwoMember" />

  <element name="EquityInterestOfOnlinePlatformMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EquityInterestOfOnlinePlatformMember" />

  <element name="HockeyGlobalResourcesInvestmentLimitedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_HockeyGlobalResourcesInvestmentLimitedMember" />

  <element name="IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" />

  <element name="IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" />

  <element name="IncomeTaxesCalculationBasisUnderDeemedProfitMethod" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" />

  <element name="IncomeTaxExaminationOpenYearsForExamination" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxExaminationOpenYearsForExamination" />

  <element name="IncomeTaxExaminationStatuteOfLimitation" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxExaminationStatuteOfLimitation" />

  <element name="HanruEducationTechnologyCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_HanruEducationTechnologyCoLtdMember" />

  <element name="IncomeTaxesStatuteOfLimitationByTypeAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem" id="tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" />

  <element name="IncomeTaxesStatuteOfLimitationByTypeDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" />

  <element name="ComputationalErrorsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ComputationalErrorsMember" />

  <element name="UnderpaymentOfTaxesIsMoreThanRmb100000Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" />

  <element name="TransferPricingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TransferPricingMember" />

  <element name="ReceivableCollectionServicesFeeDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ReceivableCollectionServicesFeeDescription" />

  <element name="PreciseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_PreciseMember" />

  <element name="BeijingTarenaMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_BeijingTarenaMember" />

  <element name="ShanghaiTarenaMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ShanghaiTarenaMember" />

  <element name="EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" />

  <element name="LoanAgreementsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_LoanAgreementsMember" />

  <element name="EquityHoldersMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_EquityHoldersMember" />

  <element name="DebtInstrumentInitialExpirationYear" type="xbrli:gYearItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_DebtInstrumentInitialExpirationYear" />

  <element name="TarenaEntitiesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_TarenaEntitiesMember" />

  <element name="MrHanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_MrHanMember" />

  <element name="MrLiMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_MrLiMember" />

  <element name="SeriesBConvertibleRedeemablePreferredSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SeriesBConvertibleRedeemablePreferredSharesMember" />

  <element name="SeriesCConvertibleRedeemablePreferredSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SeriesCConvertibleRedeemablePreferredSharesMember" />

  <element name="SignificantAccountingPoliciesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_SignificantAccountingPoliciesLineItems" />

  <element name="DenominatedBankDepositsDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_DenominatedBankDepositsDomain" />

  <element name="RmbDenominatedBankDepositsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_RmbDenominatedBankDepositsMember" />

  <element name="UsDollarDenominatedBankDepositsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_UsDollarDenominatedBankDepositsMember" />

  <element name="HkDollarDenominatedBankDepositsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_HkDollarDenominatedBankDepositsMember" />

  <element name="StatutoryReservesPercentageOfAppropriationFromNetProfit" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" />

  <element name="StatutoryReservesBalanceAsPercentageToCapital" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_StatutoryReservesBalanceAsPercentageToCapital" />

  <element name="StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" />

  <element name="StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" />

  <element name="BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" />

  <element name="IncomeTaxPayableMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_IncomeTaxPayableMember" />

  <element name="LoanReferralServiceRevenuepercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_LoanReferralServiceRevenuepercentage" />

  <element name="ForeignCurrencyForwardContractDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ForeignCurrencyForwardContractDisclosureTextBlock" />

  <element name="LongTermLoansToEmployees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_LongTermLoansToEmployees" />

  <element name="AvailableforsaleInvestmentOwnershipInterestAcquired" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" />

  <element name="AccretionOfConvertibleRedeemablePreferredStock" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="debit" substitutionGroup="xbrli:item" id="tedu_AccretionOfConvertibleRedeemablePreferredStock" />

  <element name="WebFrontMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_WebFrontMember" />

  <element name="BeijingTarenaJinqiaoTechnologyCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" />

  <element name="ShanghaiTarenaSoftwareTechnologyCoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" />

  <element name="BasicEarningsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_BasicEarningsMember" />

  <element name="DilutedEarningsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_DilutedEarningsMember" />

  <element name="WithholdingTaxPercentageOnRepatriatedEarnings" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="tedu_WithholdingTaxPercentageOnRepatriatedEarnings" />

  <element name="FairValueOfOrdinaryShareByValuation" type="num:perShareItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="tedu_FairValueOfOrdinaryShareByValuation" />
</schema>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>22
<FILENAME>tedu-20161231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfCashFlows" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedBalanceSheets" roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" roleURI="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingencies" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingencies" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingenciesDetails" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformation" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensation" roleURI="http://bj.tedu.cn/role/ShareBasedCompensation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShare" roleURI="http://bj.tedu.cn/role/EarningsPerShare" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfComprehensiveIncome" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxExpensesDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxes" roleURI="http://bj.tedu.cn/role/IncomeTaxes" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LongtermInvestments" roleURI="http://bj.tedu.cn/role/LongtermInvestments" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilities" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilitiesDetails" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssetsDetails" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssets" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNet" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNet" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAgingAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableClassificationOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivable" roleURI="http://bj.tedu.cn/role/AccountsReceivable" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenues" roleURI="http://bj.tedu.cn/role/NetRevenues" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenuesDetails" roleURI="http://bj.tedu.cn/role/NetRevenuesDetails" />

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xlink:label="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" use="optional" order="70" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_AssetsCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_Cash" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" use="optional" order="20" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_Liabilities" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_LiabilitiesCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_CommonStockValue" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_TreasuryStockCommonValue" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_AdditionalPaidInCapital" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit" use="optional" order="50" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RelatedPartyAdvances" xlink:label="loc_tedu_RelatedPartyAdvances" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_tedu_RelatedPartyAdvances" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentOfRelatedPartyAdvances" xlink:label="loc_tedu_RepaymentOfRelatedPartyAdvances" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_tedu_RepaymentOfRelatedPartyAdvances" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfDividends" use="optional" order="60" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" use="optional" order="70" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts" use="optional" order="80" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits" use="optional" order="10" weight="-1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" use="optional" order="30" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="loc_us-gaap_AccountsReceivableGross" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccountsReceivableFaceAmount" xlink:label="loc_tedu_AccountsReceivableFaceAmount" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AccountsReceivableFaceAmount" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xlink:label="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" use="optional" order="20" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProfitLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" use="optional" order="40" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ShareBasedCompensation" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments" use="optional" order="70" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" use="optional" order="80" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" use="optional" order="90" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" use="optional" order="100" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" use="optional" order="110" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayable" use="optional" order="120" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" use="optional" order="130" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" use="optional" order="140" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" use="optional" order="150" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" use="optional" order="160" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" use="optional" order="170" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xlink:label="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" use="optional" order="180" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedOnRelatedPartyBehalf" xlink:label="loc_tedu_AmountsReceivedOnRelatedPartyBehalf" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_tedu_AmountsReceivedOnRelatedPartyBehalf" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsOnRelatedPartyBehalf" xlink:label="loc_tedu_RepaymentsOnRelatedPartyBehalf" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_tedu_RepaymentsOnRelatedPartyBehalf" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfDividends" use="optional" order="60" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" use="optional" order="70" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts" use="optional" order="80" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" use="optional" order="10" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLongtermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireLongtermInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireLongtermInvestments" use="optional" order="50" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesGross" use="optional" order="60" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAcquiredFromAcquisition" xlink:label="loc_us-gaap_CashAcquiredFromAcquisition" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_CashAcquiredFromAcquisition" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits" use="optional" order="80" weight="-1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits" use="optional" order="90" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable" use="optional" order="100" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable" use="optional" order="110" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_Liabilities" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_LiabilitiesCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_AccountsPayableCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_DeferredRevenueCurrent" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_CommitmentsAndContingencies" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_CommonStockValue" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_TreasuryStockCommonValue" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_AdditionalPaidInCapital" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit" use="optional" order="50" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xlink:label="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" use="optional" order="20" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" use="optional" order="20" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" use="optional" order="60" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaap_ProfitLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_OperatingIncomeLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GrossProfit" xlink:label="loc_us-gaap_GrossProfit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="loc_us-gaap_GrossProfit" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GrossProfit" xlink:to="loc_us-gaap_SalesRevenueNet" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="loc_us-gaap_CostOfRevenue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GrossProfit" xlink:to="loc_us-gaap_CostOfRevenue" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_us-gaap_SellingAndMarketingExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="loc_us-gaap_SellingAndMarketingExpense" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense" use="optional" order="30" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpense" use="optional" order="40" weight="-1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_tedu_InterestIncome" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xlink:label="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" use="optional" order="20" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="loc_us-gaap_DeferredTaxAssetsGross" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DeferredTaxAssetsAccountsReceivable" xlink:label="loc_tedu_DeferredTaxAssetsAccountsReceivable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="loc_tedu_DeferredTaxAssetsAccountsReceivable" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpense" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance" use="optional" order="20" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" use="optional" order="20" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_us-gaap_TaxesPayableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrent" xlink:to="loc_us-gaap_TaxesPayableCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrent" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrent" xlink:to="loc_us-gaap_OtherAccruedLiabilitiesCurrent" use="optional" order="30" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidRent" xlink:label="loc_us-gaap_PrepaidRent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_us-gaap_PrepaidRent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_us-gaap_InterestReceivableCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidAdvertisingDeposits" xlink:label="loc_tedu_PrepaidAdvertisingDeposits" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_tedu_PrepaidAdvertisingDeposits" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidAdvertising" xlink:label="loc_us-gaap_PrepaidAdvertising" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_us-gaap_PrepaidAdvertising" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidTaxes" xlink:label="loc_us-gaap_PrepaidTaxes" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_us-gaap_PrepaidTaxes" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidEmployeeHousingLoans" xlink:label="loc_tedu_PrepaidEmployeeHousingLoans" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_tedu_PrepaidEmployeeHousingLoans" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidTravelAndRelatedExpenses" xlink:label="loc_tedu_PrepaidTravelAndRelatedExpenses" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_tedu_PrepaidTravelAndRelatedExpenses" use="optional" order="70" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_us-gaap_OtherAssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="loc_us-gaap_OtherAssetsCurrent" use="optional" order="80" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentGross" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" use="optional" order="20" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableCurrent" xlink:label="loc_tedu_AgingAccountsReceivableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AgingAccountsReceivableCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable1To3MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable4To6MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable7To12MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xlink:label="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" use="optional" order="50" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent" use="optional" order="20" weight="1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_ProfitLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" use="optional" order="40" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_ProfitLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_OperatingIncomeLoss" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_tedu_InterestIncome" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit" use="optional" order="20" weight="-1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" use="optional" order="40" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/NetRevenuesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="loc_us-gaap_SalesRevenueServicesNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="loc_us-gaap_SalesRevenueServicesNet" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="loc_us-gaap_SalesRevenueGoodsNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="loc_us-gaap_SalesRevenueGoodsNet" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueOtherFinancialServices" xlink:label="loc_us-gaap_RevenueOtherFinancialServices" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="loc_us-gaap_RevenueOtherFinancialServices" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_us-gaap_OtherSalesRevenueNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="loc_us-gaap_OtherSalesRevenueNet" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="loc_us-gaap_ExciseAndSalesTaxes" use="optional" order="50" weight="-1" />
  </calculationLink>

  <calculationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_AssetsCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_Cash" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsNoncurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_RestrictedInvestmentsNoncurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet" use="optional" order="40" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_us-gaap_Goodwill" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_Goodwill" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_LongTermInvestments" use="optional" order="60" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_OtherAssetsNoncurrent" use="optional" order="70" weight="1" />
  </calculationLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>23
<FILENAME>tedu-20161231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DocumentAndEntityInformation" roleURI="http://bj.tedu.cn/role/DocumentAndEntityInformation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SummaryOfSignificantAccountingPoliciesDetails" roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#OrdinarySharesAndStatutoryReserveStatutoryReserveDetails" roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#OrdinarySharesAndStatutoryReserveOrdinarySharesDetails" roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationNarrativeDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesNarrativeDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LongtermInvestmentsDetails" roleURI="http://bj.tedu.cn/role/LongtermInvestmentsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfCashFlows" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedBalanceSheets" roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedBalanceSheetsParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfChangesInEquityDeficit" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PreferredSharesDetails" roleURI="http://bj.tedu.cn/role/PreferredSharesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" roleURI="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingenciesDetails" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfStockOptionActivityDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfFairValueAssumptionsDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfComprehensiveIncomeParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfComprehensiveIncome" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesSummaryOfValuationAllowanceDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxExpensesDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilitiesDetails" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssetsDetails" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails" roleURI="http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAgingAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableClassificationOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenuesDetails" roleURI="http://bj.tedu.cn/role/NetRevenuesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfChangesInEquityDeficitParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SubsequentEventsNarrativeDetails" roleURI="http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LossOnForeignCurrencyForwardContractNarrativeDetails" roleURI="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" />

  <arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" />

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems_1175" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable_3" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentInformationTable_3" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_4" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_us-gaap_StatementClassOfStockAxis_4" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1176" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_4" xlink:to="loc_us-gaap_ClassOfStockDomain_1176" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1176_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_4" xlink:to="loc_us-gaap_ClassOfStockDomain_1176_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_1415" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_1176" xlink:to="loc_us-gaap_CommonClassAMember_1415" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_1416" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_1176" xlink:to="loc_us-gaap_CommonClassBMember_1416" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_1039" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentType_1039" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_1041" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentPeriodEndDate_1041" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_1040" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_AmendmentFlag_1040" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_1285" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityRegistrantName_1285" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_1045" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCentralIndexKey_1045" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus_1048" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCurrentReportingStatus_1048" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_1046" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_CurrentFiscalYearEndDate_1046" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_1049" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityFilerCategory_1049" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer_1047" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityWellKnownSeasonedIssuer_1047" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_1042" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentFiscalYearFocus_1042" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_1043" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentFiscalPeriodFocus_1043" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_1417" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_1417" use="optional" order="18" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SignificantAccountingPoliciesLineItems" xlink:label="loc_tedu_SignificantAccountingPoliciesLineItems_1250" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_24" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_RangeAxis_24" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_25" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_24" xlink:to="loc_us-gaap_RangeMember_25" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_25_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_24" xlink:to="loc_us-gaap_RangeMember_25_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_26" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_25" xlink:to="loc_us-gaap_MinimumMember_26" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_27" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_25" xlink:to="loc_us-gaap_MaximumMember_27" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29_default" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BuildingMember" xlink:label="loc_us-gaap_BuildingMember_1179" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_BuildingMember_1179" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember_30" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_FurnitureAndFixturesMember_30" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember_31" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_OfficeEquipmentMember_31" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_33" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_StatementGeographicalAxis_33" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_34" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementGeographicalAxis_33" xlink:to="loc_us-gaap_SegmentGeographicalDomain_34" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_34_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementGeographicalAxis_33" xlink:to="loc_us-gaap_SegmentGeographicalDomain_34_default" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_CN" xlink:label="loc_country_CN_35" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_CN_35" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_HK" xlink:label="loc_country_HK_36" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_HK_36" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_US" xlink:label="loc_country_US_38" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_US_38" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="loc_us-gaap_CurrencyAxis_39" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_CurrencyAxis_39" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="loc_currency_AllCurrenciesDomain_40" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_CurrencyAxis_39" xlink:to="loc_currency_AllCurrenciesDomain_40" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="loc_currency_AllCurrenciesDomain_40_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_CurrencyAxis_39" xlink:to="loc_currency_AllCurrenciesDomain_40_default" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsAxis" xlink:label="loc_tedu_DenominatedBankDepositsAxis_44" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_tedu_DenominatedBankDepositsAxis_44" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsDomain" xlink:label="loc_tedu_DenominatedBankDepositsDomain_1251" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_tedu_DenominatedBankDepositsAxis_44" xlink:to="loc_tedu_DenominatedBankDepositsDomain_1251" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsDomain" xlink:label="loc_tedu_DenominatedBankDepositsDomain_1251_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_tedu_DenominatedBankDepositsAxis_44" xlink:to="loc_tedu_DenominatedBankDepositsDomain_1251_default" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RmbDenominatedBankDepositsMember" xlink:label="loc_tedu_RmbDenominatedBankDepositsMember_1252" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_RmbDenominatedBankDepositsMember_1252" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UsDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_UsDollarDenominatedBankDepositsMember_1253" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_UsDollarDenominatedBankDepositsMember_1253" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HkDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_HkDollarDenominatedBankDepositsMember_1254" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_HkDollarDenominatedBankDepositsMember_1254" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CashCashEquivalentsAndRestrictedInvestments" xlink:label="loc_tedu_CashCashEquivalentsAndRestrictedInvestments_45" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_CashCashEquivalentsAndRestrictedInvestments_45" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_46" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments_46" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncomeFromEquityMethodInvestment" xlink:label="loc_tedu_InterestIncomeFromEquityMethodInvestment_47" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_InterestIncomeFromEquityMethodInvestment_47" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_48" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_48" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvertisingExpense" xlink:label="loc_us-gaap_AdvertisingExpense_49" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_AdvertisingExpense_49" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xlink:label="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract_50" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract_50" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueFromGrants" xlink:label="loc_us-gaap_RevenueFromGrants_51" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_RevenueFromGrants_51" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:label="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_52" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_52" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer_53" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer_53" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredOfferingCosts" xlink:label="loc_us-gaap_DeferredOfferingCosts_54" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DeferredOfferingCosts_54" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanReferralServiceRevenuepercentage" xlink:label="loc_tedu_LoanReferralServiceRevenuepercentage_1288" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_LoanReferralServiceRevenuepercentage_1288" use="optional" order="38" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesLineItems" xlink:label="loc_tedu_IncomeTaxesLineItems_63" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesTable" xlink:label="loc_tedu_IncomeTaxesTable_57" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_tedu_IncomeTaxesLineItems_63" xlink:to="loc_tedu_IncomeTaxesTable_57" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_58" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_IncomeTaxesTable_57" xlink:to="loc_us-gaap_StatementGeographicalAxis_58" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_59" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementGeographicalAxis_58" xlink:to="loc_us-gaap_SegmentGeographicalDomain_59" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_59_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementGeographicalAxis_58" xlink:to="loc_us-gaap_SegmentGeographicalDomain_59_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_CN" xlink:label="loc_country_CN_60" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_CN_60" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_HK" xlink:label="loc_country_HK_61" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_HK_61" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_KY" xlink:label="loc_country_KY_62" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_KY_62" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_64" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxesLineItems_63" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_64" use="optional" order="8" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1262" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryAccountingPracticesStatutoryAppropriations" xlink:label="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations_70" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations_70" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xlink:label="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_71" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_71" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1259" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_us-gaap_StatementTable_1259" use="optional" order="3" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1260" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1259" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1260" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1261" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1260" xlink:to="loc_us-gaap_ClassOfStockDomain_1261" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1261_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1260" xlink:to="loc_us-gaap_ClassOfStockDomain_1261_default" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit_1263" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit_1263" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesBalanceAsPercentageToCapital" xlink:label="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital_1264" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital_1264" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit_1265" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit_1265" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets_1266" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets_1266" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems_91" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable_74" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_ScheduleOfStockByClassTable_74" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_75" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_us-gaap_StatementClassOfStockAxis_75" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_76" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_75" xlink:to="loc_us-gaap_ClassOfStockDomain_76" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_76_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_75" xlink:to="loc_us-gaap_ClassOfStockDomain_76_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_77" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_CommonClassAMember_77" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_78" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_CommonClassBMember_78" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReservedSharesMember" xlink:label="loc_tedu_ReservedSharesMember_79" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_tedu_ReservedSharesMember_79" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_80" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_80" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_81" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_81" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_82" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_81" xlink:to="loc_us-gaap_EquityComponentDomain_82" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_82_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_81" xlink:to="loc_us-gaap_EquityComponentDomain_82_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_83" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_CommonStockMember_83" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_84" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_84" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_85" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_RetainedEarningsMember_85" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember_86" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_TreasuryStockMember_86" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_87" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_dei_LegalEntityAxis_87" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_88" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_87" xlink:to="loc_dei_EntityDomain_88" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_88_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_87" xlink:to="loc_dei_EntityDomain_88_default" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TecheduLimitedMember" xlink:label="loc_tedu_TecheduLimitedMember_89" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_TecheduLimitedMember_89" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaLimitedMember" xlink:label="loc_tedu_TarenaLimitedMember_90" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_TarenaLimitedMember_90" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NewOrientalEducationTechnologyGroupIncMember" xlink:label="loc_tedu_NewOrientalEducationTechnologyGroupIncMember_1161" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_NewOrientalEducationTechnologyGroupIncMember_1161" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AuthorizedShareCapital" xlink:label="loc_tedu_AuthorizedShareCapital_92" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_AuthorizedShareCapital_92" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:label="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_93" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_93" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_94" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_94" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_95" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_95" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_96" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesIssued_96" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_97" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_97" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_98" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_98" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_99" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_99" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_100" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesIssued_100" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding_101" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesOutstanding_101" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_102" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_102" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_103" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_103" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_105" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_105" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_106" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_106" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_107" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_107" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_108" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_108" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_110" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_110" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_111" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_SharePrice_111" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_113" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_113" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="loc_us-gaap_DebtInstrumentTerm_114" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DebtInstrumentTerm_114" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:label="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_115" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_115" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_us-gaap_ConversionOfStockSharesConverted1_116" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_ConversionOfStockSharesConverted1_116" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_117" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_117" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_118" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_118" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired_121" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_TreasuryStockSharesAcquired_121" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_122" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_122" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_1327" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_LongTermDebt_1327" use="optional" order="48" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_1350" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_1350" use="optional" order="49" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_1351" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DividendsCommonStockCash_1351" use="optional" order="50" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_126" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_PlanNameAxis_126" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_127" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PlanNameAxis_126" xlink:to="loc_us-gaap_PlanNameDomain_127" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_127_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PlanNameAxis_126" xlink:to="loc_us-gaap_PlanNameDomain_127_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanOneMember" xlink:label="loc_tedu_PlanOneMember_128" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PlanNameDomain_127" xlink:to="loc_tedu_PlanOneMember_128" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanTwoMember" xlink:label="loc_tedu_PlanTwoMember_129" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PlanNameDomain_127" xlink:to="loc_tedu_PlanTwoMember_129" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaap_AwardDateAxis_130" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_AwardDateAxis_130" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_131" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardDateAxis_130" xlink:to="loc_us-gaap_AwardDateDomain_131" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_131_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardDateAxis_130" xlink:to="loc_us-gaap_AwardDateDomain_131_default" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JanuaryFirstMember" xlink:label="loc_tedu_JanuaryFirstMember_132" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_JanuaryFirstMember_132" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FebruaryTwentiethMember" xlink:label="loc_tedu_FebruaryTwentiethMember_133" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_FebruaryTwentiethMember_133" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AprilThirdMember" xlink:label="loc_tedu_AprilThirdMember_134" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_AprilThirdMember_134" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthMember" xlink:label="loc_tedu_SeptemberSixteenthMember_135" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberSixteenthMember_135" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthTwoMember" xlink:label="loc_tedu_SeptemberSixteenthTwoMember_136" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberSixteenthTwoMember_136" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberTwentySixthMember" xlink:label="loc_tedu_SeptemberTwentySixthMember_137" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberTwentySixthMember_137" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NovemberEleventhMember" xlink:label="loc_tedu_NovemberEleventhMember_138" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_NovemberEleventhMember_138" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_us-gaap_VestingAxis_139" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_VestingAxis_139" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaap_VestingDomain_140" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_VestingAxis_139" xlink:to="loc_us-gaap_VestingDomain_140" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaap_VestingDomain_140_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_VestingAxis_139" xlink:to="loc_us-gaap_VestingDomain_140_default" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UponInitialPublicOfferingMember" xlink:label="loc_tedu_UponInitialPublicOfferingMember_142" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VestingDomain_140" xlink:to="loc_tedu_UponInitialPublicOfferingMember_142" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RemainingMember" xlink:label="loc_tedu_RemainingMember_143" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VestingDomain_140" xlink:to="loc_tedu_RemainingMember_143" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_146" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_RangeAxis_146" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_147" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_146" xlink:to="loc_us-gaap_RangeMember_147" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_147_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_146" xlink:to="loc_us-gaap_RangeMember_147_default" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_148" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_147" xlink:to="loc_us-gaap_MinimumMember_148" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_149" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_147" xlink:to="loc_us-gaap_MaximumMember_149" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_151" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" xlink:to="loc_us-gaap_RelatedPartyDomain_151" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_151_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" xlink:to="loc_us-gaap_RelatedPartyDomain_151_default" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_153" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_StatementClassOfStockAxis_153" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_154" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_153" xlink:to="loc_us-gaap_ClassOfStockDomain_154" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_154_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_153" xlink:to="loc_us-gaap_ClassOfStockDomain_154_default" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_156" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_StatementScenarioAxis_156" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1310" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementScenarioAxis_156" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1310" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1310_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementScenarioAxis_156" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1310_default" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_1309" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_TitleOfIndividualAxis_1309" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_TitleOfIndividualAxis_1309" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_TitleOfIndividualAxis_1309" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369_default" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember_1370" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" xlink:to="loc_us-gaap_DirectorMember_1370" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_157" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_157" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_159" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_159" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_160" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_160" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_161" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_161" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_162" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_162" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_166" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_166" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_167" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharePrice_167" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_168" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_168" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_169" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_169" use="optional" order="48" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xlink:label="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue_170" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue_170" use="optional" order="49" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_171" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_171" use="optional" order="50" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions_172" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions_172" use="optional" order="51" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_173" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_173" use="optional" order="52" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions_174" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions_174" use="optional" order="53" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_175" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_175" use="optional" order="54" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FairValueOfOrdinaryShareByValuation" xlink:label="loc_tedu_FairValueOfOrdinaryShareByValuation_1389" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_FairValueOfOrdinaryShareByValuation_1389" use="optional" order="55" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_179" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" xlink:to="loc_dei_LegalEntityAxis_179" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_180" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_179" xlink:to="loc_dei_EntityDomain_180" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_180_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_179" xlink:to="loc_dei_EntityDomain_180_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdvancedAndNewTechnologyEnterpriseMember" xlink:label="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember_181" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_180" xlink:to="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember_181" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:label="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_182" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_180" xlink:to="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_182" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_184" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_184" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_185" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_185" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_186" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_186" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_188" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_188" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_189" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_189" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xlink:label="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent_190" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent_190" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_191" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_191" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays_192" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays_192" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_195" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_195" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_196" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_196" use="optional" order="17" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1383" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xlink:label="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare_199" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare_199" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsOfForeignSubsidiaries" xlink:label="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries_200" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries_200" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_201" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_201" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_202" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_202" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits_203" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefits_203" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xlink:label="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit_206" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit_206" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_207" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_StatementTable_207" use="optional" order="7" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodAxis" xlink:label="loc_tedu_TaxFuturePeriodAxis_208" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_tedu_TaxFuturePeriodAxis_208" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodDomain" xlink:label="loc_tedu_TaxFuturePeriodDomain_209" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_tedu_TaxFuturePeriodAxis_208" xlink:to="loc_tedu_TaxFuturePeriodDomain_209" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodDomain" xlink:label="loc_tedu_TaxFuturePeriodDomain_209_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_tedu_TaxFuturePeriodAxis_208" xlink:to="loc_tedu_TaxFuturePeriodDomain_209_default" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2018Member" xlink:label="loc_tedu_TaxYear2018Member_211" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2018Member_211" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2019Member" xlink:label="loc_tedu_TaxYear2019Member_212" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2019Member_212" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2020Member" xlink:label="loc_tedu_TaxYear2020Member_213" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2020Member_213" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2021Member" xlink:label="loc_tedu_TaxYear2021Member_1143" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2021Member_1143" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_214" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_dei_LegalEntityAxis_214" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_215" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_214" xlink:to="loc_dei_EntityDomain_215" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_215_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_214" xlink:to="loc_dei_EntityDomain_215_default" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:label="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_216" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_215" xlink:to="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_216" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HanruEducationTechnologyCoLtdMember" xlink:label="loc_tedu_HanruEducationTechnologyCoLtdMember_1202" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_215" xlink:to="loc_tedu_HanruEducationTechnologyCoLtdMember_1202" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_217" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_217" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1128" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_217" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1128" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1128_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_217" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1128_default" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_1127" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementGeographicalAxis_1127" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_1189" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementGeographicalAxis_1127" xlink:to="loc_us-gaap_SegmentGeographicalDomain_1189" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_1189_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementGeographicalAxis_1127" xlink:to="loc_us-gaap_SegmentGeographicalDomain_1189_default" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_1188" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_RangeAxis_1188" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1204" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_1188" xlink:to="loc_us-gaap_RangeMember_1204" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1204_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_1188" xlink:to="loc_us-gaap_RangeMember_1204_default" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_1206" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_1204" xlink:to="loc_us-gaap_MaximumMember_1206" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameAxis" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameDomain" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" xlink:to="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameDomain" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" xlink:to="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208_default" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StateAdministrationOfTaxationChinaMember" xlink:label="loc_us-gaap_StateAdministrationOfTaxationChinaMember_1209" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" xlink:to="loc_us-gaap_StateAdministrationOfTaxationChinaMember_1209" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" xlink:to="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" xlink:to="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211_default" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ComputationalErrorsMember" xlink:label="loc_tedu_ComputationalErrorsMember_1212" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_ComputationalErrorsMember_1212" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xlink:label="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member_1213" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member_1213" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TransferPricingMember" xlink:label="loc_tedu_TransferPricingMember_1214" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_TransferPricingMember_1214" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_1210" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_1210" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1282" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1210" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1282" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1282_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1210" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1282_default" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxPayableMember" xlink:label="loc_tedu_IncomeTaxPayableMember_1284" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1282" xlink:to="loc_tedu_IncomeTaxPayableMember_1284" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentLiabilitiesMember" xlink:label="loc_us-gaap_OtherNoncurrentLiabilitiesMember_1283" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1282" xlink:to="loc_us-gaap_OtherNoncurrentLiabilitiesMember_1283" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_1281" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementScenarioAxis_1281" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1325" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementScenarioAxis_1281" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1325" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1325_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementScenarioAxis_1281" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1325_default" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember_1326" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain_1325" xlink:to="loc_us-gaap_ScenarioForecastMember_1326" use="optional" order="48" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1324" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1324" use="optional" order="49" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1363" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1324" xlink:to="loc_us-gaap_ClassOfStockDomain_1363" use="optional" order="50" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1363_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1324" xlink:to="loc_us-gaap_ClassOfStockDomain_1363_default" use="optional" order="51" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BasicEarningsMember" xlink:label="loc_tedu_BasicEarningsMember_1364" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_1363" xlink:to="loc_tedu_BasicEarningsMember_1364" use="optional" order="52" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DilutedEarningsMember" xlink:label="loc_tedu_DilutedEarningsMember_1365" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_1363" xlink:to="loc_tedu_DilutedEarningsMember_1365" use="optional" order="53" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetAxis" xlink:label="loc_us-gaap_RegulatoryAssetAxis_1362" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_RegulatoryAssetAxis_1362" use="optional" order="54" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetDomain" xlink:label="loc_us-gaap_RegulatoryAssetDomain_1384" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RegulatoryAssetAxis_1362" xlink:to="loc_us-gaap_RegulatoryAssetDomain_1384" use="optional" order="55" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetDomain" xlink:label="loc_us-gaap_RegulatoryAssetDomain_1384_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RegulatoryAssetAxis_1362" xlink:to="loc_us-gaap_RegulatoryAssetDomain_1384_default" use="optional" order="56" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxChargesMember" xlink:label="loc_us-gaap_DeferredIncomeTaxChargesMember_1385" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RegulatoryAssetDomain_1384" xlink:to="loc_us-gaap_DeferredIncomeTaxChargesMember_1385" use="optional" order="57" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="loc_us-gaap_OperatingLossCarryforwards_218" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_OperatingLossCarryforwards_218" use="optional" order="58" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_220" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_220" use="optional" order="59" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises_1194" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises_1194" use="optional" order="60" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_1195" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_1195" use="optional" order="61" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises_1197" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises_1197" use="optional" order="62" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xlink:label="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod_1198" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod_1198" use="optional" order="63" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationOpenYearsForExamination" xlink:label="loc_tedu_IncomeTaxExaminationOpenYearsForExamination_1200" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxExaminationOpenYearsForExamination_1200" use="optional" order="64" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationStatuteOfLimitation" xlink:label="loc_tedu_IncomeTaxExaminationStatuteOfLimitation_1201" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxExaminationStatuteOfLimitation_1201" use="optional" order="65" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xlink:label="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings_1387" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings_1387" use="optional" order="66" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementTable" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementTable_223" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_CondensedBalanceSheetStatementTable_223" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_224" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable_223" xlink:to="loc_dei_LegalEntityAxis_224" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_225" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_224" xlink:to="loc_dei_EntityDomain_225" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_225_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_224" xlink:to="loc_dei_EntityDomain_225_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_226" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_225" xlink:to="loc_us-gaap_ParentCompanyMember_226" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_227" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable_223" xlink:to="loc_us-gaap_StatementClassOfStockAxis_227" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_228" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_227" xlink:to="loc_us-gaap_ClassOfStockDomain_228" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_228_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_227" xlink:to="loc_us-gaap_ClassOfStockDomain_228_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_232" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_228" xlink:to="loc_us-gaap_CommonClassAMember_232" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_233" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_228" xlink:to="loc_us-gaap_CommonClassBMember_233" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_235" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_AssetsAbstract_235" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_236" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_AssetsCurrentAbstract_236" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_237" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_Cash_237" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent_238" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent_238" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_239" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_239" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_240" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_240" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_241" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_AssetsCurrent_241" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_242" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_242" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_244" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_Assets_244" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_246" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_246" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_247" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_246" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_247" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_1400" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_246" xlink:to="loc_us-gaap_LiabilitiesCurrent_1400" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_248" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_248" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_249" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_Liabilities_249" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_250" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_CommitmentsAndContingencies_250" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="loc_us-gaap_TemporaryEquityAbstract_251" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_TemporaryEquityAbstract_251" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_253" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_StockholdersEquityAbstract_253" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_254" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_CommonStockValue_254" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue_255" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_TreasuryStockCommonValue_255" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_256" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_AdditionalPaidInCapital_256" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_257" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_257" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_258" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_258" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_259" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_259" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_260" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_260" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_262" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_262" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_263" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_263" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_264" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesIssued_264" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_265" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_265" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares_266" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_TreasuryStockShares_266" use="optional" order="41" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementTable" xlink:label="loc_us-gaap_CondensedIncomeStatementTable_269" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_CondensedIncomeStatementTable_269" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_270" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedIncomeStatementTable_269" xlink:to="loc_dei_LegalEntityAxis_270" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_271" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_270" xlink:to="loc_dei_EntityDomain_271" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_271_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_270" xlink:to="loc_dei_EntityDomain_271_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_272" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_271" xlink:to="loc_us-gaap_ParentCompanyMember_272" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_274" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_274" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss_275" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OperatingIncomeLoss_275" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax_276" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax_276" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_277" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_277" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome_278" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_tedu_InterestIncome_278" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1077" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1077" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_279" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_279" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_280" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_280" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_281" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_281" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_282" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ProfitLoss_282" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_284" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_284" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1078" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1078" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1335" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1335" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_285" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_285" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1336" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1336" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1341" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1341" use="optional" order="22" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementTable" xlink:label="loc_us-gaap_CondensedCashFlowStatementTable_288" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CondensedCashFlowStatementTable_288" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_289" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable_288" xlink:to="loc_dei_LegalEntityAxis_289" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_290" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_289" xlink:to="loc_dei_EntityDomain_290" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_290_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_289" xlink:to="loc_dei_EntityDomain_290_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_291" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_290" xlink:to="loc_us-gaap_ParentCompanyMember_291" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable_288" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_293" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_293" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_293_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_293_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_294" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_294" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_295" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_295" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_296" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_296" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_299" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_299" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits_301" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits_301" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits_302" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits_302" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_303" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_303" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_306" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_306" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RelatedPartyAdvances" xlink:label="loc_tedu_RelatedPartyAdvances_313" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_tedu_RelatedPartyAdvances_313" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentOfRelatedPartyAdvances" xlink:label="loc_tedu_RepaymentOfRelatedPartyAdvances_314" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_tedu_RepaymentOfRelatedPartyAdvances_314" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_310" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_310" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_311" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_311" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_312" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_312" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_1082" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsOfDividends_1082" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_315" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_315" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_309" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_309" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_316" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_316" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1083" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1083" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_317" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_317" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_318" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_318" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="loc_us-gaap_ConversionOfStockAmountConverted1_321" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" xlink:to="loc_us-gaap_ConversionOfStockAmountConverted1_321" use="optional" order="33" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LongtermInvestmentsDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" xlink:label="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsTable" xlink:label="loc_us-gaap_ScheduleOfInvestmentsTable_326" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_ScheduleOfInvestmentsTable_326" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfInvestmentsTable_326" xlink:to="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_328" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_328" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_328_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_328_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xlink:label="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember_329" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember_329" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JueshengDotComMember" xlink:label="loc_tedu_JueshengDotComMember_330" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_JueshengDotComMember_330" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MxsoftDotComMember" xlink:label="loc_tedu_MxsoftDotComMember_331" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_MxsoftDotComMember_331" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsMember_1269" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsMember_1269" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsOneMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsOneMember_1183" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsOneMember_1183" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsTwoMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsTwoMember_1184" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsTwoMember_1184" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityInterestOfOnlinePlatformMember" xlink:label="loc_tedu_EquityInterestOfOnlinePlatformMember_1185" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_EquityInterestOfOnlinePlatformMember_1185" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HockeyGlobalResourcesInvestmentLimitedMember" xlink:label="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember_1120" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember_1120" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember_1130" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember_1130" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="loc_us-gaap_CostMethodInvestments_336" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_CostMethodInvestments_336" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireCostMethodInvestments" xlink:label="loc_tedu_PaymentsToAcquireCostMethodInvestments_337" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_PaymentsToAcquireCostMethodInvestments_337" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments_1180" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_EquityMethodInvestments_1180" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CostMethodInvestmentsEquityInterestAcquired" xlink:label="loc_tedu_CostMethodInvestmentsEquityInterestAcquired_338" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_CostMethodInvestmentsEquityInterestAcquired_338" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesNoncurrent" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent_1181" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent_1181" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NumberOfEntitiesAccountedUsingCostMethod" xlink:label="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod_339" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod_339" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_1121" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_1121" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1122" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1122" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1131" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1131" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_1132" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_1132" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1182" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_LongTermInvestments_1182" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xlink:label="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired_1323" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired_1323" use="optional" order="25" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1060" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetAbstract" xlink:label="loc_us-gaap_AccountsReceivableNetAbstract_374" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1060" xlink:to="loc_us-gaap_AccountsReceivableNetAbstract_374" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccountsReceivableFaceAmount" xlink:label="loc_tedu_AccountsReceivableFaceAmount_375" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_tedu_AccountsReceivableFaceAmount_375" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xlink:label="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables_376" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables_376" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross_377" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AccountsReceivableGross_377" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_378" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_378" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet_379" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AccountsReceivableNet_379" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1057" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1060" xlink:to="loc_us-gaap_StatementTable_1057" use="optional" order="7" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1058" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1057" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1058" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1059" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1058" xlink:to="loc_us-gaap_ClassOfStockDomain_1059" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1059_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1058" xlink:to="loc_us-gaap_ClassOfStockDomain_1059_default" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_388" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_382" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_StatementTable_382" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_382" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_384" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_384" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_384_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_384_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_385" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_385" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_386" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_386" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_387" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_387" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_390" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_ProfitLoss_390" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_392" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_392" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_393" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts_393" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_394" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_394" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_395" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_395" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_396" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_ShareBasedCompensation_396" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_1164" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_1164" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xlink:label="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1_1418" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1_1418" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_399" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_399" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_400" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_400" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_401" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_401" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_402" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_402" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable_403" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayable_403" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_404" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_404" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_405" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_405" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_406" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_406" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_407" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_407" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_408" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_408" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_409" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_409" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_411" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_411" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_412" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_412" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_413" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments_413" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_414" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_414" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLongtermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireLongtermInvestments_1166" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireLongtermInvestments_1166" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross_1397" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesGross_1397" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAcquiredFromAcquisition" xlink:label="loc_us-gaap_CashAcquiredFromAcquisition_1398" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_CashAcquiredFromAcquisition_1398" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits_417" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits_417" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits_418" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits_418" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable_419" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable_419" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_420" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_420" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_421" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_421" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedOnRelatedPartyBehalf" xlink:label="loc_tedu_AmountsReceivedOnRelatedPartyBehalf_425" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_tedu_AmountsReceivedOnRelatedPartyBehalf_425" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsOnRelatedPartyBehalf" xlink:label="loc_tedu_RepaymentsOnRelatedPartyBehalf_426" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_tedu_RepaymentsOnRelatedPartyBehalf_426" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_429" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_429" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_430" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_430" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_431" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_431" use="optional" order="48" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_1167" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsOfDividends_1167" use="optional" order="49" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_433" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_433" use="optional" order="50" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_434" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_434" use="optional" order="51" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_435" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_435" use="optional" order="52" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_436" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_436" use="optional" order="53" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease_437" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_CashPeriodIncreaseDecrease_437" use="optional" order="54" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_438" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_Cash_438" use="optional" order="55" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowElementsAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" use="optional" order="56" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid_441" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" xlink:to="loc_us-gaap_IncomeTaxesPaid_441" use="optional" order="57" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" xlink:to="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" use="optional" order="58" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid_444" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" xlink:to="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid_444" use="optional" order="59" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="loc_us-gaap_ConversionOfStockAmountConverted1_445" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" xlink:to="loc_us-gaap_ConversionOfStockAmountConverted1_445" use="optional" order="60" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_469" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_458" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_469" xlink:to="loc_us-gaap_StatementTable_458" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_459" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_458" xlink:to="loc_us-gaap_StatementClassOfStockAxis_459" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_460" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_459" xlink:to="loc_us-gaap_ClassOfStockDomain_460" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_460_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_459" xlink:to="loc_us-gaap_ClassOfStockDomain_460_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_464" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_460" xlink:to="loc_us-gaap_CommonClassAMember_464" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_465" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_460" xlink:to="loc_us-gaap_CommonClassBMember_465" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_466" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_458" xlink:to="loc_us-gaap_StatementScenarioAxis_466" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_467" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementScenarioAxis_466" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_467" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_467_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementScenarioAxis_466" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_467_default" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_470" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_469" xlink:to="loc_us-gaap_AssetsAbstract_470" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_471" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_AssetsCurrentAbstract_471" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_472" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_Cash_472" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent_473" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent_473" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_474" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_474" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_475" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_475" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_476" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_476" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_478" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_AssetsCurrent_478" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsNoncurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsNoncurrent_479" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_RestrictedInvestmentsNoncurrent_479" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent_480" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent_480" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_481" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_481" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_us-gaap_Goodwill_1159" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_Goodwill_1159" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1160" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_LongTermInvestments_1160" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_484" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_484" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_485" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_Assets_485" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_469" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_487" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_487" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent_488" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccountsPayableCurrent_488" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_489" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_489" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_490" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_490" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent_491" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_DeferredRevenueCurrent_491" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_492" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_492" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_493" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_LiabilitiesCurrent_493" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_494" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_494" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_495" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_Liabilities_495" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_496" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_CommitmentsAndContingencies_496" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="loc_us-gaap_TemporaryEquityAbstract_497" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_TemporaryEquityAbstract_497" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_499" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_StockholdersEquityAbstract_499" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_500" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_CommonStockValue_500" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue_501" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_TreasuryStockCommonValue_501" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_502" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_AdditionalPaidInCapital_502" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_503" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_503" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_504" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_504" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_505" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_505" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_506" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_506" use="optional" order="44" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_517" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_509" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_517" xlink:to="loc_us-gaap_StatementTable_509" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_509" xlink:to="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_512" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" xlink:to="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_512" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_513" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_509" xlink:to="loc_us-gaap_StatementClassOfStockAxis_513" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_514" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_513" xlink:to="loc_us-gaap_ClassOfStockDomain_514" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_514_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_513" xlink:to="loc_us-gaap_ClassOfStockDomain_514_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_515" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_514" xlink:to="loc_us-gaap_CommonClassAMember_515" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_516" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_514" xlink:to="loc_us-gaap_CommonClassBMember_516" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_518" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_517" xlink:to="loc_us-gaap_AssetsAbstract_518" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_519" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_AssetsCurrentAbstract_519" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_520" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsCurrentAbstract_519" xlink:to="loc_us-gaap_Cash_520" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_525" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_525" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_1395" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_1395" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1174" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_LongTermInvestments_1174" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_528" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_528" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_517" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_530" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_530" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_532" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_530" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_532" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_533" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_530" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_533" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_534" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_534" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_536" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_536" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_537" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_537" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_538" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesIssued_538" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_539" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_539" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares_540" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_TreasuryStockShares_540" use="optional" order="28" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_560" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_543" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StatementTable_543" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_544" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_544" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_545" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_544" xlink:to="loc_us-gaap_EquityComponentDomain_545" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_545_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_544" xlink:to="loc_us-gaap_EquityComponentDomain_545_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_546" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_CommonStockMember_546" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember_547" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_TreasuryStockMember_547" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_548" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_548" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_549" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_549" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_550" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_RetainedEarningsMember_550" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_551" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_StatementClassOfStockAxis_551" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_552" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_551" xlink:to="loc_us-gaap_ClassOfStockDomain_552" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_552_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_551" xlink:to="loc_us-gaap_ClassOfStockDomain_552_default" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_553" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_552" xlink:to="loc_us-gaap_CommonClassAMember_553" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_554" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_552" xlink:to="loc_us-gaap_CommonClassBMember_554" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_556" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_556" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_556_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_556_default" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_557" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_557" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_558" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_558" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_559" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_559" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_561" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_561" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_562" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_CommonStockSharesIssued_562" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_563" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_ProfitLoss_563" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock_575" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock_575" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock_576" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock_576" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_573" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_573" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_574" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_574" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_564" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_564" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_565" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_565" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xlink:label="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount_566" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount_566" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_1169" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_1169" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering_568" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering_568" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_567" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_567" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_569" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_569" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_570" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_570" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:label="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_577" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_577" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_571" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_571" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_572" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_572" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1345" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1345" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_1170" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_Dividends_1170" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_578" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_578" use="optional" order="41" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PreferredSharesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityLineItems" xlink:label="loc_us-gaap_TemporaryEquityLineItems_1328" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:label="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_584" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_StatementClassOfStockAxis_584" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_585" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_584" xlink:to="loc_us-gaap_ClassOfStockDomain_585" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_585_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_584" xlink:to="loc_us-gaap_ClassOfStockDomain_585_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_586" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_586" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_587" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_587" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember_588" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesCPreferredStockMember_588" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_589" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_CommonClassBMember_589" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesBConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember_1247" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember_1247" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesCConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember_1248" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember_1248" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_590" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_590" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_591" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_590" xlink:to="loc_us-gaap_EquityComponentDomain_591" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_591_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_590" xlink:to="loc_us-gaap_EquityComponentDomain_591_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_592" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_591" xlink:to="loc_us-gaap_CommonStockMember_592" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="loc_us-gaap_PreferredStockMember_1245" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_591" xlink:to="loc_us-gaap_PreferredStockMember_1245" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_594" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_RangeAxis_594" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1329" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_594" xlink:to="loc_us-gaap_RangeMember_1329" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1329_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_594" xlink:to="loc_us-gaap_RangeMember_1329_default" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_1330" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_1329" xlink:to="loc_us-gaap_MinimumMember_1330" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_595" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_595" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_596" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_596" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_597" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_SharePrice_597" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_598" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_598" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_600" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_600" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_601" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_601" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionOriginalDebtAmount1" xlink:label="loc_us-gaap_DebtConversionOriginalDebtAmount1_602" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_DebtConversionOriginalDebtAmount1_602" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:label="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_603" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_603" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiquidationBasisOfAccountingLiquidationPlan" xlink:label="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan_1243" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan_1243" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionTerms" xlink:label="loc_us-gaap_PreferredStockRedemptionTerms_1249" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_PreferredStockRedemptionTerms_1249" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccretionOfConvertibleRedeemablePreferredStock" xlink:label="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock_1337" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock_1337" use="optional" order="30" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDilutedLineItems" xlink:label="loc_us-gaap_EarningsPerShareDilutedLineItems_612" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_607" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" xlink:to="loc_us-gaap_StatementClassOfStockAxis_607" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_608" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_607" xlink:to="loc_us-gaap_ClassOfStockDomain_608" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_608_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_607" xlink:to="loc_us-gaap_ClassOfStockDomain_608_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_609" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_609" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_610" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_610" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember_611" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesCPreferredStockMember_611" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_614" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_614" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xlink:label="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_615" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_615" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_616" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_616" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_618" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_618" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_619" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_619" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_620" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_620" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_621" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_EarningsPerShareBasic_621" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_622" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_EarningsPerShareDiluted_622" use="optional" order="17" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="loc_us-gaap_VariableInterestEntityLineItems_1356" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_628" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" xlink:to="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_628" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_1225_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_1225_default" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaMember" xlink:label="loc_tedu_BeijingTarenaMember_1226" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" xlink:to="loc_tedu_BeijingTarenaMember_1226" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaMember" xlink:label="loc_tedu_ShanghaiTarenaMember_1227" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" xlink:to="loc_tedu_ShanghaiTarenaMember_1227" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_1224" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_DebtInstrumentAxis_1224" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_1231" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DebtInstrumentAxis_1224" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_1231" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_1231_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DebtInstrumentAxis_1224" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_1231_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanAgreementsMember" xlink:label="loc_tedu_LoanAgreementsMember_1232" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_1231" xlink:to="loc_tedu_LoanAgreementsMember_1232" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_1234" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" xlink:to="loc_us-gaap_RelatedPartyDomain_1234" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_1234_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" xlink:to="loc_us-gaap_RelatedPartyDomain_1234_default" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityHoldersMember" xlink:label="loc_tedu_EquityHoldersMember_1235" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_EquityHoldersMember_1235" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrHanMember" xlink:label="loc_tedu_MrHanMember_1241" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_MrHanMember_1241" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrLiMember" xlink:label="loc_tedu_MrLiMember_1242" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_MrLiMember_1242" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_1233" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_dei_LegalEntityAxis_1233" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_1239" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_1233" xlink:to="loc_dei_EntityDomain_1239" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_1239_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_1233" xlink:to="loc_dei_EntityDomain_1239_default" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaEntitiesMember" xlink:label="loc_tedu_TarenaEntitiesMember_1240" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_TarenaEntitiesMember_1240" use="optional" order="27" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember_1352" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember_1352" use="optional" order="28" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" xlink:label="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember_1353" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember_1353" use="optional" order="29" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_1238" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_1238" use="optional" order="30" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1357" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1238" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1357" use="optional" order="31" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1357_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1238" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1357_default" use="optional" order="32" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_1358" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_1357" xlink:to="loc_us-gaap_SubsequentEventMember_1358" use="optional" order="33" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_630" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Cash_630" use="optional" order="34" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueFromRelatedPartiesCurrent_632" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DueFromRelatedPartiesCurrent_632" use="optional" order="35" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_634" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AssetsCurrent_634" use="optional" order="36" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_635" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_635" use="optional" order="37" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_636" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_LongTermInvestments_636" use="optional" order="38" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_637" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_637" use="optional" order="39" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_638" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Assets_638" use="optional" order="40" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_639" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_639" use="optional" order="41" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_640" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_640" use="optional" order="42" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_641" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_641" use="optional" order="43" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_642" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_LiabilitiesCurrent_642" use="optional" order="44" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_643" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_643" use="optional" order="45" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_644" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Liabilities_644" use="optional" order="46" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_645" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_SalesRevenueNet_645" use="optional" order="47" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_646" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProfitLoss_646" use="optional" order="48" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_647" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_647" use="optional" order="49" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_648" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_648" use="optional" order="50" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_649" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_649" use="optional" order="51" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xlink:label="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices_651" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices_651" use="optional" order="52" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_1223" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_1223" use="optional" order="53" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xlink:label="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions_1228" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions_1228" use="optional" order="54" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_1229" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_1229" use="optional" order="55" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DebtInstrumentInitialExpirationYear" xlink:label="loc_tedu_DebtInstrumentInitialExpirationYear_1236" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_DebtInstrumentInitialExpirationYear_1236" use="optional" order="56" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1237" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1237" use="optional" order="57" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromContributedCapital" xlink:label="loc_us-gaap_ProceedsFromContributedCapital_1354" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProceedsFromContributedCapital_1354" use="optional" order="58" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_1355" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_1355" use="optional" order="59" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1090" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseMinimumRentals" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals_657" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals_657" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1_658" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1_658" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_660" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_660" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_661" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_661" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_662" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_662" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_663" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_663" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_664" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_664" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_665" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_665" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_666" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_666" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1087" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_StatementTable_1087" use="optional" order="11" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1088" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1087" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1088" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1089" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1088" xlink:to="loc_us-gaap_ClassOfStockDomain_1089" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1089_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1088" xlink:to="loc_us-gaap_ClassOfStockDomain_1089_default" use="optional" order="14" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_681" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_673" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_681" xlink:to="loc_us-gaap_ConcentrationRiskTable_673" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_673" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember_676" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" xlink:to="loc_us-gaap_SalesRevenueNetMember_676" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_677" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_673" xlink:to="loc_us-gaap_ConcentrationRiskByTypeAxis_677" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_678" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_677" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_678" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_678_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_677" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_678_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductConcentrationRiskMember" xlink:label="loc_us-gaap_ProductConcentrationRiskMember_679" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_678" xlink:to="loc_us-gaap_ProductConcentrationRiskMember_679" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember_680" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_678" xlink:to="loc_us-gaap_GeographicConcentrationRiskMember_680" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_1038" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_681" xlink:to="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_1038" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_682" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_681" xlink:to="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_682" use="optional" order="12" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_701" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_685" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_701" xlink:to="loc_us-gaap_ConcentrationRiskTable_685" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember_688" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" xlink:to="loc_us-gaap_SalesRevenueNetMember_688" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_689" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ConcentrationRiskByTypeAxis_689" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_690" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_689" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_690" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_690_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_689" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_690_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductConcentrationRiskMember" xlink:label="loc_us-gaap_ProductConcentrationRiskMember_691" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_690" xlink:to="loc_us-gaap_ProductConcentrationRiskMember_691" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember_692" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_690" xlink:to="loc_us-gaap_GeographicConcentrationRiskMember_692" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_693" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_StatementGeographicalAxis_693" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_694" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementGeographicalAxis_693" xlink:to="loc_us-gaap_SegmentGeographicalDomain_694" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_694_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementGeographicalAxis_693" xlink:to="loc_us-gaap_SegmentGeographicalDomain_694_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingMember" xlink:label="loc_tedu_BeijingMember_695" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_694" xlink:to="loc_tedu_BeijingMember_695" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HangzhouMember" xlink:label="loc_tedu_HangzhouMember_696" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SegmentGeographicalDomain_694" xlink:to="loc_tedu_HangzhouMember_696" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductOrServiceAxis" xlink:label="loc_us-gaap_ProductOrServiceAxis_697" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ProductOrServiceAxis_697" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductsAndServicesDomain" xlink:label="loc_us-gaap_ProductsAndServicesDomain_698" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_ProductOrServiceAxis_697" xlink:to="loc_us-gaap_ProductsAndServicesDomain_698" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductsAndServicesDomain" xlink:label="loc_us-gaap_ProductsAndServicesDomain_698_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_ProductOrServiceAxis_697" xlink:to="loc_us-gaap_ProductsAndServicesDomain_698_default" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JavaMember" xlink:label="loc_tedu_JavaMember_699" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_JavaMember_699" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DigitalArtsMember" xlink:label="loc_tedu_DigitalArtsMember_700" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_DigitalArtsMember_700" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WebFrontMember" xlink:label="loc_tedu_WebFrontMember_1348" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_WebFrontMember_1348" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1_702" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_701" xlink:to="loc_us-gaap_ConcentrationRiskPercentage1_702" use="optional" order="22" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1115" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_713" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1115" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_713" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue_714" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1115" xlink:to="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue_714" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1112" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1115" xlink:to="loc_us-gaap_StatementTable_1112" use="optional" order="3" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1113" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1112" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1113" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1114" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1113" xlink:to="loc_us-gaap_ClassOfStockDomain_1114" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1114_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1113" xlink:to="loc_us-gaap_ClassOfStockDomain_1114_default" use="optional" order="6" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1097" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_727" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_727" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_728" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_728" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_729" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_729" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_730" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_730" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_731" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_731" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_733" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_733" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_734" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_734" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_736" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_736" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_737" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_737" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_738" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_738" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_739" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_739" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_740" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_740" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_742" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_742" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_743" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_743" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_745" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_745" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_746" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_746" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_747" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_747" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_748" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_748" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_749" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_749" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_750" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_750" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1094" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_StatementTable_1094" use="optional" order="24" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1095" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1094" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1095" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1096" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1095" xlink:to="loc_us-gaap_ClassOfStockDomain_1096" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1096_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1095" xlink:to="loc_us-gaap_ClassOfStockDomain_1096_default" use="optional" order="27" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_754" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" xlink:to="loc_us-gaap_RangeAxis_754" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_755" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_754" xlink:to="loc_us-gaap_RangeMember_755" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_755_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_754" xlink:to="loc_us-gaap_RangeMember_755_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_756" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_755" xlink:to="loc_us-gaap_MinimumMember_756" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_757" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_755" xlink:to="loc_us-gaap_MaximumMember_757" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_759" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_759" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_760" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_760" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple_761" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple_761" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_762" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_762" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_763" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_SharePrice_763" use="optional" order="11" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1126" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1126" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_767" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_767" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_768" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_768" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_769" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_769" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_770" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_770" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1126" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_773" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_773" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_774" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_774" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_775" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_775" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_776" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_776" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1123" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1126" xlink:to="loc_us-gaap_StatementTable_1123" use="optional" order="11" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1124" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1123" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1124" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1125" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1124" xlink:to="loc_us-gaap_ClassOfStockDomain_1125" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1125_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1124" xlink:to="loc_us-gaap_ClassOfStockDomain_1125_default" use="optional" order="14" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" xlink:to="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_788" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_788" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_789" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_788" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_789" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_789_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_788" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_789_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="loc_us-gaap_CostOfSalesMember_790" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_CostOfSalesMember_790" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_us-gaap_SellingAndMarketingExpenseMember_791" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_SellingAndMarketingExpenseMember_791" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseMember_792" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpenseMember_792" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpenseMember_793" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpenseMember_793" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_795" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_795" use="optional" order="9" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_806" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_799" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_StatementTable_799" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_800" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_799" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_800" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_801" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_800" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_801" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_801_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_800" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_801_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="loc_us-gaap_CostOfSalesMember_802" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_CostOfSalesMember_802" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_us-gaap_SellingAndMarketingExpenseMember_803" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_SellingAndMarketingExpenseMember_803" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseMember_804" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpenseMember_804" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpenseMember_805" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpenseMember_805" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1273" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1273" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_807" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_ShareBasedCompensation_807" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1186" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1186" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1187" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1187" use="optional" order="12" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:label="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:label="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1027" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1027" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1028" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1027" xlink:to="loc_us-gaap_ClassOfStockDomain_1028" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1028_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1027" xlink:to="loc_us-gaap_ClassOfStockDomain_1028_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_810" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_SalesRevenueNet_810" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="loc_us-gaap_CostOfRevenue_811" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_CostOfRevenue_811" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GrossProfit" xlink:label="loc_us-gaap_GrossProfit_812" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GrossProfit_812" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_us-gaap_SellingAndMarketingExpense_813" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_SellingAndMarketingExpense_813" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_814" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_814" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense_815" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpense_815" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss_816" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OperatingIncomeLoss_816" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome_817" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_tedu_InterestIncome_817" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_820" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_820" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1171" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1171" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_819" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_819" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_821" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_821" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_822" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_822" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_823" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ProfitLoss_823" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xlink:label="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment_824" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment_824" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_825" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_825" use="optional" order="20" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_826" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_EarningsPerShareBasic_826" use="optional" order="21" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_827" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_EarningsPerShareDiluted_827" use="optional" order="22" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" use="optional" order="23" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_830" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_830" use="optional" order="24" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1172" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1172" use="optional" order="25" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1173" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1173" use="optional" order="26" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_831" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_831" use="optional" order="27" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1105" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DeferredTaxAssetsAccountsReceivable" xlink:label="loc_tedu_DeferredTaxAssetsAccountsReceivable_834" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_tedu_DeferredTaxAssetsAccountsReceivable_834" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_835" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_835" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpense" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense_836" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense_836" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_837" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_837" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="loc_us-gaap_DeferredTaxAssetsGross_838" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsGross_838" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_839" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_839" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="loc_us-gaap_DeferredTaxAssetsNet_840" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsNet_840" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1102" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_StatementTable_1102" use="optional" order="8" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1103" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1102" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1103" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1104" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1103" xlink:to="loc_us-gaap_ClassOfStockDomain_1104" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1104_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1103" xlink:to="loc_us-gaap_ClassOfStockDomain_1104_default" use="optional" order="11" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1110" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_845" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_845" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetAdditions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions_846" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions_846" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetReductions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions_847" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions_847" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1107" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_us-gaap_StatementTable_1107" use="optional" order="4" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1108" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1107" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1108" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1109" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1108" xlink:to="loc_us-gaap_ClassOfStockDomain_1109" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1109_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1108" xlink:to="loc_us-gaap_ClassOfStockDomain_1109_default" use="optional" order="7" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1119" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits_852" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefits_852" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_853" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_853" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_854" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_854" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1116" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_StatementTable_1116" use="optional" order="4" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1117" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1116" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1117" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1118" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1117" xlink:to="loc_us-gaap_ClassOfStockDomain_1118" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1118_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1117" xlink:to="loc_us-gaap_ClassOfStockDomain_1118_default" use="optional" order="7" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1101" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_859" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_859" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_860" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_860" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_861" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_861" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1098" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_StatementTable_1098" use="optional" order="4" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1099" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1098" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1099" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1100" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1099" xlink:to="loc_us-gaap_ClassOfStockDomain_1100" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1100_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1099" xlink:to="loc_us-gaap_ClassOfStockDomain_1100_default" use="optional" order="7" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1137" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_us-gaap_TaxesPayableCurrent_887" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_TaxesPayableCurrent_887" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent_888" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent_888" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent_889" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_OtherAccruedLiabilitiesCurrent_889" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_890" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_890" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1134" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_StatementTable_1134" use="optional" order="5" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1135" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1134" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1135" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1136" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1135" xlink:to="loc_us-gaap_ClassOfStockDomain_1136" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1136_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1135" xlink:to="loc_us-gaap_ClassOfStockDomain_1136_default" use="optional" order="8" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1289" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidRent" xlink:label="loc_us-gaap_PrepaidRent_896" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidRent_896" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent_897" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_InterestReceivableCurrent_897" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidAdvertisingDeposits" xlink:label="loc_tedu_PrepaidAdvertisingDeposits_898" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidAdvertisingDeposits_898" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidAdvertising" xlink:label="loc_us-gaap_PrepaidAdvertising_899" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidAdvertising_899" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidTaxes" xlink:label="loc_us-gaap_PrepaidTaxes_900" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidTaxes_900" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidEmployeeHousingLoans" xlink:label="loc_tedu_PrepaidEmployeeHousingLoans_901" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidEmployeeHousingLoans_901" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidTravelAndRelatedExpenses" xlink:label="loc_tedu_PrepaidTravelAndRelatedExpenses_902" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidTravelAndRelatedExpenses_902" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_us-gaap_OtherAssetsCurrent_903" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_OtherAssetsCurrent_903" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_904" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_904" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1073" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_StatementTable_1073" use="optional" order="10" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1074" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1073" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1074" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1075" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1074" xlink:to="loc_us-gaap_ClassOfStockDomain_1075" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1075_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1074" xlink:to="loc_us-gaap_ClassOfStockDomain_1075_default" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_1076" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1073" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_1076" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1290" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1076" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1290" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1290_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1076" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1290_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentAssetsMember" xlink:label="loc_us-gaap_OtherNoncurrentAssetsMember_1291" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1290" xlink:to="loc_us-gaap_OtherNoncurrentAssetsMember_1291" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LongTermLoansToEmployees" xlink:label="loc_tedu_LongTermLoansToEmployees_1317" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_LongTermLoansToEmployees_1317" use="optional" order="18" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember_916" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_FurnitureAndFixturesMember_916" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember_917" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_OfficeEquipmentMember_917" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="loc_us-gaap_LeaseholdImprovementsMember_918" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_LeaseholdImprovementsMember_918" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293_default" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="loc_us-gaap_OfficeBuildingMember_1294" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" xlink:to="loc_us-gaap_OfficeBuildingMember_1294" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross_920" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentGross_920" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_921" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_921" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_922" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_922" use="optional" order="14" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_949" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_934" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" xlink:to="loc_us-gaap_RelatedPartyDomain_934" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_934_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" xlink:to="loc_us-gaap_RelatedPartyDomain_934_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ChuanbangMember" xlink:label="loc_tedu_ChuanbangMember_936" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_934" xlink:to="loc_tedu_ChuanbangMember_936" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PreciseMember" xlink:label="loc_tedu_PreciseMember_1222" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_934" xlink:to="loc_tedu_PreciseMember_1222" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis_938" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RelatedPartyTransactionAxis_938" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain_939" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis_938" xlink:to="loc_us-gaap_RelatedPartyTransactionDomain_939" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain_939_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis_938" xlink:to="loc_us-gaap_RelatedPartyTransactionDomain_939_default" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_GuaranteeFeeMember" xlink:label="loc_tedu_GuaranteeFeeMember_941" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_GuaranteeFeeMember_941" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedMember" xlink:label="loc_tedu_AmountsReceivedMember_942" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_AmountsReceivedMember_942" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsMember" xlink:label="loc_tedu_RepaymentsMember_943" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_RepaymentsMember_943" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ServiceFeeMember" xlink:label="loc_tedu_ServiceFeeMember_944" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_ServiceFeeMember_944" use="optional" order="13" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_945" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RangeAxis_945" use="optional" order="14" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_946" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_945" xlink:to="loc_us-gaap_RangeMember_946" use="optional" order="15" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_946_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_945" xlink:to="loc_us-gaap_RangeMember_946_default" use="optional" order="16" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_950" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_950" use="optional" order="17" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReceivableCollectionServicesFeeDescription" xlink:label="loc_tedu_ReceivableCollectionServicesFeeDescription_1219" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_tedu_ReceivableCollectionServicesFeeDescription_1219" use="optional" order="18" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_1220" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_1220" use="optional" order="19" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt_1221" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_ProceedsFromRelatedPartyDebt_1221" use="optional" order="20" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1064" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_957" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_957" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_958" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts_958" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_959" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_959" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1061" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_StatementTable_1061" use="optional" order="4" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1062" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1061" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1062" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1063" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1062" xlink:to="loc_us-gaap_ClassOfStockDomain_1063" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1063_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1062" xlink:to="loc_us-gaap_ClassOfStockDomain_1063_default" use="optional" order="7" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1072" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableCurrent" xlink:label="loc_tedu_AgingAccountsReceivableCurrent_970" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivableCurrent_970" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable1To3MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue_971" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue_971" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable4To6MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue_972" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue_972" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable7To12MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue_973" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue_973" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xlink:label="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue_974" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue_974" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross_975" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_us-gaap_AccountsReceivableGross_975" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1069" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_us-gaap_StatementTable_1069" use="optional" order="7" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1070" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1069" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1070" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1071" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1070" xlink:to="loc_us-gaap_ClassOfStockDomain_1071" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1071_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1070" xlink:to="loc_us-gaap_ClassOfStockDomain_1071_default" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1068" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_978" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_978" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent_979" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent_979" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet_980" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNet_980" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1065" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_StatementTable_1065" use="optional" order="4" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1066" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1065" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1066" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1067" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1066" xlink:to="loc_us-gaap_ClassOfStockDomain_1067" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1067_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1066" xlink:to="loc_us-gaap_ClassOfStockDomain_1067_default" use="optional" order="7" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/NetRevenuesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1141" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="loc_us-gaap_SalesRevenueServicesNet_998" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueServicesNet_998" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="loc_us-gaap_SalesRevenueGoodsNet_999" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueGoodsNet_999" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueOtherFinancialServices" xlink:label="loc_us-gaap_RevenueOtherFinancialServices_1142" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_RevenueOtherFinancialServices_1142" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_us-gaap_OtherSalesRevenueNet_1000" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_OtherSalesRevenueNet_1000" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes_1001" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_ExciseAndSalesTaxes_1001" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1138" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_StatementTable_1138" use="optional" order="6" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1139" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1138" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1139" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1140" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1139" xlink:to="loc_us-gaap_ClassOfStockDomain_1140" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1140_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1139" xlink:to="loc_us-gaap_ClassOfStockDomain_1140_default" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_1002" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueNet_1002" use="optional" order="10" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:label="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1005" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1005" use="optional" order="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_1006" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_1006" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:label="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" use="optional" order="3" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1033" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1033" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1034" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1033" xlink:to="loc_us-gaap_ClassOfStockDomain_1034" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1034_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1033" xlink:to="loc_us-gaap_ClassOfStockDomain_1034_default" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1346" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1346" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1347" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1347" use="optional" order="8" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_1409" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_1009" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_SubsequentEventLineItems_1409" xlink:to="loc_us-gaap_SubsequentEventTable_1009" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_1010" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1009" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_1010" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1011" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1010" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1011" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1011_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1010" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1011_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_1012" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_1011" xlink:to="loc_us-gaap_SubsequentEventMember_1012" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_1013" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1009" xlink:to="loc_us-gaap_StatementScenarioAxis_1013" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1410" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementScenarioAxis_1013" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1410" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1410_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementScenarioAxis_1013" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1410_default" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember_1411" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain_1410" xlink:to="loc_us-gaap_ScenarioForecastMember_1411" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_1014" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_1409" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_1014" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_1015" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_1409" xlink:to="loc_us-gaap_DividendsCommonStockCash_1015" use="optional" order="11" />
  </definitionLink>

  <definitionLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1306" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1301" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_StatementTable_1301" use="optional" order="1" xbrldt:contextElement="segment" xbrldt:closed="true" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1302" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1301" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1302" use="optional" order="2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1303" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1302" xlink:to="loc_us-gaap_ClassOfStockDomain_1303" use="optional" order="3" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1303_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1302" xlink:to="loc_us-gaap_ClassOfStockDomain_1303_default" use="optional" order="4" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1301" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" use="optional" order="5" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_1307" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_1307" use="optional" order="6" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_1307_default" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_1307_default" use="optional" order="7" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignExchangeForwardMember" xlink:label="loc_us-gaap_ForeignExchangeForwardMember_1308" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_1307" xlink:to="loc_us-gaap_ForeignExchangeForwardMember_1308" use="optional" order="8" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="loc_invest_DerivativeNotionalAmount_1305" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_invest_DerivativeNotionalAmount_1305" use="optional" order="9" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1349" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1349" use="optional" order="10" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInceptionDates" xlink:label="loc_us-gaap_DerivativeInceptionDates_1359" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeInceptionDates_1359" use="optional" order="11" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeForwardExchangeRate1" xlink:label="loc_us-gaap_DerivativeForwardExchangeRate1_1360" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeForwardExchangeRate1_1360" use="optional" order="12" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="loc_us-gaap_DerivativeMaturityDates_1361" />

    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeMaturityDates_1361" use="optional" order="13" />
  </definitionLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>24
<FILENAME>tedu-20161231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />

  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />

  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DocumentAndEntityInformationAbstract" xlink:label="loc_tedu_DocumentAndEntityInformationAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document And Entity Information [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DocumentAndEntityInformationAbstract" xlink:to="lab_tedu_DocumentAndEntityInformationAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationTable" xml:lang="en-US">Document Information [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_tedu_SummaryOfSignificantAccountingPoliciesTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SummaryOfSignificantAccountingPoliciesTable" xml:lang="en-US">Summary of Significant Accounting [Table]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SummaryOfSignificantAccountingPoliciesTable" xml:lang="en-US">Summary of Significant Accounting [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable" xlink:to="lab_tedu_SummaryOfSignificantAccountingPoliciesTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeAxis" xlink:to="lab_us-gaap_RangeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeMember" xlink:to="lab_us-gaap_RangeMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinimumMember" xlink:to="lab_us-gaap_MinimumMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaximumMember" xlink:to="lab_us-gaap_MaximumMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BuildingMember" xlink:label="loc_us-gaap_BuildingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BuildingMember" xml:lang="en-US">Building [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_BuildingMember" xml:lang="en-US">Office buildings [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xml:lang="en-US">Furniture and Fixtures [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xml:lang="en-US">Furniture [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FurnitureAndFixturesMember" xlink:to="lab_us-gaap_FurnitureAndFixturesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OfficeEquipmentMember" xml:lang="en-US">Office Equipment [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OfficeEquipmentMember" xml:lang="en-US">Office equipment [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OfficeEquipmentMember" xlink:to="lab_us-gaap_OfficeEquipmentMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementGeographicalAxis" xml:lang="en-US">Geographical [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementGeographicalAxis" xlink:to="lab_us-gaap_StatementGeographicalAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SegmentGeographicalDomain" xml:lang="en-US">Geographical [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentGeographicalDomain" xlink:to="lab_us-gaap_SegmentGeographicalDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_CN" xlink:label="loc_country_CN" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_CN" xml:lang="en-US">CHINA [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_country_CN" xml:lang="en-US">PRC [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CN" xlink:to="lab_country_CN" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_HK" xlink:label="loc_country_HK" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_HK" xml:lang="en-US">HONG KONG [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_country_HK" xml:lang="en-US">HK SAR [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_country_HK" xml:lang="en-US">Hong Kong [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_HK" xlink:to="lab_country_HK" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_US" xlink:label="loc_country_US" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_US" xml:lang="en-US">UNITED STATES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_country_US" xml:lang="en-US">US [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="loc_us-gaap_CurrencyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CurrencyAxis" xml:lang="en-US">Currency [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrencyAxis" xlink:to="lab_us-gaap_CurrencyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="loc_currency_AllCurrenciesDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_currency_AllCurrenciesDomain" xml:lang="en-US">All Currencies [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_AllCurrenciesDomain" xlink:to="lab_currency_AllCurrenciesDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsAxis" xlink:label="loc_tedu_DenominatedBankDepositsAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DenominatedBankDepositsAxis" xml:lang="en-US">Denominated Bank Deposits [Axis]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DenominatedBankDepositsAxis" xml:lang="en-US">Denominated Bank Deposits Axis.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DenominatedBankDepositsAxis" xlink:to="lab_tedu_DenominatedBankDepositsAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CashCashEquivalentsAndRestrictedInvestments" xlink:label="loc_tedu_CashCashEquivalentsAndRestrictedInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestments" xml:lang="en-US">Cash, Cash Equivalents and Restricted Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestments" xml:lang="en-US">Cash, cash equivalents, time deposits and restricted time deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestments" xml:lang="en-US">Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates as well as short term and long term restricted investments, such as time deposits.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_CashCashEquivalentsAndRestrictedInvestments" xlink:to="lab_tedu_CashCashEquivalentsAndRestrictedInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Payments to Acquire Short-term Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Short-term investment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Purchase of short term investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireShortTermInvestments" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncomeFromEquityMethodInvestment" xlink:label="loc_tedu_InterestIncomeFromEquityMethodInvestment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_InterestIncomeFromEquityMethodInvestment" xml:lang="en-US">Interest Income from Equity Method Investment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_InterestIncomeFromEquityMethodInvestment" xml:lang="en-US">Investment income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_InterestIncomeFromEquityMethodInvestment" xml:lang="en-US">Investment income include interest income of financial products with bank institution and from an equity investment.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_InterestIncomeFromEquityMethodInvestment" xlink:to="lab_tedu_InterestIncomeFromEquityMethodInvestment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US">Property, Plant and Equipment, Useful Life</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US">Useful life</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvertisingExpense" xlink:label="loc_us-gaap_AdvertisingExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdvertisingExpense" xml:lang="en-US">Advertising Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdvertisingExpense" xml:lang="en-US">Advertising costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdvertisingExpense" xlink:to="lab_us-gaap_AdvertisingExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xlink:label="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xml:lang="en-US">Lessee Leasing Arrangements, Operating Leases, Term of Contract</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xml:lang="en-US">Operating lease term</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xlink:to="lab_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueFromGrants" xlink:label="loc_us-gaap_RevenueFromGrants" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueFromGrants" xml:lang="en-US">Revenue from Grants</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RevenueFromGrants" xml:lang="en-US">Government grants</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromGrants" xlink:to="lab_us-gaap_RevenueFromGrants" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:label="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xml:lang="en-US">Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xml:lang="en-US">Contributions to employee benefits, percentage of salary</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:to="lab_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xml:lang="en-US">Defined Benefit Plan, Contributions by Employer</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xml:lang="en-US">Contributions to employee benefits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredOfferingCosts" xlink:label="loc_us-gaap_DeferredOfferingCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredOfferingCosts" xml:lang="en-US">Deferred Offering Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredOfferingCosts" xml:lang="en-US">Deferred offering costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredOfferingCosts" xlink:to="lab_us-gaap_DeferredOfferingCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">INCOME TAXES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesTable" xlink:label="loc_tedu_IncomeTaxesTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesTable" xml:lang="en-US">Income Taxes [Table]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxesTable" xml:lang="en-US">Income Taxes [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesTable" xlink:to="lab_tedu_IncomeTaxesTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_KY" xlink:label="loc_country_KY" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_KY" xml:lang="en-US">CAYMAN ISLANDS [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_country_KY" xml:lang="en-US">Cayman Islands [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_KY" xlink:to="lab_country_KY" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesLineItems" xlink:label="loc_tedu_IncomeTaxesLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesLineItems" xml:lang="en-US">Income Taxes [Line Items]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxesLineItems" xml:lang="en-US">Income Taxes [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesLineItems" xlink:to="lab_tedu_IncomeTaxesLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income before income taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income before income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveAbstract" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_OrdinarySharesAndStatutoryReserveAbstract" xml:lang="en-US">ORDINARY SHARES AND STATUTORY RESERVE [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_OrdinarySharesAndStatutoryReserveAbstract" xml:lang="en-US">Ordinary Shares and Statutory Reserve [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract" xlink:to="lab_tedu_OrdinarySharesAndStatutoryReserveAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveTextBlock" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_OrdinarySharesAndStatutoryReserveTextBlock" xml:lang="en-US">Ordinary Shares and Statutory Reserve [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_OrdinarySharesAndStatutoryReserveTextBlock" xml:lang="en-US">ORDINARY SHARES AND STATUTORY RESERVE</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_OrdinarySharesAndStatutoryReserveTextBlock" xml:lang="en-US">Disclosure for ordinary share and statutory reserve information.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_OrdinarySharesAndStatutoryReserveTextBlock" xlink:to="lab_tedu_OrdinarySharesAndStatutoryReserveTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryAccountingPracticesStatutoryAppropriations" xlink:label="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StatutoryAccountingPracticesStatutoryAppropriations" xml:lang="en-US">Statutory Accounting Practices, Statutory Appropriations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StatutoryAccountingPracticesStatutoryAppropriations" xml:lang="en-US">Appropriations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StatutoryAccountingPracticesStatutoryAppropriations" xml:lang="en-US">The amount of statutory capital and surplus appropriated during the period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations" xlink:to="lab_tedu_StatutoryAccountingPracticesStatutoryAppropriations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xlink:label="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xml:lang="en-US">Statutory Accounting Practices, Statutory Capital and Surplus, Balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xml:lang="en-US">Statutory reserve</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xlink:to="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xml:lang="en-US">Schedule of Stock by Class [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassOfStockDomain" xml:lang="en-US">Class of Stock [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonClassAMember" xml:lang="en-US">Common Class A [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonClassAMember" xml:lang="en-US">Class A [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonClassAMember" xlink:to="lab_us-gaap_CommonClassAMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonClassBMember" xml:lang="en-US">Common Class B [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonClassBMember" xml:lang="en-US">Class B [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonClassBMember" xlink:to="lab_us-gaap_CommonClassBMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReservedSharesMember" xlink:label="loc_tedu_ReservedSharesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ReservedSharesMember" xml:lang="en-US">Reserved Shares [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ReservedSharesMember" xml:lang="en-US">Reserved Shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ReservedSharesMember" xlink:to="lab_tedu_ReservedSharesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SeriesAPreferredStockMember" xml:lang="en-US">Series A Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SeriesAPreferredStockMember" xml:lang="en-US">Series A [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesAPreferredStockMember" xlink:to="lab_us-gaap_SeriesAPreferredStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockMember" xml:lang="en-US">Ordinary Shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings (Accumulated Deficit) [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TreasuryStockMember" xml:lang="en-US">Treasury Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TreasuryStockMember" xml:lang="en-US">Treasury Shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockMember" xlink:to="lab_us-gaap_TreasuryStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TecheduLimitedMember" xlink:label="loc_tedu_TecheduLimitedMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TecheduLimitedMember" xml:lang="en-US">Techedu Limited [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TecheduLimitedMember" xml:lang="en-US">Techedu Limited [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TecheduLimitedMember" xlink:to="lab_tedu_TecheduLimitedMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaLimitedMember" xlink:label="loc_tedu_TarenaLimitedMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TarenaLimitedMember" xml:lang="en-US">Tarena Limited [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_TarenaLimitedMember" xml:lang="en-US">GF Tarena Limited [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TarenaLimitedMember" xml:lang="en-US">GF Tarena Limited [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TarenaLimitedMember" xlink:to="lab_tedu_TarenaLimitedMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassOfStockLineItems" xml:lang="en-US">Class of Stock [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AuthorizedShareCapital" xlink:label="loc_tedu_AuthorizedShareCapital" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AuthorizedShareCapital" xml:lang="en-US">Authorized Share Capital</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AuthorizedShareCapital" xml:lang="en-US">Authorized share capital</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AuthorizedShareCapital" xml:lang="en-US">The maximum value of shares permitted to be issued by an &#34;entity&#39;s&#34; charter and bylaws.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AuthorizedShareCapital" xlink:to="lab_tedu_AuthorizedShareCapital" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:label="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xml:lang="en-US">Stockholders&#39; Equity Note, Stock Split, Conversion Ratio</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xml:lang="en-US">Conversion ratio</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:to="lab_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Ordinary shares authorized</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Ordinary shares, par value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Ordinary shares issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Balance, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Balance, shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Ordinary shares outstanding</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred Stock, Shares Authorized</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred shares authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xml:lang="en-US">Preferred Stock, Par or Stated Value Per Share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xml:lang="en-US">Preferred shares, par value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_PreferredStockParOrStatedValuePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred shares issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred shares outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Shares issued during period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Shares issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Value of shares issued during period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Value of shares issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xml:lang="en-US">Stock Issued During Period, Value, New Issues, Initial Public Offering</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xml:lang="en-US">Value of shares issued in IPO</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xml:lang="en-US">Issuance of Class A ordinary shares, upon initial public offering (&#8220;IPO&#8221;), net of issuance cost of RMB24,801</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xml:lang="en-US">Equity impact of the value of new stock issued during the period issued in an initial public offering.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:to="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xml:lang="en-US">Stock Issued During Period, Shares, New Issues, Private Placement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xml:lang="en-US">Shares issued in Private Placement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xml:lang="en-US">Issuance of Class A ordinary shares in private placement concurrent with the IPO, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xml:lang="en-US">Number of new stock issued during the period for private placement.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:to="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xml:lang="en-US">Stock Issued During Period, Value, New Issues, Private Placement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xml:lang="en-US">Value of shares issued in Private Placement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xml:lang="en-US">Issuance of Class A ordinary shares in private placement concurrent with the IPO</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xml:lang="en-US">Equity impact of the value of new stock issued during the period for a private placement.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:to="lab_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xml:lang="en-US">Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xml:lang="en-US">Stock issuance costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xml:lang="en-US">Issuance cost</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:to="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Convertible Securities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xml:lang="en-US">Conversion of convertible redeemable preferred shares to ordinary shares, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xml:lang="en-US">Shares issued for conversion of convertible redeemable preferred shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharePrice" xml:lang="en-US">Share Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharePrice" xml:lang="en-US">Share price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharePrice" xml:lang="en-US">Estimated fair value of underlying ordinary shares (per share)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharePrice" xlink:to="lab_us-gaap_SharePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Interest rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="loc_us-gaap_DebtInstrumentTerm" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentTerm" xml:lang="en-US">Debt Instrument, Term</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DebtInstrumentTerm" xml:lang="en-US">Term</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTerm" xlink:to="lab_us-gaap_DebtInstrumentTerm" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:label="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xml:lang="en-US">Reclassification, Additional Paid in Capital and Retained Earnings</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xml:lang="en-US">Reclassification of the balances between additional paid-in capital and accumulated deficit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xml:lang="en-US">Reclassification of APIC and retained earnings (note 12(d))</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xml:lang="en-US">Reclassification of previously recognized accumulated deficit amounts in the absence of additional paid-in capital.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:to="lab_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_us-gaap_ConversionOfStockSharesConverted1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConversionOfStockSharesConverted1" xml:lang="en-US">Conversion of Stock, Shares Converted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ConversionOfStockSharesConverted1" xml:lang="en-US">Conversion of Class B ordinary shares into shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockSharesConverted1" xlink:to="lab_us-gaap_ConversionOfStockSharesConverted1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Ordinary shares issued upon exercise of share options and vesting of non-vested shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Share options exercised</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Exercised</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Stock Repurchase Program, Authorized Amount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Share repurchase plan, authorized amount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Treasury Stock, Shares, Acquired</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Shares repurchased</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Treasury Stock, Value, Acquired, Cost Method</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Total consideration of Shares repurchased</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Purchase of Class A ordinary shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xml:lang="en-US">SHARE BASED COMPENSATION [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PlanNameAxis" xml:lang="en-US">Plan Name [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis" xlink:to="lab_us-gaap_PlanNameAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PlanNameDomain" xml:lang="en-US">Plan Name [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain" xlink:to="lab_us-gaap_PlanNameDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanOneMember" xlink:label="loc_tedu_PlanOneMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PlanOneMember" xml:lang="en-US">Plan One [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PlanOneMember" xml:lang="en-US">2008 Plan [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PlanOneMember" xml:lang="en-US">Plan One [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PlanOneMember" xlink:to="lab_tedu_PlanOneMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanTwoMember" xlink:label="loc_tedu_PlanTwoMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PlanTwoMember" xml:lang="en-US">Plan Two [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PlanTwoMember" xml:lang="en-US">2014 Plan [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PlanTwoMember" xml:lang="en-US">Plan Two [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PlanTwoMember" xlink:to="lab_tedu_PlanTwoMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaap_AwardDateAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AwardDateAxis" xml:lang="en-US">Award Date [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardDateAxis" xlink:to="lab_us-gaap_AwardDateAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AwardDateDomain" xml:lang="en-US">Award Date [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardDateDomain" xlink:to="lab_us-gaap_AwardDateDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JanuaryFirstMember" xlink:label="loc_tedu_JanuaryFirstMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_JanuaryFirstMember" xml:lang="en-US">January First [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_JanuaryFirstMember" xml:lang="en-US">January 1 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_JanuaryFirstMember" xml:lang="en-US">January 1 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_JanuaryFirstMember" xlink:to="lab_tedu_JanuaryFirstMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FebruaryTwentiethMember" xlink:label="loc_tedu_FebruaryTwentiethMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_FebruaryTwentiethMember" xml:lang="en-US">February Twentieth [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_FebruaryTwentiethMember" xml:lang="en-US">February 20 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_FebruaryTwentiethMember" xml:lang="en-US">February 20 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_FebruaryTwentiethMember" xlink:to="lab_tedu_FebruaryTwentiethMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AprilThirdMember" xlink:label="loc_tedu_AprilThirdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AprilThirdMember" xml:lang="en-US">April Third [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AprilThirdMember" xml:lang="en-US">April 3 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AprilThirdMember" xml:lang="en-US">April 3 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AprilThirdMember" xlink:to="lab_tedu_AprilThirdMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthMember" xlink:label="loc_tedu_SeptemberSixteenthMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SeptemberSixteenthMember" xml:lang="en-US">September Sixteenth [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SeptemberSixteenthMember" xml:lang="en-US">September 16 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SeptemberSixteenthMember" xml:lang="en-US">September 16 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SeptemberSixteenthMember" xlink:to="lab_tedu_SeptemberSixteenthMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthTwoMember" xlink:label="loc_tedu_SeptemberSixteenthTwoMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SeptemberSixteenthTwoMember" xml:lang="en-US">September Sixteenth, Two [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SeptemberSixteenthTwoMember" xml:lang="en-US">September 16, Second Issuance [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SeptemberSixteenthTwoMember" xml:lang="en-US">September 16, Second Issuance [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SeptemberSixteenthTwoMember" xlink:to="lab_tedu_SeptemberSixteenthTwoMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberTwentySixthMember" xlink:label="loc_tedu_SeptemberTwentySixthMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SeptemberTwentySixthMember" xml:lang="en-US">September Twenty Sixth [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SeptemberTwentySixthMember" xml:lang="en-US">September 26 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SeptemberTwentySixthMember" xml:lang="en-US">September 26 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SeptemberTwentySixthMember" xlink:to="lab_tedu_SeptemberTwentySixthMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NovemberEleventhMember" xlink:label="loc_tedu_NovemberEleventhMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_NovemberEleventhMember" xml:lang="en-US">November Eleventh [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_NovemberEleventhMember" xml:lang="en-US">November 11 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_NovemberEleventhMember" xml:lang="en-US">November 11 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_NovemberEleventhMember" xlink:to="lab_tedu_NovemberEleventhMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_us-gaap_VestingAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VestingAxis" xml:lang="en-US">Vesting [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VestingAxis" xlink:to="lab_us-gaap_VestingAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaap_VestingDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VestingDomain" xml:lang="en-US">Vesting [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VestingDomain" xlink:to="lab_us-gaap_VestingDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UponInitialPublicOfferingMember" xlink:label="loc_tedu_UponInitialPublicOfferingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_UponInitialPublicOfferingMember" xml:lang="en-US">Upon Initial Public Offering [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_UponInitialPublicOfferingMember" xml:lang="en-US">IPO [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_UponInitialPublicOfferingMember" xml:lang="en-US">Information about shares vesting upon Initial Public Offering.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_UponInitialPublicOfferingMember" xlink:to="lab_tedu_UponInitialPublicOfferingMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RemainingMember" xlink:label="loc_tedu_RemainingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RemainingMember" xml:lang="en-US">Remaining [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_RemainingMember" xml:lang="en-US">Remaining [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RemainingMember" xml:lang="en-US">Information about the vesting of the remaining shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RemainingMember" xlink:to="lab_tedu_RemainingMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementScenarioAxis" xml:lang="en-US">Scenario [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementScenarioAxis" xlink:to="lab_us-gaap_StatementScenarioAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Options granted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Granted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xml:lang="en-US">Exercise prices</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Vesting period</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xml:lang="en-US">Expiration period</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xml:lang="en-US">Total intrinsic value of options exercised</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Vesting percentage</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Non-vested shares granted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Granted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xlink:label="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xml:lang="en-US">Non-vested shares granted, aggregate value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xml:lang="en-US">The aggregate value of grants made during the period of other than stock (or unit) options.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xlink:to="lab_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xml:lang="en-US">Unrecognized stock option compensation expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition, Stock Options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xml:lang="en-US">Unrecognized stock option compensation expense, period for recognition</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xml:lang="en-US">Weighted average period over which unrecognized compensation is expected to be recognized for stock options, in &#39;&#39;PnYnMnDTnHnMnS&#39;&#39; format, for example, &#39;&#39;P1Y5M13D&#39;&#39; represents the reported fact of one year, five months, and thirteen days.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xlink:to="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xml:lang="en-US">Unrecognized non-vested shares compensation expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition, Share-based Awards Other than Options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xml:lang="en-US">Unrecognized non-vested shares compensation expense, period for recognition</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xml:lang="en-US">Weighted average period over which unrecognized compensation is expected to be recognized for share based awards other than options, in &#39;&#39;PnYnMnDTnHnMnS&#39;&#39; format, for example, &#39;&#39;P1Y5M13D&#39;&#39; represents the reported fact of one year, five months, and thirteen days.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xlink:to="lab_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xml:lang="en-US">Fair value of vested restricted shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xml:lang="en-US">Income Tax Effective Income Tax Rate Reconciliation [Table]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xml:lang="en-US">Schedule of effective income tax rate reconciliation.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xlink:to="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdvancedAndNewTechnologyEnterpriseMember" xlink:label="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AdvancedAndNewTechnologyEnterpriseMember" xml:lang="en-US">Advanced and New Technology Enterprise [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AdvancedAndNewTechnologyEnterpriseMember" xml:lang="en-US">ANTE [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AdvancedAndNewTechnologyEnterpriseMember" xml:lang="en-US">Represents information pertaining to Advanced and New Technology Enterprise.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember" xlink:to="lab_tedu_AdvancedAndNewTechnologyEnterpriseMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:label="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xml:lang="en-US">Tarena Software Technology Hangzhou Co Ltd [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xml:lang="en-US">Tarena Hangzhou [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xml:lang="en-US">Represents information pertaining to Tarena Software Technology (Hangzhou) Co., Ltd.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:to="lab_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xml:lang="en-US">Income Tax Effective Income Tax Rate Reconciliation [Line Items]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xml:lang="en-US">Effective income tax rate reconciliation [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xlink:to="lab_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">PRC statutory income tax rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xml:lang="en-US">Cayman and HK entities not subject to income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Nondeductible Expense, Research and Development, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xml:lang="en-US">Research and development bonus deduction</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xml:lang="en-US">Non-deductible selling, general and administrative expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xml:lang="en-US">Share based compensation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xml:lang="en-US">Other non-deductible selling, general and administrative expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xlink:label="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Preferential Tax Rates, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xml:lang="en-US">Preferential tax rates</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xml:lang="en-US">Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to differences from preferential tax rates.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xlink:to="lab_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xml:lang="en-US">Change in valuation allowance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Tax Holiday, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xml:lang="en-US">Tax holiday</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Other Adjustments, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xml:lang="en-US">Others</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xml:lang="en-US">Actual income tax expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xlink:label="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xml:lang="en-US">Income Tax Holiday, Income Tax Benefits Per Share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xml:lang="en-US">Per share effect of the tax holiday</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xlink:to="lab_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsOfForeignSubsidiaries" xlink:label="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UndistributedEarningsOfForeignSubsidiaries" xml:lang="en-US">Undistributed Earnings of Foreign Subsidiaries</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UndistributedEarningsOfForeignSubsidiaries" xml:lang="en-US">Undistributed earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries" xlink:to="lab_us-gaap_UndistributedEarningsOfForeignSubsidiaries" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xml:lang="en-US">Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xml:lang="en-US">Interest and penalty expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xml:lang="en-US">Unrecognized Tax Benefits that Would Impact Effective Tax Rate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xml:lang="en-US">Unrecognized tax benefits that would impact the income tax rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Unrecognized Tax Benefits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Unrecognized tax benefits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Balance at beginning of year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Balance at end of year</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xlink:label="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xml:lang="en-US">Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xml:lang="en-US">Unrecognized tax benefits reasonably possible will be recognized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xlink:to="lab_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodAxis" xlink:label="loc_tedu_TaxFuturePeriodAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxFuturePeriodAxis" xml:lang="en-US">Tax Future Period [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxFuturePeriodAxis" xlink:to="lab_tedu_TaxFuturePeriodAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodDomain" xlink:label="loc_tedu_TaxFuturePeriodDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxFuturePeriodDomain" xml:lang="en-US">Tax Future Period [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxFuturePeriodDomain" xlink:to="lab_tedu_TaxFuturePeriodDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2018Member" xlink:label="loc_tedu_TaxYear2018Member" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxYear2018Member" xml:lang="en-US">Tax Year 2018 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TaxYear2018Member" xml:lang="en-US">2018 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TaxYear2018Member" xml:lang="en-US">Tax Year 2018 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxYear2018Member" xlink:to="lab_tedu_TaxYear2018Member" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2019Member" xlink:label="loc_tedu_TaxYear2019Member" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxYear2019Member" xml:lang="en-US">Tax Year 2019 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TaxYear2019Member" xml:lang="en-US">2019 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TaxYear2019Member" xml:lang="en-US">Tax Year 2019 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxYear2019Member" xlink:to="lab_tedu_TaxYear2019Member" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2020Member" xlink:label="loc_tedu_TaxYear2020Member" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxYear2020Member" xml:lang="en-US">Tax Year 2020 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TaxYear2020Member" xml:lang="en-US">2020 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TaxYear2020Member" xml:lang="en-US">Represents the tax year 2020.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxYear2020Member" xlink:to="lab_tedu_TaxYear2020Member" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xml:lang="en-US">Subsequent Event Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="loc_us-gaap_OperatingLossCarryforwards" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xml:lang="en-US">Operating Loss Carryforwards</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xml:lang="en-US">Tax losses carry forwards</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwards" xlink:to="lab_us-gaap_OperatingLossCarryforwards" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xml:lang="en-US">PARENT ONLY FINANCIAL INFORMATION [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementTable" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedBalanceSheetStatementTable" xml:lang="en-US">Condensed Balance Sheet Statement [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable" xlink:to="lab_us-gaap_CondensedBalanceSheetStatementTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ParentCompanyMember" xml:lang="en-US">Parent Company [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParentCompanyMember" xlink:to="lab_us-gaap_ParentCompanyMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xml:lang="en-US">Condensed Balance Sheet Statements, Captions [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:to="lab_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">ASSETS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Assets, Current [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Current assets:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrentAbstract" xlink:to="lab_us-gaap_AssetsCurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash and cash equivalents at end of year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Cash" xlink:to="lab_us-gaap_Cash" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RestrictedInvestmentsCurrent" xml:lang="en-US">Restricted Investments, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RestrictedInvestmentsCurrent" xml:lang="en-US">Time deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedInvestmentsCurrent" xlink:to="lab_us-gaap_RestrictedInvestmentsCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xml:lang="en-US">Restricted Cash and Cash Equivalents</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xml:lang="en-US">Restricted time deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalents" xlink:to="lab_us-gaap_RestrictedCashAndCashEquivalents" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid Expense and Other Assets, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Total prepaid expenses and other current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US">Investments and loans to subsidiaries</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND SHAREHOLDERS&#39; EQUITY</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Liabilities, Current [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Current liabilities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued Liabilities, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrent" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_AccruedLiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other Liabilities, Noncurrent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other non-current liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other non-current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherLiabilitiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and contingencies</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="loc_us-gaap_TemporaryEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TemporaryEquityAbstract" xml:lang="en-US">Temporary Equity [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TemporaryEquityAbstract" xml:lang="en-US">Mezzanine equity:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityAbstract" xlink:to="lab_us-gaap_TemporaryEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders&#39; Equity Attributable to Parent [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Shareholders&#39; equity:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Ordinary shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TreasuryStockCommonValue" xml:lang="en-US">Treasury Stock, Common, Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_TreasuryStockCommonValue" xml:lang="en-US">Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockCommonValue" xlink:to="lab_us-gaap_TreasuryStockCommonValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xml:lang="en-US">Additional paid-in capital</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital" xlink:to="lab_us-gaap_AdditionalPaidInCapital" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Stockholders&#39; Equity, Including Portion Attributable to Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Total shareholders&#39; equity</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders&#39; equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xml:lang="en-US">Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xml:lang="en-US">Ordinary shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TreasuryStockShares" xml:lang="en-US">Treasury Stock, Shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TreasuryStockShares" xml:lang="en-US">Treasury shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementTable" xlink:label="loc_us-gaap_CondensedIncomeStatementTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedIncomeStatementTable" xml:lang="en-US">Condensed Income Statement [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedIncomeStatementTable" xlink:to="lab_us-gaap_CondensedIncomeStatementTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedIncomeStatementsCaptionsLineItems" xml:lang="en-US">Condensed Income Statements, Captions [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:to="lab_us-gaap_CondensedIncomeStatementsCaptionsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating income (loss)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xml:lang="en-US">Income (Loss) from Subsidiaries, Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xml:lang="en-US">Equity in income of subsidiaries</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:to="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xml:lang="en-US">Foreign Currency Transaction Gain (Loss), before Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xml:lang="en-US">Foreign currency exchange gains (loss)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xml:lang="en-US">Foreign currency exchange gains (losses)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xml:lang="en-US">Foreign currency exchange losses (gains), net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="lab_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_InterestIncome" xml:lang="en-US">Interest Income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_InterestIncome" xml:lang="en-US">Interest income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_InterestIncome" xml:lang="en-US">Amount of interest income from nonoperating activities, including investments and tuition fees.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_InterestIncome" xlink:to="lab_tedu_InterestIncome" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xml:lang="en-US">Gain (Loss) on Derivative Instruments, Net, Pretax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xml:lang="en-US">Loss on foreign currency forward contract</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xml:lang="en-US">Loss on foreign currency forward contract</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xml:lang="en-US">Loss on foreign currency forward contract</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:to="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xml:lang="en-US">Other Nonoperating Income (Expense)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xml:lang="en-US">Other income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Net income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Net income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Net loss</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xml:lang="en-US">Foreign currency translation adjustment, net of nil income tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xml:lang="en-US">Foreign currency translation adjustment, net of nil income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other comprehensive income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other comprehensive income (loss)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementTable" xlink:label="loc_us-gaap_CondensedCashFlowStatementTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedCashFlowStatementTable" xml:lang="en-US">Condensed Cash Flow Statement [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable" xlink:to="lab_us-gaap_CondensedCashFlowStatementTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConversionOfStockByUniqueDescriptionAxis" xml:lang="en-US">Stock Conversion Description [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:to="lab_us-gaap_ConversionOfStockByUniqueDescriptionAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConversionOfStockNameDomain" xml:lang="en-US">Conversion of Stock, Name [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockNameDomain" xlink:to="lab_us-gaap_ConversionOfStockNameDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series A Convertible Redeemable Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series A [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series A Convertible Redeemable Preferred Shares [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series A convertible redeemable preferred shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:to="lab_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series B Convertible Redeemable Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series B [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series B Convertible Redeemable Preferred Shares [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series B convertible redeemable preferred shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:to="lab_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series C Convertible Redeemable Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series C [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Series C Convertible Redeemable Preferred Shares [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xml:lang="en-US">Conversion of Series C convertible redeemable preferred shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:to="lab_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xml:lang="en-US">Condensed Cash Flow Statements, Captions [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:to="lab_us-gaap_CondensedCashFlowStatementsCaptionsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Operating activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by (used in) operating activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by operating activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net cash used in operating activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Investing activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PaymentsToAcquireTimeDeposits" xml:lang="en-US">Payments To Acquire Time Deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_PaymentsToAcquireTimeDeposits" xml:lang="en-US">Purchase of time deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PaymentsToAcquireTimeDeposits" xml:lang="en-US">The cash outflow to acquire liquid investments with original maturities of greater than three months.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PaymentsToAcquireTimeDeposits" xlink:to="lab_tedu_PaymentsToAcquireTimeDeposits" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ProceedsFromMaturityOfDeposits" xml:lang="en-US">Proceeds From Maturity Of Deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ProceedsFromMaturityOfDeposits" xml:lang="en-US">Proceeds from maturity of time deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ProceedsFromMaturityOfDeposits" xml:lang="en-US">The cash inflow associated with the sale or maturity of liquid investments with original maturities of greater than three months.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ProceedsFromMaturityOfDeposits" xlink:to="lab_tedu_ProceedsFromMaturityOfDeposits" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xml:lang="en-US">Payments to Acquire Businesses and Interest in Affiliates</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xml:lang="en-US">Investments made to subsidiaries</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Financing activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RelatedPartyAdvances" xlink:label="loc_tedu_RelatedPartyAdvances" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RelatedPartyAdvances" xml:lang="en-US">Related Party Advances</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_RelatedPartyAdvances" xml:lang="en-US">Advances from a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RelatedPartyAdvances" xml:lang="en-US">Amount received from related party not considered debt.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RelatedPartyAdvances" xlink:to="lab_tedu_RelatedPartyAdvances" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentOfRelatedPartyAdvances" xlink:label="loc_tedu_RepaymentOfRelatedPartyAdvances" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RepaymentOfRelatedPartyAdvances" xml:lang="en-US">Repayment of Related Party Advances</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_tedu_RepaymentOfRelatedPartyAdvances" xml:lang="en-US">Repayment of advances from a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_RepaymentOfRelatedPartyAdvances" xml:lang="en-US">Repayment of advances from a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RepaymentOfRelatedPartyAdvances" xml:lang="en-US">Repayment of advances from a related party not considered debt.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RepaymentOfRelatedPartyAdvances" xlink:to="lab_tedu_RepaymentOfRelatedPartyAdvances" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Proceeds from Issuance Initial Public Offering</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Issuance of Class A ordinary shares upon the IPO</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:to="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xml:lang="en-US">Proceeds from Issuance of Private Placement</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xml:lang="en-US">Issuance of Class A ordinary shares in private placement concurrent with the IPO</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds from Stock Options Exercised</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Issuance of Class A ordinary shares in connection with exercise of share options</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromStockOptionsExercised" xlink:to="lab_us-gaap_ProceedsFromStockOptionsExercised" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsOfDividends" xml:lang="en-US">Payments of Dividends</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsOfDividends" xml:lang="en-US">Payment of dividends</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsOfDividends" xml:lang="en-US">Payment of dividend</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividends" xlink:to="lab_us-gaap_PaymentsOfDividends" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Payments for Repurchase of Common Stock</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of treasury shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of treasury shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsOfStockIssuanceCosts" xml:lang="en-US">Payments of Stock Issuance Costs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsOfStockIssuanceCosts" xml:lang="en-US">Payment of IPO costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="lab_us-gaap_PaymentsOfStockIssuanceCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by (used in) financing activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by financing activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xml:lang="en-US">Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xml:lang="en-US">Effect of foreign currency exchange rate changes on cash and cash equivalents</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xml:lang="en-US">Effect of foreign currency exchange rate changes on cash</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at end of year</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="loc_us-gaap_ConversionOfStockAmountConverted1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConversionOfStockAmountConverted1" xml:lang="en-US">Conversion of Stock, Amount Converted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ConversionOfStockAmountConverted1" xml:lang="en-US">Conversion of convertible redeemable preferred shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockAmountConverted1" xlink:to="lab_us-gaap_ConversionOfStockAmountConverted1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_ScheduleOfInvestmentsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfInvestmentsAbstract" xml:lang="en-US">Schedule of Investments [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInvestmentsAbstract" xlink:to="lab_us-gaap_ScheduleOfInvestmentsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsTable" xlink:label="loc_us-gaap_ScheduleOfInvestmentsTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfInvestmentsTable" xml:lang="en-US">Schedule of Investments [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInvestmentsTable" xlink:to="lab_us-gaap_ScheduleOfInvestmentsTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xml:lang="en-US">Investment, Name [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityMethodInvesteeNameDomain" xml:lang="en-US">Investment, Name [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain" xlink:to="lab_us-gaap_EquityMethodInvesteeNameDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xlink:label="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xml:lang="en-US">Sino German Know How Education Investment Co Ltd [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xml:lang="en-US">Sino-German Know-How Education Investment Co., Ltd. [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xml:lang="en-US">Represents information pertaining to Sino-German Know-How Education Investment Co., Ltd.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xlink:to="lab_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JueshengDotComMember" xlink:label="loc_tedu_JueshengDotComMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_JueshengDotComMember" xml:lang="en-US">Juesheng Dot Com [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_JueshengDotComMember" xml:lang="en-US">Juesheng.com [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_JueshengDotComMember" xml:lang="en-US">Represents information pertaining to Juesheng.com.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_JueshengDotComMember" xlink:to="lab_tedu_JueshengDotComMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MxsoftDotComMember" xlink:label="loc_tedu_MxsoftDotComMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_MxsoftDotComMember" xml:lang="en-US">Mxsoft Dot Com [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_MxsoftDotComMember" xml:lang="en-US">Mxsoft.com [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_MxsoftDotComMember" xml:lang="en-US">Represents information pertaining to Mxsoft.com.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_MxsoftDotComMember" xlink:to="lab_tedu_MxsoftDotComMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" xlink:label="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" xml:lang="en-US">Schedule of Investments and Cost Method Investments [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" xlink:to="lab_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="loc_us-gaap_CostMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostMethodInvestments" xml:lang="en-US">Cost Method Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CostMethodInvestments" xml:lang="en-US">Cost method investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CostMethodInvestments" xml:lang="en-US">Long term investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostMethodInvestments" xlink:to="lab_us-gaap_CostMethodInvestments" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireCostMethodInvestments" xlink:label="loc_tedu_PaymentsToAcquireCostMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PaymentsToAcquireCostMethodInvestments" xml:lang="en-US">Payments To Acquire Cost Method Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PaymentsToAcquireCostMethodInvestments" xml:lang="en-US">Cash paid to acquire equity interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_tedu_PaymentsToAcquireCostMethodInvestments" xml:lang="en-US">Purchase of cost method investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PaymentsToAcquireCostMethodInvestments" xml:lang="en-US">The cash outflow associated with the purchase of or advances to an cost method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 percent or less of and exercises significant influence.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PaymentsToAcquireCostMethodInvestments" xlink:to="lab_tedu_PaymentsToAcquireCostMethodInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityMethodInvestments" xml:lang="en-US">Equity Method Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EquityMethodInvestments" xml:lang="en-US">Equity method investment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EquityMethodInvestments" xml:lang="en-US">Long-term equity investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments" xlink:to="lab_us-gaap_EquityMethodInvestments" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CostMethodInvestmentsEquityInterestAcquired" xlink:label="loc_tedu_CostMethodInvestmentsEquityInterestAcquired" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_CostMethodInvestmentsEquityInterestAcquired" xml:lang="en-US">Cost Method Investments Equity Interest Acquired</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_CostMethodInvestmentsEquityInterestAcquired" xml:lang="en-US">Equity interest acquired</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_CostMethodInvestmentsEquityInterestAcquired" xml:lang="en-US">The equity interest acquired in cost method investments.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_CostMethodInvestmentsEquityInterestAcquired" xlink:to="lab_tedu_CostMethodInvestmentsEquityInterestAcquired" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Principles of consolidation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of estimates</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xml:lang="en-US">Foreign Currency Transactions and Translations Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xml:lang="en-US">Foreign currency</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xlink:label="loc_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xml:lang="en-US">Cash, Cash Equivalents and Restricted Investments [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xml:lang="en-US">Cash, cash equivalents, time deposits and restricted time deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xml:lang="en-US">Tabular disclosure for the policy to account for currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates as well as short term and long term restricted investments, such as time deposits.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xlink:to="lab_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="loc_us-gaap_InvestmentPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xml:lang="en-US">Investment, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xml:lang="en-US">Short-term investment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentPolicyTextBlock" xlink:to="lab_us-gaap_InvestmentPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" xlink:label="loc_us-gaap_ReceivablesPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock" xml:lang="en-US">Receivables, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock" xml:lang="en-US">Accounts receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesPolicyTextBlock" xlink:to="lab_us-gaap_ReceivablesPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xml:lang="en-US">Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xml:lang="en-US">Goodwill</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LongtermInvestmentsPolicyTextBlock" xlink:label="loc_tedu_LongtermInvestmentsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_LongtermInvestmentsPolicyTextBlock" xml:lang="en-US">Long-term Investments [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_LongtermInvestmentsPolicyTextBlock" xml:lang="en-US">Long-term investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_LongtermInvestmentsPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for long-term investments.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_LongtermInvestmentsPolicyTextBlock" xlink:to="lab_tedu_LongtermInvestmentsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue recognition</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesPolicyTextBlock" xlink:label="loc_us-gaap_CostOfSalesPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfSalesPolicyTextBlock" xml:lang="en-US">Cost of Sales, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CostOfSalesPolicyTextBlock" xml:lang="en-US">Cost of revenues</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfSalesPolicyTextBlock" xlink:to="lab_us-gaap_CostOfSalesPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="loc_us-gaap_AdvertisingCostsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising Costs, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdvertisingCostsPolicyTextBlock" xlink:to="lab_us-gaap_AdvertisingCostsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeasePolicyTextBlock" xlink:label="loc_us-gaap_LeasePolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeasePolicyTextBlock" xml:lang="en-US">Lease, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LeasePolicyTextBlock" xml:lang="en-US">Operating lease</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasePolicyTextBlock" xlink:to="lab_us-gaap_LeasePolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_GovernmentGrantsPolicyTextBlock" xlink:label="loc_tedu_GovernmentGrantsPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_GovernmentGrantsPolicyTextBlock" xml:lang="en-US">Government Grants [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_GovernmentGrantsPolicyTextBlock" xml:lang="en-US">Government grant</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_GovernmentGrantsPolicyTextBlock" xml:lang="en-US">Policy for recognizing government grants.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_GovernmentGrantsPolicyTextBlock" xlink:to="lab_tedu_GovernmentGrantsPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpensePolicy" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpensePolicy" xml:lang="en-US">Research and Development Expense, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpensePolicy" xml:lang="en-US">Research and development expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpensePolicy" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:label="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xml:lang="en-US">Pension and Other Postretirement Plans, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xml:lang="en-US">Employee benefits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:to="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="loc_us-gaap_DeferredChargesPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock" xml:lang="en-US">Deferred Charges, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock" xml:lang="en-US">Deferred offering costs</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredChargesPolicyTextBlock" xlink:to="lab_us-gaap_DeferredChargesPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share based compensation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xml:lang="en-US">Commitments and Contingencies, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xml:lang="en-US">Commitments and contingencies</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings per share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" xml:lang="en-US">Segment reporting</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xml:lang="en-US">Schedule of Cash and Cash Equivalents [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xml:lang="en-US">Schedule of Cash, Cash Equivalents, Time Deposits and Restricted Time Deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivablesAbstract" xml:lang="en-US">ACCOUNTS RECEIVABLE [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesAbstract" xlink:to="lab_us-gaap_ReceivablesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetAbstract" xlink:label="loc_us-gaap_AccountsReceivableNetAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsReceivableNetAbstract" xml:lang="en-US">Accounts Receivable, Net [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccountsReceivableNetAbstract" xml:lang="en-US">Accounts receivable:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract" xlink:to="lab_us-gaap_AccountsReceivableNetAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccountsReceivableFaceAmount" xlink:label="loc_tedu_AccountsReceivableFaceAmount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AccountsReceivableFaceAmount" xml:lang="en-US">Accounts Receivable, Face Amount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AccountsReceivableFaceAmount" xml:lang="en-US">Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AccountsReceivableFaceAmount" xml:lang="en-US">The face amount of receivable, including unearned interest.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AccountsReceivableFaceAmount" xlink:to="lab_tedu_AccountsReceivableFaceAmount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xlink:label="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xml:lang="en-US">Deferred Discounts, Finance Charges and Interest Included in Receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xml:lang="en-US">Unearned interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xlink:to="lab_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsReceivableGross" xml:lang="en-US">Accounts Receivable, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AccountsReceivableGross" xml:lang="en-US">Total accounts receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableGross" xlink:to="lab_us-gaap_AccountsReceivableGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xml:lang="en-US">Allowance for Doubtful Accounts Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xml:lang="en-US">Less: allowance for doubtful accounts</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xml:lang="en-US">Balance at the beginning of the year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xml:lang="en-US">Balance at the end of the year</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsReceivableNet" xml:lang="en-US">Accounts Receivable, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AccountsReceivableNet" xml:lang="en-US">Total accounts receivable, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="lab_us-gaap_AccountsReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US">Provision for Doubtful Accounts</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US">Bad debt expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US">Additions charged to bad debt expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_us-gaap_ProvisionForDoubtfulAccounts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xml:lang="en-US">Gain (Loss) on Disposition of Property Plant Equipment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xml:lang="en-US">Loss on disposal of property and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="lab_us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred income tax benefit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-based Compensation</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share based compensation expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-based compensation expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Income (Loss) from Equity Method Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Other income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromEquityMethodInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Accounts receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) in Prepaid Expense and Other Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Increase (Decrease) in Accrued Interest Receivable, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Accrued interest income on time deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xml:lang="en-US">Increase (Decrease) in Other Noncurrent Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xml:lang="en-US">Other non-current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Increase (Decrease) in Accounts Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Accounts payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xml:lang="en-US">Increase (Decrease) in Due to Related Parties</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xml:lang="en-US">Amounts due to a related party</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Increase (Decrease) in Income Taxes Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Income taxes payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) in Other Accounts Payable and Accrued Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Increase (Decrease) in Other Noncurrent Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Other non-current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of property and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xml:lang="en-US">Proceeds from Sale of Property, Plant, and Equipment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xml:lang="en-US">Proceeds from disposal of property and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xml:lang="en-US">Proceeds from Maturities, Prepayments and Calls of Short-term Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xml:lang="en-US">Proceeds from maturity of short term investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xlink:to="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLongtermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireLongtermInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireLongtermInvestments" xml:lang="en-US">Payments to Acquire Long-term Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireLongtermInvestments" xml:lang="en-US">long-term investment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireLongtermInvestments" xml:lang="en-US">Purchase of long-term investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLongtermInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireLongtermInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross" xml:lang="en-US">Payments to Acquire Businesses, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross" xml:lang="en-US">Payment for acquisition of Hanru Hangzhou</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesGross" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAcquiredFromAcquisition" xlink:label="loc_us-gaap_CashAcquiredFromAcquisition" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAcquiredFromAcquisition" xml:lang="en-US">Cash Acquired from Acquisition</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CashAcquiredFromAcquisition" xml:lang="en-US">Cash acquired from acquisition of Hanru Hangzhou</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAcquiredFromAcquisition" xlink:to="lab_us-gaap_CashAcquiredFromAcquisition" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedOnRelatedPartyBehalf" xlink:label="loc_tedu_AmountsReceivedOnRelatedPartyBehalf" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AmountsReceivedOnRelatedPartyBehalf" xml:lang="en-US">Amounts Received on Related Party Behalf</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AmountsReceivedOnRelatedPartyBehalf" xml:lang="en-US">Amounts received on behalf of a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AmountsReceivedOnRelatedPartyBehalf" xml:lang="en-US">Amounts received on behalf of a related party.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AmountsReceivedOnRelatedPartyBehalf" xlink:to="lab_tedu_AmountsReceivedOnRelatedPartyBehalf" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsOnRelatedPartyBehalf" xlink:label="loc_tedu_RepaymentsOnRelatedPartyBehalf" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RepaymentsOnRelatedPartyBehalf" xml:lang="en-US">Repayments on Related Party Behalf</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_RepaymentsOnRelatedPartyBehalf" xml:lang="en-US">Repayment of amounts received on behalf of a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RepaymentsOnRelatedPartyBehalf" xml:lang="en-US">Repayment of amounts received on behalf of a related party.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RepaymentsOnRelatedPartyBehalf" xlink:to="lab_tedu_RepaymentsOnRelatedPartyBehalf" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashPeriodIncreaseDecrease" xml:lang="en-US">Cash, Period Increase (Decrease)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashPeriodIncreaseDecrease" xml:lang="en-US">Net increase in cash and cash equivalents</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowElementsAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowElementsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SupplementalCashFlowElementsAbstract" xml:lang="en-US">Supplemental Cash Flow Elements [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SupplementalCashFlowElementsAbstract" xml:lang="en-US">Supplemental disclosure of cash flow information:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowElementsAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowElementsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxesPaid" xml:lang="en-US">Income Taxes Paid</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeTaxesPaid" xml:lang="en-US">Income taxes paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaid" xlink:to="lab_us-gaap_IncomeTaxesPaid" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Non-cash investing and financing activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xml:lang="en-US">Capital Expenditures Incurred but Not yet Paid</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xml:lang="en-US">Accrual for purchase of equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScenarioUnspecifiedDomain" xml:lang="en-US">Scenario, Unspecified [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain" xlink:to="lab_us-gaap_ScenarioUnspecifiedDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts Receivable, Net, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts receivable, net - current portion</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_us-gaap_AccountsReceivableNetCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsNoncurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RestrictedInvestmentsNoncurrent" xml:lang="en-US">Restricted Investments, Noncurrent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RestrictedInvestmentsNoncurrent" xml:lang="en-US">Time deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedInvestmentsNoncurrent" xlink:to="lab_us-gaap_RestrictedInvestmentsNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsReceivableNetNoncurrent" xml:lang="en-US">Accounts Receivable, Net, Noncurrent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccountsReceivableNetNoncurrent" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsReceivableNetNoncurrent" xml:lang="en-US">Accounts receivable, net - non-current portion</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetNoncurrent" xlink:to="lab_us-gaap_AccountsReceivableNetNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_us-gaap_Goodwill" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Goodwill" xml:lang="en-US">Goodwill</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Goodwill" xml:lang="en-US">Goodwill</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Goodwill" xlink:to="lab_us-gaap_Goodwill" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermInvestments" xml:lang="en-US">Long-term Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_LongTermInvestments" xml:lang="en-US">Long term investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LongTermInvestments" xml:lang="en-US">Long term investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermInvestments" xlink:to="lab_us-gaap_LongTermInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent" xlink:to="lab_us-gaap_AccountsPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrent" xml:lang="en-US">Due to Related Parties, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrent" xml:lang="en-US">Amounts due to a related party</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrent" xml:lang="en-US">Amounts due to related parties including amounts due to WOFE for accrued service fees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueToRelatedPartiesCurrent" xlink:to="lab_us-gaap_DueToRelatedPartiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xml:lang="en-US">Accrued Income Taxes, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xml:lang="en-US">Income taxes payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xml:lang="en-US">Income taxes payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedIncomeTaxesCurrent" xlink:to="lab_us-gaap_AccruedIncomeTaxesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent" xlink:to="lab_us-gaap_DeferredRevenueCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xml:lang="en-US">Variable Interest Entities [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="lab_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassificationOfVariableInterestEntityDomain" xml:lang="en-US">Variable Interest Entity, Classification [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:to="lab_us-gaap_ClassificationOfVariableInterestEntityDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xml:lang="en-US">VIE [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xml:lang="en-US">Tarena Entities [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xml:lang="en-US">Investments, Fair Value Disclosure</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure" xlink:to="lab_us-gaap_InvestmentsFairValueDisclosure" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income (loss) [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xml:lang="en-US">Stock Issued (Converted) During Period, Value, Conversion of Common Stock</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xml:lang="en-US">Conversion of Class B ordinary shares to Class A ordinary shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xml:lang="en-US">The value of stock issued (converted) during the period upon the conversion of common stock.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xlink:to="lab_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xml:lang="en-US">Stock Issued (Converted) During Period, Shares, Conversion of Common Stock</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xml:lang="en-US">Conversion of Class B ordinary shares to Class A ordinary shares, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xml:lang="en-US">Number of shares issued (converted) during the period as a result of the conversion of common stock.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xlink:to="lab_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xml:lang="en-US">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xml:lang="en-US">Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xml:lang="en-US">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares, shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Share-based compensation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xlink:label="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xml:lang="en-US">Adjustments to Additional Paid in Capital Preferred Stock Accretion of Redemption Discount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xml:lang="en-US">Accretion of convertible redeemable preferred shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xml:lang="en-US">Represents the amount of decrease in additional paid in capital (APIC) resulting from accretion of the preferred stock redemption discount during the period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xlink:to="lab_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xml:lang="en-US">Unrealized holding gains on available-for-sale security, net of RMB42 income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xml:lang="en-US">Stock Issued During Period, Shares, New Issues, Initial Public Offering</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xml:lang="en-US">Shares issued in IPO</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xml:lang="en-US">Issuance of Class A ordinary shares, upon initial public offering (&#8220;IPO&#8221;), net of issuance cost of RMB24,801, shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xml:lang="en-US">Number of new stock issued during the period in an Initial Public Offering.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xlink:to="lab_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Convertible Securities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xml:lang="en-US">Conversion of convertible redeemable preferred shares to ordinary shares</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xml:lang="en-US">Conversion of convertible redeemable preferred shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Dividends" xml:lang="en-US">Dividends</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_Dividends" xml:lang="en-US">Dividends</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Dividends" xlink:to="lab_us-gaap_Dividends" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityDisclosureAbstract" xlink:label="loc_us-gaap_TemporaryEquityDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TemporaryEquityDisclosureAbstract" xml:lang="en-US">PREFERRED SHARES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityDisclosureAbstract" xlink:to="lab_us-gaap_TemporaryEquityDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:label="loc_us-gaap_TemporaryEquityByClassOfStockTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TemporaryEquityByClassOfStockTable" xml:lang="en-US">Temporary Equity, by Class of Stock [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable" xlink:to="lab_us-gaap_TemporaryEquityByClassOfStockTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SeriesBPreferredStockMember" xml:lang="en-US">Series B Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SeriesBPreferredStockMember" xml:lang="en-US">Series B [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesBPreferredStockMember" xlink:to="lab_us-gaap_SeriesBPreferredStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SeriesCPreferredStockMember" xml:lang="en-US">Series C Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SeriesCPreferredStockMember" xml:lang="en-US">Series C [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesCPreferredStockMember" xlink:to="lab_us-gaap_SeriesCPreferredStockMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionOriginalDebtAmount1" xlink:label="loc_us-gaap_DebtConversionOriginalDebtAmount1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtConversionOriginalDebtAmount1" xml:lang="en-US">Debt Conversion, Original Debt, Amount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DebtConversionOriginalDebtAmount1" xml:lang="en-US">Conversion of debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtConversionOriginalDebtAmount1" xlink:to="lab_us-gaap_DebtConversionOriginalDebtAmount1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:label="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xml:lang="en-US">Debt Conversion, Converted Instrument, Shares Issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xml:lang="en-US">Shares issued for debt conversion</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:to="lab_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">EARNINGS (LOSS) PER SHARE [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">EARNINGS PER SHARE [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract" xlink:to="lab_us-gaap_EarningsPerShareAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xml:lang="en-US">Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDilutedLineItems" xlink:label="loc_us-gaap_EarningsPerShareDilutedLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareDilutedLineItems" xml:lang="en-US">Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems" xlink:to="lab_us-gaap_EarningsPerShareDilutedLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xml:lang="en-US">Numerator:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net income attributable to Class A and Class B ordinary shareholders</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net income attributable to Class A and Class B ordinary shareholders</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xlink:label="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xml:lang="en-US">Earnings allocated to participating convertible redeemable preferred shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xlink:to="lab_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xml:lang="en-US">Net income for basic and diluted earnings per share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xml:lang="en-US">Weighted Average Number of Shares Outstanding Reconciliation [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xml:lang="en-US">Denominator:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted average number of Class A and Class B ordinary shares outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Dilutive effect of outstanding share options</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Denominator for diluted earnings per share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic earnings per Class A and Class B ordinary share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic earnings per Class A and Class B ordinary share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted earnings per Class A and Class B ordinary share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted earnings per Class A and Class B ordinary share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xml:lang="en-US">Concentration Risk Benchmark [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueFromRelatedPartiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueFromRelatedPartiesCurrent" xml:lang="en-US">Due from Related Parties, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DueFromRelatedPartiesCurrent" xml:lang="en-US">Amounts due from related parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueFromRelatedPartiesCurrent" xlink:to="lab_us-gaap_DueFromRelatedPartiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other Assets, Noncurrent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other non-current assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other non-current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsNoncurrent" xlink:to="lab_us-gaap_OtherAssetsNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueNet" xml:lang="en-US">Revenue, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SalesRevenueNet" xml:lang="en-US">Net revenues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_SalesRevenueNet" xml:lang="en-US">Total net revenues</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="lab_us-gaap_SalesRevenueNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by (used in) investing activities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by (used in) investing activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xlink:label="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xml:lang="en-US">Payments to Acquire Investments in PRC Entities Which are Engaged in Provision of Educational Products and Services</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xml:lang="en-US">Investment amount in PRC companies, which are engaged in provision of educational products and services</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xml:lang="en-US">The cash outflow associated with the purchase of PRC companies, which are engaged in provision of educational products and services during the period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xlink:to="lab_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseMinimumRentals" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseMinimumRentals" xml:lang="en-US">Operating Leases, Rent Expense, Minimum Rentals</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseMinimumRentals" xml:lang="en-US">Gross rent expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals" xlink:to="lab_us-gaap_OperatingLeasesRentExpenseMinimumRentals" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xml:lang="en-US">Operating Leases, Rent Expense, Sublease Rentals</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xml:lang="en-US">Sublease rental income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xlink:to="lab_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xml:lang="en-US">Future minimum lease payments:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Next Twelve Months</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">2017</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Two Years</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">2018</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Three Years</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xml:lang="en-US">2019</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Four Years</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xml:lang="en-US">2020</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Five Years</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xml:lang="en-US">2021</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due Thereafter</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">2022 and thereafter</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Operating Leases, Future Minimum Payments Due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Total</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of Future Minimum Lease Payments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskTable" xml:lang="en-US">Concentration Risk [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTable" xlink:to="lab_us-gaap_ConcentrationRiskTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xml:lang="en-US">Concentration Risk Benchmark [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="lab_us-gaap_ConcentrationRiskBenchmarkDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueNetMember" xml:lang="en-US">Sales Revenue, Net [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SalesRevenueNetMember" xml:lang="en-US">Net revenues [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueNetMember" xlink:to="lab_us-gaap_SalesRevenueNetMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xml:lang="en-US">Concentration Risk Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:to="lab_us-gaap_ConcentrationRiskByTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xml:lang="en-US">Concentration Risk Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductConcentrationRiskMember" xlink:label="loc_us-gaap_ProductConcentrationRiskMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProductConcentrationRiskMember" xml:lang="en-US">Product Concentration Risk [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProductConcentrationRiskMember" xml:lang="en-US">Product concentration [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductConcentrationRiskMember" xlink:to="lab_us-gaap_ProductConcentrationRiskMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeographicConcentrationRiskMember" xml:lang="en-US">Geographic Concentration Risk [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeographicConcentrationRiskMember" xml:lang="en-US">Geographic concentration [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicConcentrationRiskMember" xlink:to="lab_us-gaap_GeographicConcentrationRiskMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskLineItems" xml:lang="en-US">Concentration Risk [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskLineItems" xlink:to="lab_us-gaap_ConcentrationRiskLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xml:lang="en-US">Schedule of Variable Interest Entities [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xml:lang="en-US">Schedule of Variable Interest Entity Information</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingMember" xlink:label="loc_tedu_BeijingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_BeijingMember" xml:lang="en-US">Beijing [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_BeijingMember" xml:lang="en-US">Beijing [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_BeijingMember" xlink:to="lab_tedu_BeijingMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HangzhouMember" xlink:label="loc_tedu_HangzhouMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_HangzhouMember" xml:lang="en-US">Hangzhou [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_HangzhouMember" xml:lang="en-US">Hangzhou [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_HangzhouMember" xlink:to="lab_tedu_HangzhouMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductOrServiceAxis" xlink:label="loc_us-gaap_ProductOrServiceAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProductOrServiceAxis" xml:lang="en-US">Products and Services [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductOrServiceAxis" xlink:to="lab_us-gaap_ProductOrServiceAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductsAndServicesDomain" xlink:label="loc_us-gaap_ProductsAndServicesDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProductsAndServicesDomain" xml:lang="en-US">Products and Services [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductsAndServicesDomain" xlink:to="lab_us-gaap_ProductsAndServicesDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JavaMember" xlink:label="loc_tedu_JavaMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_JavaMember" xml:lang="en-US">Java [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_JavaMember" xml:lang="en-US">Java [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_JavaMember" xlink:to="lab_tedu_JavaMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DigitalArtsMember" xlink:label="loc_tedu_DigitalArtsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DigitalArtsMember" xml:lang="en-US">Digital Arts [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DigitalArtsMember" xml:lang="en-US">Digital Arts [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DigitalArtsMember" xlink:to="lab_tedu_DigitalArtsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xml:lang="en-US">Concentration Risk, Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xml:lang="en-US">Concentration percentage</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xml:lang="en-US">Condensed Financial Information of Parent Company Only Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xml:lang="en-US">PARENT ONLY FINANCIAL INFORMATION</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xml:lang="en-US">Condensed Balance Sheet [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xml:lang="en-US">Condensed Balance Sheets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xml:lang="en-US">Condensed Income Statement [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xml:lang="en-US">Condensed Statements of Comprehensive Income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xml:lang="en-US">Condensed Cash Flow Statement [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xml:lang="en-US">Condensed Statements of Cash Flows</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Weighted average grant date fair value of option per share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Aggregate Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xml:lang="en-US">Aggregate grant date fair value of options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xml:lang="en-US">The aggregate grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xlink:to="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">SHARE BASED COMPENSATION</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" xml:lang="en-US">Schedule of Share-based Compensation, Activity [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" xml:lang="en-US">Summary of Stock Option Activity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xml:lang="en-US">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xml:lang="en-US">Summary of Fair Value Assumptions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" xml:lang="en-US">Schedule of Fair Values of the Options Granted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:label="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xml:lang="en-US">Nonvested Restricted Stock Shares Activity [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xml:lang="en-US">Summary of Non-vested Shares Activity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:to="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xml:lang="en-US">Number of Share Options</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Outstanding, beginning balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Outstanding, ending balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xml:lang="en-US">Forfeited</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xml:lang="en-US">Expired</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xml:lang="en-US">Vested and expected to vest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xml:lang="en-US">Exercisable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xml:lang="en-US">Weighted Average Exercise Price</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Outstanding, beginning balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Outstanding, ending balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Granted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Exercised</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Forfeited</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Expired</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Vested and expected to vest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Exercisable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xml:lang="en-US">Weighted Average Remaining Contractual Years</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Vested and expected to vest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Exercisable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Outstanding, Aggregate Intrinsic Value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xml:lang="en-US">Vested and expected to vest, Aggregate Intrinsic Value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Exercisable, Aggregate Intrinsic Value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Expected volatility</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Expected dividends yield</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Multiple</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xml:lang="en-US">Exercise multiple</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xml:lang="en-US">The exercise multiple used in valuing an option on its own shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xlink:to="lab_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Risk-free interest rate per annum</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xml:lang="en-US">Number of Non-vested Shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Outstanding, beginning balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Outstanding, ending balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xml:lang="en-US">Vested</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xml:lang="en-US">Forfeited</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xml:lang="en-US">Weighted Average Grant Date Fair Value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Outstanding, beginning balance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Outstanding, ending balance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Granted</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Vested</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xml:lang="en-US">Forfeited</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xml:lang="en-US">Earnings Per Share [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xml:lang="en-US">EARNINGS PER SHARE</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Schedule of Basic and Diluted Earnings Per Share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" xml:lang="en-US">PROPERTY AND EQUIPMENT, NET [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xml:lang="en-US">Property, Plant and Equipment [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xml:lang="en-US">Income Statement Location [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_us-gaap_IncomeStatementLocationAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Income Statement Location [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="loc_us-gaap_CostOfSalesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfSalesMember" xml:lang="en-US">Cost of Sales [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CostOfSalesMember" xml:lang="en-US">Cost of revenues [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfSalesMember" xlink:to="lab_us-gaap_CostOfSalesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_us-gaap_SellingAndMarketingExpenseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SellingAndMarketingExpenseMember" xml:lang="en-US">Selling and Marketing Expense [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SellingAndMarketingExpenseMember" xml:lang="en-US">Selling and marketing expenses [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SellingAndMarketingExpenseMember" xlink:to="lab_us-gaap_SellingAndMarketingExpenseMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpenseMember" xml:lang="en-US">General and Administrative Expense [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpenseMember" xml:lang="en-US">General and administrative expenses [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpenseMember" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpenseMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpenseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpenseMember" xml:lang="en-US">Research and Development Expense [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpenseMember" xml:lang="en-US">Research and development expenses [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpenseMember" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpenseMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xml:lang="en-US">Property, Plant and Equipment [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xml:lang="en-US">Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xml:lang="en-US">Foreign currency translation adjustment, taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xml:lang="en-US">Foreign currency translation adjustment, taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:label="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedStatementOfComprehensiveIncomeTable" xml:lang="en-US">Condensed Statement of Comprehensive Income [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:to="lab_us-gaap_CondensedStatementOfComprehensiveIncomeTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="loc_us-gaap_CostOfRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfRevenue" xml:lang="en-US">Cost of Revenue</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_CostOfRevenue" xml:lang="en-US">Cost of revenues</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfRevenue" xlink:to="lab_us-gaap_CostOfRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GrossProfit" xlink:label="loc_us-gaap_GrossProfit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GrossProfit" xml:lang="en-US">Gross Profit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_GrossProfit" xml:lang="en-US">Gross profit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GrossProfit" xlink:to="lab_us-gaap_GrossProfit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_us-gaap_SellingAndMarketingExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Selling and Marketing Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Selling and marketing expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SellingAndMarketingExpense" xlink:to="lab_us-gaap_SellingAndMarketingExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and Development Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpense" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xlink:label="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xml:lang="en-US">Temporary Equity, Accretion to Redemption Value, Adjustment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xml:lang="en-US">Accretion of convertible redeemable preferred shares</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xlink:to="lab_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DeferredTaxAssetsAccountsReceivable" xlink:label="loc_tedu_DeferredTaxAssetsAccountsReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DeferredTaxAssetsAccountsReceivable" xml:lang="en-US">Deferred Tax Assets, Accounts Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_DeferredTaxAssetsAccountsReceivable" xml:lang="en-US">Accounts receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DeferredTaxAssetsAccountsReceivable" xml:lang="en-US">Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accounts receivable, net of allowance for doubtful accounts.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DeferredTaxAssetsAccountsReceivable" xlink:to="lab_tedu_DeferredTaxAssetsAccountsReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xml:lang="en-US">Deferred Tax Assets, Operating Loss Carryforwards</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xml:lang="en-US">Tax loss carry forwards</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpense" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpense" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpense" xml:lang="en-US">Advertising expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xml:lang="en-US">Deferred Tax Assets, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xml:lang="en-US">Total deferred income tax assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="lab_us-gaap_DeferredTaxAssetsGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Valuation allowance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Balance at the beginning of the year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Balance at the end of the year</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xml:lang="en-US">Deferred Tax Assets, Net of Valuation Allowance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xml:lang="en-US">Deferred income tax assets, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetAdditions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetAdditions" xml:lang="en-US">Valuation Allowance, Deferred Tax Asset, Additions</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetAdditions" xml:lang="en-US">Additions of valuation allowance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetAdditions" xml:lang="en-US">Amount of increase in the valuation allowance for a specified deferred tax asset.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions" xlink:to="lab_tedu_ValuationAllowanceDeferredTaxAssetAdditions" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetReductions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetReductions" xml:lang="en-US">Valuation Allowance, Deferred Tax Asset, Reduction</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetReductions" xml:lang="en-US">Reduction of valuation allowance</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ValuationAllowanceDeferredTaxAssetReductions" xml:lang="en-US">Amount of decrease in the valuation allowance for a specified deferred tax asset.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions" xlink:to="lab_tedu_ValuationAllowanceDeferredTaxAssetReductions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xml:lang="en-US">Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xml:lang="en-US">Increase related to current year tax positions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xml:lang="en-US">Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xml:lang="en-US">Settlement</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current Income Tax Expense (Benefit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current income tax expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">INCOME TAXES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xml:lang="en-US">Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xml:lang="en-US">Schedule of Income before Income Taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xml:lang="en-US">Schedule of Income Tax Expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule of Income Tax Rate Reconciliation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Deferred Tax Assets and Liabilities [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Deferred Income Tax Assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:label="loc_us-gaap_SummaryOfValuationAllowanceTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" xml:lang="en-US">Summary of Valuation Allowance [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" xml:lang="en-US">Summary of Valuation Allowance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:to="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xml:lang="en-US">Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xml:lang="en-US">Schedule of Unrecognized Tax Benefits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xml:lang="en-US">ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract" xlink:to="lab_us-gaap_PayablesAndAccrualsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:label="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xml:lang="en-US">Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xml:lang="en-US">ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:to="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_us-gaap_TaxesPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TaxesPayableCurrent" xml:lang="en-US">Taxes Payable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TaxesPayableCurrent" xml:lang="en-US">VAT and other tax payables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesPayableCurrent" xlink:to="lab_us-gaap_TaxesPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Employee-related Liabilities, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Accrued payroll and employee benefits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:to="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xml:lang="en-US">Other Accrued Liabilities, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xml:lang="en-US">Others</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_OtherAccruedLiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Accrued Expenses and Other Current Liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xml:lang="en-US">PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xlink:to="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidRent" xlink:label="loc_us-gaap_PrepaidRent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidRent" xml:lang="en-US">Prepaid Rent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PrepaidRent" xml:lang="en-US">Prepaid rental expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidRent" xlink:to="lab_us-gaap_PrepaidRent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestReceivableCurrent" xml:lang="en-US">Interest Receivable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestReceivableCurrent" xml:lang="en-US">Interest receivable from time deposits</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivableCurrent" xlink:to="lab_us-gaap_InterestReceivableCurrent" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidAdvertisingDeposits" xlink:label="loc_tedu_PrepaidAdvertisingDeposits" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PrepaidAdvertisingDeposits" xml:lang="en-US">Prepaid Advertising Deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PrepaidAdvertisingDeposits" xml:lang="en-US">Prepaid advertising deposits</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PrepaidAdvertisingDeposits" xml:lang="en-US">Amount of consideration paid in advance for advertising deposits that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PrepaidAdvertisingDeposits" xlink:to="lab_tedu_PrepaidAdvertisingDeposits" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidAdvertising" xlink:label="loc_us-gaap_PrepaidAdvertising" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidAdvertising" xml:lang="en-US">Prepaid Advertising</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PrepaidAdvertising" xml:lang="en-US">Prepaid advertising expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidAdvertising" xlink:to="lab_us-gaap_PrepaidAdvertising" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidTaxes" xlink:label="loc_us-gaap_PrepaidTaxes" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidTaxes" xml:lang="en-US">Prepaid Taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PrepaidTaxes" xml:lang="en-US">Prepaid value-added tax</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidTaxes" xlink:to="lab_us-gaap_PrepaidTaxes" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidEmployeeHousingLoans" xlink:label="loc_tedu_PrepaidEmployeeHousingLoans" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PrepaidEmployeeHousingLoans" xml:lang="en-US">Prepaid Employee Housing Loans</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PrepaidEmployeeHousingLoans" xml:lang="en-US">Housing loans made to employees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PrepaidEmployeeHousingLoans" xml:lang="en-US">Housing loans to employees to finance their apartment purchase.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PrepaidEmployeeHousingLoans" xlink:to="lab_tedu_PrepaidEmployeeHousingLoans" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidTravelAndRelatedExpenses" xlink:label="loc_tedu_PrepaidTravelAndRelatedExpenses" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PrepaidTravelAndRelatedExpenses" xml:lang="en-US">Prepaid Travel and Related Expenses</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PrepaidTravelAndRelatedExpenses" xml:lang="en-US">Staff advances</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PrepaidTravelAndRelatedExpenses" xml:lang="en-US">Prepaid expenses for travel and related expenses.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PrepaidTravelAndRelatedExpenses" xlink:to="lab_tedu_PrepaidTravelAndRelatedExpenses" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_us-gaap_OtherAssetsCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAssetsCurrent" xml:lang="en-US">Other Assets, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherAssetsCurrent" xml:lang="en-US">Others</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsCurrent" xlink:to="lab_us-gaap_OtherAssetsCurrent" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xlink:label="loc_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xml:lang="en-US">Prepaid Expenses and Other Current Assets [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xml:lang="en-US">PREPAID EXPENSES AND OTHER CURRENT ASSETS</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xml:lang="en-US">Entire disclosure for asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xlink:to="lab_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xlink:label="loc_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xml:lang="en-US">Schedule of Prepaid Expenses and Other Current Assets [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xml:lang="en-US">Schedule of Prepaid Expenses and Other Current Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xml:lang="en-US">Tabular disclosure for assets related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xlink:to="lab_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="loc_us-gaap_LeaseholdImprovementsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US">Leasehold Improvements [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US">Leasehold improvements [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseholdImprovementsMember" xlink:to="lab_us-gaap_LeaseholdImprovementsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xml:lang="en-US">Real Estate, Type of Property [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property and equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Less: accumulated depreciation</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Schedule of Property and Equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xlink:label="loc_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xml:lang="en-US">Schedule of Depreciation, Depletion and Amortization Expense [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xml:lang="en-US">Schedule of Depreciation Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xml:lang="en-US">Tabular disclosure of the depreciation, depletion and amortization expense of physical assets used in the normal conduct of business and not intended for resale.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xlink:to="lab_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">PROPERTY AND EQUIPMENT, NET</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xml:lang="en-US">RELATED PARTY TRANSACTIONS [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ChuanbangMember" xlink:label="loc_tedu_ChuanbangMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ChuanbangMember" xml:lang="en-US">Chuanbang [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ChuanbangMember" xml:lang="en-US">Chuanbang [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ChuanbangMember" xlink:to="lab_tedu_ChuanbangMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionAxis" xml:lang="en-US">Related Party Transaction [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionDomain" xml:lang="en-US">Related Party Transaction [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain" xlink:to="lab_us-gaap_RelatedPartyTransactionDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_GuaranteeFeeMember" xlink:label="loc_tedu_GuaranteeFeeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_GuaranteeFeeMember" xml:lang="en-US">Guarantee Fee [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_GuaranteeFeeMember" xml:lang="en-US">Guarantee Fee [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_GuaranteeFeeMember" xlink:to="lab_tedu_GuaranteeFeeMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedMember" xlink:label="loc_tedu_AmountsReceivedMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AmountsReceivedMember" xml:lang="en-US">Amounts Received [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AmountsReceivedMember" xml:lang="en-US">Amounts Received [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AmountsReceivedMember" xlink:to="lab_tedu_AmountsReceivedMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsMember" xlink:label="loc_tedu_RepaymentsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RepaymentsMember" xml:lang="en-US">Repayments [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RepaymentsMember" xml:lang="en-US">Repayments [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RepaymentsMember" xlink:to="lab_tedu_RepaymentsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ServiceFeeMember" xlink:label="loc_tedu_ServiceFeeMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ServiceFeeMember" xml:lang="en-US">Service Fee [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ServiceFeeMember" xml:lang="en-US">Service Fee [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ServiceFeeMember" xlink:to="lab_tedu_ServiceFeeMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xml:lang="en-US">Related Party Transaction [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionAmountsOfTransaction" xml:lang="en-US">Related Party Transaction, Amounts of Transaction</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RelatedPartyTransactionAmountsOfTransaction" xml:lang="en-US">Related party transactions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:to="lab_us-gaap_RelatedPartyTransactionAmountsOfTransaction" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Write-offs</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xml:lang="en-US">Write-off of bad debt allowance</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xml:lang="en-US">Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xml:lang="en-US">Schedule of Accounts Receivable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xlink:label="loc_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xml:lang="en-US">Summary of Accounts Receivable Classification [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xml:lang="en-US">Classification of Accounts Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xml:lang="en-US">Tabular disclosure for the classification of accounts receivable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xlink:to="lab_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xlink:label="loc_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xml:lang="en-US">Summary of Accounts Receivable Valuation Allowance [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xml:lang="en-US">Summary of Allowance for Doubtful Accounts</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xml:lang="en-US">Tabular disclosure for the changes in the valuation allowance for accounts receivable.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xlink:to="lab_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PastDueAccountsReceivableTableTextBlock" xlink:label="loc_tedu_PastDueAccountsReceivableTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PastDueAccountsReceivableTableTextBlock" xml:lang="en-US">Past Due Accounts Receivable [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_PastDueAccountsReceivableTableTextBlock" xml:lang="en-US">Schedule of Aging Accounts Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_PastDueAccountsReceivableTableTextBlock" xml:lang="en-US">Tabular disclosure of accounts receivable that are past due.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PastDueAccountsReceivableTableTextBlock" xlink:to="lab_tedu_PastDueAccountsReceivableTableTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableCurrent" xlink:label="loc_tedu_AgingAccountsReceivableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AgingAccountsReceivableCurrent" xml:lang="en-US">Aging Accounts Receivable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AgingAccountsReceivableCurrent" xml:lang="en-US">current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AgingAccountsReceivableCurrent" xml:lang="en-US">Accounts receivable that are current.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AgingAccountsReceivableCurrent" xlink:to="lab_tedu_AgingAccountsReceivableCurrent" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable1To3MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AgingAccountsReceivable1To3MonthsPastDue" xml:lang="en-US">Aging Accounts Receivable, 1 to 3 Months Past Due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AgingAccountsReceivable1To3MonthsPastDue" xml:lang="en-US">1-3 months past due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AgingAccountsReceivable1To3MonthsPastDue" xml:lang="en-US">Accounts receivable that are between one and three months past due.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue" xlink:to="lab_tedu_AgingAccountsReceivable1To3MonthsPastDue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable4To6MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AgingAccountsReceivable4To6MonthsPastDue" xml:lang="en-US">Aging Accounts Receivable, 4 to 6 Months Past Due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AgingAccountsReceivable4To6MonthsPastDue" xml:lang="en-US">4-6 months past due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AgingAccountsReceivable4To6MonthsPastDue" xml:lang="en-US">Accounts receivable that are between four and six months past due.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue" xlink:to="lab_tedu_AgingAccountsReceivable4To6MonthsPastDue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable7To12MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AgingAccountsReceivable7To12MonthsPastDue" xml:lang="en-US">Aging Accounts Receivable, 7 to 12 Months Past Due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AgingAccountsReceivable7To12MonthsPastDue" xml:lang="en-US">7-12 months past due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AgingAccountsReceivable7To12MonthsPastDue" xml:lang="en-US">Accounts receivable that are between seven and twelve months past due.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue" xlink:to="lab_tedu_AgingAccountsReceivable7To12MonthsPastDue" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xlink:label="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xml:lang="en-US">Aging Accounts Receivable, Greater Than One Year Past Due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xml:lang="en-US">greater than one year past due</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xml:lang="en-US">Accounts receivable that are greater than one year past due.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xlink:to="lab_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">ACCOUNTS RECEIVABLE</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">RELATED PARTY TRANSACTIONS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xml:lang="en-US">Schedule of Related Party Transactions [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xml:lang="en-US">Schedule of Related Party Transactions</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_us-gaap_SalesRevenueNetAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueNetAbstract" xml:lang="en-US">NET REVENUES [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueNetAbstract" xlink:to="lab_us-gaap_SalesRevenueNetAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NetRevenuesTextBlock" xlink:label="loc_tedu_NetRevenuesTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_NetRevenuesTextBlock" xml:lang="en-US">Net Revenues [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_NetRevenuesTextBlock" xml:lang="en-US">NET REVENUES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_NetRevenuesTextBlock" xml:lang="en-US">Entire disclosure for total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_NetRevenuesTextBlock" xlink:to="lab_tedu_NetRevenuesTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfNetRevenuesTableTextBlock" xlink:label="loc_tedu_ScheduleOfNetRevenuesTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ScheduleOfNetRevenuesTableTextBlock" xml:lang="en-US">Schedule of Net Revenues [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_ScheduleOfNetRevenuesTableTextBlock" xml:lang="en-US">Schedule of Net Revenues</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ScheduleOfNetRevenuesTableTextBlock" xml:lang="en-US">Tabular disclosure for total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ScheduleOfNetRevenuesTableTextBlock" xlink:to="lab_tedu_ScheduleOfNetRevenuesTableTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="loc_us-gaap_SalesRevenueServicesNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Sales Revenue, Services, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Tuition fee</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueServicesNet" xlink:to="lab_us-gaap_SalesRevenueServicesNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="loc_us-gaap_SalesRevenueGoodsNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueGoodsNet" xml:lang="en-US">Sales Revenue, Goods, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SalesRevenueGoodsNet" xml:lang="en-US">Certification service fee</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueGoodsNet" xlink:to="lab_us-gaap_SalesRevenueGoodsNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueOtherFinancialServices" xlink:label="loc_us-gaap_RevenueOtherFinancialServices" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueOtherFinancialServices" xml:lang="en-US">Revenue, Other Financial Services</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RevenueOtherFinancialServices" xml:lang="en-US">Loan referral service fee</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueOtherFinancialServices" xlink:to="lab_us-gaap_RevenueOtherFinancialServices" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_us-gaap_OtherSalesRevenueNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherSalesRevenueNet" xml:lang="en-US">Other Revenue, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherSalesRevenueNet" xml:lang="en-US">Others</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSalesRevenueNet" xlink:to="lab_us-gaap_OtherSalesRevenueNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ExciseAndSalesTaxes" xml:lang="en-US">Excise and Sales Taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_ExciseAndSalesTaxes" xml:lang="en-US">Business taxes and surcharges</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExciseAndSalesTaxes" xlink:to="lab_us-gaap_ExciseAndSalesTaxes" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xml:lang="en-US">SUBSEQUENT EVENTS [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsAbstract" xlink:to="lab_us-gaap_SubsequentEventsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTable" xml:lang="en-US">Subsequent Event [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTable" xlink:to="lab_us-gaap_SubsequentEventTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xml:lang="en-US">Subsequent Event Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventMember" xml:lang="en-US">Subsequent Event [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsPayableAmountPerShare" xml:lang="en-US">Dividends Payable, Amount Per Share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DividendsPayableAmountPerShare" xml:lang="en-US">Dividend declared per ordinary share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableAmountPerShare" xlink:to="lab_us-gaap_DividendsPayableAmountPerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsCommonStockCash" xml:lang="en-US">Dividends, Common Stock, Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DividendsCommonStockCash" xml:lang="en-US">Amount of cash dividends to be paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash" xlink:to="lab_us-gaap_DividendsCommonStockCash" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">SUBSEQUENT EVENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_us-gaap_SubsequentEventsTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TemporaryEquityTextBlock" xlink:label="loc_tedu_TemporaryEquityTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TemporaryEquityTextBlock" xml:lang="en-US">Temporary Equity [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TemporaryEquityTextBlock" xml:lang="en-US">PREFERRED SHARES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_TemporaryEquityTextBlock" xml:lang="en-US">Disclosure for convertible redeemable preferred shares not classified as equity on the balance sheet.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TemporaryEquityTextBlock" xlink:to="lab_tedu_TemporaryEquityTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:label="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xml:lang="en-US">Condensed Statement of Income Captions [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:to="lab_us-gaap_CondensedStatementOfIncomeCaptionsLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xml:lang="en-US">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xml:lang="en-US">Schedule of Revenue Concentration</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Fair value measurements</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xml:lang="en-US">Balance Sheet Location [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentHoldingsTextBlock" xlink:label="loc_us-gaap_InvestmentHoldingsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentHoldingsTextBlock" xml:lang="en-US">Investment Holdings [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentHoldingsTextBlock" xml:lang="en-US">LONG-TERM INVESTMENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentHoldingsTextBlock" xlink:to="lab_us-gaap_InvestmentHoldingsTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xlink:label="loc_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xml:lang="en-US">Schedule for Cost and Equity Method Investment [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xml:lang="en-US">Schedule for Cost and Equity Method Investment</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xml:lang="en-US">Tabular Disclosure for cost and equity method investment.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xlink:to="lab_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_OtherCostMethodInvestmentsMember" xml:lang="en-US">Other Cost Method Investments [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_OtherCostMethodInvestmentsMember" xml:lang="en-US">Other cost method investments [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_OtherCostMethodInvestmentsMember" xml:lang="en-US">Represents information pertaining to other cost method investments.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_OtherCostMethodInvestmentsMember" xlink:to="lab_tedu_OtherCostMethodInvestmentsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesNoncurrent" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesNoncurrent" xml:lang="en-US">Available-for-sale Securities, Noncurrent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesNoncurrent" xml:lang="en-US">Available-for-sale investment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NumberOfEntitiesAccountedUsingCostMethod" xlink:label="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_NumberOfEntitiesAccountedUsingCostMethod" xml:lang="en-US">Number of Entities Accounted Using Cost Method</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_NumberOfEntitiesAccountedUsingCostMethod" xml:lang="en-US">The number of entities accounted using cost method.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod" xlink:to="lab_tedu_NumberOfEntitiesAccountedUsingCostMethod" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsOneMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsOneMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_OtherCostMethodInvestmentsOneMember" xml:lang="en-US">Other Cost Method Investments One [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_OtherCostMethodInvestmentsOneMember" xml:lang="en-US">Other cost method investments, one [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_OtherCostMethodInvestmentsOneMember" xml:lang="en-US">Represents information pertaining to other cost method investments, one.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_OtherCostMethodInvestmentsOneMember" xlink:to="lab_tedu_OtherCostMethodInvestmentsOneMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Payments to Acquire Equity Method Investments</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Purchase of long-term equity investments</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xml:lang="en-US">Equity Method Investment, Ownership Percentage</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2021Member" xlink:label="loc_tedu_TaxYear2021Member" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TaxYear2021Member" xml:lang="en-US">Tax Year 2021 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_tedu_TaxYear2021Member" xml:lang="en-US">2021 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TaxYear2021Member" xlink:to="lab_tedu_TaxYear2021Member" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NewOrientalEducationTechnologyGroupIncMember" xlink:label="loc_tedu_NewOrientalEducationTechnologyGroupIncMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_NewOrientalEducationTechnologyGroupIncMember" xml:lang="en-US">New Oriental Education Technology Group Inc. [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_NewOrientalEducationTechnologyGroupIncMember" xlink:to="lab_tedu_NewOrientalEducationTechnologyGroupIncMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xlink:label="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xml:lang="en-US">Foreign Currency Transaction Gain Loss Before Tax 1</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xml:lang="en-US">Foreign currency exchange losses (gains), net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xml:lang="en-US">Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xlink:to="lab_tedu_ForeignCurrencyTransactionGainLossBeforeTax1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">Recently issued accounting standards</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xml:lang="en-US">Payments to Acquire Available-for-sale Securities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:to="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xml:lang="en-US">Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsTwoMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsTwoMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_OtherCostMethodInvestmentsTwoMember" xml:lang="en-US">Other Cost Method Investments Two [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_OtherCostMethodInvestmentsTwoMember" xml:lang="en-US">Represents information pertaining to other cost method investments, two.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_OtherCostMethodInvestmentsTwoMember" xlink:to="lab_tedu_OtherCostMethodInvestmentsTwoMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityInterestOfOnlinePlatformMember" xlink:label="loc_tedu_EquityInterestOfOnlinePlatformMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EquityInterestOfOnlinePlatformMember" xml:lang="en-US">Equity Interest Of An Online Platform [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EquityInterestOfOnlinePlatformMember" xlink:to="lab_tedu_EquityInterestOfOnlinePlatformMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Unrealized holding gains on available for sale securities, net of income taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Unrealized holding gains on available for sale securities, net of income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HockeyGlobalResourcesInvestmentLimitedMember" xlink:label="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_HockeyGlobalResourcesInvestmentLimitedMember" xml:lang="en-US">Hockey Global Resources Investment Limited [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember" xlink:to="lab_tedu_HockeyGlobalResourcesInvestmentLimitedMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xml:lang="en-US">Income Taxes, Preferential Income Tax Rate Advanced and New Technology Enterprises</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xml:lang="en-US">Represents the percentage of preferential income tax rate applicable to the entities that qualify as &#8220;Advanced and New Technology Enterprise&#8221; (&#8220;ANTE&#8221;).</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xlink:to="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xml:lang="en-US">Deemed profit method differential</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xml:lang="en-US">Income Taxes, Preferential Income Tax Rate Small Profit Enterprises</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xml:lang="en-US">Represents the percentage of preferential income tax rate applicable to the subsidiaries and branches qualified as &#34;Small Profit Enterprises&#34;.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xlink:to="lab_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xlink:label="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xml:lang="en-US">Income Taxes, Calculation Basis under Deemed Profit Method</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xml:lang="en-US">Represents the basis for calculating income tax under the deemed profit method for certain locations in china.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xlink:to="lab_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationOpenYearsForExamination" xlink:label="loc_tedu_IncomeTaxExaminationOpenYearsForExamination" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxExaminationOpenYearsForExamination" xml:lang="en-US">Income Tax Examination, Open Years for Examination</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxExaminationOpenYearsForExamination" xml:lang="en-US">Represents the open years for income tax examination</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxExaminationOpenYearsForExamination" xlink:to="lab_tedu_IncomeTaxExaminationOpenYearsForExamination" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationStatuteOfLimitation" xlink:label="loc_tedu_IncomeTaxExaminationStatuteOfLimitation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxExaminationStatuteOfLimitation" xml:lang="en-US">Income Tax Examination, Statute of Limitation</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_IncomeTaxExaminationStatuteOfLimitation" xml:lang="en-US">Represents the statute of limitation of china subsidiaries for underpayment of taxes.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxExaminationStatuteOfLimitation" xlink:to="lab_tedu_IncomeTaxExaminationStatuteOfLimitation" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HanruEducationTechnologyCoLtdMember" xlink:label="loc_tedu_HanruEducationTechnologyCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_HanruEducationTechnologyCoLtdMember" xml:lang="en-US">Hanru Education Technology Co., Ltd [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_HanruEducationTechnologyCoLtdMember" xlink:to="lab_tedu_HanruEducationTechnologyCoLtdMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameAxis" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxAuthorityNameAxis" xml:lang="en-US">Income Tax Authority, Name [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameAxis" xlink:to="lab_us-gaap_IncomeTaxAuthorityNameAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" xml:lang="en-US">Income Taxes Statute of Limitation by Type [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" xlink:to="lab_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameDomain" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxAuthorityNameDomain" xml:lang="en-US">Income Tax Authority, Name [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameDomain" xlink:to="lab_us-gaap_IncomeTaxAuthorityNameDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StateAdministrationOfTaxationChinaMember" xlink:label="loc_us-gaap_StateAdministrationOfTaxationChinaMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StateAdministrationOfTaxationChinaMember" xml:lang="en-US">State Administration of Taxation, China [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StateAdministrationOfTaxationChinaMember" xlink:to="lab_us-gaap_StateAdministrationOfTaxationChinaMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xml:lang="en-US">Income Taxes Statute of Limitation by Type [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xlink:to="lab_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ComputationalErrorsMember" xlink:label="loc_tedu_ComputationalErrorsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ComputationalErrorsMember" xml:lang="en-US">Computational Errors [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ComputationalErrorsMember" xlink:to="lab_tedu_ComputationalErrorsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xlink:label="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xml:lang="en-US">Underpayment of Taxes is More Than RMB100,000 [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xml:lang="en-US">Underpayment of Taxes is More Than RMB100 [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xlink:to="lab_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TransferPricingMember" xlink:label="loc_tedu_TransferPricingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TransferPricingMember" xml:lang="en-US">Transfer Pricing [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TransferPricingMember" xlink:to="lab_tedu_TransferPricingMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReceivableCollectionServicesFeeDescription" xlink:label="loc_tedu_ReceivableCollectionServicesFeeDescription" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ReceivableCollectionServicesFeeDescription" xml:lang="en-US">Receivable Collection Services, Fee Description</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ReceivableCollectionServicesFeeDescription" xml:lang="en-US">Represents the basis for fee calculation under the receivables collection arrangement with related parties.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ReceivableCollectionServicesFeeDescription" xlink:to="lab_tedu_ReceivableCollectionServicesFeeDescription" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromRelatedPartyDebt" xml:lang="en-US">Proceeds from Related Party Debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRelatedPartyDebt" xlink:to="lab_us-gaap_ProceedsFromRelatedPartyDebt" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PreciseMember" xlink:label="loc_tedu_PreciseMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_PreciseMember" xml:lang="en-US">Precise [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_PreciseMember" xlink:to="lab_tedu_PreciseMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xml:lang="en-US">Equity Method Investment Summarized Financial Information, Equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:to="lab_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentAxis" xml:lang="en-US">Debt Instrument [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaMember" xlink:label="loc_tedu_BeijingTarenaMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_BeijingTarenaMember" xml:lang="en-US">Beijing Tarena [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_BeijingTarenaMember" xlink:to="lab_tedu_BeijingTarenaMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaMember" xlink:label="loc_tedu_ShanghaiTarenaMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ShanghaiTarenaMember" xml:lang="en-US">Shanghai Tarena [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ShanghaiTarenaMember" xlink:to="lab_tedu_ShanghaiTarenaMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xlink:label="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xml:lang="en-US">Equity Method Investments, Percentage of Equity Acquired through Options</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xml:lang="en-US">Represents the percentage of total equity, that can be acquired through exercise of option.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xlink:to="lab_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Debt Instrument, Face Amount</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Debt amount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanAgreementsMember" xlink:label="loc_tedu_LoanAgreementsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_LoanAgreementsMember" xml:lang="en-US">Loan Agreements [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_LoanAgreementsMember" xlink:to="lab_tedu_LoanAgreementsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityHoldersMember" xlink:label="loc_tedu_EquityHoldersMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_EquityHoldersMember" xml:lang="en-US">Equity Holders [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_EquityHoldersMember" xlink:to="lab_tedu_EquityHoldersMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DebtInstrumentInitialExpirationYear" xlink:label="loc_tedu_DebtInstrumentInitialExpirationYear" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DebtInstrumentInitialExpirationYear" xml:lang="en-US">Debt Instrument, Initial Expiration Year</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DebtInstrumentInitialExpirationYear" xml:lang="en-US">The initial expiration year of the loan agreement.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DebtInstrumentInitialExpirationYear" xlink:to="lab_tedu_DebtInstrumentInitialExpirationYear" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaEntitiesMember" xlink:label="loc_tedu_TarenaEntitiesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_TarenaEntitiesMember" xml:lang="en-US">Tarena Entities [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_TarenaEntitiesMember" xlink:to="lab_tedu_TarenaEntitiesMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrHanMember" xlink:label="loc_tedu_MrHanMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_MrHanMember" xml:lang="en-US">Mr. Han [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_MrHanMember" xlink:to="lab_tedu_MrHanMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrLiMember" xlink:label="loc_tedu_MrLiMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_MrLiMember" xml:lang="en-US">Mr. Li [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_MrLiMember" xlink:to="lab_tedu_MrLiMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiquidationBasisOfAccountingLiquidationPlan" xlink:label="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiquidationBasisOfAccountingLiquidationPlan" xml:lang="en-US">Liquidation Basis of Accounting, Liquidation Plan</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan" xlink:to="lab_us-gaap_LiquidationBasisOfAccountingLiquidationPlan" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="loc_us-gaap_PreferredStockMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockMember" xml:lang="en-US">Preferred Stock [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PreferredStockMember" xml:lang="en-US">Preferred shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesBConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SeriesBConvertibleRedeemablePreferredSharesMember" xml:lang="en-US">Series B convertible redeemable preferred shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember" xlink:to="lab_tedu_SeriesBConvertibleRedeemablePreferredSharesMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesCConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SeriesCConvertibleRedeemablePreferredSharesMember" xml:lang="en-US">Series C convertible redeemable preferred shares [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember" xlink:to="lab_tedu_SeriesCConvertibleRedeemablePreferredSharesMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionTerms" xlink:label="loc_us-gaap_PreferredStockRedemptionTerms" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PreferredStockRedemptionTerms" xml:lang="en-US">Preferred Stock, Redemption Terms</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockRedemptionTerms" xlink:to="lab_us-gaap_PreferredStockRedemptionTerms" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SignificantAccountingPoliciesLineItems" xlink:label="loc_tedu_SignificantAccountingPoliciesLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems" xlink:to="lab_tedu_SignificantAccountingPoliciesLineItems" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsDomain" xlink:label="loc_tedu_DenominatedBankDepositsDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DenominatedBankDepositsDomain" xml:lang="en-US">Denominated Bank Deposits [Domain]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DenominatedBankDepositsDomain" xml:lang="en-US">Denominated Bank Deposits Domain.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DenominatedBankDepositsDomain" xlink:to="lab_tedu_DenominatedBankDepositsDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RmbDenominatedBankDepositsMember" xlink:label="loc_tedu_RmbDenominatedBankDepositsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_RmbDenominatedBankDepositsMember" xml:lang="en-US">RMB Denominated Bank Deposits [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_RmbDenominatedBankDepositsMember" xml:lang="en-US">RMB denominated bank deposits member.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_RmbDenominatedBankDepositsMember" xlink:to="lab_tedu_RmbDenominatedBankDepositsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UsDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_UsDollarDenominatedBankDepositsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_UsDollarDenominatedBankDepositsMember" xml:lang="en-US">US Dollar Denominated Bank Deposits [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_UsDollarDenominatedBankDepositsMember" xml:lang="en-US">US Dollar Denominated Bank Deposits Member.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_UsDollarDenominatedBankDepositsMember" xlink:to="lab_tedu_UsDollarDenominatedBankDepositsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HkDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_HkDollarDenominatedBankDepositsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_HkDollarDenominatedBankDepositsMember" xml:lang="en-US">HK Dollar Denominated Bank Deposits [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_HkDollarDenominatedBankDepositsMember" xml:lang="en-US">HK Dollar Denominated Bank Deposits Member.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_HkDollarDenominatedBankDepositsMember" xlink:to="lab_tedu_HkDollarDenominatedBankDepositsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xml:lang="en-US">Statutory Reserves, Percentage of Appropriation From Net Profit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xml:lang="en-US">Represents the appropriation percentage from net profit, that has to be contributed till attain the statutory reserve fixed by PRC.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xlink:to="lab_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesBalanceAsPercentageToCapital" xlink:label="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StatutoryReservesBalanceAsPercentageToCapital" xml:lang="en-US">Statutory Reserves, Balance As Percentage to Capital</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StatutoryReservesBalanceAsPercentageToCapital" xml:lang="en-US">Under PRC rules and regulations, Tarena International&#39;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs (the &#34;PRC Entities&#34;) are required to appropriate 10% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory surplus reserve until the reserve balance reaches 50% of their registered capital.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital" xlink:to="lab_tedu_StatutoryReservesBalanceAsPercentageToCapital" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xml:lang="en-US">Statutory Reserves for Private Schools Requiring Reasonable Returns, Percentage of Appropriation From Net Profit</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xml:lang="en-US">Represents the appropriation percentage from net profit for private schools that looking for reasonable returns.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xlink:to="lab_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xml:lang="en-US">Statutory Reserves for Private Schools Not Requiring Reasonable Returns, Percentage of Expected Annual Increase in Net Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xml:lang="en-US">Represents the appropriation percentage of increase in net assets for private schools not requiring reasonable returns.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xlink:to="lab_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" xml:lang="en-US">Beijing Crouching Tiger Hidden Dragon Internet Technology Co Ltd [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" xlink:to="lab_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Reclassification adjustment for gains on available for sale securities realized in net income, net of income taxes</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Reclassification adjustment for gains on available for sale securities realized in net income, net of income taxes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US">Balance Sheet Location [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxPayableMember" xlink:label="loc_tedu_IncomeTaxPayableMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_IncomeTaxPayableMember" xml:lang="en-US">Income Tax Payable [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_IncomeTaxPayableMember" xlink:to="lab_tedu_IncomeTaxPayableMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentLiabilitiesMember" xlink:label="loc_us-gaap_OtherNoncurrentLiabilitiesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherNoncurrentLiabilitiesMember" xml:lang="en-US">Other Noncurrent Liabilities [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:to="lab_us-gaap_OtherNoncurrentLiabilitiesMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanReferralServiceRevenuepercentage" xlink:label="loc_tedu_LoanReferralServiceRevenuepercentage" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_LoanReferralServiceRevenuepercentage" xml:lang="en-US">Loan Referral Service Revenue,Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_LoanReferralServiceRevenuepercentage" xml:lang="en-US">Loan Referral Service Revenue, Percentage</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_LoanReferralServiceRevenuepercentage" xml:lang="en-US">It represents the percentage rate of loan referral service revenue.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_LoanReferralServiceRevenuepercentage" xlink:to="lab_tedu_LoanReferralServiceRevenuepercentage" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentAssetsMember" xlink:label="loc_us-gaap_OtherNoncurrentAssetsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherNoncurrentAssetsMember" xml:lang="en-US">Other Noncurrent Assets [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncurrentAssetsMember" xlink:to="lab_us-gaap_OtherNoncurrentAssetsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xml:lang="en-US">Real Estate [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="loc_us-gaap_OfficeBuildingMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OfficeBuildingMember" xml:lang="en-US">Office Building [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OfficeBuildingMember" xlink:to="lab_us-gaap_OfficeBuildingMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyAbstract" xlink:label="loc_us-gaap_ForeignCurrencyAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ForeignCurrencyAbstract" xml:lang="en-US">Foreign Currency [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyAbstract" xlink:to="lab_us-gaap_ForeignCurrencyAbstract" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xlink:label="loc_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xml:lang="en-US">Foreign Currency Forward Contract Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xml:lang="en-US">LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xml:lang="en-US">Contracts negotiated between two parties to purchase and sell a specific quantity of a financial instrument, foreign currency, or commodity at a price specified at origination of the contract, with delivery and settlement at a specified future date.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xlink:to="lab_tedu_ForeignCurrencyForwardContractDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xml:lang="en-US">Derivative Instrument [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="loc_invest_DerivativeNotionalAmount" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_DerivativeNotionalAmount" xml:lang="en-US">Derivative, Notional Amount</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_DerivativeNotionalAmount" xlink:to="lab_invest_DerivativeNotionalAmount" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xml:lang="en-US">Derivative Contract [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignExchangeForwardMember" xlink:label="loc_us-gaap_ForeignExchangeForwardMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ForeignExchangeForwardMember" xml:lang="en-US">Foreign Exchange Forward [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeForwardMember" xlink:to="lab_us-gaap_ForeignExchangeForwardMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TitleOfIndividualAxis" xml:lang="en-US">Title of Individual [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TitleOfIndividualAxis" xlink:to="lab_us-gaap_TitleOfIndividualAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LongTermLoansToEmployees" xlink:label="loc_tedu_LongTermLoansToEmployees" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_LongTermLoansToEmployees" xml:lang="en-US">Long Term Loans to Employees</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_LongTermLoansToEmployees" xml:lang="en-US">Aggregate amount of loans to employees at the financial statement date. which are usually due after one year (or one business cycle).</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_LongTermLoansToEmployees" xlink:to="lab_tedu_LongTermLoansToEmployees" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xlink:label="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xml:lang="en-US">Available-For-Sale Investment, Ownership Interest Acquired</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xml:lang="en-US">The equity interest acquired in available for sale investments.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xlink:to="lab_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScenarioForecastMember" xml:lang="en-US">Scenario, Forecast [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScenarioForecastMember" xlink:to="lab_us-gaap_ScenarioForecastMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebt" xml:lang="en-US">Long-term Debt</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityLineItems" xlink:label="loc_us-gaap_TemporaryEquityLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TemporaryEquityLineItems" xml:lang="en-US">Temporary Equity [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityLineItems" xlink:to="lab_us-gaap_TemporaryEquityLineItems" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccretionOfConvertibleRedeemablePreferredStock" xlink:label="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_AccretionOfConvertibleRedeemablePreferredStock" xml:lang="en-US">Accretion of Convertible Redeemable Preferred Stock</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_AccretionOfConvertibleRedeemablePreferredStock" xml:lang="en-US">The amount represents accretion of convertible redeemable preferred stock recorded as a reduction to additional paid-in capital first and then charged against accumulated deficit in the absence of additional paid-in capital for the reporting period.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock" xlink:to="lab_tedu_AccretionOfConvertibleRedeemablePreferredStock" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WebFrontMember" xlink:label="loc_tedu_WebFrontMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_WebFrontMember" xml:lang="en-US">Web Front [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_WebFrontMember" xlink:to="lab_tedu_WebFrontMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" xml:lang="en-US">Beijing Tarena Jinqiao Technology Co. Ltd. [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" xlink:to="lab_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" xlink:label="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" xml:lang="en-US">Shanghai Tarena Software Technology Co., Ltd. [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" xlink:to="lab_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromContributedCapital" xlink:label="loc_us-gaap_ProceedsFromContributedCapital" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromContributedCapital" xml:lang="en-US">Proceeds from Contributed Capital</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromContributedCapital" xlink:to="lab_us-gaap_ProceedsFromContributedCapital" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable" xml:lang="en-US">Proceeds from Collection of Loans Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable" xml:lang="en-US">Proceeds from repayment of loans from employees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:to="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xml:lang="en-US">Variable Interest Entity [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInceptionDates" xlink:label="loc_us-gaap_DerivativeInceptionDates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeInceptionDates" xml:lang="en-US">Derivative, Inception Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInceptionDates" xlink:to="lab_us-gaap_DerivativeInceptionDates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeForwardExchangeRate1" xlink:label="loc_us-gaap_DerivativeForwardExchangeRate1" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeForwardExchangeRate1" xml:lang="en-US">Derivative, Forward Exchange Rate</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeForwardExchangeRate1" xlink:to="lab_us-gaap_DerivativeForwardExchangeRate1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="loc_us-gaap_DerivativeMaturityDates" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeMaturityDates" xml:lang="en-US">Derivative, Maturity Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeMaturityDates" xlink:to="lab_us-gaap_DerivativeMaturityDates" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetAxis" xlink:label="loc_us-gaap_RegulatoryAssetAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RegulatoryAssetAxis" xml:lang="en-US">Regulatory Asset [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetAxis" xlink:to="lab_us-gaap_RegulatoryAssetAxis" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BasicEarningsMember" xlink:label="loc_tedu_BasicEarningsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_BasicEarningsMember" xml:lang="en-US">Basic Earnings [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_BasicEarningsMember" xml:lang="en-US">Basic Earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_BasicEarningsMember" xlink:to="lab_tedu_BasicEarningsMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DilutedEarningsMember" xlink:label="loc_tedu_DilutedEarningsMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_DilutedEarningsMember" xml:lang="en-US">Diluted Earnings [Member]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_DilutedEarningsMember" xml:lang="en-US">Diluted Earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_DilutedEarningsMember" xlink:to="lab_tedu_DilutedEarningsMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xml:lang="en-US">Relationship to Entity [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DirectorMember" xml:lang="en-US">Director [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectorMember" xlink:to="lab_us-gaap_DirectorMember" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetDomain" xlink:label="loc_us-gaap_RegulatoryAssetDomain" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RegulatoryAssetDomain" xml:lang="en-US">Regulatory Asset [Domain]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetDomain" xlink:to="lab_us-gaap_RegulatoryAssetDomain" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxChargesMember" xlink:label="loc_us-gaap_DeferredIncomeTaxChargesMember" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredIncomeTaxChargesMember" xml:lang="en-US">Deferred Income Tax Charge [Member]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxChargesMember" xlink:to="lab_us-gaap_DeferredIncomeTaxChargesMember" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xlink:label="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xml:lang="en-US">Withholding Tax Percentage On Repatriated Earnings</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xml:lang="en-US">The CIT Law and its implementation rules impose a withholding income tax at 10%, unless reduced by a tax treaty or arrangement, on the amount of dividends distributed by a PRC-resident enterprise to its immediate holding company outside the PRC</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xlink:to="lab_tedu_WithholdingTaxPercentageOnRepatriatedEarnings" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FairValueOfOrdinaryShareByValuation" xlink:label="loc_tedu_FairValueOfOrdinaryShareByValuation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_tedu_FairValueOfOrdinaryShareByValuation" xml:lang="en-US">Fair Value of Ordinary Share by Valuation</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_tedu_FairValueOfOrdinaryShareByValuation" xml:lang="en-US">Represents the estimated fair value of ordinary shares.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tedu_FairValueOfOrdinaryShareByValuation" xlink:to="lab_tedu_FairValueOfOrdinaryShareByValuation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireLoansReceivable" xml:lang="en-US">Payments to Acquire Loans Receivable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireLoansReceivable" xml:lang="en-US">Issuance of loans to employees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLoansReceivable" xlink:to="lab_us-gaap_PaymentsToAcquireLoansReceivable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventLineItems" xml:lang="en-US">Subsequent Event [Line Items]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventLineItems" xlink:to="lab_us-gaap_SubsequentEventLineItems" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in operating assets and liabilities, net of effects from acquisition of Hanru Hangzhou</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
  </labelLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>25
<FILENAME>tedu-20161231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.1.9 on 25-Apr-2017 [02:29:46] {PM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DocumentAndEntityInformation" roleURI="http://bj.tedu.cn/role/DocumentAndEntityInformation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SummaryOfSignificantAccountingPolicies" roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPolicies" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivable" roleURI="http://bj.tedu.cn/role/AccountsReceivable" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssets" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNet" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNet" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LongtermInvestments" roleURI="http://bj.tedu.cn/role/LongtermInvestments" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilities" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenues" roleURI="http://bj.tedu.cn/role/NetRevenues" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LossOnForeignCurrencyForwardContract" roleURI="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContract" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxes" roleURI="http://bj.tedu.cn/role/IncomeTaxes" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#RelatedPartyTransactions" roleURI="http://bj.tedu.cn/role/RelatedPartyTransactions" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedBalanceSheets" roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#OrdinarySharesAndStatutoryReserve" roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PreferredShares" roleURI="http://bj.tedu.cn/role/PreferredShares" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensation" roleURI="http://bj.tedu.cn/role/ShareBasedCompensation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShare" roleURI="http://bj.tedu.cn/role/EarningsPerShare" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingencies" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingencies" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformation" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformation" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SubsequentEvents" roleURI="http://bj.tedu.cn/role/SubsequentEvents" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SummaryOfSignificantAccountingPoliciesPolicies" roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesPolicies" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SummaryOfSignificantAccountingPoliciesTables" roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedBalanceSheetsParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableTables" roleURI="http://bj.tedu.cn/role/AccountsReceivableTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssetsTables" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetTables" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LongtermInvestmentsTables" roleURI="http://bj.tedu.cn/role/LongtermInvestmentsTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilitiesTables" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenuesTables" roleURI="http://bj.tedu.cn/role/NetRevenuesTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesTables" roleURI="http://bj.tedu.cn/role/IncomeTaxesTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#RelatedPartyTransactionsTables" roleURI="http://bj.tedu.cn/role/RelatedPartyTransactionsTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationTables" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShareTables" roleURI="http://bj.tedu.cn/role/EarningsPerShareTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfComprehensiveIncome" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingenciesTables" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationTables" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SummaryOfSignificantAccountingPoliciesDetails" roleURI="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableClassificationOfAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccountsReceivableScheduleOfAgingAccountsReceivableDetails" roleURI="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PrepaidExpensesAndOtherCurrentAssetsDetails" roleURI="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfComprehensiveIncomeParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails" roleURI="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LongtermInvestmentsDetails" roleURI="http://bj.tedu.cn/role/LongtermInvestmentsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#AccruedExpensesAndOtherCurrentLiabilitiesDetails" roleURI="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#NetRevenuesDetails" roleURI="http://bj.tedu.cn/role/NetRevenuesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#LossOnForeignCurrencyForwardContractNarrativeDetails" roleURI="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxExpensesDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfChangesInEquityDeficit" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesSummaryOfValuationAllowanceDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#IncomeTaxesNarrativeDetails" roleURI="http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails" roleURI="http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#OrdinarySharesAndStatutoryReserveOrdinarySharesDetails" roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#OrdinarySharesAndStatutoryReserveStatutoryReserveDetails" roleURI="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#PreferredSharesDetails" roleURI="http://bj.tedu.cn/role/PreferredSharesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationNarrativeDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfStockOptionActivityDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfChangesInEquityDeficitParenthetical" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfFairValueAssumptionsDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails" roleURI="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" roleURI="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#CommitmentsAndContingenciesDetails" roleURI="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" roleURI="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#SubsequentEventsNarrativeDetails" roleURI="http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#ConsolidatedStatementsOfCashFlows" roleURI="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows" />

  <roleRef xlink:type="simple" xlink:href="tedu-20161231.xsd#DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks" roleURI="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks" />

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DocumentAndEntityInformationAbstract" xlink:label="loc_tedu_DocumentAndEntityInformationAbstract_2" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable_3" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_DocumentAndEntityInformationAbstract_2" xlink:to="loc_dei_DocumentInformationTable_3" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_4" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_us-gaap_StatementClassOfStockAxis_4" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1176" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_4" xlink:to="loc_us-gaap_ClassOfStockDomain_1176" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_1415" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_1176" xlink:to="loc_us-gaap_CommonClassAMember_1415" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_1416" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_1176" xlink:to="loc_us-gaap_CommonClassBMember_1416" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems_1175" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationTable_3" xlink:to="loc_dei_DocumentInformationLineItems_1175" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_1039" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentType_1039" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_1041" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentPeriodEndDate_1041" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_1040" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_AmendmentFlag_1040" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_1285" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityRegistrantName_1285" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_1045" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCentralIndexKey_1045" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus_1048" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCurrentReportingStatus_1048" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_1046" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_CurrentFiscalYearEndDate_1046" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_1049" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityFilerCategory_1049" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer_1047" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityWellKnownSeasonedIssuer_1047" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_1042" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentFiscalYearFocus_1042" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_1043" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_DocumentFiscalPeriodFocus_1043" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_1417" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_DocumentInformationLineItems_1175" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_1417" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPolicies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_370" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock_371" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_370" xlink:to="loc_us-gaap_SignificantAccountingPoliciesTextBlock_371" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivable">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_982" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_983" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_982" xlink:to="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_983" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_906" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock" xlink:label="loc_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock_907" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_906" xlink:to="loc_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock_907" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNet">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_928" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_929" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_928" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_929" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LongtermInvestments">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_ScheduleOfInvestmentsAbstract_1085" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentHoldingsTextBlock" xlink:label="loc_us-gaap_InvestmentHoldingsTextBlock_1086" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfInvestmentsAbstract_1085" xlink:to="loc_us-gaap_InvestmentHoldingsTextBlock_1086" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract_883" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:label="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_884" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract_883" xlink:to="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_884" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/NetRevenues">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_us-gaap_SalesRevenueNetAbstract_991" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NetRevenuesTextBlock" xlink:label="loc_tedu_NetRevenuesTextBlock_992" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_991" xlink:to="loc_tedu_NetRevenuesTextBlock_992" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContract">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyAbstract" xlink:label="loc_us-gaap_ForeignCurrencyAbstract_1297" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyForwardContractDisclosureTextBlock" xlink:label="loc_tedu_ForeignCurrencyForwardContractDisclosureTextBlock_1298" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ForeignCurrencyAbstract_1297" xlink:to="loc_tedu_ForeignCurrencyForwardContractDisclosureTextBlock_1298" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxes">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_863" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock_864" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_863" xlink:to="loc_us-gaap_IncomeTaxDisclosureTextBlock_864" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/RelatedPartyTransactions">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_985" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_986" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_985" xlink:to="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_986" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_457" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_458" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_457" xlink:to="loc_us-gaap_StatementTable_458" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_459" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_458" xlink:to="loc_us-gaap_StatementClassOfStockAxis_459" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_460" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_459" xlink:to="loc_us-gaap_ClassOfStockDomain_460" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_464" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_460" xlink:to="loc_us-gaap_CommonClassAMember_464" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_465" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_460" xlink:to="loc_us-gaap_CommonClassBMember_465" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_466" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_458" xlink:to="loc_us-gaap_StatementScenarioAxis_466" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_467" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_466" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_467" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_469" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_458" xlink:to="loc_us-gaap_StatementLineItems_469" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_470" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_469" xlink:to="loc_us-gaap_AssetsAbstract_470" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_471" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_AssetsCurrentAbstract_471" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_472" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_Cash_472" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent_473" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent_473" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_474" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_474" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_475" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_475" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_476" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_476" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_478" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_471" xlink:to="loc_us-gaap_AssetsCurrent_478" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsNoncurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsNoncurrent_479" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_RestrictedInvestmentsNoncurrent_479" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent_480" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent_480" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_481" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_481" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_us-gaap_Goodwill_1159" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_Goodwill_1159" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1160" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_LongTermInvestments_1160" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_484" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_484" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_485" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_470" xlink:to="loc_us-gaap_Assets_485" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_469" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_487" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_487" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent_488" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccountsPayableCurrent_488" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_489" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_489" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_490" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_490" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/presentationGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent_491" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_DeferredRevenueCurrent_491" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_492" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_492" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_493" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_487" xlink:to="loc_us-gaap_LiabilitiesCurrent_493" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_494" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_494" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/presentationGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_495" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_Liabilities_495" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_496" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_CommitmentsAndContingencies_496" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="loc_us-gaap_TemporaryEquityAbstract_497" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_TemporaryEquityAbstract_497" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_499" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_StockholdersEquityAbstract_499" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_500" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_CommonStockValue_500" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue_501" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_TreasuryStockCommonValue_501" use="optional" order="38" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_502" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_AdditionalPaidInCapital_502" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_503" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_503" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_504" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_504" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_505" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_499" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_505" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_506" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_486" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_506" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveAbstract" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_66" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveTextBlock" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveTextBlock_67" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_66" xlink:to="loc_tedu_OrdinarySharesAndStatutoryReserveTextBlock_67" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PreferredShares">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityDisclosureAbstract" xlink:label="loc_us-gaap_TemporaryEquityDisclosureAbstract_1020" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TemporaryEquityTextBlock" xlink:label="loc_tedu_TemporaryEquityTextBlock_1021" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityDisclosureAbstract_1020" xlink:to="loc_tedu_TemporaryEquityTextBlock_1021" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensation">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_716" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_717" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_716" xlink:to="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_717" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShare">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_779" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_us-gaap_EarningsPerShareTextBlock_780" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_779" xlink:to="loc_us-gaap_EarningsPerShareTextBlock_780" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/CommitmentsAndContingencies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_653" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_654" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_653" xlink:to="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_654" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformation">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_704" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_705" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_704" xlink:to="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_705" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SubsequentEvents">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_1017" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_1018" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_1017" xlink:to="loc_us-gaap_SubsequentEventsTextBlock_1018" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesPolicies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_341" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock_343" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_ConsolidationPolicyTextBlock_343" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates_344" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_UseOfEstimates_344" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_345" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_345" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock" xlink:label="loc_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock_346" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock_346" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="loc_us-gaap_InvestmentPolicyTextBlock_347" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_InvestmentPolicyTextBlock_347" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" xlink:label="loc_us-gaap_ReceivablesPolicyTextBlock_348" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_ReceivablesPolicyTextBlock_348" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_349" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_349" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy_1054" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy_1054" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LongtermInvestmentsPolicyTextBlock" xlink:label="loc_tedu_LongtermInvestmentsPolicyTextBlock_1055" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_tedu_LongtermInvestmentsPolicyTextBlock_1055" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock_351" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_RevenueRecognitionPolicyTextBlock_351" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesPolicyTextBlock" xlink:label="loc_us-gaap_CostOfSalesPolicyTextBlock_352" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_CostOfSalesPolicyTextBlock_352" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="loc_us-gaap_AdvertisingCostsPolicyTextBlock_353" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_AdvertisingCostsPolicyTextBlock_353" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeasePolicyTextBlock" xlink:label="loc_us-gaap_LeasePolicyTextBlock_354" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_LeasePolicyTextBlock_354" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_GovernmentGrantsPolicyTextBlock" xlink:label="loc_tedu_GovernmentGrantsPolicyTextBlock_355" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_tedu_GovernmentGrantsPolicyTextBlock_355" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpensePolicy_356" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpensePolicy_356" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:label="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy_357" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy_357" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_358" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_IncomeTaxPolicyTextBlock_358" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="loc_us-gaap_DeferredChargesPolicyTextBlock_359" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_DeferredChargesPolicyTextBlock_359" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_360" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_360" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_361" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_361" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock_362" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_EarningsPerSharePolicyTextBlock_362" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_363" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_363" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_364" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_364" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_1178" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_341" xlink:to="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_1178" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_671" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_673" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_671" xlink:to="loc_us-gaap_ConcentrationRiskTable_673" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_673" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_674" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember_676" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain_675" xlink:to="loc_us-gaap_SalesRevenueNetMember_676" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_677" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_673" xlink:to="loc_us-gaap_ConcentrationRiskByTypeAxis_677" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_678" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_677" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_678" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductConcentrationRiskMember" xlink:label="loc_us-gaap_ProductConcentrationRiskMember_679" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_678" xlink:to="loc_us-gaap_ProductConcentrationRiskMember_679" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember_680" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_678" xlink:to="loc_us-gaap_GeographicConcentrationRiskMember_680" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_681" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_673" xlink:to="loc_us-gaap_ConcentrationRiskLineItems_681" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_1038" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_681" xlink:to="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_1038" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_682" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_681" xlink:to="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_682" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_367" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock_368" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_367" xlink:to="loc_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock_368" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_508" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_509" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_508" xlink:to="loc_us-gaap_StatementTable_509" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_509" xlink:to="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_510" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_512" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_511" xlink:to="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_512" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_513" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_509" xlink:to="loc_us-gaap_StatementClassOfStockAxis_513" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_514" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_513" xlink:to="loc_us-gaap_ClassOfStockDomain_514" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_515" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_514" xlink:to="loc_us-gaap_CommonClassAMember_515" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_516" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_514" xlink:to="loc_us-gaap_CommonClassBMember_516" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_517" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_509" xlink:to="loc_us-gaap_StatementLineItems_517" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_518" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_517" xlink:to="loc_us-gaap_AssetsAbstract_518" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_519" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_AssetsCurrentAbstract_519" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_520" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_519" xlink:to="loc_us-gaap_Cash_520" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_525" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_525" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_1395" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_1395" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1174" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_LongTermInvestments_1174" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_528" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_518" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_528" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_517" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_530" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_530" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_532" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_530" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_532" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_533" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_530" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_533" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_534" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_534" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_529" xlink:to="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_536" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_536" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_537" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_537" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_538" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesIssued_538" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_539" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_539" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares_540" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_535" xlink:to="loc_us-gaap_TreasuryStockShares_540" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_963" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_964" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_963" xlink:to="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_964" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfAccountsReceivableClassificationTableTextBlock" xlink:label="loc_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock_965" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_963" xlink:to="loc_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock_965" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock" xlink:label="loc_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock_966" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_963" xlink:to="loc_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock_966" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PastDueAccountsReceivableTableTextBlock" xlink:label="loc_tedu_PastDueAccountsReceivableTableTextBlock_967" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_963" xlink:to="loc_tedu_PastDueAccountsReceivableTableTextBlock_967" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_909" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock" xlink:label="loc_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock_910" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_909" xlink:to="loc_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock_910" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_924" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock_925" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_924" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTextBlock_925" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock" xlink:label="loc_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock_926" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_924" xlink:to="loc_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock_926" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LongtermInvestmentsTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_ScheduleOfInvestmentsAbstract_1092" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock" xlink:label="loc_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock_1093" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfInvestmentsAbstract_1092" xlink:to="loc_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock_1093" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract_892" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_893" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract_892" xlink:to="loc_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_893" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/NetRevenuesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_us-gaap_SalesRevenueNetAbstract_994" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfNetRevenuesTableTextBlock" xlink:label="loc_tedu_ScheduleOfNetRevenuesTableTextBlock_995" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_994" xlink:to="loc_tedu_ScheduleOfNetRevenuesTableTextBlock_995" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_866" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_867" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_867" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_868" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_868" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_869" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_869" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_870" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_870" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:label="loc_us-gaap_SummaryOfValuationAllowanceTextBlock_871" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_SummaryOfValuationAllowanceTextBlock_871" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_872" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_866" xlink:to="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_872" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/RelatedPartyTransactionsTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_988" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_989" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_988" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_989" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_719" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock_720" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_719" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock_720" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_721" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_719" xlink:to="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_721" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_722" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_719" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_722" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:label="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_723" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_719" xlink:to="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_723" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShareTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_782" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_783" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_782" xlink:to="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_783" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_809" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:label="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_809" xlink:to="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1027" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1027" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1028" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1027" xlink:to="loc_us-gaap_ClassOfStockDomain_1028" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:label="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1026" xlink:to="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_810" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_SalesRevenueNet_810" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="loc_us-gaap_CostOfRevenue_811" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_CostOfRevenue_811" use="optional" order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GrossProfit" xlink:label="loc_us-gaap_GrossProfit_812" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GrossProfit_812" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_us-gaap_SellingAndMarketingExpense_813" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_SellingAndMarketingExpense_813" use="optional" order="8" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_814" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_814" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense_815" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpense_815" use="optional" order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss_816" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OperatingIncomeLoss_816" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome_817" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_tedu_InterestIncome_817" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_820" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_820" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1171" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1171" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_819" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_819" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_821" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_821" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_822" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_822" use="optional" order="17" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_823" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ProfitLoss_823" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment" xlink:label="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment_824" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment_824" use="optional" order="19" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_825" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_825" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_826" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_EarningsPerShareBasic_826" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_827" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_EarningsPerShareDiluted_827" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_828" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ProfitLoss_828" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_830" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_830" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1172" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1172" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/presentationGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1173" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_829" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1173" use="optional" order="27" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_831" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1029" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_831" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/CommitmentsAndContingenciesTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_668" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_669" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_668" xlink:to="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_669" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_707" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock_708" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_707" xlink:to="loc_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock_708" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock_709" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_707" xlink:to="loc_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock_709" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock_710" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_707" xlink:to="loc_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock_710" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_624" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_624" xlink:to="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_626" xlink:to="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_628" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassificationOfVariableInterestEntityDomain_627" xlink:to="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_628" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_629" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_1052" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_1051" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaMember" xlink:label="loc_tedu_BeijingTarenaMember_1226" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" xlink:to="loc_tedu_BeijingTarenaMember_1226" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaMember" xlink:label="loc_tedu_ShanghaiTarenaMember_1227" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_1225" xlink:to="loc_tedu_ShanghaiTarenaMember_1227" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_1224" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_DebtInstrumentAxis_1224" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_1231" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentAxis_1224" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_1231" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanAgreementsMember" xlink:label="loc_tedu_LoanAgreementsMember_1232" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_1231" xlink:to="loc_tedu_LoanAgreementsMember_1232" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_1234" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_1230" xlink:to="loc_us-gaap_RelatedPartyDomain_1234" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityHoldersMember" xlink:label="loc_tedu_EquityHoldersMember_1235" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_EquityHoldersMember_1235" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrHanMember" xlink:label="loc_tedu_MrHanMember_1241" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_MrHanMember_1241" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MrLiMember" xlink:label="loc_tedu_MrLiMember_1242" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_1234" xlink:to="loc_tedu_MrLiMember_1242" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_1233" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_dei_LegalEntityAxis_1233" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_1239" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_1233" xlink:to="loc_dei_EntityDomain_1239" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaEntitiesMember" xlink:label="loc_tedu_TarenaEntitiesMember_1240" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_TarenaEntitiesMember_1240" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember_1352" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember_1352" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember" xlink:label="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember_1353" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_1239" xlink:to="loc_tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember_1353" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_1238" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_1238" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1357" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1238" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1357" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_1358" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_1357" xlink:to="loc_us-gaap_SubsequentEventMember_1358" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="loc_us-gaap_VariableInterestEntityLineItems_1356" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable_625" xlink:to="loc_us-gaap_VariableInterestEntityLineItems_1356" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_630" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Cash_630" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueFromRelatedPartiesCurrent_632" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DueFromRelatedPartiesCurrent_632" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_634" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AssetsCurrent_634" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_635" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_635" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_636" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_LongTermInvestments_636" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_637" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_637" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_638" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Assets_638" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent_639" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AccruedIncomeTaxesCurrent_639" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_640" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_640" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_641" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_641" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_642" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_LiabilitiesCurrent_642" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_643" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_643" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_644" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_Liabilities_644" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_645" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_SalesRevenueNet_645" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_646" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProfitLoss_646" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_647" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_647" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_648" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_648" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_649" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_649" use="optional" order="45" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices" xlink:label="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices_651" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices_651" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_1223" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_1223" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions" xlink:label="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions_1228" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions_1228" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_1229" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_1229" use="optional" order="49" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DebtInstrumentInitialExpirationYear" xlink:label="loc_tedu_DebtInstrumentInitialExpirationYear_1236" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_tedu_DebtInstrumentInitialExpirationYear_1236" use="optional" order="50" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1237" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1237" use="optional" order="51" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromContributedCapital" xlink:label="loc_us-gaap_ProceedsFromContributedCapital_1354" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProceedsFromContributedCapital_1354" use="optional" order="52" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_1355" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableInterestEntityLineItems_1356" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_1355" use="optional" order="53" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_684" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_685" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_684" xlink:to="loc_us-gaap_ConcentrationRiskTable_685" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_686" xlink:to="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="loc_us-gaap_SalesRevenueNetMember_688" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain_687" xlink:to="loc_us-gaap_SalesRevenueNetMember_688" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_689" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ConcentrationRiskByTypeAxis_689" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_690" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis_689" xlink:to="loc_us-gaap_ConcentrationRiskTypeDomain_690" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductConcentrationRiskMember" xlink:label="loc_us-gaap_ProductConcentrationRiskMember_691" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_690" xlink:to="loc_us-gaap_ProductConcentrationRiskMember_691" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember_692" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain_690" xlink:to="loc_us-gaap_GeographicConcentrationRiskMember_692" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_693" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_StatementGeographicalAxis_693" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_694" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementGeographicalAxis_693" xlink:to="loc_us-gaap_SegmentGeographicalDomain_694" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingMember" xlink:label="loc_tedu_BeijingMember_695" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_694" xlink:to="loc_tedu_BeijingMember_695" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HangzhouMember" xlink:label="loc_tedu_HangzhouMember_696" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_694" xlink:to="loc_tedu_HangzhouMember_696" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductOrServiceAxis" xlink:label="loc_us-gaap_ProductOrServiceAxis_697" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ProductOrServiceAxis_697" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProductsAndServicesDomain" xlink:label="loc_us-gaap_ProductsAndServicesDomain_698" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ProductOrServiceAxis_697" xlink:to="loc_us-gaap_ProductsAndServicesDomain_698" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JavaMember" xlink:label="loc_tedu_JavaMember_699" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_JavaMember_699" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DigitalArtsMember" xlink:label="loc_tedu_DigitalArtsMember_700" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_DigitalArtsMember_700" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WebFrontMember" xlink:label="loc_tedu_WebFrontMember_1348" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ProductsAndServicesDomain_698" xlink:to="loc_tedu_WebFrontMember_1348" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_701" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskTable_685" xlink:to="loc_us-gaap_ConcentrationRiskLineItems_701" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1_702" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConcentrationRiskLineItems_701" xlink:to="loc_us-gaap_ConcentrationRiskPercentage1_702" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_22" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_22" xlink:to="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_24" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_RangeAxis_24" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_25" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_24" xlink:to="loc_us-gaap_RangeMember_25" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_26" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_25" xlink:to="loc_us-gaap_MinimumMember_26" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_27" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_25" xlink:to="loc_us-gaap_MaximumMember_27" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_28" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BuildingMember" xlink:label="loc_us-gaap_BuildingMember_1179" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_BuildingMember_1179" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember_30" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_FurnitureAndFixturesMember_30" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember_31" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_29" xlink:to="loc_us-gaap_OfficeEquipmentMember_31" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_33" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_StatementGeographicalAxis_33" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_34" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementGeographicalAxis_33" xlink:to="loc_us-gaap_SegmentGeographicalDomain_34" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_CN" xlink:label="loc_country_CN_35" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_CN_35" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_HK" xlink:label="loc_country_HK_36" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_HK_36" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_US" xlink:label="loc_country_US_38" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_34" xlink:to="loc_country_US_38" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="loc_us-gaap_CurrencyAxis_39" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_us-gaap_CurrencyAxis_39" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="loc_currency_AllCurrenciesDomain_40" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CurrencyAxis_39" xlink:to="loc_currency_AllCurrenciesDomain_40" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsAxis" xlink:label="loc_tedu_DenominatedBankDepositsAxis_44" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_tedu_DenominatedBankDepositsAxis_44" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DenominatedBankDepositsDomain" xlink:label="loc_tedu_DenominatedBankDepositsDomain_1251" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_DenominatedBankDepositsAxis_44" xlink:to="loc_tedu_DenominatedBankDepositsDomain_1251" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RmbDenominatedBankDepositsMember" xlink:label="loc_tedu_RmbDenominatedBankDepositsMember_1252" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_RmbDenominatedBankDepositsMember_1252" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UsDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_UsDollarDenominatedBankDepositsMember_1253" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_UsDollarDenominatedBankDepositsMember_1253" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HkDollarDenominatedBankDepositsMember" xlink:label="loc_tedu_HkDollarDenominatedBankDepositsMember_1254" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_DenominatedBankDepositsDomain_1251" xlink:to="loc_tedu_HkDollarDenominatedBankDepositsMember_1254" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SignificantAccountingPoliciesLineItems" xlink:label="loc_tedu_SignificantAccountingPoliciesLineItems_1250" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SummaryOfSignificantAccountingPoliciesTable_23" xlink:to="loc_tedu_SignificantAccountingPoliciesLineItems_1250" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CashCashEquivalentsAndRestrictedInvestments" xlink:label="loc_tedu_CashCashEquivalentsAndRestrictedInvestments_45" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_CashCashEquivalentsAndRestrictedInvestments_45" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_46" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments_46" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncomeFromEquityMethodInvestment" xlink:label="loc_tedu_InterestIncomeFromEquityMethodInvestment_47" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_InterestIncomeFromEquityMethodInvestment_47" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_48" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_48" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvertisingExpense" xlink:label="loc_us-gaap_AdvertisingExpense_49" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_AdvertisingExpense_49" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract" xlink:label="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract_50" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract_50" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueFromGrants" xlink:label="loc_us-gaap_RevenueFromGrants_51" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_RevenueFromGrants_51" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" xlink:label="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_52" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_52" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer_53" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer_53" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredOfferingCosts" xlink:label="loc_us-gaap_DeferredOfferingCosts_54" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_us-gaap_DeferredOfferingCosts_54" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LoanReferralServiceRevenuepercentage" xlink:label="loc_tedu_LoanReferralServiceRevenuepercentage_1288" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_SignificantAccountingPoliciesLineItems_1250" xlink:to="loc_tedu_LoanReferralServiceRevenuepercentage_1288" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_373" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1057" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_373" xlink:to="loc_us-gaap_StatementTable_1057" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1058" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1057" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1058" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1059" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1058" xlink:to="loc_us-gaap_ClassOfStockDomain_1059" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1060" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1057" xlink:to="loc_us-gaap_StatementLineItems_1060" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetAbstract" xlink:label="loc_us-gaap_AccountsReceivableNetAbstract_374" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1060" xlink:to="loc_us-gaap_AccountsReceivableNetAbstract_374" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccountsReceivableFaceAmount" xlink:label="loc_tedu_AccountsReceivableFaceAmount_375" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_tedu_AccountsReceivableFaceAmount_375" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables" xlink:label="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables_376" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables_376" use="optional" order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross_377" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AccountsReceivableGross_377" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_378" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_378" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet_379" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountsReceivableNetAbstract_374" xlink:to="loc_us-gaap_AccountsReceivableNet_379" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_977" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1065" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_977" xlink:to="loc_us-gaap_StatementTable_1065" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1066" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1065" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1066" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1067" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1066" xlink:to="loc_us-gaap_ClassOfStockDomain_1067" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1068" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1065" xlink:to="loc_us-gaap_StatementLineItems_1068" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_978" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_978" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_us-gaap_AccountsReceivableNetNoncurrent_979" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNetNoncurrent_979" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="loc_us-gaap_AccountsReceivableNet_980" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1068" xlink:to="loc_us-gaap_AccountsReceivableNet_980" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_956" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1061" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_956" xlink:to="loc_us-gaap_StatementTable_1061" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1062" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1061" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1062" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1063" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1062" xlink:to="loc_us-gaap_ClassOfStockDomain_1063" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1064" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1061" xlink:to="loc_us-gaap_StatementLineItems_1064" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_957" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_957" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_958" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts_958" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_959" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_959" use="optional" order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_961" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1064" xlink:to="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_961" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_969" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1069" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ReceivablesAbstract_969" xlink:to="loc_us-gaap_StatementTable_1069" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1070" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1069" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1070" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1071" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1070" xlink:to="loc_us-gaap_ClassOfStockDomain_1071" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1072" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1069" xlink:to="loc_us-gaap_StatementLineItems_1072" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableCurrent" xlink:label="loc_tedu_AgingAccountsReceivableCurrent_970" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivableCurrent_970" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable1To3MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue_971" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable1To3MonthsPastDue_971" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable4To6MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue_972" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable4To6MonthsPastDue_972" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivable7To12MonthsPastDue" xlink:label="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue_973" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivable7To12MonthsPastDue_973" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AgingAccountsReceivableGreaterThanOneYearPastDue" xlink:label="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue_974" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue_974" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGross" xlink:label="loc_us-gaap_AccountsReceivableGross_975" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1072" xlink:to="loc_us-gaap_AccountsReceivableGross_975" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_895" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1073" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract_895" xlink:to="loc_us-gaap_StatementTable_1073" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1074" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1073" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1074" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1075" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1074" xlink:to="loc_us-gaap_ClassOfStockDomain_1075" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_1076" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1073" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_1076" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1290" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1076" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1290" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentAssetsMember" xlink:label="loc_us-gaap_OtherNoncurrentAssetsMember_1291" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1290" xlink:to="loc_us-gaap_OtherNoncurrentAssetsMember_1291" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1289" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1073" xlink:to="loc_us-gaap_StatementLineItems_1289" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidRent" xlink:label="loc_us-gaap_PrepaidRent_896" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidRent_896" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent_897" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_InterestReceivableCurrent_897" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidAdvertisingDeposits" xlink:label="loc_tedu_PrepaidAdvertisingDeposits_898" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidAdvertisingDeposits_898" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidAdvertising" xlink:label="loc_us-gaap_PrepaidAdvertising_899" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidAdvertising_899" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidTaxes" xlink:label="loc_us-gaap_PrepaidTaxes_900" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidTaxes_900" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidEmployeeHousingLoans" xlink:label="loc_tedu_PrepaidEmployeeHousingLoans_901" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidEmployeeHousingLoans_901" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PrepaidTravelAndRelatedExpenses" xlink:label="loc_tedu_PrepaidTravelAndRelatedExpenses_902" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_PrepaidTravelAndRelatedExpenses_902" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_us-gaap_OtherAssetsCurrent_903" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_OtherAssetsCurrent_903" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_904" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_904" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_LongTermLoansToEmployees" xlink:label="loc_tedu_LongTermLoansToEmployees_1317" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1289" xlink:to="loc_tedu_LongTermLoansToEmployees_1317" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_797" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_799" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_797" xlink:to="loc_us-gaap_StatementTable_799" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_800" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_799" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_800" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_801" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_800" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_801" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="loc_us-gaap_CostOfSalesMember_802" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_CostOfSalesMember_802" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_us-gaap_SellingAndMarketingExpenseMember_803" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_SellingAndMarketingExpenseMember_803" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseMember_804" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpenseMember_804" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpenseMember_805" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_801" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpenseMember_805" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_806" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_799" xlink:to="loc_us-gaap_StatementLineItems_806" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1273" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1273" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_807" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_ShareBasedCompensation_807" use="optional" order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1186" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1186" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1187" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_806" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1187" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_912" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_912" xlink:to="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis_914" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="loc_us-gaap_FurnitureAndFixturesMember_916" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_FurnitureAndFixturesMember_916" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeEquipmentMember" xlink:label="loc_us-gaap_OfficeEquipmentMember_917" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_OfficeEquipmentMember_917" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="loc_us-gaap_LeaseholdImprovementsMember_918" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain_915" xlink:to="loc_us-gaap_LeaseholdImprovementsMember_918" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1292" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="loc_us-gaap_OfficeBuildingMember_1294" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_1293" xlink:to="loc_us-gaap_OfficeBuildingMember_1294" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_913" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross_920" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentGross_920" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_921" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_921" use="optional" order="12" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_922" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_919" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_922" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_786" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract_786" xlink:to="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_788" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_788" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_789" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_788" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_789" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="loc_us-gaap_CostOfSalesMember_790" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_CostOfSalesMember_790" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_us-gaap_SellingAndMarketingExpenseMember_791" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_SellingAndMarketingExpenseMember_791" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseMember_792" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpenseMember_792" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpenseMember_793" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_789" xlink:to="loc_us-gaap_ResearchAndDevelopmentExpenseMember_793" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_787" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_795" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems_794" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_795" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LongtermInvestmentsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_ScheduleOfInvestmentsAbstract_325" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsTable" xlink:label="loc_us-gaap_ScheduleOfInvestmentsTable_326" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfInvestmentsAbstract_325" xlink:to="loc_us-gaap_ScheduleOfInvestmentsTable_326" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfInvestmentsTable_326" xlink:to="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_us-gaap_EquityMethodInvesteeNameDomain_328" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_327" xlink:to="loc_us-gaap_EquityMethodInvesteeNameDomain_328" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember" xlink:label="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember_329" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember_329" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JueshengDotComMember" xlink:label="loc_tedu_JueshengDotComMember_330" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_JueshengDotComMember_330" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_MxsoftDotComMember" xlink:label="loc_tedu_MxsoftDotComMember_331" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_MxsoftDotComMember_331" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsMember_1269" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsMember_1269" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsOneMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsOneMember_1183" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsOneMember_1183" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OtherCostMethodInvestmentsTwoMember" xlink:label="loc_tedu_OtherCostMethodInvestmentsTwoMember_1184" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_OtherCostMethodInvestmentsTwoMember_1184" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EquityInterestOfOnlinePlatformMember" xlink:label="loc_tedu_EquityInterestOfOnlinePlatformMember_1185" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_EquityInterestOfOnlinePlatformMember_1185" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HockeyGlobalResourcesInvestmentLimitedMember" xlink:label="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember_1120" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_HockeyGlobalResourcesInvestmentLimitedMember_1120" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember" xlink:label="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember_1130" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityMethodInvesteeNameDomain_328" xlink:to="loc_tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember_1130" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems" xlink:label="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfInvestmentsTable_326" xlink:to="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="loc_us-gaap_CostMethodInvestments_336" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_CostMethodInvestments_336" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireCostMethodInvestments" xlink:label="loc_tedu_PaymentsToAcquireCostMethodInvestments_337" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_PaymentsToAcquireCostMethodInvestments_337" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments_1180" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_EquityMethodInvestments_1180" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_CostMethodInvestmentsEquityInterestAcquired" xlink:label="loc_tedu_CostMethodInvestmentsEquityInterestAcquired_338" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_CostMethodInvestmentsEquityInterestAcquired_338" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesNoncurrent" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent_1181" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesNoncurrent_1181" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NumberOfEntitiesAccountedUsingCostMethod" xlink:label="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod_339" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_NumberOfEntitiesAccountedUsingCostMethod_339" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_1121" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_1121" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1122" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_1122" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1131" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1131" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_1132" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_1132" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="loc_us-gaap_LongTermInvestments_1182" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_us-gaap_LongTermInvestments_1182" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AvailableforsaleInvestmentOwnershipInterestAcquired" xlink:label="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired_1323" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems_335" xlink:to="loc_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired_1323" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract_886" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1134" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract_886" xlink:to="loc_us-gaap_StatementTable_1134" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1135" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1134" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1135" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1136" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1135" xlink:to="loc_us-gaap_ClassOfStockDomain_1136" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1137" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1134" xlink:to="loc_us-gaap_StatementLineItems_1137" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_us-gaap_TaxesPayableCurrent_887" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_TaxesPayableCurrent_887" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent_888" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent_888" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent_889" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_OtherAccruedLiabilitiesCurrent_889" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_890" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1137" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_890" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/NetRevenuesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_us-gaap_SalesRevenueNetAbstract_997" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1138" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_997" xlink:to="loc_us-gaap_StatementTable_1138" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1139" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1138" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1139" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1140" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1139" xlink:to="loc_us-gaap_ClassOfStockDomain_1140" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1141" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1138" xlink:to="loc_us-gaap_StatementLineItems_1141" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="loc_us-gaap_SalesRevenueServicesNet_998" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueServicesNet_998" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="loc_us-gaap_SalesRevenueGoodsNet_999" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueGoodsNet_999" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueOtherFinancialServices" xlink:label="loc_us-gaap_RevenueOtherFinancialServices_1142" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_RevenueOtherFinancialServices_1142" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_us-gaap_OtherSalesRevenueNet_1000" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_OtherSalesRevenueNet_1000" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExciseAndSalesTaxes" xlink:label="loc_us-gaap_ExciseAndSalesTaxes_1001" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_ExciseAndSalesTaxes_1001" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet_1002" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1141" xlink:to="loc_us-gaap_SalesRevenueNet_1002" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyAbstract" xlink:label="loc_us-gaap_ForeignCurrencyAbstract_1300" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1301" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ForeignCurrencyAbstract_1300" xlink:to="loc_us-gaap_StatementTable_1301" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1302" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1301" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1302" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1303" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1302" xlink:to="loc_us-gaap_ClassOfStockDomain_1303" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1301" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_1307" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_1304" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_1307" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignExchangeForwardMember" xlink:label="loc_us-gaap_ForeignExchangeForwardMember_1308" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_1307" xlink:to="loc_us-gaap_ForeignExchangeForwardMember_1308" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1306" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1301" xlink:to="loc_us-gaap_StatementLineItems_1306" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="loc_invest_DerivativeNotionalAmount_1305" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_invest_DerivativeNotionalAmount_1305" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1349" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1349" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInceptionDates" xlink:label="loc_us-gaap_DerivativeInceptionDates_1359" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeInceptionDates_1359" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeForwardExchangeRate1" xlink:label="loc_us-gaap_DerivativeForwardExchangeRate1_1360" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeForwardExchangeRate1_1360" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="loc_us-gaap_DerivativeMaturityDates_1361" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1306" xlink:to="loc_us-gaap_DerivativeMaturityDates_1361" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_56" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesTable" xlink:label="loc_tedu_IncomeTaxesTable_57" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_56" xlink:to="loc_tedu_IncomeTaxesTable_57" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_58" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesTable_57" xlink:to="loc_us-gaap_StatementGeographicalAxis_58" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_59" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementGeographicalAxis_58" xlink:to="loc_us-gaap_SegmentGeographicalDomain_59" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_CN" xlink:label="loc_country_CN_60" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_CN_60" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_HK" xlink:label="loc_country_HK_61" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_HK_61" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd#country_KY" xlink:label="loc_country_KY_62" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SegmentGeographicalDomain_59" xlink:to="loc_country_KY_62" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesLineItems" xlink:label="loc_tedu_IncomeTaxesLineItems_63" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesTable_57" xlink:to="loc_tedu_IncomeTaxesLineItems_63" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_64" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesLineItems_63" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_64" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_858" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1098" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_858" xlink:to="loc_us-gaap_StatementTable_1098" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1099" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1098" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1099" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1100" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1099" xlink:to="loc_us-gaap_ClassOfStockDomain_1100" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1101" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1098" xlink:to="loc_us-gaap_StatementLineItems_1101" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_859" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_859" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_860" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_860" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_861" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1101" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_861" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_177" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_177" xlink:to="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_179" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" xlink:to="loc_dei_LegalEntityAxis_179" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_180" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_179" xlink:to="loc_dei_EntityDomain_180" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdvancedAndNewTechnologyEnterpriseMember" xlink:label="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember_181" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_180" xlink:to="loc_tedu_AdvancedAndNewTechnologyEnterpriseMember_181" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:label="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_182" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_180" xlink:to="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_182" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems" xlink:label="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationTable_178" xlink:to="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_184" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_184" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_185" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_185" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_186" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_186" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_188" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_188" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_189" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract_187" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_189" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent" xlink:label="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent_190" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent_190" use="optional" order="13" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_191" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_191" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays_192" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays_192" use="optional" order="15" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_195" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_195" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_196" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems_183" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_196" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_833" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1102" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_833" xlink:to="loc_us-gaap_StatementTable_1102" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1103" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1102" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1103" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1104" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1103" xlink:to="loc_us-gaap_ClassOfStockDomain_1104" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1105" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1102" xlink:to="loc_us-gaap_StatementLineItems_1105" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DeferredTaxAssetsAccountsReceivable" xlink:label="loc_tedu_DeferredTaxAssetsAccountsReceivable_834" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_tedu_DeferredTaxAssetsAccountsReceivable_834" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_835" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_835" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpense" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense_836" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpense_836" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_837" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_837" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="loc_us-gaap_DeferredTaxAssetsGross_838" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsGross_838" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_839" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_839" use="optional" order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="loc_us-gaap_DeferredTaxAssetsNet_840" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1105" xlink:to="loc_us-gaap_DeferredTaxAssetsNet_840" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_542" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_543" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract_542" xlink:to="loc_us-gaap_StatementTable_543" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_544" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_544" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_545" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_544" xlink:to="loc_us-gaap_EquityComponentDomain_545" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_546" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_CommonStockMember_546" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember_547" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_TreasuryStockMember_547" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_548" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_548" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_549" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_549" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_550" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_545" xlink:to="loc_us-gaap_RetainedEarningsMember_550" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_551" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_StatementClassOfStockAxis_551" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_552" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_551" xlink:to="loc_us-gaap_ClassOfStockDomain_552" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_553" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_552" xlink:to="loc_us-gaap_CommonClassAMember_553" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_554" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_552" xlink:to="loc_us-gaap_CommonClassBMember_554" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_556" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_555" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_556" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_557" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_557" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_558" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_558" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_559" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_556" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_559" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_560" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_543" xlink:to="loc_us-gaap_StatementLineItems_560" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_561" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_561" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_562" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_CommonStockSharesIssued_562" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_563" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_ProfitLoss_563" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock_575" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock_575" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock" xlink:label="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock_576" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock_576" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_573" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_573" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_574" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_574" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_564" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_564" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_565" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_565" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount" xlink:label="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount_566" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount_566" use="optional" order="28" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_1169" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_1169" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/definitionGuidance" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering_568" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering_568" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_567" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_567" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_569" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_569" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_570" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_570" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:label="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_577" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_577" use="optional" order="34" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_571" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_571" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_572" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_572" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1345" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1345" use="optional" order="37" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_1170" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_Dividends_1170" use="optional" order="38" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_578" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_578" use="optional" order="39" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_579" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_579" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_580" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_560" xlink:to="loc_us-gaap_CommonStockSharesIssued_580" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_844" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1107" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_844" xlink:to="loc_us-gaap_StatementTable_1107" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1108" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1107" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1108" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1109" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1108" xlink:to="loc_us-gaap_ClassOfStockDomain_1109" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1110" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1107" xlink:to="loc_us-gaap_StatementLineItems_1110" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_845" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_845" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetAdditions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions_846" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_tedu_ValuationAllowanceDeferredTaxAssetAdditions_846" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ValuationAllowanceDeferredTaxAssetReductions" xlink:label="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions_847" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_tedu_ValuationAllowanceDeferredTaxAssetReductions_847" use="optional" order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_849" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1110" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_849" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_851" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1116" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_851" xlink:to="loc_us-gaap_StatementTable_1116" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1117" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1116" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1117" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1118" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1117" xlink:to="loc_us-gaap_ClassOfStockDomain_1118" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1119" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1116" xlink:to="loc_us-gaap_StatementLineItems_1119" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits_852" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefits_852" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_853" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_853" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_854" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_854" use="optional" order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits_856" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1119" xlink:to="loc_us-gaap_UnrecognizedTaxBenefits_856" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_198" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_207" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_198" xlink:to="loc_us-gaap_StatementTable_207" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodAxis" xlink:label="loc_tedu_TaxFuturePeriodAxis_208" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_tedu_TaxFuturePeriodAxis_208" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxFuturePeriodDomain" xlink:label="loc_tedu_TaxFuturePeriodDomain_209" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_TaxFuturePeriodAxis_208" xlink:to="loc_tedu_TaxFuturePeriodDomain_209" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2018Member" xlink:label="loc_tedu_TaxYear2018Member_211" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2018Member_211" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2019Member" xlink:label="loc_tedu_TaxYear2019Member_212" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2019Member_212" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2020Member" xlink:label="loc_tedu_TaxYear2020Member_213" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2020Member_213" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TaxYear2021Member" xlink:label="loc_tedu_TaxYear2021Member_1143" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_TaxFuturePeriodDomain_209" xlink:to="loc_tedu_TaxYear2021Member_1143" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_214" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_dei_LegalEntityAxis_214" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_215" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_214" xlink:to="loc_dei_EntityDomain_215" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember" xlink:label="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_216" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_215" xlink:to="loc_tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember_216" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_HanruEducationTechnologyCoLtdMember" xlink:label="loc_tedu_HanruEducationTechnologyCoLtdMember_1202" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_215" xlink:to="loc_tedu_HanruEducationTechnologyCoLtdMember_1202" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_217" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_217" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1128" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_217" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1128" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_1127" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementGeographicalAxis_1127" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_1189" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementGeographicalAxis_1127" xlink:to="loc_us-gaap_SegmentGeographicalDomain_1189" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_1188" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_RangeAxis_1188" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1204" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_1188" xlink:to="loc_us-gaap_RangeMember_1204" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_1206" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_1204" xlink:to="loc_us-gaap_MaximumMember_1206" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameAxis" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxAuthorityNameDomain" xlink:label="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameAxis_1203" xlink:to="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StateAdministrationOfTaxationChinaMember" xlink:label="loc_us-gaap_StateAdministrationOfTaxationChinaMember_1209" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxAuthorityNameDomain_1208" xlink:to="loc_us-gaap_StateAdministrationOfTaxationChinaMember_1209" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeAxis" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesStatuteOfLimitationByTypeDomain" xlink:label="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis_1207" xlink:to="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ComputationalErrorsMember" xlink:label="loc_tedu_ComputationalErrorsMember_1212" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_ComputationalErrorsMember_1212" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member" xlink:label="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member_1213" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member_1213" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TransferPricingMember" xlink:label="loc_tedu_TransferPricingMember_1214" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_IncomeTaxesStatuteOfLimitationByTypeDomain_1211" xlink:to="loc_tedu_TransferPricingMember_1214" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_1210" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_BalanceSheetLocationAxis_1210" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_1282" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_1210" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_1282" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxPayableMember" xlink:label="loc_tedu_IncomeTaxPayableMember_1284" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1282" xlink:to="loc_tedu_IncomeTaxPayableMember_1284" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncurrentLiabilitiesMember" xlink:label="loc_us-gaap_OtherNoncurrentLiabilitiesMember_1283" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_1282" xlink:to="loc_us-gaap_OtherNoncurrentLiabilitiesMember_1283" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_1281" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementScenarioAxis_1281" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1325" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_1281" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1325" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember_1326" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain_1325" xlink:to="loc_us-gaap_ScenarioForecastMember_1326" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1324" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1324" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1363" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1324" xlink:to="loc_us-gaap_ClassOfStockDomain_1363" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_BasicEarningsMember" xlink:label="loc_tedu_BasicEarningsMember_1364" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_1363" xlink:to="loc_tedu_BasicEarningsMember_1364" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_DilutedEarningsMember" xlink:label="loc_tedu_DilutedEarningsMember_1365" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_1363" xlink:to="loc_tedu_DilutedEarningsMember_1365" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetAxis" xlink:label="loc_us-gaap_RegulatoryAssetAxis_1362" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_RegulatoryAssetAxis_1362" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RegulatoryAssetDomain" xlink:label="loc_us-gaap_RegulatoryAssetDomain_1384" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RegulatoryAssetAxis_1362" xlink:to="loc_us-gaap_RegulatoryAssetDomain_1384" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxChargesMember" xlink:label="loc_us-gaap_DeferredIncomeTaxChargesMember_1385" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RegulatoryAssetDomain_1384" xlink:to="loc_us-gaap_DeferredIncomeTaxChargesMember_1385" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1383" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_207" xlink:to="loc_us-gaap_StatementLineItems_1383" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare" xlink:label="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare_199" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare_199" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsOfForeignSubsidiaries" xlink:label="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries_200" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UndistributedEarningsOfForeignSubsidiaries_200" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_201" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_201" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_202" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_202" use="optional" order="45" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits_203" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_UnrecognizedTaxBenefits_203" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" xlink:label="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit_206" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit_206" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="loc_us-gaap_OperatingLossCarryforwards_218" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_OperatingLossCarryforwards_218" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_220" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_220" use="optional" order="49" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises_1194" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises_1194" use="optional" order="50" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_1195" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_1195" use="optional" order="51" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises" xlink:label="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises_1197" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises_1197" use="optional" order="52" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod" xlink:label="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod_1198" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod_1198" use="optional" order="53" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationOpenYearsForExamination" xlink:label="loc_tedu_IncomeTaxExaminationOpenYearsForExamination_1200" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxExaminationOpenYearsForExamination_1200" use="optional" order="54" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_IncomeTaxExaminationStatuteOfLimitation" xlink:label="loc_tedu_IncomeTaxExaminationStatuteOfLimitation_1201" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_IncomeTaxExaminationStatuteOfLimitation_1201" use="optional" order="55" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_WithholdingTaxPercentageOnRepatriatedEarnings" xlink:label="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings_1387" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1383" xlink:to="loc_tedu_WithholdingTaxPercentageOnRepatriatedEarnings_1387" use="optional" order="56" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_931" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_931" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_934" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_933" xlink:to="loc_us-gaap_RelatedPartyDomain_934" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ChuanbangMember" xlink:label="loc_tedu_ChuanbangMember_936" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_934" xlink:to="loc_tedu_ChuanbangMember_936" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PreciseMember" xlink:label="loc_tedu_PreciseMember_1222" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_934" xlink:to="loc_tedu_PreciseMember_1222" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis_938" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RelatedPartyTransactionAxis_938" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain_939" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis_938" xlink:to="loc_us-gaap_RelatedPartyTransactionDomain_939" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_GuaranteeFeeMember" xlink:label="loc_tedu_GuaranteeFeeMember_941" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_GuaranteeFeeMember_941" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedMember" xlink:label="loc_tedu_AmountsReceivedMember_942" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_AmountsReceivedMember_942" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsMember" xlink:label="loc_tedu_RepaymentsMember_943" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_RepaymentsMember_943" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ServiceFeeMember" xlink:label="loc_tedu_ServiceFeeMember_944" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain_939" xlink:to="loc_tedu_ServiceFeeMember_944" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_945" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RangeAxis_945" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_946" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_945" xlink:to="loc_us-gaap_RangeMember_946" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_949" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_932" xlink:to="loc_us-gaap_RelatedPartyTransactionLineItems_949" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_950" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_RelatedPartyTransactionAmountsOfTransaction_950" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReceivableCollectionServicesFeeDescription" xlink:label="loc_tedu_ReceivableCollectionServicesFeeDescription_1219" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_tedu_ReceivableCollectionServicesFeeDescription_1219" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent_1220" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_DueToRelatedPartiesCurrent_1220" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt_1221" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_949" xlink:to="loc_us-gaap_ProceedsFromRelatedPartyDebt_1221" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveAbstract" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_73" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable_74" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_73" xlink:to="loc_us-gaap_ScheduleOfStockByClassTable_74" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_75" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_us-gaap_StatementClassOfStockAxis_75" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_76" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_75" xlink:to="loc_us-gaap_ClassOfStockDomain_76" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_77" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_CommonClassAMember_77" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_78" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_CommonClassBMember_78" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReservedSharesMember" xlink:label="loc_tedu_ReservedSharesMember_79" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_tedu_ReservedSharesMember_79" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_80" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_76" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_80" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_81" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_81" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_82" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_81" xlink:to="loc_us-gaap_EquityComponentDomain_82" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_83" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_CommonStockMember_83" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_84" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_84" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_85" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_RetainedEarningsMember_85" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_us-gaap_TreasuryStockMember_86" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_82" xlink:to="loc_us-gaap_TreasuryStockMember_86" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_87" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_dei_LegalEntityAxis_87" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_88" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_87" xlink:to="loc_dei_EntityDomain_88" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TecheduLimitedMember" xlink:label="loc_tedu_TecheduLimitedMember_89" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_TecheduLimitedMember_89" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_TarenaLimitedMember" xlink:label="loc_tedu_TarenaLimitedMember_90" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_TarenaLimitedMember_90" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NewOrientalEducationTechnologyGroupIncMember" xlink:label="loc_tedu_NewOrientalEducationTechnologyGroupIncMember_1161" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_88" xlink:to="loc_tedu_NewOrientalEducationTechnologyGroupIncMember_1161" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems_91" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_74" xlink:to="loc_us-gaap_ClassOfStockLineItems_91" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AuthorizedShareCapital" xlink:label="loc_tedu_AuthorizedShareCapital_92" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_AuthorizedShareCapital_92" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:label="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_93" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1_93" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_94" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_94" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_95" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_95" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_96" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesIssued_96" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_97" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_97" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_98" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_98" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_99" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_99" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_100" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesIssued_100" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding_101" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_PreferredStockSharesOutstanding_101" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_102" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_102" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_103" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_103" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_105" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering_105" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_106" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement_106" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement" xlink:label="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_107" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement_107" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_108" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_108" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_110" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_110" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_111" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_SharePrice_111" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_113" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_113" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="loc_us-gaap_DebtInstrumentTerm_114" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DebtInstrumentTerm_114" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings" xlink:label="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_115" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings_115" use="optional" order="40" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_us-gaap_ConversionOfStockSharesConverted1_116" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_ConversionOfStockSharesConverted1_116" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_117" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_117" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_118" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_118" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired_121" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_TreasuryStockSharesAcquired_121" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_122" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_TreasuryStockValueAcquiredCostMethod_122" use="optional" order="45" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_1327" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_LongTermDebt_1327" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_1350" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_1350" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_1351" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_91" xlink:to="loc_us-gaap_DividendsCommonStockCash_1351" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails">
    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_OrdinarySharesAndStatutoryReserveAbstract" xlink:label="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_69" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1259" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_tedu_OrdinarySharesAndStatutoryReserveAbstract_69" xlink:to="loc_us-gaap_StatementTable_1259" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1260" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1259" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1260" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1261" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1260" xlink:to="loc_us-gaap_ClassOfStockDomain_1261" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1262" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1259" xlink:to="loc_us-gaap_StatementLineItems_1262" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryAccountingPracticesStatutoryAppropriations" xlink:label="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations_70" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryAccountingPracticesStatutoryAppropriations_70" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xlink:label="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_71" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_71" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit_1263" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit_1263" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesBalanceAsPercentageToCapital" xlink:label="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital_1264" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesBalanceAsPercentageToCapital_1264" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit_1265" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit_1265" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets" xlink:label="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets_1266" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1262" xlink:to="loc_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets_1266" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/PreferredSharesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityDisclosureAbstract" xlink:label="loc_us-gaap_TemporaryEquityDisclosureAbstract_582" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:label="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityDisclosureAbstract_582" xlink:to="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_584" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_StatementClassOfStockAxis_584" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_585" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_584" xlink:to="loc_us-gaap_ClassOfStockDomain_585" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_586" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_586" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_587" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_587" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember_588" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_SeriesCPreferredStockMember_588" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_589" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_us-gaap_CommonClassBMember_589" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesBConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember_1247" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_tedu_SeriesBConvertibleRedeemablePreferredSharesMember_1247" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeriesCConvertibleRedeemablePreferredSharesMember" xlink:label="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember_1248" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_585" xlink:to="loc_tedu_SeriesCConvertibleRedeemablePreferredSharesMember_1248" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_590" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_590" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_591" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_590" xlink:to="loc_us-gaap_EquityComponentDomain_591" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_592" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_591" xlink:to="loc_us-gaap_CommonStockMember_592" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="loc_us-gaap_PreferredStockMember_1245" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_591" xlink:to="loc_us-gaap_PreferredStockMember_1245" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_594" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_RangeAxis_594" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_1329" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_594" xlink:to="loc_us-gaap_RangeMember_1329" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_1330" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_1329" xlink:to="loc_us-gaap_MinimumMember_1330" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityLineItems" xlink:label="loc_us-gaap_TemporaryEquityLineItems_1328" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityByClassOfStockTable_583" xlink:to="loc_us-gaap_TemporaryEquityLineItems_1328" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_595" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_595" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_596" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_596" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_597" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_SharePrice_597" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_598" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_598" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_600" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_600" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_601" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_601" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionOriginalDebtAmount1" xlink:label="loc_us-gaap_DebtConversionOriginalDebtAmount1_602" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_DebtConversionOriginalDebtAmount1_602" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:label="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_603" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_603" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiquidationBasisOfAccountingLiquidationPlan" xlink:label="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan_1243" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_LiquidationBasisOfAccountingLiquidationPlan_1243" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionTerms" xlink:label="loc_us-gaap_PreferredStockRedemptionTerms_1249" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_us-gaap_PreferredStockRedemptionTerms_1249" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AccretionOfConvertibleRedeemablePreferredStock" xlink:label="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock_1337" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TemporaryEquityLineItems_1328" xlink:to="loc_tedu_AccretionOfConvertibleRedeemablePreferredStock_1337" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_124" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_124" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_126" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_PlanNameAxis_126" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_127" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameAxis_126" xlink:to="loc_us-gaap_PlanNameDomain_127" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanOneMember" xlink:label="loc_tedu_PlanOneMember_128" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameDomain_127" xlink:to="loc_tedu_PlanOneMember_128" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PlanTwoMember" xlink:label="loc_tedu_PlanTwoMember_129" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameDomain_127" xlink:to="loc_tedu_PlanTwoMember_129" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaap_AwardDateAxis_130" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_AwardDateAxis_130" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_131" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateAxis_130" xlink:to="loc_us-gaap_AwardDateDomain_131" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_JanuaryFirstMember" xlink:label="loc_tedu_JanuaryFirstMember_132" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_JanuaryFirstMember_132" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FebruaryTwentiethMember" xlink:label="loc_tedu_FebruaryTwentiethMember_133" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_FebruaryTwentiethMember_133" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AprilThirdMember" xlink:label="loc_tedu_AprilThirdMember_134" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_AprilThirdMember_134" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthMember" xlink:label="loc_tedu_SeptemberSixteenthMember_135" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberSixteenthMember_135" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberSixteenthTwoMember" xlink:label="loc_tedu_SeptemberSixteenthTwoMember_136" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberSixteenthTwoMember_136" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SeptemberTwentySixthMember" xlink:label="loc_tedu_SeptemberTwentySixthMember_137" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_SeptemberTwentySixthMember_137" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_NovemberEleventhMember" xlink:label="loc_tedu_NovemberEleventhMember_138" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_131" xlink:to="loc_tedu_NovemberEleventhMember_138" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_us-gaap_VestingAxis_139" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_VestingAxis_139" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaap_VestingDomain_140" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VestingAxis_139" xlink:to="loc_us-gaap_VestingDomain_140" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_UponInitialPublicOfferingMember" xlink:label="loc_tedu_UponInitialPublicOfferingMember_142" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VestingDomain_140" xlink:to="loc_tedu_UponInitialPublicOfferingMember_142" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RemainingMember" xlink:label="loc_tedu_RemainingMember_143" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VestingDomain_140" xlink:to="loc_tedu_RemainingMember_143" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_146" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_RangeAxis_146" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_147" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_146" xlink:to="loc_us-gaap_RangeMember_147" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_148" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_147" xlink:to="loc_us-gaap_MinimumMember_148" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_149" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_147" xlink:to="loc_us-gaap_MaximumMember_149" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_151" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_150" xlink:to="loc_us-gaap_RelatedPartyDomain_151" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_153" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_StatementClassOfStockAxis_153" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_154" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_153" xlink:to="loc_us-gaap_ClassOfStockDomain_154" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_156" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_StatementScenarioAxis_156" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1310" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_156" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1310" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_1309" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_TitleOfIndividualAxis_1309" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualAxis_1309" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember_1370" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_1369" xlink:to="loc_us-gaap_DirectorMember_1370" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_157" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_157" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_159" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_159" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_160" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_160" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_161" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_161" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_162" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_162" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_166" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_166" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_167" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharePrice_167" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_168" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_168" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_169" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_169" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue" xlink:label="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue_170" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue_170" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_171" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_171" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions_172" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions_172" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_173" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_173" use="optional" order="45" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions" xlink:label="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions_174" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions_174" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_175" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_175" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_FairValueOfOrdinaryShareByValuation" xlink:label="loc_tedu_FairValueOfOrdinaryShareByValuation_1389" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1368" xlink:to="loc_tedu_FairValueOfOrdinaryShareByValuation_1389" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_725" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1094" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_725" xlink:to="loc_us-gaap_StatementTable_1094" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1095" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1094" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1095" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1096" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1095" xlink:to="loc_us-gaap_ClassOfStockDomain_1096" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1097" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1094" xlink:to="loc_us-gaap_StatementLineItems_1097" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_727" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_727" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_728" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_728" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_729" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_729" use="optional" order="8" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_730" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_730" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_731" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_731" use="optional" order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_732" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_732" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_733" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_733" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_734" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_726" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_734" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_736" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_736" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_737" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_737" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_738" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_738" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_739" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_739" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_740" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_740" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_741" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_741" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_742" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_742" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_743" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_735" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_743" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_745" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_745" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_746" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_746" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_747" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_744" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_747" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_748" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_748" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_749" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_749" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_750" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1097" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_750" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_1004" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfComprehensiveIncomeTable" xlink:label="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract_1004" xlink:to="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1033" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1033" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1034" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1033" xlink:to="loc_us-gaap_ClassOfStockDomain_1034" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedStatementOfIncomeCaptionsLineItems" xlink:label="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfComprehensiveIncomeTable_1032" xlink:to="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1005" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_1005" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_1006" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_1006" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1346" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1346" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1347" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedStatementOfIncomeCaptionsLineItems_1035" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1347" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_752" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_752" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_754" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" xlink:to="loc_us-gaap_RangeAxis_754" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_755" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_754" xlink:to="loc_us-gaap_RangeMember_755" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_756" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_755" xlink:to="loc_us-gaap_MinimumMember_756" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_757" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_755" xlink:to="loc_us-gaap_MaximumMember_757" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_753" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_759" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_759" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_760" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_760" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple_761" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple_761" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_762" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_762" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_763" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_758" xlink:to="loc_us-gaap_SharePrice_763" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_712" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1112" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_712" xlink:to="loc_us-gaap_StatementTable_1112" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1113" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1112" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1113" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1114" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1113" xlink:to="loc_us-gaap_ClassOfStockDomain_1114" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1115" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1112" xlink:to="loc_us-gaap_StatementLineItems_1115" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_713" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1115" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_713" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue" xlink:label="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue_714" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1115" xlink:to="loc_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue_714" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_765" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1123" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_765" xlink:to="loc_us-gaap_StatementTable_1123" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1124" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1123" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1124" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1125" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1124" xlink:to="loc_us-gaap_ClassOfStockDomain_1125" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1126" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1123" xlink:to="loc_us-gaap_StatementLineItems_1126" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1126" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_767" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_767" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_768" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_768" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_769" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_769" use="optional" order="8" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_770" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_770" use="optional" order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_771" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_766" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_771" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1126" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_773" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_773" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_774" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_774" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_775" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_775" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_776" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_776" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_777" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_772" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_777" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_605" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_605" xlink:to="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_607" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" xlink:to="loc_us-gaap_StatementClassOfStockAxis_607" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_608" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_607" xlink:to="loc_us-gaap_ClassOfStockDomain_608" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_609" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_609" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_610" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_610" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="loc_us-gaap_SeriesCPreferredStockMember_611" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_608" xlink:to="loc_us-gaap_SeriesCPreferredStockMember_611" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDilutedLineItems" xlink:label="loc_us-gaap_EarningsPerShareDilutedLineItems_612" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_606" xlink:to="loc_us-gaap_EarningsPerShareDilutedLineItems_612" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_614" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_614" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther" xlink:label="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_615" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther_615" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_616" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_613" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_616" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_618" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_618" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_619" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_619" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_620" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_617" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_620" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_621" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_EarningsPerShareBasic_621" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_622" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareDilutedLineItems_612" xlink:to="loc_us-gaap_EarningsPerShareDiluted_622" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_656" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1087" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_656" xlink:to="loc_us-gaap_StatementTable_1087" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_1088" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1087" xlink:to="loc_us-gaap_StatementClassOfStockAxis_1088" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_1089" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_1088" xlink:to="loc_us-gaap_ClassOfStockDomain_1089" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_1090" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1087" xlink:to="loc_us-gaap_StatementLineItems_1090" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseMinimumRentals" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals_657" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesRentExpenseMinimumRentals_657" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseSubleaseRentals1" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1_658" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1_658" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_1090" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_660" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_660" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_661" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_661" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_662" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_662" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_663" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_663" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_664" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_664" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_665" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_665" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_666" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_659" xlink:to="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_666" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_222" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementTable" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementTable_223" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_222" xlink:to="loc_us-gaap_CondensedBalanceSheetStatementTable_223" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_224" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable_223" xlink:to="loc_dei_LegalEntityAxis_224" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_225" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_224" xlink:to="loc_dei_EntityDomain_225" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_226" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_225" xlink:to="loc_us-gaap_ParentCompanyMember_226" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_227" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable_223" xlink:to="loc_us-gaap_StatementClassOfStockAxis_227" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_228" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_227" xlink:to="loc_us-gaap_ClassOfStockDomain_228" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember_232" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_228" xlink:to="loc_us-gaap_CommonClassAMember_232" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="loc_us-gaap_CommonClassBMember_233" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_228" xlink:to="loc_us-gaap_CommonClassBMember_233" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementTable_223" xlink:to="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_235" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_AssetsAbstract_235" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract_236" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_AssetsCurrentAbstract_236" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_237" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_Cash_237" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedInvestmentsCurrent" xlink:label="loc_us-gaap_RestrictedInvestmentsCurrent_238" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_RestrictedInvestmentsCurrent_238" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_239" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_239" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_240" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_240" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent_241" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsCurrentAbstract_236" xlink:to="loc_us-gaap_AssetsCurrent_241" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_242" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_242" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_244" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_235" xlink:to="loc_us-gaap_Assets_244" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract_246" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_LiabilitiesCurrentAbstract_246" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrent_247" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_246" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrent_247" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent_1400" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract_246" xlink:to="loc_us-gaap_LiabilitiesCurrent_1400" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent_248" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent_248" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_249" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_Liabilities_249" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_250" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_CommitmentsAndContingencies_250" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="loc_us-gaap_TemporaryEquityAbstract_251" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_TemporaryEquityAbstract_251" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_253" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_StockholdersEquityAbstract_253" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_254" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_CommonStockValue_254" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="loc_us-gaap_TreasuryStockCommonValue_255" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_TreasuryStockCommonValue_255" use="optional" order="29" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaap_AdditionalPaidInCapital_256" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_AdditionalPaidInCapital_256" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_257" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_257" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_258" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_258" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_259" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_253" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_259" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_260" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_245" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_260" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_234" xlink:to="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" use="optional" order="35" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_262" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_262" use="optional" order="36" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_263" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_263" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_264" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesIssued_264" use="optional" order="38" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_265" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_265" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_us-gaap_TreasuryStockShares_266" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_261" xlink:to="loc_us-gaap_TreasuryStockShares_266" use="optional" order="40" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_268" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementTable" xlink:label="loc_us-gaap_CondensedIncomeStatementTable_269" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_268" xlink:to="loc_us-gaap_CondensedIncomeStatementTable_269" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_270" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementTable_269" xlink:to="loc_dei_LegalEntityAxis_270" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_271" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_270" xlink:to="loc_dei_EntityDomain_271" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_272" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_271" xlink:to="loc_us-gaap_ParentCompanyMember_272" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementTable_269" xlink:to="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_274" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_274" use="optional" order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss_275" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OperatingIncomeLoss_275" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax_276" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax_276" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_277" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_277" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_InterestIncome" xlink:label="loc_tedu_InterestIncome_278" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_tedu_InterestIncome_278" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1077" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_1077" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_279" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_279" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_280" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_280" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_281" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_281" use="optional" order="14" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_282" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ProfitLoss_282" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" use="optional" order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_284" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_284" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1078" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_1078" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1335" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_283" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_1335" use="optional" order="19" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_285" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_285" use="optional" order="20" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1336" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_1336" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1341" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedIncomeStatementsCaptionsLineItems_273" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_1341" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_287" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementTable" xlink:label="loc_us-gaap_CondensedCashFlowStatementTable_288" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_287" xlink:to="loc_us-gaap_CondensedCashFlowStatementTable_288" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_289" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable_288" xlink:to="loc_dei_LegalEntityAxis_289" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_290" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_289" xlink:to="loc_dei_EntityDomain_290" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_us-gaap_ParentCompanyMember_291" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_290" xlink:to="loc_us-gaap_ParentCompanyMember_291" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable_288" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_293" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_292" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_293" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_294" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_294" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_295" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_295" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_296" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_293" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_296" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:label="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementTable_288" xlink:to="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_299" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_298" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_299" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" use="optional" order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits_301" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits_301" use="optional" order="14" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits_302" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits_302" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_303" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_303" use="optional" order="16" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_306" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_300" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_306" use="optional" order="17" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RelatedPartyAdvances" xlink:label="loc_tedu_RelatedPartyAdvances_313" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_tedu_RelatedPartyAdvances_313" use="optional" order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentOfRelatedPartyAdvances" xlink:label="loc_tedu_RepaymentOfRelatedPartyAdvances_314" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_tedu_RepaymentOfRelatedPartyAdvances_314" use="optional" order="20" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_310" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_310" use="optional" order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_311" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_311" use="optional" order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_312" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_312" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_1082" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsOfDividends_1082" use="optional" order="24" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_315" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_315" use="optional" order="25" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_309" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_309" use="optional" order="26" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_316" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_307" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_316" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1083" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1083" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_317" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_317" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_318" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_318" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_319" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_319" use="optional" order="31" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CondensedCashFlowStatementsCaptionsLineItems_297" xlink:to="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="loc_us-gaap_ConversionOfStockAmountConverted1_321" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_320" xlink:to="loc_us-gaap_ConversionOfStockAmountConverted1_321" use="optional" order="33" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_1008" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_1009" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_1008" xlink:to="loc_us-gaap_SubsequentEventTable_1009" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_1010" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1009" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_1010" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_1011" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_1010" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_1011" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_1012" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_1011" xlink:to="loc_us-gaap_SubsequentEventMember_1012" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_1013" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1009" xlink:to="loc_us-gaap_StatementScenarioAxis_1013" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_1410" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_1013" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_1410" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember_1411" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain_1410" xlink:to="loc_us-gaap_ScenarioForecastMember_1411" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_1409" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1009" xlink:to="loc_us-gaap_SubsequentEventLineItems_1409" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_1014" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_1409" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_1014" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_1015" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_1409" xlink:to="loc_us-gaap_DividendsCommonStockCash_1015" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_381" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_382" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_381" xlink:to="loc_us-gaap_StatementTable_382" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_382" xlink:to="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" use="optional" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="loc_us-gaap_ConversionOfStockNameDomain_384" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockByUniqueDescriptionAxis_383" xlink:to="loc_us-gaap_ConversionOfStockNameDomain_384" use="optional" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_385" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember_385" use="optional" order="4" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_386" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember_386" use="optional" order="5" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember" xlink:label="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_387" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ConversionOfStockNameDomain_384" xlink:to="loc_tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember_387" use="optional" order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_388" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_382" xlink:to="loc_us-gaap_StatementLineItems_388" use="optional" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" use="optional" order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_390" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_ProfitLoss_390" use="optional" order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" use="optional" order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_392" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_392" use="optional" order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_393" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts_393" use="optional" order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_394" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_GainLossOnSaleOfPropertyPlantEquipment_394" use="optional" order="13" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_395" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_395" use="optional" order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_396" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_ShareBasedCompensation_396" use="optional" order="15" preferredLabel="http://www.xbrl.org/2003/role/presentationGuidance" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_1164" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_1164" use="optional" order="16" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ForeignCurrencyTransactionGainLossBeforeTax1" xlink:label="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1_1418" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_tedu_ForeignCurrencyTransactionGainLossBeforeTax1_1418" use="optional" order="17" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_391" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" use="optional" order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_399" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_399" use="optional" order="19" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_400" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_400" use="optional" order="20" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_401" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_401" use="optional" order="21" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_402" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_402" use="optional" order="22" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable_403" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayable_403" use="optional" order="23" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_404" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_404" use="optional" order="24" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_405" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_405" use="optional" order="25" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_406" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_406" use="optional" order="26" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_407" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_407" use="optional" order="27" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_408" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_398" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_408" use="optional" order="28" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_409" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_389" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_409" use="optional" order="29" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" use="optional" order="30" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_411" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_411" use="optional" order="31" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_412" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_412" use="optional" order="32" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_413" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments_413" use="optional" order="33" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_414" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_414" use="optional" order="34" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLongtermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireLongtermInvestments_1166" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireLongtermInvestments_1166" use="optional" order="35" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross_1397" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesGross_1397" use="optional" order="36" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAcquiredFromAcquisition" xlink:label="loc_us-gaap_CashAcquiredFromAcquisition_1398" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_CashAcquiredFromAcquisition_1398" use="optional" order="37" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_PaymentsToAcquireTimeDeposits" xlink:label="loc_tedu_PaymentsToAcquireTimeDeposits_417" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_tedu_PaymentsToAcquireTimeDeposits_417" use="optional" order="38" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_ProceedsFromMaturityOfDeposits" xlink:label="loc_tedu_ProceedsFromMaturityOfDeposits_418" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_tedu_ProceedsFromMaturityOfDeposits_418" use="optional" order="39" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable_419" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable_419" use="optional" order="40" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_420" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_420" use="optional" order="41" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_421" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_410" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_421" use="optional" order="42" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" use="optional" order="43" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_AmountsReceivedOnRelatedPartyBehalf" xlink:label="loc_tedu_AmountsReceivedOnRelatedPartyBehalf_425" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_tedu_AmountsReceivedOnRelatedPartyBehalf_425" use="optional" order="44" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="tedu-20161231.xsd#tedu_RepaymentsOnRelatedPartyBehalf" xlink:label="loc_tedu_RepaymentsOnRelatedPartyBehalf_426" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_tedu_RepaymentsOnRelatedPartyBehalf_426" use="optional" order="45" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_429" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_429" use="optional" order="46" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_430" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_430" use="optional" order="47" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_431" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_431" use="optional" order="48" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_1167" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsOfDividends_1167" use="optional" order="49" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_433" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_433" use="optional" order="50" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_434" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_434" use="optional" order="51" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_435" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_422" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_435" use="optional" order="52" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_436" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_436" use="optional" order="53" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashPeriodIncreaseDecrease_437" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_CashPeriodIncreaseDecrease_437" use="optional" order="54" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_438" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_Cash_438" use="optional" order="55" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash_439" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_Cash_439" use="optional" order="56" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowElementsAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_388" xlink:to="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" use="optional" order="57" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid_441" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" xlink:to="loc_us-gaap_IncomeTaxesPaid_441" use="optional" order="58" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowElementsAbstract_440" xlink:to="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" use="optional" order="59" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid_444" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" xlink:to="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid_444" use="optional" order="60" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="loc_us-gaap_ConversionOfStockAmountConverted1_445" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_443" xlink:to="loc_us-gaap_ConversionOfStockAmountConverted1_445" use="optional" order="61" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>

  <presentationLink xlink:type="extended" xlink:role="http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_880" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_881" />

    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_880" xlink:to="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_881" use="optional" order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
</linkbase>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>pg73img1_20f.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg73img1_20f.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" +F MH# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M .'6\5?_ "QH_M2'9A[!GL?_  _=_9G_ .AH^('_ (:OQ9_\K:/^'[O[,_\
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %?/_P#P3,_Y-=O/^R@>.?\
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M*O"__IHM:^@RW^$<M;<^@****] Q"BBB@ HHHH **** "BBB@ HHHH ****
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MWT>E0QVVOG6I &5F\F_D,,;6^K1D$W=JQE:)IHRTTC2''T]10 4444 %%%%
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M_P#\/8OV6?\ HY;]G_\ \.'I'_R11_P]B_99_P"CEOV?_P#PX>D?_)%?0%%
M'S^W_!6#]E=U*M^TK^S^5/!!^(6D<_\ DQ7"_L]_MB_L,?LH>#+SP[\-_C1^
MS+X-T34-3NM9N+/3/'FCPQ2W=Q(9)92/M'<X4#[J(J(H5$51]=44 ?/_ /P]
MB_99_P"CEOV?_P#PX>D?_)%'_#V+]EG_ *.6_9__ /#AZ1_\D5] 44 ?/_\
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MKXC_ .RJ_$?_ -3?7:^@*^?_ /@FG_R;KXC_ .RJ_$?_ -3?7:^@* "BBB@
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M9:5X@US4M8\$:MI%AI^B:/=:M?WEU=VDEK!'';6L<DK9EF0%@A5%W.Y5%9@
M=O\  #]I'PK^TWX:U+5?"<GB#[/H]_\ V9>P:UX<U'0+VUN/(AN K6U_!!.
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M_9*O%'_IHNJ^@*^?_P#@K%_RBR_:6_[)5XH_]-%U0!] 4444 %%%% !1110
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MZ=?6K0RW4,"Y:XD@D6!S$@,C1>?Y:R2;(I #SOP3^V/\?O$/[24G@'4?@/\
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M_P#U-]=KZ KY_P#^":?_ ";KXC_[*K\1_P#U-]=KZ H **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BN
M(^-_[3/PW_9ETFQU#XD?$'P1\/K'4YC;V=SXEUVUTF&[D W%(WN'0.P7DA23
MCFNSM;N*^M8YX)(YH9E#QR(P974C(((X((YR* )***Q[CXA^'[3^W/.US1XO
M^$7C$NL[[V-?[)0Q><&N.?W(\KY\O@;?FZ<T ;%?/_\ P5B_Y19?M+?]DJ\4
M?^FBZKV[P=XRT?XB>$]-U[P_JNFZ[H>LVT=[I^HZ?<I=6E]!(H:.6*5"4DC9
M2"&4D$$$&OE__@J#^TK\,/$?[+/QP^!\?Q3^%EE\7?&7@75_#FC^$M3\9:9I
MNJWFH:AILL5E;^3<3HR-,\\00OM!$BG.#F@#ZRHKXKL/^"VGA75?B^WP]M?A
MEXJN?'RWTFEMX:B^(GPX?6!=QDA[<V@\3^=YJE6!3;N!4Y'%;WQ$_P""KR_"
M'QGI/AOQ9\#?B5X7\1:_%)/IFEZOXT^'UE>ZC'&"9'AAE\2J\BJ 2Q4$#!SB
M@#ZVHKY]A_;.^(5Q"LD?[*/Q^DCD 9676? Y5@>A!_X2&G?\-D?$7_HT[]H#
M_P &_@C_ .:&@#Z HKY__P"&R/B+_P!&G?M ?^#?P1_\T-'_  V1\1?^C3OV
M@/\ P;^"/_FAH ^@**^?_P#ALCXB_P#1IW[0'_@W\$?_ #0T?\-D?$7_ *-.
M_: _\&_@C_YH: /H"BOG_P#X;(^(O_1IW[0'_@W\$?\ S0US^F_\%&O%&K_%
M/6?!-O\ LN_M 2>)O#^E6&MW]G_:/@P?9[.^FO8;67S#X@\MM\FGWB[58LOD
MY8*&0L ?4%%?/_\ PV1\1?\ HT[]H#_P;^"/_FAH_P"&R/B+_P!&G?M ?^#?
MP1_\T- 'T!17S_\ \-D?$7_HT[]H#_P;^"/_ )H:/^&R/B+_ -&G?M ?^#?P
M1_\ -#0!] 45\_\ _#9'Q%_Z-._: _\ !OX(_P#FAH_X;(^(O_1IW[0'_@W\
M$?\ S0T ?0%%?/\ _P -D?$7_HT[]H#_ ,&_@C_YH:/^&R/B+_T:=^T!_P"#
M?P1_\T- !_P5B_Y19?M+?]DJ\4?^FBZKZ KXP_;=^+OQ:_:4_8O^+WPYT+]E
M;XX6FM^/_!6L^&]/GO\ 6_!4=K#<7EC-;Q/*R:^[K&'D4L51B #A2>#]GT %
M%%% !1110 4444 %%%% !1110 4444 %%%% 'S__ ,$T_P#DW7Q'_P!E5^(_
M_J;Z[7T!7S__ ,$T_P#DW7Q'_P!E5^(__J;Z[7T!0 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?%/B_
MXP>"OV3?^"GOQ2\9_'#Q#H'@OP[XG\!:'IW@?Q%XFNX[/3'@@GOGU73;>XE(
MC6X:5[.9[<'S)D6-PKK"?+^4O^&COB)_P3^_90T^WU#XC:M\(/"VN?"WXF:W
M\/=$UK3],M[BPO;+7[6Z\,6<4-Y;/-]K;2[TP_8&W 0Q!5A22!V'Z1_MJ_MZ
M_"?_ ()W?"S3_&WQB\5_\(?X9U358]$M;S^S+S4/-O)(9IDB\NUBED&8[>9M
MQ4*-F"<D ^?_ +%7_!9C]FS_ (*(_%/4/!/P=^)'_"8>)M+TJ36[JS_X1_5-
M/\JSCFAA>7S+JVBC.)+B%=H8L=^0, D 'P3KG[<7B/X,W'QX\1Z+^U';VE]J
MOCNU\1PZ?J%UX>GDGTBX\%Z5<V<^G0SVL<-Q#--,(HH9+RS6Z73XUANA<&X-
MU[]\3/\ @HS)I/[4'C[P'<_M Z;X+\*Z;X]@LKGQ'/#I+R>#(&\.I>P:9-YM
MOY5NEQJ$=S$'O5,S&&:V219WC:/WC]M7_@LQ^S9_P3N^*>G^"?C%\2/^$/\
M$VJ:5'K=K9_\(_JFH>;9R330I+YEK;2QC,EO,NTL&&S)&""?0/V*OV]?A/\
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MQ8\8:;X)\.ZAJ*:1;7UZDC1RW3Q2RK$/+5CN,<,K=,80\]* /3J*^??V4O\
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MS/\ A(M+_P"$ _L+_A)_[>\[_0O[,^S_ &G[7O\ ^>7D_O-W]WF@#K**^9?
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M#:6CB5"1Z9 ]J+W0[+4Y1)<V=K<2*-H:2)7('IDCWKPG_ALCXB_]&G?M ?\
M@W\$?_-#1_PV1\1?^C3OV@/_  ;^"/\ YH: />K+3[?3(C';00V\;'<5C0("
M?7 ^E5YO#&FW$K22:?8R22$LS- I+$]23BO#?^&R/B+_ -&G?M ?^#?P1_\
M-#1_PV1\1?\ HT[]H#_P;^"/_FAH ]\^R1?9?(\J/R-GE^7M&W;C&,=,8XQ5
M6'PQIMO*LD>GV,<D9#*RP*"I'0@XKPW_ (;(^(O_ $:=^T!_X-_!'_S0T?\
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MK?A[3_$MJL&I6-GJ$"N)%CN85E56 (R P(S@D9]S7A?_  V1\1?^C3OV@/\
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MLGA.33CH[:(UC$=.:Q,7DFU-OM\OR?*^3R]NW;\N,<5M44 >.^&/^">/[/\
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MCI=NLFCR:_#;76I6\9"[K9HG1U01;5^RWL46-D:J/KJ@ HHHH **** /G_\
MX*Q?\HLOVEO^R5>*/_31=5] 5\__ /!6+_E%E^TM_P!DJ\4?^FBZKZ H ***
M* "BBB@ HHHH **** "BBB@ HHHH **** /G_P#X)I_\FZ^(_P#LJOQ'_P#4
MWUVOH"OG_P#X)I_\FZ^(_P#LJOQ'_P#4WUVOH"@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ KY__ ."L7_*++]I;_LE7BC_TT75?0%?/_P#P5B_Y19?M+?\ 9*O%'_IH
MNJ /H"BBB@"IK^NV?A;0KW4]0N([73].@>ZN9W^[#$BEG8^P4$_A7QAXG_X*
M'^*OAA\5?@MKOQ)\<?!'X1_"?XM:1J.N?9/$]O);ZEI\4"6CVMHVJ2ZC#:_:
MYH[M9'5;5EB:*2-#.H$Y^QO'/@ZQ^(G@G6/#^J1M+INNV,VGW:*<%X9HVC<
M^ZL:^:_@W^R]\6D^)?P?UWQ#XB\(Z+;_  9T*]\(7=@GA^2];Q=%,MJ#J-M=
MK?Q_9%>.UM?W$UJ[12K=)NFC,,Q .6_9>_X*@6C?L_ZY\0/BMXZ\&^*M#G\:
M:OX;\,7WPT\%ZMJ$>J6NG-/ONUAM+C4Y9HVB@>9IDVQ1+@,QR&/J_@C_ (*;
M?!+XB_%QO VD^,+B?Q)'JTVB2Q2Z!J5O;07<=@=159+F2W6!$FLU>>"1I!'<
MQQ2M TOEOM\/\;_\$G?B/\2O@MK7@[7OC!X#U*R\0>,=9\4ZC92?#R^&BZBF
MIK,9;>YLAK?^D&":430&61HHWC1FAD=$D2EX"_X)<?%;X+IINLR_%KP?XH;P
MWX^M?B3+IVF?#F>SNM5EM/#47A_[! \VM/'"TMG &620.JW#[BIC'ET >T^&
M?^"KGP6\:1:H^CW_ ,0]4_LJRL=1=;7X9>)YFO+6^E:*SGM%73R;R.<QR-&]
MN) Z12R*2D;LOG7P=_X+"^"_'/[4_B#0-1\01+X!US2?"M_X#N/^$*UO3]4E
MEU34-4TN<7ZS(6CMQ>65JL=U+!:PJ;^%&9S)$[^*?L5_LI_$GQM\#?$?@_P;
MXU_X1.36M)T6RUKQ%XE^#GC+0;V"TLY"PT*&+6-:60V<D<MY'MTLVUO9K//Y
M"QR7"/%Z=XJ_X)5_&+QG/XNNKSXV?"RWN_%5KX3L5CL/A+=6MCID'AS6;K5;
M"&&!=<XCW71@8;L^5$F"'W.0#V_Q_P#\%1_@?\+T\52:YXLU2SM_!]C>:E?7
M*^%]6FM[NULYHX;Z:QECM634$M))46Y:S:86V29?+"L19^(W[:FG:!J^K7F@
MR6^J:+\.O$]KX4^(-G>Z=>:=?Z-)>?9/(O+>29%CGAB6ZAED"@I)!,TD<V^$
M0S^4^,/^"2M[\2_A3XH^'OB3XCVVH^!VT3Q/HW@V*'PU]GU7PV-<BGBE>ZNA
M=&.^6WCG=(56"W)4#S6F<!P?\,*?%*XU?XB:3XK\5>$_'5E\=?$NC:[XFU'3
M_#;^'[/PY:Z;#96]Q;0PR7]Y-<27D-E;QQ*=JP$W4TDSXAMW /5/VB?C[XX;
M]H[PG\'?A@?"^E^*M>T*_P#%>J>(/$FF7&J:=HFG6LUO;JBV<%Q;/<W%Q/<J
MJC[3$L:12N=Y"1OYWX[\4_"SX7ZQH?Q$_:@^'7PMM?B]H4UY+I_B'1O!\_B:
MZTC2+&X9XM4-W':RW.GV<22K))/.8H;>29@9!D,WJO[1'[+FO>/_ (O>%OB5
M\/?&%AX'^(GA>PN]$-SJNBOK>D:QI=TT<DEK=V<=S:R,4FAAFBDCN(VC=&!W
MI(Z-P_C[]@_QYXEU2QU[3OB];P^+-7T+4/#OC*YU;PN=3T_6+2]E29UL+7[9
M&VG?9R'CM@TMPBQO^_6[ES,P![[\*/ASX/\ AAX-AL/ V@^&_#OAZZDDU"*W
MT*RAM+.9YV,KSJL*A&:1F+EP,L6R2<YKS/0?BE\0[S_@H1XD\"W&J>#&^'>F
M>#K#Q':VL>@7*:T)[FXNK8H]Z;TPLBO9R/Q:*2)E7(,9>32TWP?\0O@]?^"/
M#7A63P[J'@6QU"#3#"^C.MQH^B0:=L59KI]1!DN#<1 K+%:R!A*D30H ]VO'
M_$[]F+XT7W[5?B#XD> _BI\,_#=KK7AZQ\-Q:9KGPYO=:FM8;:6XG\PSQ:U:
MJ\C374Q_U04)Y:X)5G< S[?_ (*E^ =4\2_%KP[.OBKPMK'PW\6'P3;7-_X+
MUB^AU:^.FPWOG00PP*UQ'$KS22)$^5MK?[4SQVTT4Q]*_8;^-^J_M+_L:?"S
MXAZY'I<>L^-_"NG:Y?+IL;QV:S7%NDK^2KO(RQ[F.T,[$#&6/6O$C_P3=^(7
MA?XY:QX^\+?&71K/6K[Q*GBB!M9\#_V@'N9?#]GHE^ET(;ZW66.5+"VN8A M
MN8)E8,9XF,=>O?L3_L[>+?V5/@5X.^'NM>,M \7:+X)\-V6@V5Q:^&Y=+O)Y
M+<R)Y\K->3H0T'V9?+5%Q)'*^[;*L40!['1110!\_P#_  5B_P"467[2W_9*
MO%'_ *:+JOH"OG__ (*Q?\HLOVEO^R5>*/\ TT75?0% !1110 4444 %%%%
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH *^?_ /@K%_RBR_:6_P"R5>*/_31=5] 5G^+/">E^
M/?"NI:%KNF:?K6B:U:2V&H:??VZ7-K?V\J%)898G!22-T9E9&!# D$$&@#0H
MKY__ .'3O[+/_1M/[/\ _P"&\TC_ .1Z/^'3O[+/_1M/[/\ _P"&\TC_ .1Z
M /H"BOG_ /X=._LL_P#1M/[/_P#X;S2/_D>C_AT[^RS_ -&T_L__ /AO-(_^
M1Z /H"BOG_\ X=._LL_]&T_L_P#_ (;S2/\ Y'H_X=._LL_]&T_L_P#_ (;S
M2/\ Y'H ^@**^?\ _AT[^RS_ -&T_L__ /AO-(_^1Z/^'3O[+/\ T;3^S_\
M^&\TC_Y'H ^@**^?_P#AT[^RS_T;3^S_ /\ AO-(_P#D>O$/ /\ P3*_9MO/
M^"DGQ8T*;]GOX'RZ)IOPU\%W]II[^!=+:UM;B?5/%B3S1Q&#8LDB6UNKN "P
M@B!)"+@ ^[Z*^?\ _AT[^RS_ -&T_L__ /AO-(_^1Z/^'3O[+/\ T;3^S_\
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M^QV\1C2X/[6:QWB3[*;K;YOD[P&\O=MW#.,T =-1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !7S_\ #G_E*;\9/^R5> __ $[^,Z^@*^?_ (<_\I3?
MC)_V2KP'_P"G?QG0!] 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110!\_P#_  33_P"3=?$?_95?B/\ ^IOKM?0%?/\
M_P $T_\ DW7Q'_V57XC_ /J;Z[7T!0 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M HHHH **** /G_\ X)I_\FZ^(_\ LJOQ'_\ 4WUVOH"OG_\ X)I_\FZ^(_\
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M^NU] 5\__P#!-/\ Y-U\1_\ 95?B/_ZF^NU] 4 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% 'S__ ,$G?^467[-/_9*O"_\ Z:+6OH"OG_\ X)._\HLOV:?^R5>%
M_P#TT6M?0% !1110 5Y/^T'^Q3X$_:>\4Z-K7BQO'2:EX?AEM["30?'FN^'5
M@64$2'9IUY C,RDJ78%BORYV\5ZQ10!YC\;_ -CKX??M#^"M(\.^)M)U/^R=
M!A>VL(M'U[4-#:WA>(0O#YEC/"YB>(>6T;,49"5(()!YOQ;_ ,$W_@_XV^-E
MK\0K[P_KB^);+6K3Q'#]D\5ZO9:<FHVMG'8Q77V"&Z2T,GV.)+9R83YL"^5)
MOC)4^Y44 >"Z-_P3,^#/AWPC>:)I_AW7K&SNC:+#+;^+M9CO-)AM"YL[6PNE
MNA/86EN99##;6CQ00EV*1KDU5UC_ ()9_!'7;B&2Y\-^(&:UT33= M0GC+6X
MUL;;3ITN+&2!5NP(+J"=/-2[C"W(D>5_-W2R%OH2B@#YE3_@C_\  5+&&U_L
M'QL]M;G57CB?XC>)'C5]3=9+^3:;\@R33*LY<_,)U$RD2@/6O\,/^"7GP?\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M_P"U-_T1O]G_ /\ #R:O_P#,Q7T!10!\_P#_  L?]J;_ *(W^S__ .'DU?\
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M /P33_Y-U\1_]E5^(_\ ZF^NU] 5\_\ _!-/_DW7Q'_V57XC_P#J;Z[7T!0
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!
M\_\ _!-/_DW7Q'_V57XC_P#J;Z[7T!7S_P#\$T_^3=?$?_95?B/_ .IOKM?0
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !17G_[0G[3OA']E_1]!O/%TWB#_BJ-5_L3
M2;31/#>I>(+_ %"\^RW%V8H[73X)YVQ;VES(6V;56)B2.,^?_P##RSX=?]"Y
M^T!_X8GQO_\ *F@#Z HKY_\ ^'EGPZ_Z%S]H#_PQ/C?_ .5-'_#RSX=?]"Y^
MT!_X8GQO_P#*F@#Z HKY_P#^'EGPZ_Z%S]H#_P ,3XW_ /E31_P\L^'7_0N?
MM ?^&)\;_P#RIH ^@**^?_\ AY9\.O\ H7/V@/\ PQ/C?_Y4T?\ #RSX=?\
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ML^'7_0N?M ?^&)\;_P#RIH ^@**^?_\ AY9\.O\ H7/V@/\ PQ/C?_Y4T?\
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MP_\ '+4O'OC'Q!<6D=]!\"_&SA=$M)9([+&-).PSY:X90<@2Q*P#1D#]&/\
MAY9\.O\ H7/V@/\ PQ/C?_Y4T ?0%%?/_P#P\L^'7_0N?M ?^&)\;_\ RIH_
MX>6?#K_H7/V@/_#$^-__ )4T ?0%%?/_ /P\L^'7_0N?M ?^&)\;_P#RIH_X
M>6?#K_H7/V@/_#$^-_\ Y4T ?0%%?/\ _P /+/AU_P!"Y^T!_P"&)\;_ /RI
MH_X>6?#K_H7/V@/_  Q/C?\ ^5- 'T!17S__ ,/+/AU_T+G[0'_AB?&__P J
M:/\ AY9\.O\ H7/V@/\ PQ/C?_Y4T ?0%%?/_P#P\L^'7_0N?M ?^&)\;_\
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M *=_&=?0%?/_ ,.?^4IOQD_[)5X#_P#3OXSH ^@**** "BBB@ HHHH ****
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M*_9._P"RJWW_ *A'BNOH"@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MM\1?^CL?V@/_  4>"/\ YGJ/^&-OB+_T=C^T!_X*/!'_ ,SU 'T!17S_ /\
M#&WQ%_Z.Q_: _P#!1X(_^9ZC_AC;XB_]'8_M ?\ @H\$?_,]0!] 45\__P##
M&WQ%_P"CL?V@/_!1X(_^9ZC_ (8V^(O_ $=C^T!_X*/!'_S/4 ?0%%?/_P#P
MQM\1?^CL?V@/_!1X(_\ F>H_X8V^(O\ T=C^T!_X*/!'_P SU 'T!17S_P#\
M,;?$7_H[']H#_P %'@C_ .9ZC_AC;XB_]'8_M ?^"CP1_P#,]0!] 45\_P#_
M  QM\1?^CL?V@/\ P4>"/_F>H_X8V^(O_1V/[0'_ (*/!'_S/4 ?0%%?/_\
MPQM\1?\ H[']H#_P4>"/_F>H_P"&-OB+_P!'8_M ?^"CP1_\SU 'T!17S_\
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MX3?\*._X6=_PM#X=_P#"M=_E_P#"6?\ "26?]A[O.\C;]M\SR,^=^[QO^_\
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MP4/_ .4Z_P#P3J_[J5_ZC]O7W_7P!_P4/_Y3K_\ !.K_ +J5_P"H_;U]_P!
M!117@^B?\%"O!WB3X,^+O&ECH?CAH?"OBM_!,6D7.D?8-6UO5O/AMX+>VM[E
MXROGS7$2HUP85 8O(8XP9  >\45\Y^)_^"EWA'PSX(T/5_\ A$_B!?WE[#J=
M[KFBVEC:R:EX-L]+G6VU6ZOT-P$9+29T0K:/<2S[MULERF7&S\/_ /@H'X)\
M?_%[QIX56TUS2;7P;97NHGQ#?+;#2-7M[%XHK^2V:.=Y@MM)-&CF>*$/NW1>
M:@+@ ]SHK.\(Z_)XJ\+:=J<FFZCH\FH6Z7!L;]$2ZM-RAO+E5&95=<X(#'!R
M,UHT %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 5Y_^UC\=/^&7
M_P!ECXE_$S^R_P"W/^%=^%=4\3_V;]I^R_VA]BM);GR/-V/Y>_RMN_8VW=G:
MV,'T"O@G_@X[_;"UK]D'_@F3XZDM?A_<^,?#OQ$TG4? VLZE;ZG]E?PJ-2LI
M;6"]:(Q.)HQ))M*[X_G,:[OGRH!];?LG?'3_ (:@_98^&GQ,_LO^P_\ A8GA
M72_$_P#9OVG[5_9_VVTBN?(\W8GF;/-V[]B[MN=JYP/0*^ ?^#;K]M/6?VRO
M^";/@];CX?W'@_PY\+]*TSP'I.JSZH+I_%+Z=8PP7%VL/DIY$>Y4 &^3YC(N
M[,9+??U 'Y]_$?5+I/\ @CUX_P##*Z;XB\2>.-,\1ZEH^O:9X>\/WNK:B=8?
M77O)W:UM8I9@)EF%T)"NUHKF*3=MD4GZ%\<:]'XY_;J^#3Z#,PO--\*ZYJFM
M136TD-W9Z3>?8D@2>-PLEN9[N")DCE56<V%Q@$P2;?<;7PSIMEX@O-6AT^QA
MU74(8;:ZO4@5;BYBA,ABC>0#<RH992JDD*97QC<<FF>&=-T34M2O+/3[&SO-
M8F6YOYX8%CDOI5B2)9)6 S(PCCC0,V2%C5>B@  O4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !7S_\
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M-2>!OBYJL::%!M\R6T@(\,GY)+MYYC@* &B3;B$,WU'_ ,+'_:F_Z(W^S_\
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MH"OG_P#8W_Y.*_:Q_P"RJV/_ *A'A2@#Z HHHH **** "BBB@ HHHH ****
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M /P2=_Y19?LT_P#9*O"__IHM: /H"BBB@ HHHH **** "BBB@#Y__P"":?\
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MU.K_ +0'@ZU^)TWP^L_%_@N;XF'37U.U\*7&NP0ZI/" =LK6XWSK 6&#*(F
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M]HM9OL$D8D,D2Y=2K2<@ 'OU?/\ _P %+/\ DW7PY_V57X<?^IOH5?0%?/\
M_P %+/\ DW7PY_V57X<?^IOH5 'T!1110 4444 %%%% !1110 4444 %%%%
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M-%K0 ?\ !-/_ )-U\1_]E5^(_P#ZF^NU] 5\_P#_  33_P"3=?$?_95?B/\
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M .":?_)NOB/_ +*K\1__ %-]=KZ KY__ .":?_)NOB/_ +*K\1__ %-]=KZ
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M^467[2W_ &2KQ1_Z:+JOH"OG_P#X*Q?\HLOVEO\ LE7BC_TT75?0% !1110
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MJ_\ \T]'_"N?VIO^BR?L_P#_ (9O5_\ YIZ^@** /G__ (5S^U-_T63]G_\
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M$E?R]_E;=^QMN[.UL8)^R=XM_:F_:@_98^&GQ,_X6A^S_H?_  L3PKI?B?\
MLW_A4FKW7]G_ &VTBN?(\W_A)4\S9YNW?L7=MSM7.!W_ /P5B_Y19?M+?]DJ
M\4?^FBZH_P""3O\ RBR_9I_[)5X7_P#31:T '_"N?VIO^BR?L_\ _AF]7_\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MX^\1#2K"Z\ZY&G7'C#5;F"[*@<120W5NZL>")D]17VY7YJ_\&Z7_  15OO\
M@E)X%^)6J^-/L=]X_P#%VOW&F6]Y%A@NAV<SQVK+R=GVEMUPRYSM: , R$#]
M*J /BWXD_L_?$7XQ_$S]JK3X? ^K:!:>-M&T;_A$-=U2_P!.;3-9OM-B<K&R
M6]S+=11O,8P6E@0A-YX8*#1?X5?%9?C>O[1G_"J?$#:XWB'RC\.QJ^C_ -NK
MH_\ 8QL?.,_VS^S_ +3]M_>[!=[/LASGS_W-?<%% 'R?\)_V#K?PMX!^'&AZ
MUX)\'S^+9/#CZ9XV\:VUG;-=K9--]JN-#MKEE%V]M<7,\BX*A/LZ3DE)GCKI
M/^">D'QWMM(\91_&X7BR1ZFBZ.MTFDJJC:?/%D-.X_LP'RQ;?;/]-P)?.Q\@
MKZ,HH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHKP_QS_P %#?AOX"^)GB3PC-;_ !0UK6_!
M]W#8:P/#?PO\3^(;6PN);2WO$A:ZL-/FMS(;>ZMY"@D)43+D G% 'N%%?/\
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MX(Z /T;HKY__ .'EGPZ_Z%S]H#_PQ/C?_P"5-'_#RSX=?]"Y^T!_X8GQO_\
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M*R$J0K %20>#B@#\R_CK^V+XZ_;"^#7PC76=/^&=QK5Y9_ SXKZ&L>EW$?\
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MYN[R=E54,T]Q++*^Q$0-(0B(@5!UM% !1110!\__ /!2S_DW7PY_V57X<?\
MJ;Z%7T!7S_\ \%+/^3=?#G_95?AQ_P"IOH5?0% !1110 4444 %%%% !1110
M!\__ !&_Y2F_!O\ [)5X\_\ 3OX,KZ KP_\ :._9Q\?>/?C[X%^(WPY\=>#_
M  ?K?@_P_KGAN>#Q)X0N?$-K?V^IW.DW#.JP:C8O%)&^DQ@$NX83-\H(!K/_
M .%<_M3?]%D_9_\ _#-ZO_\ -/0!] 45\_\ _"N?VIO^BR?L_P#_ (9O5_\
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<4 %%%% !1110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>pg21img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg21img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!F@(Z P$1  (1 0,1 ?_$ 04   $#!0$!
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M6)U\KRX<&"0#X_*J("BJ?D7?\FB*R3DV.1'127?4; BN_F2+>&THJB=.[N=
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M\I)MOOHB:]SY^L#Q[B^10Q.,./KKGT[>580;*1A%@S&K<7G0F2=8CWL^9'[
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MR7EC!\2?"#:WS#]L\VKK5/7!ZZR-M%ZD$6-W$JHGP)45=$31\ ]R]164V6%
MQIT03D?-FUD7MY48J1.?6I;J"3-DU)>%2;)"1%3=47IHE*X);XU[IOQ5=L8W
M0XMBUM?2G%:C5$/E/&SFONBTCY-LM%"'S"%I>Y=E^5/';4I;&K9+)D6)C<C
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M;.Q<,FVG+3(!4;.]QA]WM;.3,,R\[=-]$4=GM/Y.]Q6-8OS]:<C>U'&<>RG
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MT1-)LU',\O<RU;ROFX@D11Q"D888:K)0OQ6_43+99;?E&3H_N5Z:Q=QN3%
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MU\-XM[A<8Y@<_P"D#R-%Q"#RMD6,QZ&FS^-)J;*K2NK9GF/>=(7='/J:KO\
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M8D8X!%Q%%.[9-NXR<+KXF6W<2]/%41/Z&M5KO.D^=8GX[(/] SSE>]#^3Y1
MNAFH]Y /CN'3HJJFW[>G>7?$GSJYM[^(GN9(VL:,:CS<5:;1.^/4$^7JVJB
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M)7V1?]8#W;?^?<%_]$R=9'*GMW/UBN?\712QV\#(0N]"?!Q1]SDC_P"BE?\
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M":Q4<=,GE812%'"-M43YMM8X5[L:X!"_)2<+E3C0E-QDUI<Z;4VS0Q?;9CT
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M&N.VE)*:?*T8\AX/*? 445UCW3==NYG2%1U[)MX]]B&I\9! K2OE4>7".-X
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M-/$85_D7HLWA?S#/NEQ9[7$]^Y.F=IHT5(;B30NIB$IA]Y7LB[(Z.P[ FPJ
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M18(8Y%6B6T0-B61T3JFMFN:1+YSDW\;"H+M PKTHLOQ )K8L^H[*T[N.EJ9
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M)4/MS'_O$OZ96ZB.$V1&2;^6S_!&A)LIKT53@[J7["(B_8FKU.H2_-7]^?\
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MN0XYJB+8O]$56U7PU3W>;I/G4C-YW+4T>^7NFH%.\?2G1GDB: B#8M"@HV(
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M83!M0*L>YNE1UVM6N=E/M,*#<@_2JH)W(J)X^/761& 8'DXJ.U!EOF-/M _
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M-B0J+7RFW-[$[60^]'M895W(*G'^N$N+R";3Z9D"XXZU""QE666>8GI_5&Z
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MJ<8]?^1\[^"?UBA_)JM(^*@-S<,P= ^JZ?()EY^"=?\ UVK?L_L"WU=99/\
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M4,(TB2OREYPH/@NB)I\0/*@O2(5E'8KJV-3#9U\"?EJU$=Z%>A,A0\[8<?\
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MW1Q-E9.?2E<?,C#S."_HMS'P3^Y,#=57HFT^M\>NLAPTKG;TN!.A$F*G:Q$
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MU73&LQNY6_$#S%9%141-^G<*$B+]A)NG['1=6Q "5P;E@H)Y&RN$C/9*CO\
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M/GF7_O>3_P#Y/Z?BME^5$_A"\^DW_*^15]4P<NJYWS+NOC^;R?\ Q!J([O:
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MTN;57E/PJQ;3^Z$BMI)6*K!%YT15ST^Z(B*B:(I!.>-GN.I?B.^28:(N;J)
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M/XMG03J_!L9&YK"P@H;KF$/1<R6-51RN(%%C$% 8A3JW-*R*3@*X\#K0M_G
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M#32X%]<,1I.U300*>YDV2U-+/;%)'YI65!U5-!T12\5T5N'&98 &VT;9;;$
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MF#'%O()D*X!V,V;2=OIFF]DT13(<9S"FX!BCA*!%]$KVU5ORD$TC=D4'$%L
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MR[CSEKK#\TG\BEIU]7_637^O]=]NFWC\/ MR(><-B\O%V'_F?_ ;'I_'.O\
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MB HB9]7-ST1>)0*K3C 1*S\/N3B6NDS&\3#"I%&\'IL=G0[-8_JBL9CS:-2
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MTT'&>(,AJ&G7\>L(]3(JI$X*Z*YCUN92["HL[60\4D& (A44).JZ(D%8(]C
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M^*ZXJPW&XM22YH?7I/P]J^S^:>5M@FVRQVF.9T,<\,4CI&L&H"1M2RF1:*_
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M,.QO NY4+KTVU=%/<,8]I>[46X=JGEY6L!=6EY&QKF,EJ\$"@%#Y\:(R\6\
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MW>"ZM5497_UAV"4,R5&R?E;V\03E5X2<?;@W^3/N/$[\T0+$G8W8TRXRJ*1
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M>**](0@7??;IM^76#'BT+H+22./W0YT#N/P)5#L;B,MJ+KQ..MM--D)&YY*
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M>T>U$]Q41POF[?S)]/):5-N\NF_K5WU:J+UI.\@0W4!AKTAD1L 8+WFC?EJ
M36S13[OWWY4153M4BCWY*]EN0YS[H:;W 1LT!NA3 [/"I^"JLNJ@>5+@NU[=
MD_!^J63$F57]_G"?R]J)MLOCHBAN_P"A^Q_/FU_ZR'Z//X1O[_\ S_X_R7^K
M\=$7VBZ(JT11P?K,JL;#AG!);A5308[SQQ7DA2+I]QBIB-5,RS[K">XVTZ2>
MB.6BB'R]W=][X:(F72[5I(7F2PE28)54F57U,RUL6X\>.YEA Y&P8V\4%9TV
M;>C]4'SG2[8YH" H_-HB=W[,[:79Y234^586$FNLN6:Q^=:*22W_ "'^/Y2
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M%C8Y<<'BW!H 1,VOXCJ%C%$12'8SQ,O2%6142'%5\P4OO*G7IMJJD3#?UCV
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MD=;95UY.#:5H'1W0VE=GQV>]A4=95LD\S??4^S@&A/ ?&IN<'%O(>D&FIO\
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M26VD?^8A7YO#6ANN7KATSWP-80<JD!>L<M\]<AQ[#'9;[/>-O61D>I%KJ<:
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M7:9%QQD]1$B$\L;U3DVN=9],$A%18[CW=VB?[E5WU, 79+5[BQQ]04KVJ#[
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MFR8ED/<V#J)52]D<4NU%\M=C^5>[<5ZIJ2NDUXK5/L+Z:3 .\RWL?W&BK4)
M4P@Q/.,_-%7!-@$!AQ.[81(NF@GJ:56;%9W=N*.:2VF5,33H2)YF/S.+<W[U
M$E2 W)?[$=CD^Z=E7 +,IC=.]>T50%^*IJ36:=:R*T?7W>321EZ40HJ[1V%=
M[A??!J* _GY2%';;0HK<=[=?32 !44U39=4UNZ574RN-M+0=:Z D;74O-(E3
M:2125?517H/I]R5=_MVT[P]*K45/]VEZL4AN2$3\ 9:@(2BF.W2)W="3OA.]
MJ%^5=M4UGI3U<O=I:]J81[WG;AO":%^B;0[4:;C(:H$ C%^8?(N+"@O$SVO
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MJ 77M1.NVH[AX:TD4JNBL9XI0UQ:0..!'I0,Q3#_ 'UXVYQED<)<>Y[X^R7
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MAUL:P8+8S/V@V5W7XI#QODTL0L*BH2#>3HN&P;<,AL0;0'+%]N1,089.G\R
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M;*2?D1.GY/AHB]V+]]_\5-$5;%^^_I)HBK8OWW])-$5;%^^_I)HBK9?BG?\
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II_U/_P"^$S_./_.;^5)_>#_??Z[_ +[MHB+?_P"@?^4?ZO\ [IHB_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>pg22img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg22img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!EP*R P$1  (1 0,1 ?_$ *X  0 " @,! 0$
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M_P!GO_I[_P"2?_"__<?^S@;=N%OU.^*7V;](?1I6<"S& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&!IC_G.8&P3
MA;]3OBE]F_2'T:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@:8_P"<Y@;!.%OU.^*7V;](?1I6<"S& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P&!@+#:VKI6\2>L8S9-!D=DP
MK4'TSKUA<:\\O$2Q$I#@\DZFWD5)Y@U$BI1!15N0G0P#U[H8&6S$Q$5Z*D9V
M?E8V#@X=DYDI>9F'S:,BHN.9I&7>/Y&1>JH-&+)J@0QU%53E3(0!$P@ 8'9:
M.VD@T:OV#IN]8O6Z+MD]:+)N6CMHY3*LW=-7")CHN&[A$X'(<@B4Y1 0$0'
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M!@,!@,!@:8_YSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8# 8# 8# 8# 8# 8#
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MY:QNO>/VMN2G./;W&[CO%\S_ %G?'K=_K!([5NLU=HND>+=P;17$JCW:PO\
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M5*I;$@$@E[0#U/"AW>GM>SU[F!V%N3^DVYQ36MKHAR^R4:K;^H>WW?\ P'\
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M*(^P!E*Q*$ 1_HZC@>-QZ.5;0^G5"I@D176E+4*CVC'!,IZ^P,"?:4,H<_8
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M!@,!@:8_YSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8# 8# 8# 8# 8# 8# 8#
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MR1D=$N)QS%1S>//+/FD6@W9INWO>.^' A0*43" =S S+ 8# 8# 8# 8# 8#
M8# 8# 8$)\C7*;/2&QUU>UV"P!D_<  F[2[QH@3N"(!T[:@=?P!A9<NLRU>;
MMZTUZ?KU[=(JA^H^V)X)B81_Z\(SK 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M993IT#OBHAVAZ>V.%1?M'8U+I[-K6+)/(1D]?H^Q150C3MWSA>:?,XHZKI%
M6C5PD@"";@@F.L9-,.T'NL#U]3ATU9K0/P4"FA_T5V.# ]NW7"KT* >VFY3D
M?7:]'':)O9:36[PT04?O&\<Q2,?H83+/'[I)%(@ )CJJ%* "(@&!%=&V+26+
ME]&O;''-9"Y;&MY*LR65#PJ<!)PT,=5@BF!SG0*5=/J<P% HJ% W0Q@ 0GC
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M@1%I]FHS:;"[X42^%;=V*\)U'KVDUYLPD,'X 'LX$NX# 8# 8# 8# 8# 8#
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M)*]X]\HDTBS1=C'O_!55F_A;3OO84[!S%[0#T$0P,@P& P& P& P& P& P&
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M!@,!@,!@,!@,!@,!@:8_YSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# K_ +KV! 1O@>LI%A8%96^1[@8R091:
MBT U,P5!T*$M+@J1./<NBLU.\D[)C*=D>G< 1P.WKC8%+CU*]K@\MV+7.'O$
M]$QI8^3.@]CV]PLJCQ9.4(T/$E42,W5$R1ERJ]"]>SW0ZA*+NY5!@Z=L7UJK
M;)]'^"@_9NYR,;.F7AW;\"\+;K.B+-O#.]&[UVP+WSLCV>O0<#THR9AYI)5>
M&E8V6105%!9:,?-7Z2*Y0 QD55&JJI$U0*8!$HB ]!P*T<CH>+GK!J>)E[5
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M,?\ .<P-@G"WZG?%+[-^D/HTK.!9C 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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MXF4D-:5L\Z4QHIVL\>>^23MN",D^,0!5<$(4PF ##UZ=T+B17_RR._W!G_\
MET\#OX$;;C442U/L@Z1%E% I-D A&X%%8QC1+H@ F!O<B;W7MY9<NC.8DG>H
MJ,3Z@/>X]F3J'L#V&R9>H?T#TR#T,!@,!@,!@,!@,!@,!@,!@,!@0'R4106U
M9(&< 44VLK$/ [9A(3OC5R*J7;,'7H7OA0P)V;AT;H!TZ=$4@Z>QTZ$+W.GM
M=,#[8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8&F/^<Y@;!.%OU.^*7V;
M](?1I6<"S& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P(OW.T*
M_P!:6=H;N%72C""( (CU]^HTP=  0$>Z&"<N>G69X_7-?;*B(G*>;6.(D*F(
M"ZL,L[Z"0IC%*)06Z>R/L8'2OF\]5:QC[7*7NVM:\PI"$(YLJZ[*4=^]Z%C!
MQ[RJ C',7CAT5Z9JH4.\D/V#%]WV>H=0DZ/?M)5@QE&"O?V,DS;/V:_843[\
MT>(D<-U>]JD(JGWQ%0![)B@8.O00 <"D7,NJ0=XF-+5.;=T9F>>?[#BJ\IL%
M.<4A#6R0JJ#*!*T]X).*>I3A'"YE&RHJ'(CV#J=@QR%Z!:+7NS-?WXDQ&4FY
M0EL>TIV->M!8=UX2:)F8]W(0[QF\ZE 4W",I"NT3E[HE50.4>Z4<"1\"&MXV
M*NLM>7BM/[!",+!8:#<RP<(]E6+:6F 1@W9'!HN-7<)NWY4!4*!Q2(8"B8 '
MNB'4EW..TLQY.]L&).O7L,VQ.OX>RB0.O_5A7<P(CWX90FE=HF24.DH6D6 2
M*)F,0Y#>]ZW0Q3%$#%$/P@.!*C0 !JV /8!NB ?Y 3+@=C 8# 8# 8# 8# 8
M# 8# 8# 8%8.7*JJ>I0!,YB K:Z^DKV1Z =(3NCF(?\ "01( _YL"S^ P& P
M& P& P& P& P& P& P& P& P& P& P& P-,?\YS V"<+?J=\4OLWZ0^C2LX%
MF,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@0!RJ6<-N..Z'#1
M5T@\1U_/JLEF2R[9XB\(U$S15HX:@+A!PFX HD.3W13  A@09LFLL8'3#EHA
MHY95Q.P4=5V9&]V1(U"2M":$:1:043EV[AE'BZ>F4=.2%.9!/M*B4>@X%>]*
MZ,=PW(*TK1^MK!9*! T!"E(MYG9<K'&A&YYL9:+:1L2+TL#9#LWR;]%:2*X2
M54;&;&*D/:$PQF9O"PFK/DUVSLDBT'3[="5J.J5Q:+-)FRV1NDZL=>NL'"+N
MV[)M9W"78;E!8B*QB%,=,X]  .YE:13M@K1[/]*XPUM(J--O1M1J#2^TRT7U
MQ#QD:*$'LM)T$B\FFL6\G9)ZU38R (H 1/M]#F(4X%)-]6"H-=?5_DE)LDF%
M7C:Z2H7!>(;U6GO:MV&OYQUUNV9STD>'CF5I?-DS"H54B[L$CK*"7L ?JJ5<
M; J/REU8QL$));3%&KEDM;Z_O#M!X_K2DA:.]HPC^0;Q\-8O?ANWAXIU(HI'
M>H'9.?"2I%Z&()0$ M@T_P!E;?[NC_\ VRX'8P(?Y F5)I#:QT$RK+EHEC%%
M(YC%(HM[W+][(<Q"*'*0Q^@"(%,(![ "/<P/5;.MM>#H=8+70!WA+N?G59NX
M/>B]SH-.'N /^?I@?95]M@@$!*M:_7$2=5!&Y6% H*=H>A2!^9"PF+V.@]1Z
M#U[G3V\#@$AMOVZI0![H=>S>9\!Z>W[-#]GI@8W<8G;D\DT4A%(FMNT&TRP6
M+'V]^+==O+MB-2O3%6J(D"5B>QWYFH)#%17$1$#EZE,'@ZVA=ZT"J,:U.JL-
MJR+5=XJM<KCL$64^]3<N#JHH.T8;6*$<(-$Q A1333 0#_1#V,"2$9?9PIF,
MXHU235[10*FCL*05()! >V8RIZ$D(& ?8#L]!_"&!]???8_=ZTBL^R/3L7UV
M;N>T(]JD$Z"/X.[EN>#FG+;"$W^LI5>(7I[)+RX4-U]H *-/3#_KR#LT.V#=
MJTWGSQBD.LH_G(QS'J.4WO>'4#-R$&Y%)VDFB1RW67CS'3/V"")#!U* ]0P,
MQP& P& P& P&!6CE6P4D]<134BG8(:\5TR_01 3MRIR(J$+W!#M#W!#J AU#
M+!9?(& P& P& P& P& P& P& P& P& P& P& P& P&!IC_G.8&P3A;]3OBE]
MF_2'T:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,"!^3W
M?OD!VF1N191=:K.6Z1&_7OHG<+MT Z" AT*'?.IA]HH#@=S15PL=OK$DI:7]
M,>R43-'CD24CP]2.810Q[!Y%,9)V]>O4WDZFS<E.Y,@)$0$Y0 H=!ZA-F!2S
M<+5MIIO 2:$*POK29L%F?S=BVN\=RJT0X5AS/(6&B;(D<BT(W=/8U-%%N5F[
M#O:8FZ=L.T(5QH58DMW[/?TW8M*_,*"LD!#[ GFU)V2[3FX&_,ZC -7D F@T
M0CI&-@4X^;173%1,4WAUBK%'KVA,&P8[&DZ[GHIM7:$Y=6*;C)<R)ZXPC3/4
MXB+7APDCNWLI)1Y4T%';]H E*H8RI^@B7W/4 C>P6;DBY*N6JU2'CC?G@Y7:
MKSS5-SUHW@:0LX]PU92H=[L0OR'!54BIT2(G 2]LQ>AKD]HR+;<O8K;KG85+
MA=<7I:7LU*LT%%KJMZRA&C)2T,Z9,R.71[/VD$1<."@<XD$"% 1]KNP3VW(9
M-!%,W3M$13(;IW0[12%*/0?;#J&!]L".-OE3/K"\D6*4Z1ZY(D4(<G;(8ITN
MR)3$Z#VBCU[H8$C@'3N!W #N  >U@,!@,!@,!@,"/-6I%1IK4A0 /_&K<<>S
MUZ"92W3BAA[OMB)N[_3@2'@,!@,!@,!@,"KG+IV=EJUBLFNHU4"ZUT$W*8=H
M43=[D3]H2AU,(&*02]P!'J; M'@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,#3'_ #G,#8)PM^IWQ2^S?I#Z-*S@68P& P& P& P& P& P& P& P& P&
M P& P& P& P& P& P&!#7(-LX>Z<O4>T0\)=R46A&M6XF*3OSF0D6;-NEVCB
M!"]\67 /="!>[W1 ,LFW!VJ/L!E,5R$=QU.O#9FYA(AVV7=UGP CMNXCVYVZ
MJ9#N@4]TB)1Z'*40#N9!Z-FNEC81I'-9H<_.R!9",*Y8.DDXP?>@[U$DPY:+
M*+'27D6D<*BC= YDR+JE*0RA $3 &$EMJ-K&68[(US&OX!O)IEK*#AI%V1=S
M(I'DF;UB^B'QED&D_'-#)]H$3*&Z.%"=SL#VK8DW.6;,']<AUUGL7KV9CG:J
M";=9S'TU)J[7;H$3(BW470*FJJDD1$A2$$PE "@ =P R*@^CL9:K['4EUZ)L
MGWI?LKP[&4E7!K(Z0D9V8JSPS4Y2'0\ :/BLS"V0(10C=)KV!,7J4!#*;UN6
M\0_OM&TG6TI9;*V4A7D;%2R#F!:N(*0.LV>NWLB<5TT7B+MHL""*155ERIB(
M)@ ".!F<9NFH.HYB\?GD&*RYVC1V4L3*.FC:36<-6"[=-T@T."R#:1=%3,J
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MN=*:TBYMM.QU!G&+ZF*'-6+"_5.WB&86*T1@3+%FTZM57!I!)Z!BBNFJ1,B
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M#:SKMG7;/ MH:=?01#6>/:QXS16?9#WWB$F[]\=>&="80245!(YNR/N # D
M"E*  4 *  !0     H=P   [@  >Q@?N P& P& P& P&!&>GER.=<UYPGVN]
MK#,*$[91(82FGI02B)3=T.H=W DS 8# 8# 8# 8%>N02A2-=> 8"]#[ B"=3
M"4 *)B*E+T$WMF.(!T#NCUZ8%A<!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@:8_YSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8# 8# 8# 8# 8# 8# 8#
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M9T2K4V2]&H,P^+(2,%(2]G%:#64L32,C5%9EO MX:0>-"$=E.U%PHF8Y2J@
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M,?\ .<P-@G"WZG?%+[-^D/HTK.!9C 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M!@,!@,!@,!@,!@,#3'_.<P-@G"WZG?%+[-^D/HTK.!9C 8# 8# 8# 8# 8#
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M PE*(!<7 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M+!KWQBP'G4\8/2/T+Y8->^,6 \ZGC!Z1^A?+!KWQBP'G4\8/2/T+Y8->^,6
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M_:=UM_Y3;\"SN P& P& P*QZG^L1RP_XMICZ+V>!9S 8# 8# C;<OZH-K?\
M+:\_X7E,#K:-_4II_P#Y6Z__ ,)Q&!*6 P& P& P&!6>0^N/4?LS[$^E+5^!
M9C 8# 8# 8# 8# 8# 8# 8# K/Q#_45$?W^WC].>R,"S CT[H]P [HB/M8'X
M)B@( (@ B/0 $0 1'H(] #VQZ /_ $8#M!U[/4.UT[79ZAUZ ( (]/9Z (X'
M[U]KVQP& Z^U[?L]/\O7I_T],!@ 'KW0[H#W0$/;P& P'4.X'7NC[ ?AZ?@P
M " @ @/4![H"'= 0'V! <!@<#*)E[/:.0O;$"D[1@#MF'V +U'W0C_1@<\#@
M=5-( %10B8#VA 3G*0![!#*'Z"80_P!$A1,/X  1P.13%, &*8#%'N@8H@(#
M_D$.X.!^X%9^7OZB9K^_6DOIPUS@68P& P& P.'?4NWWOOB?;Z].QVR]OKT[
M73L]>O7L]W_)@<^O3V>Y@,!U]KV_9Z8# XF,4@=HYBE+U .IA H=3"!2AU'H
M'4QA  _"(X'+ =?^OV/Z<!UZ>SW/8#_I[@?](X# 8# 8# KC.?6ZU?\ 9QWQ
M])O'+ UX_P YS V"<+?J=\4OLWZ0^C2LX%F,"L7#3ZM.K_\ <K#_ (PL.!9W
M 8# 8# K%R7_ -IXY_:=UM_Y3;\"SN P& P& P*QZG^L1RP_XMICZ+V>!9S
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M%.ECF-),))@Y2>"43I((!860^N/4?LS[$^E+5^!9C 8# 8# 8# 8# 8# 8#
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MU7Y/:E\48#Y"M(_,YJOR>U+XHP'R%:1^9S5?D]J7Q1@/D*TC\SFJ_)[4OBC
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M-Z/?)SR6)>,6 \Y@WH]\G/)8EXQ8#SF#>CWR<\EB7C%@/.8-Z/?)SR6)>,6
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M;,U35-;25[AMJ5S?6M;3J38&KY?6C3WSNC"YU*R,B.T AX@Q'GA#,[QFLW4
M4ECF Y2A%'"_UEO'/G5-6.M:DC-R5&Q0FN]?;IAH/=FI+3J>1V'HC;*LVAK+
M>>MD[$B5.VZNO"U==D9/TC$6 R0 LBEVR=H/=8^L>XBR_+Z^\'X':+"Q[UU-
MI.T;YVVUKY4IBI:LJ%0GZW 3$+?+2R<JLH*^HGM+9V:$,4SU%AU67*B!T05#
M">'GK2^+_-O84CJ_5++=-2MYM6L=\4)CNO3-UU$3<^@I*QEJ3'>&H%+:Q:FM
MVMW%B70; Z,5JY SI$QFX$4 V!L=P& P& P& P& P*S\0_U%1']_MX_3GLC
MLQ@,!@1C8]V::I\?9Y>V[;UC5HJDS*E<N<G8[[582/J-A2JZ5W5@;.]DY5LV
M@9E*EKDES-79DERQ9RNQ+W@04P/2UQM/6.XJRC==1[%HFTJ:X>/(]O;==6Z
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M '<.0_[+L!\O-'^ ]S_=PY#?LNP*)\;.;>G:AJI*MR5(Y>/WT5L3=Z#AY5^
M'.RY0#@QMW;$6*>,LU3XY35>ED!(J'4[9RJ4INI#"!RF* 3QY_\ H_YO.;?\
M-GUAW[K^ \__ $?\WG-O^&SZP[]U_ >?_H_YO.;?\-GUAW[K^ \__1_S><V_
MX;/K#OW7\!Y_^C_F\YM_PV?6'?NOX#S_ /1_S><V_P"&SZP[]U_ >?\ Z/\
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7[_9O_P#5_5W_ /-__@O]K_\ Y>!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>pg23img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg23img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!J@*R P$1  (1 0,1 ?_$ *X  0 " P # 0$
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M!FL/-< ]33B![*?&WT&:P\UP#U-.('LI\;?09K#S7 /4TX@>RGQM]!FL/-<
M]33B![*?&WT&:P\UP#U-.('LI\;?09K#S7 /4TX@>RGQM]!FL/-< ]33B![*
M?&WT&:P\UP#U-.('LI\;?09K#S7 /4TX@>RGQM]!FL/-< ]33B![*?&WT&:P
M\UP#U-.('LI\;?09K#S7 /4TX@>RGQM]!FL/-< ]33B![*?&WT&:P\UP#U-.
M('LI\;?09K#S7 /4TX@>RGQM]!FL/-< ]33B![*?&WT&:P\UP#U-.('LI\;?
M09K#S7 /4TX@>RGQM]!FL/-< ]33B![*?&WT&:P\UP#U-.('LI\;?09K#S7
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MA_Z(#KMPM^IWQ2^S?I#Z-*R LP
M
M                   XQ_?. .@G"WZG?%+[-^D/HTK("S
M
M                                       #C']\X Z"<+?J=\4OLWZ0
M^C2L@+,                                      #4FE^HC^UR%#8W6
MI/;Q$M"/Y6F-+'#N;7&,5<)Y2>R%=1>'EV313"I<E441*3.#8Z9\. &P24E'
M0\>]EI=^RBHN-:KO9&2DG2#&/8,FR9EG+MZ\<J)-VK5ND3)CJ',4A"XSG.<8
M >]NX;O&Z#MHNBZ:ND4G#9RW5(NW<-UR%517062,9-9%9,V#%,7.2F+G&<9Z
M /<  /PQBE+DQLX*4N,Y,8V<8*7&/#G.<Y\&,8P QD;.0LRI)I0\Q%RJL+)+
M0TRG&R#1\I$S#=)%=Q%29&JRIF$D@@Y3.=!7L*E(H7.2XP;'4,H UAU=J8Q>
M.8Y[;JPSD&<I#0;QBZGXIN\:3=C)A6O0[EJL[(NA*3R><&9-S%PLZ+GJD4V
M&S@     #'3$Q$5Z+D)R?E8V#A8EHL_E)B8?-HR+C6+8F5'#V0D'JJ+1FT;I
MER8ZBARD(7'7.<8 8M"Z4YU&5R:;6RM.(>X+,6]1ED)V+5C+2XDVZCN-0KC]
M-T9K-K2+1$ZJ!6QU3+)DR8F,XQG(#90       8J+GH.;3=*PLS$RZ3&3>PK
MU6+D6;]-G,QJN4)&)=':+*E;R;!8N2+('SA5(V.ABXR RH#&-YJ&=RDA!M9:
M,<S40@R<RL.W?M5I2,;R6%C1SB0CTU3.V2$@5LIE ZA"E5PF;LYSV<] R8
M                                      #C']\X Z"<+?J=\4OLWZ0^
MC2L@+,                                      #^!GCG)<>-3=Y1QX
MQJN&UMR.VQ;.\JVNC8M7WS3&T>//?"<8I?8UIV(WOUWWMM;7=NGZ)R XPT.+
MDEGRY+3G,7(5MXS*EA)PFLD@$WS'.#;7)3@OSUB][\V[I;^3%\X%]YNOR&[M
M=/CC5VU5XG2^K?TQK5 ;J;&JU2@;WIG$/5TFK9LG<Y*>-L%9_EPS.D=,F0&W
M6CFAWA?#+1'(?6%&W[:=P-J/P.[JW>%.NEJU9J:)D.,<!R"V&[U)ON8I;2L:
M\1A7-%U[KZO)OV1[0RL68 Y<R#\[QNW=X7#=M'<U.\#W[-\*-'Q?-Y^PHN_.
M9O.G2[/DOJ:%T-N"_6K1NF.*$?MVIM)B].=!U[1-JOM1V*TD(Q*V52 3@Y!J
MJGGHL\;+X 1[QB[SWGQ5]+ZJW_R Y.[/VE%;Y[H3EWRILU>K7'73$E):AVOQ
MVVY4]84&XZCID17*2I8YIU 6 \A/1]EF%85X\*JZ,5FQ3(W0"J6Q^9_*'D-Q
M1Y,P.VN;UY4U9Q?[PCNG[G$;^K=@T!?Y&*TWNR2CY/8DM>-J:PT?1=0W6E:Q
MOL?\-H9:02T9&343F)>/9EHV5\H"W2?-?;6O-G;GJ3ODM&\,N)VT>]^Y?4?=
M_/>@Z>T3"3,' T/A;Q]V%H)I8[+,ZKF-;YL'(&\2+DSJW3T2^DY)%@G&MW21
M,I%3#KCR;YA\A:-W'OK9Z$VS9MH[85UQJ9XIR6G.,K[6]H3H-FVM4J=LGDLI
MQ@F6\AF'<U75LE)6A&/4;JQADVQ7V$,L,X1 <$:9L_!N2_*BZ:\WM%<U*S>.
M^4[A&FQO)6_ZJU#:5=I4U:I*U=_8HHD3K>.U\G9*AEBK$L;A6HJ.=D68>6,E
MTG!S*F";=,=[KS=O7)'?)M([;N^^8VV<1^\LV5JGCOM6IZ20O-0W]QCGWB6B
MZ%G2FH:!&W_3LLNS:*-TZI9+K:K':HXA9)PE'G<MRY"))KO9.8M9U7RTD-']
MXC;N4#C6O=.:&Y.Q5TLNB]-UN2UERPO_ "GHU$VM42Q4)J*MM9ME4(65<1_P
M6];/3PA7AX]T=1^R,L0)\Y]\_P#F3PHWI6-&U/G7N'8>Q>/R?$2P;$3V_1.*
M6L*IOF'Y);YDOT^DZ_2(74$OL/>%>J>NY#X)>KUMW2(G7S:,14=2,G)KY*J$
M@,^3_>,[/Y,1-?C>=.S==T;:O?0\\.[I85"N:4X]2$?KWCWJ2IW*_P!.M%8F
M+/JF6G7VT8I2L8CHV:DW+]@DS5(99DZ535.X"_'&7FSS1MO<$6?F(T:9WIS1
MI.G.4QJVJ>D-FSR^V[26V-L:YJ5FD=?55G&-)::-7:4UDG<9'-VY95VD=)!,
MGCREP'!'F=R6WGRDX0<Y-,5;G;?.=G%B!TYW>>W+5R/2U/J.I+5[D3M;EK2J
M+LGB!*IU'5U>K<Q5OT5DF=T/"G9GG:VXCD(N2=K-E'C9R'<_O<]+/ZGKKN4M
M%:UN3ZC/JCWH?$[7U:V56:#K9K*57$%H[>L(:ZPU BZ:QU!"S/D[=1=NU1@$
MJ\Q>+%\7'^3IE:Y"@:/>)\M6E!X^:RY$<[;3QBTFWYE]YWQTW;WB:NIM/XN[
MO'$BW-HGB]1+9(3^M)G1NOK!MEDYD%WDABNH'GLP&&#+*3E=4Z@8:+[X7FM2
M]6:UOO*G:.-'S.Y>Y2YE[2U VEM31%11W!S:UKO::JO'6^4RL2U5D)4NR-E:
M3;1-J)2R&-&E;RN5,L,(X)@H>A+O0>:E9Y7<(4+YR7E[C1MFZW[LL\_HW3K;
M2<-MQU/<B=2T1_MV0OO'K:^DXFZ\@*YL*Z3[R14MFIKFBSH$:GXE=B1RW73R
M$X]WYWA_/G=W><-M3;4VO6$H^4W-S6I.]^'\^^H)I?1^L],R,TPT79]?5"G:
M98[7H;S)F449Y.7FWO8:],ILZT20BR*21 VGO9.]!WQPXW!WENN(O?.=62\/
MW?F@-J\%:N\I=7E9.?W+(;)V/ [@GM?HR50F'-[<0\-'1QI9L\,^8Q#1(SHZ
M2"15U0&G[TYH\_*UR'Y8;!K'*:V0^LN,W>-=V?Q_J.@$=4:?>T>YZUY44;0*
M&Y8ZZVI_07.QW:1WM_>/8M5A*LEHMX98WC%2'0(U"I-1O]K]?O@M;+GO:3XX
M:QBN_([YS43I6@T74^N]?66PQ[IS%:LA[R@TUT6$MFPM[GD5*8K,2A7$[(HR
M;A=HZ2EC9?E#HAWOO.?;6@><#72C?GO+\&]-K=VEM_D/ SD1KG4EU7N7)6C;
M7)#ZUI^7NR-?79=NG;VG:;GC6QD%IO#;$<S,D\>)J9#GJOS3W?J_8/,;DELZ
M:O\ QOY"<BN*_<#539%KHU4UQ ?)7LG=]7W2[V*G:[#ON/F]7\?J4BKAVRDK
M/8HV;Q4,N$R^0.W14R )IXK<Y>\"Y7LN[6T<XYAVO7TGO3E'WI^A=P;NU_0]
M(W*\V/7O&"@GNFEI5&5LVEX^@XL^8\K?"$\WJL*E)M717AX_"IR%*'>3N<.0
M^X>5G=H\4M];^G$K/N&[T^TM[U94H%C6,V*3IVRKK1&\\Y@8MLRBXR0F(RL(
M.'1&R*+?+E0YDTR$R4N Z9@
M#C']\X Z"<+?J=\4OLWZ0^C2L@+,
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MF9)4Q<I%SC)L9SC)<?BP ^PQ2G*8IBX,4V,E,4V,9*8N<=,E-C/7&<9QGPX
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M:9>N<FSV2$Q@I>ILYSX,>[D![
M   !QC^^< =!.%OU.^*7V;](?1I60%F
M           8A_8(&*73;2DW$1KE8GC46[^29LUU4L&R7*B:3A9-0Y,&QG'7
M&,XZ@/5^D]:P4I_TA@^P;_1-\+,.R;_U3>4=,@/8G8J^KUPE.0ZN2].UA.39
M'[/7W.O97STZAWQ.Q&%XW_JW7)Y!.VSKMAF.5A$C^2P4Y+Y>&GR/U&1HHL1'
MOE)5)$L:KY2=#"A6F<%PKDF3D[02VWD&+I-%5NZ04(X3351R54G4Z:I,'(;!
M<Y[6.T4V,].G4!]7;)_UB_\ XL?_ '@';)G/3!R=<YZ8QVL=<Y_%TZ^Z \@
M
M  <8_OG '03A;]3OBE]F_2'T:5D!9@
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M0^"G+G.,^YG&,X_" \P
M          <8_OG '03A;]3OBE]F_2'T:5D!9@
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ME>R<A=/PR)4LX*8N2N)98K@JQ#=<&*<J).G@Z9\/7J M1C'3P8\&,>#&,?@
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M6<=!1#1@W0;-D8U@1-)LD1%+LD9H)ES@B>,%Z]@F,=?Q8 9H
M                          <8_OG '03A;]3OBE]F_2'T:5D!9@
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M!T$X6_4[XI?9OTA]&E9 68
M'J6)E5%5/'9ZJ)*$QV^UDO4Y,EQVL%R4W9\/AZ9QGH Y8P/'1Q#[!W+J"#0@
MV>)G75&L#?%.E;)0VQ<.+9)N797$P^<7B=PY=/F2RCC)#Y\>5?IC*6>I@'3Z
M#:.6$)#L7ARJ/&<7'M71RJ*+%.Y;M$45S%55_P!:K@RI,YP8WY1L>'/A 94
M                           !2SE6QV._D:QBH62<A(UI'O7Q&J"31G!O
MK0S.HXBLNI7$JG(R3E-DFN4\,5BY2D4C=G.? ;I9+;D*T[1VBH*^5=VZN]DF
M9-FN]8)DKL"I-42%<L:[(K.8:=A6#2/IT]%0$^3R<ZK3+<K<SAGC)%%2DP<R
M[U?#/\R\N@92X*4I<=>A<8+CKG)L],8Z8ZY-G.<YZ?ASX1&GZ
M                          XQ_?. .@G"WZG?%+[-^D/HTK("S
M                                B/>=WD=>ZPM=GBULQ[UA%.CH3RL0
M:=CJZIA(V22TI%)/6;MXU2/T(4J7C<^..3MIF3[8"J&@8_==OV16=R34C6ES
M6O7L(QO$EF!D"L7-2CC+.Z>PJ+F-<9K+B?G'<BZ?RZR;I7,<ODK/"1TT2F4#
MH6                              (EW=/UZLZ^DIBSLYIQ$HO8IJL]KA
M#&FH$\D_0CD["R,@NW?)%AS.O'+F;9RN5N4^2E-CM8 LU7S34S-(WQI623:+
M!@X(XG(\J->?/U+/7TBK,U6;Z1<Y;.8I)M)D56;KJ$31)E0R)4.UDIAOVS)\
MN?IWQN+NC#H                                     .,?WS@#H)PM^
MIWQ2^S?I#Z-*R LP                                      (-WMIQ
M7<U<:PF+,^ADHTSY^WB\*/DX*5G2HI'K4G.YAGT1/*9JDNW(^:%;O$2>4%P9
M0JG9+@H45JJ.R-.<G8..6;1%P/BFT6K6PB%V>U6OU6#GIHK5)W6:DLHBUO#^
M,,8I$/'-TUVY%5SE[.5<]N[QB2<<\UU<$4
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M16(@JHFI@F28P8^.N.H"ZI3=HI38QG&#%P;IGW<=<=>F?Z0'D
M                "C_+&CI1K*5VJRRR3FWL7'4;)VT6;,N>,<8E%C$7E%WZ
MZ*C9)98QTT4FJ.>WX3G4QT* M;0J3':]K36KQ*ZJ[%HX>.$<J-(I@5/RURHZ
M.B@QA&$7%M&Z1U,X(1%!,N,?CSUSD-S
M         '&/[YP!T$X6_4[XI?9OTA]&E9 68
M               &.EI>*@8U[,S<DQB(F.;J.G\E).D63%DV2+DRJ[ITX.FB
M@D0N.N3&SC& %+X-&I7_ )/;%;(7W)%6<)K^QL8RL3<7VYQDFT@I)HLZ5\E?
M+.H5V1H3P-U4O&I=K.,YQCJ5T+"WFA2]HFS.T%HX\,[KZ,+(L5I.Q0;]0[:5
M/(D,G)UYRBLJP735,FJW/T*?IC.<YQG. %=;HZY?RUF5BJ@VCZG7YNS)Q*$P
MFR93"5/AZP[38$G3ED'35Q)1-\3D?*U$2)X=-$6&28.4RG4P6'E;#LR&?4^+
M<-:$JO:)Q>$RN1W82$;Y:UJ?L!W)$,L\F5RK\!^+P3ME[/C>UVL]GPA\5UM>
MS:15YNUOV^M5&$(W(\<8=34K"H%:^4HI++.924(C',4T$5,G,=0V"_D].OA
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MG '03A;]3OBE]F_2'T:5D!9@
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M\X Z"<+?J=\4OLWZ0^C2L@+,
M  #1]BU&&NM/G(2:C8N2248.5VA)=%ZLS;2+9(SA@[5Q&.&DIA)!TD0RF&RJ
M:IR8R7!OR@W.AR[U9"V^;WH\,YK6M%F\U98AMN6(CM6S<Q$S<:5)JJP/".9>
M"RWK<:RD%2OS+OB-2.#+&.CC)\F[02YR4T16+=MF*\=M+D-KIG.ZK3HK&%U
MU>-J+6FT9+YD8Z5*XB\91@YMR9@1@F0B!BF;G*0V4R9[10G/B148ZM4FU2$9
M:-O6="UW>3GE#[IC',3:XIRNRCRN(QHS=$243@T3XZH8[&.R?)\=39QU :[N
MZUYMUF<4 ]./"3-'<2]@I-SV%Y*QUY+SKO5-W29SC=R1T9=:&JKQ_G$@9PFD
MGG"2A"=O/0!&U0KMZ/(1D3N0FF),[2>U97VT=KF1DB324NZ<G2L\Y*,TY-7$
M?6K/E+MLFBJ9%$DC934,;\ 8.W0G):GRUE^ H3C(SK3:Y3#.,1E[9.U]Y!4R
M6AI;-'DI9;-@C4<2N9-N0SY,Q.VJ@D;+;"F>WA,/IJ\+C9-PHFM;3%IPNSZ&
MQ=R6R9A]6)6?HDQ-M,U:0\KUABR6!RV\3XE8^&\BEDRC3QI,G(8_:3P'2O'@
M\'_.      /2JW;K]<+H(K8R0R><*I$4ZD/_ *9,]LN?R#=/#CW,@/(B221"
MII)IIID*4I"$(4A"%+X"E*4N,8*4N/<QCW 'GDI<],YQC.2YZESG&,],_CQU
M]S(#]           !1;EG1<96C;=$1R;Z?G9>HP[]K PKAU:'-6KTD:6G)1;
M"KMU'SC6M1YE'&&A6S951+)R8.X-E-'(3;I.U:];0L50J_86V)/Q$]/Q%9D,
M5V)G"UQ:PR'BW3>NU\C=G&Q:)U.B+?"2:Z#?*?CB%/G($N\SI/@
M                             XQ_?. .@G"WZG?%+[-^D/HTK("S
M                                   HYS5W!8:%"U'7E6:OG-CW+(*U
M* 6BIB;J,A#R'CV6#3N;<P;.&R#".*[+E=DETDG"><Y0QDI3Y)9-.?';PXG:
MIM$78;=NRQ;:^41YL6&@(:422>PD^S)(U5@SB53,IR#D'\6C'Q[ADJDV30Z.
MW"!BJ2*KAR4IB1)OFZO,"@"FW(NEZV9R]6?S$M5M<&V=89^JW&ZS"424DF@_
MU9=82/CW2DXY0CSN#X=8*W+G/3*N,9R4WAZT>J!XF2$)>WFQ&FUULRLC^AAG
M#)M0*NRAE24E3MQ!\H,E4GBBBJ6>PH8S@V.GA)@H;QB9SKX=@</Y'9DTXE;7
MM)&0;.KO%75U$.-?1SR/?? S)NRCJS(IR$^[*]K3,J2BB*.2E415=.#$4QXX
MV!%6 @M8'CKHQN\C)QCF491<Q&FQ%Q$G'$<XESQ7:R8DC9IUNR:LT8DA4F[5
M)!/M&,;/7P8 2X                      *<\B=W,J90;$AL?2=JFZI+V]
M?792X5:/8Z49R9&K> M"IX8SZ59Q$L]<')C"*)Y!KE'M^+[62XP%:>(-(V9&
M\A[CL+%7S5:':ZQF-D]<R<W#.)?5+I@I&&@VLYXN)4D7]QGH\N'#A1NXR1VS
M.DJ^<.'12=DF2=.K@*                                     .,?WS
M@#H)PM^IWQ2^S?I#Z-*R LP
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M;#-HY9R3QQB09G4R1<BJ212J$.4ACY*;H$[
M*F<KI.AO*A7X>TS, =C%;0UC)6F&>/VAU$H%6RM$G)Y=AXW+A&)<-5S>-,H3
M"9T>UC/7&0$WT2!UOX@MVU\SA5&UHC(XI)^&4,LA,13)!-O&=E?"ATUF[9L@
M0B6<?Z)"XQCP8 2(                                      .,?WS@
M#H)PM^IWQ2^S?I#Z-*R LP
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M\:\)U*@4^5L%SCH7)5VV^5#((&6QT6,BGE7&<8QT4R0N3XZ8\&.ANH#W
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M]A$S':-)-VB8JSDA,ID3Z)E\7UQG.=>U\>4]9<VI^&&@
M                    !QC^^< =!.%OU.^*7V;](?1I60%F
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MMUC!LXSG&,X+G/7ID!]T 3*<#")Y-VLDB(TF3=.G:R5FB7)NF/!CKT]P!EP
M       $(;8=)L[+IA#!4B_">RDV2F/(TW!E29KLXMXOKE!4R!,J(ER8^,DZ
M8QX<]/  F[!2EZ]DN,=K/:-TQC':-GIC)L]/=SG&/= ?H
M                       XQ_?. .@G"WZG?%+[-^D/HTK("S
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M,G_Z."F/USG\ #:(A(R$3%H&SC)D8YDD;.,]<9,FV2)G.,_AQG. &1
M   4BVWNEY'WV':N:BI#8UW=ESH2EDEF,7#6.+7K2QEIAI(N,)-XI@DJOE#"
MJY^SE;'9SG&<^ +A5N7_ $@KT'.X(FEB9B(Z4PFBKAPD3#]HDZP5)<N,%73+
MA7\D^/R38\..N,]0&;                                      '&/[
MYP!T$X6_4[XI?9OTA]&E9 68
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MTTTR8P4B9"XQC&,8QC&, /,
M <8_OG '03A;]3OBE]F_2'T:5D!9@
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ML=]=I6-K\G7FI'-;AX0I&LFX9.%,Y/&*8+DJ1V?7!>QU,8V<Y-GIC "=0
M
M<8_OG '03A;]3OBE]F_2'T:5D!9@
M
M                    !QC^^< =!.%OU.^*7V;](?1I60%F
M
M                                         '&/[YP!T$X6_4[XI?9O
MTA]&E9 68
M
M  <8_OG '03A;]3OBE]F_2'T:5D!9@
M
M                      !QC^^< =!.%OU.^*7V;](?1I60%F
M
M                                           '&/[YP!T$X6_4[XI?
M9OTA]&E9 68
M
M    <8_OG '03A;]3OBE]F_2'T:5D!9@
M
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MK4 ]3;BQ\PVMOBZU /4VXL?,-K;XNM0#U-N+'S#:V^+K4 ]3;BQ\PVMOBZU
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M.,G)S$77D3L(Z2D8_9L(U8/WC%-3R59ZS;/5DTU<D\85-4Q>O3/0!=D
M
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M%=ZAN(DM1)=I)<%X*Q;4VU'Q,+#-[?!O/6CM#AI 5MHPE9%U172+3)C&=)L
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M8,3 2X K&O\ 7,B_LQS_ -*E; 6<
M                                         <8_OG '03A;]3OBE]F_
M2'T:5D!9@!6?AO\ 5?TK^I;3_:G8"S    -;MU-J&P*Y*4^^U6MW:HSB*;>:
MJUN@XRR5R7;HN$7:2$I"3+5[&2"*3INFJ4JJ1RE4(4V,=<8S@/M@("!JD)$U
MFKPD16ZY Q[2)@J_ 1K.'A(6*8(D;,8R)BHY%NPCH]DW3*FDBBF1-,A<%+C&
M,8P K]R*_P!_<8OM,5GZ-MJ@+,        K/I_\ ;KRW_7S5GT&T(!9@
M  1)O[]A&Z_\)-C_ -SID!FM2_LJUG_A]3/[N1H"00        %8U_KF1?V8
MY_Z5*V LX
M                      XQ_?. .@G"WZG?%+[-^D/HTK("S "L_#?ZK^E?
MU+:?[4[ 68      %9^17^_N,7VF*S]&VU0%F        5GT_P#MUY;_ *^:
ML^@VA +,      ")-_?L(W7_ (2;'_N=,@,UJ7]E6L_\/J9_=R- 2"
M   K&O\ 7,B_LQS_ -*E; 6<
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MR+GR1^UR;+9\V\<0_B'C?)L]A4G0Y.N>F< /L  %8U_KF1?V8Y_Z5*V LX
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MZ0^C2L@+, *S\-_JOZ5_4MI_M3L!9@      5GY%?[^XQ?:8K/T;;5 68
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MJ)5]>NY>EZG?&>W-HPE"X7>1R;A5^N;#@/NH=U[[&_3.TU,*V?$+3]H3NO\
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M'Z_;Q^G/9 "S                        *S\O?V$S7Z]:2^G#7("S
M                     "N,Y];K5_V<=\?2;QR <\?OG '03A;]3OBE]F_2
M'T:5D!9@!SEXJ\K..E7X\ZIKD_MVHQDW"5DL9+1KETY*X82#)^]0=LURX:YP
M59LN0Q#8QG..UC/3.<>$!8'URN+OSUTK^N.O>@!ZY7%WYZZ5_7'7O0 ]<KB[
M\]=*_KCKWH >N5Q=^>NE?UQU[T /7*XN_/72OZXZ]Z *Z;^Y<\:7\YQN.TW+
M3%B1_(RN/WABNW6<(-$]=[.0,L?HTST)XYP0O7\9L +%^N5Q=^>NE?UQU[T
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M2ZC21CS9:RT&_E*XLXCG>"(*.&*J1U4&ZV5$$P^#E[^PF:_7K27TX:Y 68
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M:JS-_'OV:Q%45DCG353.4Q39+G&0&0     5QG/K=:O^SCOCZ3>.0#GC]\X
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MQD8S:1T;'-&["/CV#=%FQ8,6:)&[1FS:-R)MVK1JW3*1-,A2D(0N"EQC&,8
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MR+^S'/\ TJ5L!9P                   %9^(?["HC]?MX_3GL@!9@
M                  %9^7O["9K]>M)?3AKD!9@
M   !7&<^MUJ_[..^/I-XY .>/WS@#H)PM^IWQ2^S?I#Z-*R LP YY<:>2>G=
M>Z)UI1[G8)ZOVNK5[$+8(1_KG9A'D7*LGSQ)VR<8+3S)Y405QDN3$,8ANG4I
MC%SC.0G+UQ>._P#;B3]'FS?,T ]<7CO_ &XD_1YLWS- /7%X[_VXD_1YLWS-
M /7%X[_VXD_1YLWS- /7%X[_ -N)/T>;-\S0$![PY0:3L,SQ^7A;+/R*-:WY
M V2>5:ZTVDN2*@VM"V-'KR;W*5+/Y.S(^DVZ.5#="846)C.<=< )\]<7CO\
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MMUJ_[..^/I-XY .>/WS@#H)PM^IWQ2^S?I#Z-*R LP
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MW2^];+.1EA14UQK)K"7RJUS76NN/^MJ>^>LXR"@$T<)NB(KJ%54454*'<,
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MEMETIDO9QC/^LSUZ^#H%/OOG '03A;]3OBE]F_2'T:5D!9@
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M\X Z"<+?J=\4OLWZ0^C2L@+,
M                        K/Q#QTT7#]?!_P#W[>.?^7>>Q\X_Y< +,
M  ,+,5NNV(\,I8("%G5*Y--;)7E)B*8R9X*Q,F[MHRGX8SU!<T7--&K]=))T
MAV%TTUE"E-C!S8R&:         8*SU>LW6O3-2N5=@K;5+%'N8FP5FSQ$?/5
MZ=BGB>4G<9,PLJW=QLG'NDC9*HBND=,Y<]#8S@!\]/I=/UY6HJF4"J5JCT^!
M04;0=4J$'&5JMPS=9PL[60BH.&:LHR/15=N%%3%22)@RBAC9_*-G.0V4
M!6CEYC)M%36,8SG.;UI+IC&.N<_]^&NOP8 67           !A9FM5RQ*0JM
M@@(6=5K<TVLM=4F8IC)J0-C9-WC-G/PIWJ"YHN::-)!PDDZ0\6NFFNH4IL%.
M;&0S0  ^9-DS1<N7J+1LD\>E0(\=IH)$<NRM2G*U*Y7*3"JY6Q5383P?.<$P
M;/3IUR ^D       %<IS&?6YU=GIGIGCEOG&,]/!UQLSCCG..ON=<8R YX??
M. *T<</J\Z'_ /&@_8UK#_@+_@7_ ()A/^"O_I'_ .&_^Y>+ 3/_ !S #^.8
M ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #
M^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?Q
MS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8 ?QS #^.8
M ?QS #^.8 _<>[C_ ,<SW?P^Y_G ?S^-O]Z7K_S4?[6-R?L'_91^U>Y_\)_^
MA_\ O?\ YCY0 ^[^<  /YP  _G  #^<  /YP  _G  #^<  /YP  _G  #^<
M /YP  _G  #^<  /YP  _G  #^<  /YP  _G  $:;=_X$?\ _FP?]^4G]I__
M  =_QS6__P!7_P#.?_A'_P W\E 29GW<_P#G /=S_P X#\_G  #^<  /YP
M_G  #^<  /YP  _G  #^<  /YP  _G  #^<  /YP  _G  #^<  /YP  _G
M#^<  /YP !8[AI]8YY_YD7]B-Q^LC_Q7_P >:S_X _\ I[_XU_[S\' )"_BT
-?^)1_P#;_P#V !__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>pg24img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg24img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!O@*R P$1  (1 0,1 ?_$ *(  0 " @,! 0$
M       ("08' P0% @$* 0$! 0                   0(0   & @$! @D'
M" @$ P4)   " P0%!@$'"!$2"2$3%!>7MQA8V!66UM<X>)@Q(A96=C=9V4%1
M,M*5ME=W82.T-7%",Y%B9#8YH5)R8S14)2<*$0$! 0 " P # 0$
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M&:P^BX![&G$#W4^-OH,UA]%P#V-.('NI\;?09K#Z+@'L:<0/=3XV^@S6'T7
M/8TX@>ZGQM]!FL/HN >QIQ ]U/C;Z#-8?1< ]C3B![J?&WT&:P^BX![&G$#W
M4^-OH,UA]%P#V-.('NI\;?09K#Z+@'L:<0/=3XV^@S6'T7 /8TX@>ZGQM]!F
ML/HN >QIQ ]U/C;Z#-8?1< ]C3B![J?&WT&:P^BX![&G$#W4^-OH,UA]%P#V
M-.('NI\;?09K#Z+@*@_9AXT^[OHK_P"K]^BW[HM?_P#RS^KW_P O?]D_^%_]
M#_W0%NW"W['?%+[M^D/5I60$F
M
M                  %,?\YP!8)PM^QWQ2^[?I#U:5D!)@
M
M                                      !3'_.< 6"<+?L=\4ONWZ0]
M6E9 28                                      &(M+_1']LD*&QNU1
M>WF):$?RM,:62&<VR,8JX3,D]D*ZB]/,,FBA52Y*HHB4F<&QTSX< ,ADI*.A
MH][+2[]E%14:U7?2,G).D&,>P9-DS+.7CUXZ42;-6K=(F3'44,4A"XSG.<8
M<[9RW>-T';1=%TT=(I.6KILJ1=NY;KD*JBN@LD8R:R*R9L&*8N<E,7.,XST
M<P  _#&*0N3&-@I2XR8QC9Q@I<8QUSG.<],8QC #S(V<A)I232AYB*EE8226
MAIE*-D&C]2(F&Z2"[B*DR-5E3,))!!RF<Z"N"*E(H7.2XP;'4/4 8NZN]+8O
M7,<^M]79R#*5A8)XP=3\2W>M)NR$PK789RU6=D70E9]/.#,FYBX6=%SU2*;
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MT)K:WO*B_IG>J<%J!6-EP&OM9LI.L.(>D[<A<; C=>P%+B=/1$VEDAWB31"
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M,0U3;.'1&R"+<SE0YDTR$-@N LW
M     %,?\YP!8)PM^QWQ2^[?I#U:5D!)@
M           =4K%D1XI($9M2OU42MU7Q6Z17BK<AL&(@HYP3"QT2FQUP7)LE
MQG^@!^88,<*.UL,FF%9 J9'ZN&Z/C'I$4\I(E=G[':<E22-DI<'R;!2YZ8\
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M)PM^QWQ2^[?I#U:5D!)@
M
M            !3'_ #G %@G"W['?%+[M^D/5I60$F
M
M                                  %,?\YP!8)PM^QWQ2^[?I#U:5D!
M)@
M                                                      !3'_.<
M 6"<+?L=\4ONWZ0]6E9 28
M
M               4Q_SG %@G"W['?%+[M^D/5I60$F
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MV")NFQS9STP4BZ1C9SG\F,8*;.<YR [(
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M=<] 'O@
M        "F/^<X L$X6_8[XI?=OTAZM*R DP
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M)PM^QWQ2^[?I#U:5D!)@
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M] F:S<X>,VKO!#)8=-D'.$CYQDZ>%TBJX(;)<Y+DQ.UTST\'4!V0
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M)D+_ &2)IEP4A<?\"EQC #D
M     %,?\YP!8)PM^QWQ2^[?I#U:5D!)@
M            &/6QI8GU<EV=3DF,/8G#,Z45)R+15ZS9N#&+C*JK=%9NH8WB
M>U@AL&SA,^<'R4^"Y(85 6@;$5UQNROU&Q7QLPK;]:P4']!H0AYXBNQWMA:N
MH?,[(LHY-+,TLQ?+&<._$M#K&(7QO0O9*?7TS\S)BQL9:
M         1\W%+H0%KUE/R3-TNWAII^I"%9&5S\H2[^%EF<BR?Y*@H1HBQB,
M^6)9QXPZ^$52X*7L=<V3>/+/U;.8VE1KS7=A0.)^LR2$HQ3D)*'=+MTW**:<
MK#/%&$DAA)VD@Y*0CE'.4S'(7QB1BGQ^:;&<SIIF(
M                       IC_G. +!.%OV.^*7W;](>K2L@),
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MU/@O110ZYDRE,MG"V5,87FZ3B-J"*
M          *8_P"<X L$X6_8[XI?=OTAZM*R DP
M                  ##-AS;.NTJQ3#]M-O6S6/,3R2N&=)3;E=XJDR:(QSE
MH=)9BNH[<$QY3DY$VQ>JJARID,; 11XZ;3@+-=B5V.A+&_EW=8FYR7GS$BTZ
M_!NVUE7CI-F;\Y-X_/(+HMTTI!FJ_C'?BL^2GP4JYLVW:S\^4X1&@
M                $-=WZEKMEV; S$NYJ+%A88B5C[&YEX.*?^1DB8Y%[!S$
MPG,2Q6SXS92/<),UO$)8:JY)GJ<Q"A@F"S517:-5FZY72"S9!5!R3.#$<(J)
M%.DN4Q?S3%5)G!L9QX,XR [(
M      IC_G. +!.%OV.^*7W;](>K2L@),
M             _,XQG&<9QC.,XSC.,XZXSC/@SC.,^#.,X 0@MKTVM.3FNH7
M7[&FP$59ZVA'VJ+<Q[UKA9C/7S*SEQ6T(=,K-.P.WIC',=S@B&$B'SGJ;.,
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MUIT9"-2BHIT[AJ]A_$(Y,PZ9.[54-VEDL&\ 6"
M                      IC_G. +!.%OV.^*7W;](>K2L@),
M                             P^_7!E0:C-V^2354CX-KAV^,CY,8[9K
ME5-)5YE)T]CR.$V95/&'2(J554I<E3P93)2Y"+.DE-N6/;/Z>6W-<F(M?7B-
M6?RT"U=035%+,HO982158O3OS/IB7;/$,%09.%V+9E_S#N/*#Y0#AF6W])K
MT_,EQGIG.,9SCPXSG&,]/_#^H!@NMG/E=2;..WE3QDQ;.A\XSC.<$MLXGCP9
MQC/@P7H%X&@=6VGD/([==QFPYG3;[6[N.V'(P#6FRS9W:U$&=S91U(<K-3O3
MN5V:$"@\1DEDR&(G(EPEGITSD$G];STV(M;V4GOZ*I/R%88][5:98IA.<?1?
MDU;L"$R>K)KMZ]*84-\H.X4^4\/2=@OB<K)^'/7P%;U      &N5=I5='8S?
M5JA9O%H=1_RDBIB"DC01D/)'+WQ9K 5#,6F[\0T4SXDRF%.N,>#\XO4-C
M       ")>X]H1>N]O4&=EX^46@HF$GJ[*226$&[)G8;MF/-4&'5^LTPNG+K
MPJJ*KU/)V4<8Q,.U$<*DSD),U^R0-J8'DZY+QTTP2?2,6L[C':+QNE)1+Q:/
MDV1U43&+APR>MSIG+^7&2_U9QD![8
M           IC_G. +!.%OV.^*7W;](>K2L@),
M                  UKMRCK[%H,[4D%D"_*;?.%&;M1PA'RQ4BG.G%R+MB9
M.48LUW.$S&6:*)N"&3QG!NG:*8(<<7=D.:)9BZ;O]R0NMIN#M5Q"O:[/N[-!
MPTO685FPL]2PP^1&C>IX@\L/^<1%ZZ9++X.= B!,Y3*'O[*YKS^O=C7&@M^+
MN]KFUJ=@901+=5(0LC!3*<A1?TP;2S'*2*BWR:9_DL5DV,'R5WG.<],=,9O
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MPIXUPHFV\>JJ;QQ2)S]$Z20!0
M     !3'_.< 6"<+?L=\4ONWZ0]6E9 28
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MO$,-F=A2=,CY*<R>5FQ_%F.3ID!NX
M           4Q_SG %@G"W['?%+[M^D/5I60$F
M                  1FY7(VIUJ6QM(.">6*+=QB[>5BH)+)[.Z>*O(XD0G'
MK9<-U(^-RIE7RQRTPM)(X[&6I.WU.5.$LV8PGC#<J5$)OM;RT52=8; C9A6N
MPNN271G+6S,!&Q#>4;M<0RR3+,3E+&7+I5E%IFB<G,H[:YRDMVLMWLG6?A,\
M% $6>,]PLLVE<JQ,*5M:$J1H+]%S0K:62E4&DP:</(M;2N^-F.<R9'[ RB66
M6,)E;J%P?J?&0$I<%+CKT*7'7\O3&,=?_'^L!\%22(8QR))D.?P'.4A2F-TS
MG..T;&,9-TSG^D!R                 .-9/QR2J7;43\:F=/QB1NPJGVRY
M+VTC],]E0O7J7/3P9 0'V1HN9L^Q*CKD^Y]BKPZ^O'C]U'S\RY>DGTZP9C!*
ML9%6)<P2QD;4QD/$3SC.%73MN8WB#-E\X7*$K]2:LKNGJ8SIM92.BQ2=/)%9
M/RATJT3?2*V5W*$6W=+K_)T2USG"39N3/1-$A>UDZF3J'#9H
M                              IC_G. +!.%OV.^*7W;](>K2L@),
M                                     \&S5B"N,([KMD8$DX9\=FHZ
M9'6<M\**1[YM)LE,+M%F[E)1L_9I*ER0Y<X,3 "#;+3Z#/EY+V:B5^JM4*5
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MTK'S<0[RMAK)Q;M%\P<^(64;K9;NFYU$%BIKI&+G)39QU+D!ZP
M         (O6JZ52+Y(4(TI88*-;YH=@KS=V[E&J97]FGK7"1\96F^<J=DTN
MJX9J8*AU\:8V>F"]?RA*$
M    %,?\YP!8)PM^QWQ2^[?I#U:5D!)@
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MBVNNKIIYQ99.8.PGWRS(QCR#3*.&QO V22)G)0$V@
M                        4Q_SG %@G"W['?%+[M^D/5I60$F
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M=!RD1=LLDX14QG)%D%"*I'QC.2YR11/)B&QC..G@S^40<H
M                            IC_G. +!.%OV.^*7W;](>K2L@),
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MPPQ;&9F1D+$_L"<F@G9;%F"LR2KE4[5 T[ &05["6,&3)@J:F<F+TQ%2;
M               $?;HWIEHA535DK!Q)/).70;=8]UE@6<0DEXV846;Y5C<1
M\HL^05P=WVDU,E*=8IL]2G&OG>_#/U?'EM'7S#Y,I=<8Y8%CCMXQ BK8JZ#K
MJMC&?&N3.FV,).#/#]5<GQUR;)_#G.>N<R]K.F8B*
M                      *8_P"<X L$X6_8[XI?=OTAZM*R DP
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M %@G"W['?%+[M^D/5I60$F
M   $=8&SU*,VYLJ)L+V,8R4[9:16ZVS>$)D\L]Q2UI<C-@GE(W;<X03<*GZ?
MFX(3KG.!;S^QOI2)BE<8*K&1ZF,9ZXPHR;'QC.?!G.,&3SC&>@@CCM.@Z[K$
MK#[!6H]AL\VM<VK]M&PD@^2C6TJ:$CV*TH^8]O,4WC/DVIM4U2*%P@8^,YP7
MQBRF5"6XV5K*0@]C:]J5W<:_1J:EK@V<PK6)N,C32L-Y83)_D^2PDW*GATCC
MP'+TQDN?!G&,XS@%9S^C-;R<JF:_"94+DABJ9B6';*9/PIY*;R?M8R3.?!_4
M'0U?7K?0#7>9?P]BI)8F39UNK,GD9)0Z9):X(S5Q0>0";ANMA*0FVYVN4\-2
MY,X*8I\=GP=,!NL                  1FO,7=8"T%M:2\:6/32FLDEC>/P
MS8E7*YS%LCQ+9BNHU.S;%[2CLZITE'!_&93\&"ELOS.V?JXW[69 \M78.445
M374D8E@^.JDHV63,=TV36-V%6:J[14I3'Z=I,YB&Z=<9S@3CQTLYCW 4
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MI(I)HIE(F7&/S4DBD3)VL^'IC&,=<B*[@
M               IC_G. +!.%OV.^*7W;](>K2L@),
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M<Y=LY"QP+%XP;I.WS5Y+Q[9RR:+J)(H.G:"S@BK9NLJN0I#GP4IC'+C&>N<
M/=QG!L8,7.#%-C&2FQG&<9QG'7&<9QX,XS@!^@    /D^>R0V<?EP4V<>#.?
MR8SG\F,9SD!!.D.MHN=VQ.)N<DI%^P9M6]V<05.:1+>:@Y!W8G565GV\DZCW
M\%&1K<F$L+(MUU72Q?SDT>O4H3N
M          !3'_.< 6"<+?L=\4ONWZ0]6E9 28
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M2F_\#=0'DL]!SK$KWQ7(+>SA=Y_87D;) /O(<Y[77+)NI62M"^$WY%$U,8Z
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MBW0]GG9Z!@J^;Y!K*U98(MH1W*.TE<M5YN<5.J?,GDO7*O@Q@0;F
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M#D-G/:_M8QCID-\@
M                   IC_G. +!.%OV.^*7W;](>K2L@),
M
M                                       *8_YS@"P3A;]COBE]V_2'
MJTK("3
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M5%9&TQZJ*R2I<'351534,FJDH0V#%,7.2FQGKC/0!]^V1Q7_ ->]9_.5E_>
M/;(XK_Z]ZS^<K+^\ >V1Q7_U[UG\Y67]X ]LCBO_ *]ZS^<K+^\ >V1Q7_U[
MUG\Y67]X ]LCBO\ Z]ZS^<K+^\ >V1Q7_P!>]9_.5E_> 9YKW?.F-L2<C":V
MV=2[K,Q#!"5DXFO3S&0DF,6Y<'9H2+ABDKET1@J[3REA;L^+\9CL]>O@ ;:
M
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MN*QUSTQQDL&<8_HQDVU*SVLXQ_1DW9QU_KZ8 2;
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MX C&O]LR+^['/^M2M@).
M                                 *8_YS@"P3A;]COBE]V_2'JTK("3
M ",_#?[+^E?V+:?]4[ 28      $9^17_?N,7WF*SZMMJ@),        C/I_
M]^O+?]O-6>HVA ),      #4F_OW$;K_ -I-C_Y.F0'M:E_=5K/_ &^IG^7(
MT!L$        !&-?[9D7]V.?]:E; 2<
M                                            4Q_SG %@G"W['?%+
M[M^D/5I60$F $9^&_P!E_2O[%M/^J=@),      ",_(K_OW&+[S%9]6VU0$F
M        1GT_^_7EO^WFK/4;0@$F     '3-(QY'16)WS,CT^4\$9F=(%='R
MLFY61P5OD^%C9529+&+TQ^<5$^<> IN@:PW]^XC=?^TFQ_\ )TR ]K4O[JM9
M_P"WU,_RY&@-@@. [ELFN@V4<()N7)5C-FYU4RKN"M\$RN9!(QL**E0PH7)\
MEQGLX-CKTZX <;R081Q$U)!ZT8IJJ&22.\<HMB*JD06='33,L<A3J$:ME%,X
MQUSA-,QOR%SG <2TM%MC-B.)*/;F>^*RS*L\;I&=^/7;M4/)L'4+E?QSIXBF
M3L=>THJ0N/"8N,AZ    (QK_ &S(O[L<_P"M2M@).
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M4K8"3@
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M "3                        (S\O?W$S7[=:2]>&N0$F
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MFE,D5TVTJ=L50L<Y.5)QE-3."@-S -2;^_<1NO\ VDV/_DZ9 >UJ7]U6L_\
M;ZF?Y<C0&P0 !IAGR.X_2+>LO&&[]3/&ET<[':5!VVV%5%FUH6T\I,I;8Q7U
MR2IDI=/6BM>?%GE$,J)Q)FJN')D\ER Q@O,'BD?37M$EY(Z/SH7Y4+!YW'YS
MZ=C6N)HTH6$+$&N69?$"63S+&PAXC*_C?&9Z=D!FU0WQI/8-[N6KZ)MO6]RV
M/KMM&/+W1:Q<Z_.6NHM)E%)Q%NK# QL@YDHIN]1<)Y(=9,I<^,)X>IB]0VP
M (QK_;,B_NQS_K4K8"3@                   (S\0_W%1'[?;Q]>>R &_K
M%8Z_4(*5L]KG(BM5N"9+24U/STBTB8:)CVY>VN]D9)^J@S9-42^$QU#E+C^L
M!X$AL[7$3<V&NI.]U&/O\HWB'<=27EABV]K>M)\MM/!.FT JZ+**MI@M!G/)
M5,)=A?Y(>=C.?)E>P'<E;[1X*=9U>;M]9A['(M&;YA"2LW&Q\H]:2-@C*G'+
MM&3MPBNX3D+1-,XY#L%SXY\Z20)U54(7(=Q[;:M'66!IDA8X-C;K3&V"9K57
M=RC)O8+!$5-2$1M$I"Q"JQ'\G'UU:RQQ7RR*9TVIGS?"F2Y63[0=Z'FH>Q1C
M.:K\M&3L-()Y682T._:R<8^1P<R>56;]DJNU<IX4(8O:(<V.UC./RX =)G;*
MO(66<IC"Q0CVW5B+K\W9*NUE&2]@@(:V+3K:KRLQ$)+&?QL=8G%7DB,5EDR)
MNCL'&$\FRBIV0]XQBD*8YS%(0A<F.8V<%*4I<=3&-G/@P7&,=<Y >%5;56;S
M6H*Y4NPPMMJ-HB6,]6K/6Y-E-0%@A)1NF[C9>&EXY9PPDXU^U5*HBNBH=-0A
ML&+G.,]0'O@ #')*X52&L%9J<O98&+M-SQ-9J%<D)9BTG+1BN,DI&P9K\6NN
MF]F,0D>L1=WY.13R=(^#G[)<XR [%<LM=N$(PLE3G8>S5Z53.M&SD#),Y>)?
MII+*ME3M)!@LNU<81<HG3/V3Y["A#%ST,7.,![)SD3(910Q2$(4QSG-G!2D(
M7&3&,;.?!@I<8ZYR CQ>.7G%364%KNT[&Y):+H=8V[$&L&K;';]J4FN06PZ^
MFUB'RL]3)>6FFD?8X1%E8&"QW;515N1)Z@<Q\%5)DP9Y5=UZ<O5WN>M*3M;7
M%OV+K@D8IL&AUB[5N>N%&3FFZ;N'/;JW%R3J8KA91JJ51OEXBCXXAL&)UQG&
M0'1V9OS2&EUX]MMW;NM]9.9:%L-CC&][N=?JSB0K]3/$I6::9(S+]FJYBX)Q
M/L$72Y,9317?-DC9PHND4X9W5K76;Q L+13I^(M%;E,.<QL[ R#:4BGV&;QQ
M'N_)7S-15NOY,^:*HJ=DV>PHF8N?#C. &0 (S\O?W$S7[=:2]>&N0$F
M !HG/*'C?C<Y>.6=\:C\_P";&3%TIYP:OYTS$Q YM&5,43Y3_27*6*YC+[)O
M)NSAKCQO7L>$!M6U6ZJT:$7LMTLD%4J\V=Q+!S.6.58PL0@^GY=A7X-FM(R*
M[=HFZF)V4;,VJ>3X,NZ<)I$QDYRER&0@,=-;ZH2VHT$]E@BWAQ77-O;T\TLQ
MQ9EZHRDVD*\LJ4'E?Y24@FLN_0:J.\)Y0(X6(GDV#F+C(9$ U=MS=^FM U8E
MXWGM?76G::K)M81&U;-N=>H]?6F'R:ZS2*0EK)(1S):07;M%E2HE/E3Q**BG
M3L)G,4-AQDG&S4;'S,-(,9:(EF+23BI6,=H/XV3C7Z";IC(1[YJHJU>L7K54
MJB2J9C)J)FP8N<XSC(#RI2WU2$GJO5IFRP,59;LM+-J=7Y&68LIFU.(",5FI
MQ"NQCA=-Y,JP\.B=TZ*W(IE!N7*A^A,9R Z4AL.@Q,5B=D[M4V$)FVL*#\KN
M[#$H1GZ<REL;4*.IN7RCLK7%I?7AXE#),.UY4>44*UP3QYL$ 9@      (XS
MGVNM7_=QWQZS>.0"O'^<X L$X6_8[XI?=OTAZM*R DP C/PW^R_I7]BVG_5.
MP$F %(G*/NAI[D?7Y1(^^H:#NEKY2;GWQ;[7(ZWDI+#BL[$IBFH]:UF/;0=_
MJC]T]T/I^.B8UA'RCM_3;*X:+YG(-X@ZRBF&_+=W=;9Y7>=E)H\KJ:O4;G5?
M'=VN58E=6SAHZNO77'*NZS=RS?%$V)KU[(W&<W/4F=OD9<KAJ[727<H$,F].
ME))!CW&3NPV''R\\7-JO]BL+OM+2T-R]0V??)"L2CJW;6DN6>T3;B>QQ;I9[
M;:+JVJ6OKG+RQV3>5D)AR],^,Y66*Y.L<X6P (S\BO\ OW&+[S%9]6VU0$F
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MULQ;ZGJRNW6]7R^[/)KO3#]R[+')V*<L,@],Y.LJX(?/3 6O -2;^_<1NO\
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MF':UDNX-/;+?:1;YD]MR&TR:2NOFN=/9MCF:,HK8)YRL4AH_!XY<(C7#NO\
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M:4>45!6XV36,N^F)^2O4;/X3CV6N[U=\HM&<=&FRJJZ,WQDZA"DP?\[)0EB
M                  ",_$/]Q41^WV\?7GL@!)@
M  $9^7O[B9K]NM)>O#7("3                         ".,Y]KK5_W<=\
M>LWCD KQ_G. +!.%OV.^*7W;](>K2L@),
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M8IX@S6.DX3*9%0B1\E-G!3= R8        !&?E[^XF:_;K27KPUR DP
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MH9U-S<@3+-UE/).B+;Q(6P            C/Q#_<5$?M]O'UY[( 28
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M/SQN+4QQD;5%IY%K1@M3M<QD<]:/VL,VM#F$05:K+IL2.GALMPOY
M 1GY>_N)FOVZTEZ\-<@),                         (XSGVNM7_=QWQZ
MS>.0"O'^<X L$X6_8[XI?=OTAZM*R DP
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M^D/5I60$F
M         1GXA_N*B/V^WCZ\]D ),    @E.=Y=PKK=;VI:YS<2\9#Z6M\G1
MMB^6ZWVNUE(B>B:=>M@.#Q\"XHZ4Y:*^YI^LK ^9R\4W>Q,@E$N/)7*QBXQD
M-_UCD3JBQ:Y3VO(S<OK.D'DW<1F1WO3KCQ]?HO67C,G*YK^[(*AV!J@NFB<Z
M"RC4J3E,ACI&.4N<X#YJ_)30]QGIVKP6TZ>I8J]L28U2[A9*52@I&0OT!5:K
M=YF K36<^3E;<I'U2[1;Y1>*P\;81=ESXSK@^"AEK#;NJ)2KS=XC-GZ\D:76
M5U6UCM["ZUMY5Z^Y;HM7*[>;GV\DI$Q2Z+=^@H<BZR9BD6(;..ARYR&#;(Y2
M<>-2U23NM\W#1(FO1%2@[\]7:3S2>?EH=DGXRKPEW;PE?/*3;VGOYV9;-RR:
M+=1C@RO:,K@N#&P&:);EU X1CG"&U=;K-Y>K2-XB5TKS6%$9.E0Y\IR]PCE2
M2AB/:M%J%R5S()Y,T0SCH=0N0'EDY :&5B)2P)[MU&I 0>(8TU-DV333Q$/B
MQ.W3"OYE)(LSEE'XG7[)9!GXTY/*ED3D3[1BFQ@,/B.7'&J>L%UK</N:BOWN
MM7E\C-D/D9E$M=U[+:S<41K=HB[VI7"=;JLK"+;+AL9;O72*JWE1O%8/XAQX
MH,CVYR*T?HFA-]G;8V;4Z=1W^&'R/-O9)-V6Q&E#-<1Z568QF'LE:5W9'B:I
M$XY%R?*&<J]/%XR; =BN<@=+VA@F_CME5)H8U4EKXM%6&7:U:QL*/!R#Z+EK
MC*UFR'B[!$59@^C5R*2#ELDT+A/)O&=GIG(''(?0#1FG(.]Y:>;,%8=:PI/G
M&S*4BS4@&TEB'<3B;E2;*B>'0E\X:G<X-E$KG/BLFP?\T!Z:^[-,MIU*KN=N
M:Q;V9PXA6B%=7OM52G5G5DRUQ76R40I*ED%'$]EZCY$3">3.O'$\5@W;+U#9
MP   (S\O?W$S7[=:2]>&N0$F     &BM\\D-5<;8BFR^TGUN3\X=T+KVD0M#
MUGLK;ENM%OS5+5>58B&I6J:G<[8],TJ%)E9!=4K/*"#9BH8YR^#&0QW4O,?B
M_O.#;675^ZZ/8X&1LU6IL+*+R)Z\VL=JNFLZ3N&LU^K_ *3H0REFEI37.Q(>
M2*@P*X43*[RDI@JZ2R28<Q^8/%\NA7O)\F\]<N- L6MI=&VBTL31W67N:6M.
M-;&PAUVYE'$Y,LW5:?))L6::[QTJW,1!)0V2XR'<D.67&B(1J:LKO+6D:K>+
ME0-=UJ/>VN+;S+R^[4C5YC7=-=0BB^)>(LUNBVJJ[-D\0;KJ)I'-V<8*;H&T
MZ_L77ULRPQ5;U3;-F5S8"Q>*_9X29S)9J;UG&6G##Y.?.?+,UJ2D&[>0\7VO
M(UUTTUNP8Y<9#4%.Y@<8KXAN%W7-W4 S'0.W9W0^WY&;FDJI&TC;5:BXZ9FZ
M;(R-J+"LG+QBPE$S>/;*+M%#D63(J91NN5,.+:O,/C7I=N_=;!VS6V"<.S6D
M)XD)Y?<75<8I1I9=)W9&-.9SSZOH2# ^#LS/$T</>O1#QF?  R>5Y)Z)A-V)
M<<I7:%59;L/JBQ[R<Z_5?9^5X?4E4FH*O3=\L:Q4S1M9@4IBQMD4%)!=L9YT
M6.W*J1LY,D'G4[E-H+8''1'EI3-C1M@X[N:3/;&:;-81E@-%O:56L2>9>?8Q
M:D0G8WK=+$.XRDFDS.NZ[&/$$4[9.T&D*GWF?!^YV*%JD5O6,CIV8B+A+.&M
MPJ.PJ"WJ*E!4V82W5W94G>*E7HK5EXA4M+V]PI 6->+FCLZS).2-3MVJBN R
M;7O> <3-L6_1]%UKM%S=[+R,UAG=.I&M=U[L^18SFJ3.)QFUODY.(TS,'0J]
M*/:V]09*V!S%Y>+H921P=3)2F"9(    ".,Y]KK5_P!W'?'K-XY *\?YS@"P
M3A;]COBE]V_2'JTK("3
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MR2(OAVX065,\2\0FH4BQDPB;YQ+9_H1MK_ZO_P K?]UT7_W+]6/WU?\ >/\
)\W_MW_Q(#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>31
<FILENAME>pg25img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg25img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ *4  0 " P$! 0$!
M       '" 4&"00# @$* 0$! 0                   0(0   & @$ !08*
M!@<& @4-   " P0%!@$'"!$2$U@)(107E[<8%=46UC=7.'B8F3$B=I;8V4%1
M,M2V=]=A(R2T-39#.7&!D:%"\+$S8S149"5E5F:'&1$!  (#  ,! 0$
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M^U?_ -._^Q?_ %8#KGPM^QWQ2^[?I#V:5D!9@
M
M                             !QC_G. .@G"W['?%+[M^D/9I60%F
M
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MLJV6EXM%P@Z9,5FZL@T361?21>M',U4CJX.FZ?ESTHIYQ@ZN/[.,@,H
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M,?\ .< =!.%OV.^*7W;](>S2L@+,
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MNN>6E'T07;$;<[X[K)]A(&;R>QG#^&7C'[%VR<F6*JLX0RV1:A4>E;:O'O\
M'!F5DN0$=QBU2AXXOC/ZCL#.G4O4U$UO>K'6GJD9KN/OJ#FK(0EJVENI.2<4
M\LE(9<33IQ+G=1ZB<OG#G(=&/%TY\[KX]<V6FB(/GG5^"NI3^&QN?DY$6JPZ
MZTS;U+GR$UOLK,91:$TD=L5R93+BZ1I#-U(ML;+R63;F9QQ4I%TBN0.=?OV[
MAUMLSF3R>N]EL'&?D)R3XJ> %7+9-UFE:Q=9U?L??U>W/(W:,DW?(JP0FG=*
M0&2^?-%K-<S23&I%6*9>/?N2$1,$W<7?$0\03EM$^&[I2.Y<L=>VKD'RB\4C
MC]MK>],UMH79-FGZ=Q,I:]RU188LKF@HZK5M_F*21?A6,A(^)DD'!7AH\Y3D
M( [O>#SR5VQR^\-?BKR(WG+1E@VW?Z?9DKS88B%85UE89BF['N=!^'\044FA
M%13J;:59)TX1:II-2.%3X1333ZI"ATL
M         '&/^<X Z"<+?L=\4ONWZ0]FE9 68
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MJZ+EM!P[=RW<NWJ#A",9(KH/'Z!&SYVBJF@51-R];)E354+G!U"%P4V<XQC
M#VL6#&,:I,8UDTCV2&#809L6Z+1JC@YS*GPDW;D313P=0YC9Z,8Z39SG].0'
MK                                      '&/\ G. .@G"W['?%+[M^
MD/9I60%F
M
M '&/^<X Z"<+?L=\4ONWZ0]FE9 68
M
M                      <8_P"<X Z"<+?L=\4ONWZ0]FE9 68
M
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M\<83R_C6J?61:MSG-C)L=&,?[< )3
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M>G& &QN=A[.;9P4N@K:_SE7!.M'7;6&4L)])>E8QY*V1BF"XZ<]!>IUL]'Z
M&RZ_O^+T6RI+5N8JTG5+ I7)>*F7$*[7(]38LI'"B#F!DY9@LW4;/T\XSA7K
M=/3C.,= "0P
M!QC_ )S@#H)PM^QWQ2^[?I#V:5D!9@
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M)5VON*Y)5T_7D6,JFV.DLIUL]FGU3$\I\&Z MP
M                            .,?\YP!T$X6_8[XI?=OTA[-*R LP
M                               "'=_'*GJ6UJG3,J1', NHD7HSDZ:-
MGA55"_K8SCRD)G]. $P%*4F.@I2EQG.3=!<8QCI-G.39Z,='E-G/3G^O(#]
M                    /BY;I.VZ[5<IC(.45$%BE442,9)4F4SX*JD8BJ9L
ME-GH,4V#8SY<9QD!7[1<#$0\ON!&*8,V[*.V=*QD6=-),R[1KB&@7#V/3<&P
M=R5N6244/U3'STFST@+#@
M          #C'_.< =!.%OV.^*7W;](>S2L@+,
M              J3RBBX:YPRE,DW5WAB.8%\16QUB359Q;-H^F($TNA(M$W*
M)'DBTC(XR[=;..NP4R3)3%,N7K6L7Q)FEI(9JDQAXIDBH_519QK%JDK*JK+R
MBJ3=JDDFI)+./^(6?G*3&5C'_7,IG.3>7I$5D@                     !
M3RMS=UK^QW<&VE:Y.1\O<DR-7Z\P_P (RS)5NEF2E)5VS;'B\7-PU9N&C=FG
MCL2YC.KA)/.>U%B+B99U]5_5PQ&@
M                !QC_ )S@#H)PM^QWQ2^[?I#V:5D!9@
M                     % >1MXMM!OC.75K\&E'R$3*%AGLL\3)"G<0$C K
M,)64\TR1],80.^,X>,#$2.FU0SA,[G/4*2WBDK-KSU^7:6"!A9U@\;R#&:B8
MZ59OVB2Z#5ZUD&B+I!VV0=?\2BW<)*X.0JGZY2YQ@WEZ1%9<
M        !\7)U$VZZB64L*D15.GE?)L(84*0V296R3&3X2P;'ZV<>7H_0 YD
M:'U\;:6R;NILAA$(LXRU25U0AZC8I1)E&WIG:TW+U:*SA1&4BX=PHXZ5CM54
M$9@V<Y7(;L\XR2HN^NGH*
M          .,?\YP!T$X6_8[XI?=OTA[-*R LP
M             "I7)SY%3J,'!.[+ 1=ZK3R$ML*SDD&"3HL:]LT3#O5BSK]D
MX)#-72&%2J$PHGA<B?65*=%(W18B92?J(VM'#1S2(B8Z+8&,9DP9-VC0QS$.
M;+=!(I$LY,F1-/RDQCHZI2EQC]&,8Z,"*R0                    #^&QG
M)38+GJFSC."FSCK=7/1Y,]7IQT]&?Z %8:=:;+3;FK4K#67":EOMTR[15BBM
MGBDJZ/F/0E[@9$BR;B.K9E.Q7P3L5,MTW!L*K9,EG!E35\9U-<E9\&@
M                                           !QC_G. .@G"W['?%+
M[M^D/9I60%F                                    <]=\;EJ=3OSLE
M@B92<;QAFBA*2^=(MG4[AI9(=A*SITYUJ]1B*>Q(3!T%3%;LGBF<]1PEA97)
MM?YPS,7]9TOU$RT=.Q<=-0[UK)14LR;2$=(,EBN&CUD[2(NV=-ER?J*H+)'P
M8IL>3.,C+3(                      "DM3UM>KALNQW1.[XCXRK[0GD8Q
M5RR;R=ABV[*4DE)>MLU'+;/G,#.1,N@DAERY5+&E(H5%OGK)&2MXI)B)F)["
M[0B@                                                #C'_ #G
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MB0N,O6RI<*L\K9;D,EVG5[<INT2ZQ/+@EQ.D^@H
M                            XQ_SG '03A;]COBE]V_2'LTK("S
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MK$PO.IZ=7A5
M'&/^<X Z"<+?L=\4ONWZ0]FE9 68
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M/YC@ZLG%24(5B@WD"*9ZIUBX+@QNIY N"
M                       .,?\ .< =!.%OV.^*7W;](>S2L@+,
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M_.< =!.%OV.^*7W;](>S2L@+,
M K;RDBW\_K^"KT4O(-9:?V%48J+>14CB(DV3YPNZ,@\CY0[&23CG;;*>3D7.
M@J5+..OU#9Q@N0D.*N=6J$?4:=:K=$MK7C%4IF6C^7\Y?R-KD8)1TPCB.7*;
M=:1DI=M&.%TC9(0[@J2A^KCH-C 2> JS3[+.L=R3S20LZ+"C.#VU@> =QM?8
MQ_RU<W7LJ^\2L:TJ2><3<U$(.$4H[S3S=5-OE5-0RA3DP%I@
M     !_,XQG&<9QC.,^3.,^7&?\ TX <LT:].W#E+5[;JC7S:'H]5O,J[DY6
M1C"-TKX9\=VE<K'7YN<AWJD?78!VD@19D1LVZDR8IF)E#+G=MR5%WUU-!0
M                                              !QC_G. .@G"W['
M?%+[M^D/9I60%F                                    5_Y$LUWU:I
M"#9BK*+9VQ0BDC$I5>#._P +OUVJC7X9:_\ $QA3I.#9RLG^L7&/( J!M[4^
M)S<%#FV3)"OW+#RK5UG5DMIS6'<TTJ\DXN4CES.MF2[YM+9;JL2-EG"A4U&N
M5FV,E,H4V E2<;I6^R7!#Y<;0T9#TBO2D3).S7V35/)2[-[&RCB=KC-Y87K9
MSB)CD#-RN3(*%<8<JDPGDQ2'P$)U2 B[;>;U/66!U3-QE)>,7);:C*6^2OTI
M:372$?:FLKW,U+F@'#Q>JR#YP[RU2RFUD')DD.SQE1/(F+=%]96J9N56),S\
M7&0\KB8GXU=C#S#:?CDTXJ9>Q[51"6:&,W=F7:MR'4ZO1U%#&+G&,XSC 2
M                \,C)QT.S5D)5\TCF*.4BJNWJZ;9NF9=4B")3K*F(3!E5
ME"D+CIZ3&-C&/+D! /&BS0LO2I:!CY/#^3JUMMB,NWZBW78HRUJGI&$P=8R*
M;97#N*R14F$S'ZI#8ZW1G/E"Q@
M                XQ_SG '03A;]COBE]V_2'LTK("S
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M%R*(X)'V2=:MCMT2$+A RJ.<94Z<G,;/1TY\F,8">0
M                               !QC_G. .@G"W['?%+[M^D/9I60%F
M                                   1-MI)P=I2EF:C5-U'["K<@AAX
M58Z"IT\NVF$CE0,13/E>];R&Q_9_]0#:%2[ PX1[!>G':=57M\+-)M-QD_\
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M]10Z>ISF(9C=2M6,M
M      #C'_.< =!.%OV.^*7W;](>S2L@+,
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MEEB)^4F-+A@H
M XQ_SG '03A;]COBE]V_2'LTK("S
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M++&/G&28P7'2%E@
M    !QC_ )S@#H)PM^QWQ2^[?I#V:5D!9@
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MV5?>8-4V^7:C=')DD3KY3ZV2ESG&,Y_3D!LX
M                          XQ_P YP!T$X6_8[XI?=OTA[-*R LP
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MI<8_]& '[
M            !QC_ )S@#H)PM^QWQ2^[?I#V:5D!9@
M
M                                  !QC_G. .@G"W['?%+[M^D/9I60
M%F
M                                                       '&/\
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MI^)BD)U_#98S$5)(PKEXI')2I&<W'1J[AAE^D9$RJ6#D(IT%-G&<XQD)A
M
M          <8_P"<X Z"<+?L=\4ONWZ0]FE9 68 5GX;_9?TK^Q;3_FG8"S
M      K/R*_Z]QB^\Q6?9MM0!9@       %9]/\ TZ\M_P!O-6>PZA +,
M   ")-_?01NO_*38_P#@Z9 9K4OT5:S_ ,OJ9_AR- 2"         K&O]LR+
M^['/^U2M@+.
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M(0\[FBK'-AH4C7)LYRB0B>2DP$N *QK_ &S(O[L<_P"U2M@+.
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MD\G>[#7/Q 0GS" /23R=[L-<_$!"?,( ])/)WNPUS\0$)\P@#TD\G>[#7/Q
M0GS" /23R=[L-<_$!"?,(![Z-N/84IM)GJW9.GT->2$S0+/?X&6C=B1=Y8OF
M=1L5,KLS'/$FL%!N8YWVUY9JHFZ%4U"%4QG),E+@P<[_ .<X Z"<+?L=\4ON
MWZ0]FE9 68 5GX;_ &7]*_L6T_YIV LP      *S\BO^O<8OO,5GV;;5 68
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M\X1JI"(O)N,:JS";Z0C8EBI%IKN2'D"/)699MDLHX/A1P[13+TG5)@P;$
M"L:_VS(O[L<_[5*V LX                   "L_$/Z"HC]OMX^W/9 "S #
MBCJGP2M+ZP:<@8\FT[+),M[Z%Y$\?768K6VH*3*,:WR/O#_8$_:[E/U6GLIS
M<.P:)-O,DJ\E9%W?P.W4<%(F8SE0X"S/*3PXM<<IY72LE9K[;ZV34M+>:Q?M
M(R)ITT6VZ[E;AJ6^2K%BYL\#+.]=75>QZ6ANPLL =E*M6:CI$ANNHW5:A79;
MP0^-+F,;0Y[C?8]IBKH5&2<UQC2JY-2$3@O-I%Z<DS'US#ID^?-N;TN0RA>M
MC'R=BNDIL$7PJ&;IW@]:N@-U<=]\V+;-JM5UT+ELIEDQU[J7750LSBO6ZVW6
MD.6%1UK4:M"4]Y!S%R=8D':"3E_/(E)AXX,;&3F#Q6CP<M>3VYMB[SC=Z[#K
M-UM&WY#?%'6BZ9JLV-?;,EMV<?=Y/WK]\M4\S&S*VE8N-->;,HJ?<NF[!JN_
MRCDJBZ)VP:8Q\##2#"K-J[C=NVWCMA4(^O,9F2B]>/L*3$) Z:C86Q34"M5<
MUZ>;EEM)1CQ]$KMO@R13=.VJJ6$%"E(&1BO [T C#JQ%CV1=;<B\1NIY!O*5
M+636$6E;O7^=<*\E&58CJFVK\/F&=<\Y]Y&H-4$T&2T%&%3+@I5\*A^.)7A<
M[&X]<J]P[/E-A50NH)C3^[]2:L/7#,9'<IB[WN^HKS8+;>9V1U;!E/,P$KK%
M8[%%_*6IJE\($1;$9M&WFRP836W@1:%HE>Q$2VWMD7B4(^EIIK9)R"HB,G$V
M*:O/#>\2%B@,MX,QH&77=<,89OVK8Z9B)3<EU,EQEL5 )=U;X0.G];:>Y4Z3
M/M+8$[4^46IM?Z3D7:$!K:JSE-H>J\[+)1S(NJW4&3&]6LC;9*I)B4L+:14G
M_-28>D42552,&K5SP6M+15TKMZG=DV"UR?RMJM_V1%/M>ZM85;8-MJ')MURB
MBL,JW'UE*.H=.-;)-W'K0D:7S1=BH197)WQ%':P1O5O  XPUUT<C[8NQ;=!+
M4S2M2<P-LC:=,-GB>H)3CDJY;O/.(<S1S4KO7N,<#'/8(S?+%$KIXHGG/2U3
M:ATAY$\+]=\BI>DRLS+2-1^0VJ>0&H8UE7(*F/HY:L\@=:%UC,8=Q%JKM@@7
MJ=4B,96C63IFYC#JF,FY;+H&,D8*VH^$]J%QQ8HG%B=V#;W]9J6S]V[:D)>&
MKFOZ@RD[%OG6>^M9VR'KNOZ[66FOM=4B'C]_R+F'AX:/0:,5V+?IPIUG&5@@
MJJ>!+Q]A;W\OK'LNZ720-9-:W!Q'2M7HJ$.[G:2VHY9YJXC$XA:/^2=JD==1
M3EO%$2(C#&3.1N<Q.P[ /K&>!3H"N+:47I^U=BTYSI6YZCMT-)UN#H43-N,Z
MJU%QIU.NS:R3"OML1^=@(\8(B1G<+)/6+UY(NU#-,N$V#EF'<4!6?E[]!,U^
MW6DO;AKD!9@  4RYO<-*QS:USK^@V:S)U<NM]QU/=,(N_H-$VC79.>J4):X)
MI#VR@[(B)NI6:ONFEN74.@X0SDKA))0F<&( YQPG@#\>ZX===GN';DJHKII'
M6*:<OBGI?!TJVCG<$VEZJ:-KC>+I%1:5=\I&,ZQ'L,1$:V*EAN0I$L)&#T4C
MP2Z?:=:G;\B[R1YLFW1.U\WF(H#2)L>M(*>VG3.8%!PYI+B]U!G./U:=!<O)
M!=D^>LVRJLG#-E^P13450 ;IQ+\,/9V@N3W(C:4QLRO1&M[MJ[=>J-0/M?.6
MJVZ8IGO#=*FZ)B\VNUR.KZ^<MQK$ZHH:-^$7UO(@=<J:*C=HU(W6#:H?P>];
MNIR#NFUMX[,W3?\ .PHS9VQK-<JSK!DRVE9XG>W&G=C;X?J5>J$95XV+5)Q8
MKL*NV:-B$6:K/'!O^)5*=,*8%\!%R;:2-,])=?;\2FFM9^L'=';0<IOJ8G;)
MQP@N.CUFJ5SJEM%PM1;P< U728$L+R%(5L;"<0DNZ4<)!8^Y>!+QQMVPKC>B
M[&V)"-[K$<AXQY5XUA4TX2N'WO-\F9IHK1&Y(E)O5&=$]ZNQ()-4TE49)%NR
MPXZ.J[P["/=L>"[*>G;5]ST#;*'6]:^F*@[-VW'7*.B"2\"PUYO;CGNR.@=-
M5J+U;,1\-B5=Z(61=.&4S67CA>7R9VX>-D2-BA:W>?A$\=-\;OV9R*GYJVP&
MWMGV-->5NU=0KJ4[&:[D^,Y>+-UU5$O)"(?=C 6:D*K2C9\8II6#L1RO(]PC
MC"B2H5K:^ ?IIO$ZAA\\@=M)L=62=FL2C&/@J&PC;':["H9D:Q&;8AEW,2Z-
M6.SCGB15UT7?FZ:Y"MU,K=L%J=T^%_3MQI<3F2FZMA5&.XJ5+7-,@30]4U3(
MVA\SUK+TF9C+/2]ASU(D=@:1V'-YHZ,?*S%3DH_,A#.EVBJ)NANJ@$9T+P7M
M#5W9E3O.PKU9MWUF@RSLU-U7LJFZT?T>-J/F/+MI"5*1;-*LW<SIH%;F//N$
MI)P;+_*\>Q-@Y.HIUPUB)\#KC] />.LUC86R[Y+Z D;1*RGI'?0DR?=JDELR
ML[2K;;8$MB"44C7E<<T. KI)%HU674JL4@S.D=1)%=,/!H+P7Z15-5Z(B-T7
MAY8]B:[DOE%?4(;+&UTRXNFG*7CMR-J=/DI"YUEE,6BKZ^JG%JG:\8KN63%1
MU68[*AVR#@Q,)A@./GA"VWCAS3T=M:D7FFO..VD&RT\P;3R3)YN:?N*W&RX<
M;R16<L]91J=;I;."LC5R@S9V<T2D:.SDL25RZ4=$#O(  *XSGVNM7_=QWQ[3
M>.0#GC_.< =!.%OV.^*7W;](>S2L@+, *S\-_LOZ5_8MI_S3L!9@!S=YZ<=>
M7V^+CQAD^,>Z(34->U7LJ/O&T?.K[M.E3-H91-^U9.I0B$=1VLO4KS S5'KU
MFAGT98&79X/,(*(KIIX=)K!1UCX;_B/U&P:CFJ?SDL$F:M:;N[._M;WOK?\
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MM7R//N"KS<G&5M;"]0RE/+/7Z$>Y0026#_4P7&<%+C.>G.,8QG/]>>CRY_\
M: _H"L:_VS(O[L<_[5*V LX                   "L_$/Z"HC]OMX^W/9
M"S                        *S\O?H)FOVZTE[<-<@+,
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MP,)%0I[#97:+^QSIXM@@Q-,V!\V:L6[V;E,H=N[6311(HN<QBD)C."X#-@
M  *XSGVNM7_=QWQ[3>.0#GC_ #G '03A;]COBE]V_2'LTK("S "L_#?[+^E?
MV+:?\T[ 68      %9^17_7N,7WF*S[-MJ@+,        K/I_P"G7EO^WFK/
M8;0@%F      !$F_OH(W7_E)L?\ P=,@,UJ7Z*M9_P"7U,_PY&@/\^>TO!7W
MW-[ N-AC=]ZSV-$;YY+R&T-DPM\U!)Q]"IU<+JKFW78NRRFOJYMF"0V;=B2O
M(NM,L*H.8=0KFL,Y)4R_9=@F&5HW@O[E=S&W)N\;XK[99SLZ><59M9Z?-['4
MY'T*,V'Q\N59C^:3U'9T AMO7LPTT@[1+5FC6#5C%;5*'4>.TUE&ZX;\W\#.
M#0;5>=E=T0U_VO3KYQ_LM<V+LG6$C:'<#5-.:/M6H)+7];0<;(Q(UZ"7D;DO
M.0&47IE(A:,BT'>9/+3S@X>AMX)\XO)8)8N4*T]!JUW4,'/.UM>3:5[V+%4)
M;BLE.:XV?:S;27:6C2S9EQJ=*52 (P:JUY];GJRCI[U'&) -<F? 6K\[%S;&
M1WRDY=Y@[O5J,_6UU)G-K^J2^J>1M%UY6H1(NR2=G":LM^XZY9(ULF9%(KVB
MQV$RH*$:KL@VU+P3#2MZVQ8-A\D9;958VGO(NW9VLVRJV"1^5$=F+Y!E;UW8
MA%]DJUZUR%8D]X-&L/(EC6QVL%6VS%1-4AR9:A>;@)P?5X1PNXX9>\06QW>W
M;CKB^S%P2I+BKW26L]5T!J;35I?7287M-DS:U;%.ZS6G6RIL(+M3S#A%8[E3
M&7*@3,O]LR+^['/^U2M@+.                    K/Q#^@J(_;[>/MSV0
MLP                       "L_+WZ"9K]NM)>W#7("S
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MG&W_ %N /3+N#NB[B_?SC;_K< >F7<'=%W%^_G&W_6X ],NX.Z+N+]_.-O\
MK< C&CV^UVWF,12TZIM^K5&7&64*T;VR;UU-'F,.-JPO;G8'U]=;DDB1CA!/
MM/.C-S&RL7L\'P4^2A=X                   %9^(?T%1'[?;Q]N>R %F
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M[9S6 EG+W6;K<F*N[N$C3&=1@+\QU>US-O*[(OFDXQ9*)&7:)F53*8+K
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MVJ#R*=23$F<'PDHBZ2PME/)_-554TU^S4.4F0F\  5C7^V9%_=CG_:I6P%G
M                   5GXA_05$?M]O'VY[( 68         4HVAX=W$#=%\
MV)LC9NJG-KL^UHIW%WLKO8>SVM;F%W>KSZ6+94*7'7-G3H6]QVK%EH1C86#!
MM-L&;A;#=TF=4YS!@V?AD<(6K=RV=:33L!9!W,/YE:XW[9UU>6-_8I'>LM87
MUH?6RZ3+RS.YZ3Y+WA=XH_4<&<'GE.OG.$6N$ ]5/\-GAM1Y.,GH?5DL]L43
M:H>\(6:V;5W!>;,ZME?N>E=@0\Y+V&Y7V=F)MVRM?':F.2X>++DR2#30R7+=
M5PDL$2ZX\*K2NH^5^O>2.N;7;ZG4M5Q*_P AM!QBN34..N#K4\MI%W=).1?O
M'TK899SKN95:F</2K2QC)-DS2!F+5NQ3#J&         K/R]^@F:_;K27MPU
MR LP                         KC.?:ZU?]W'?'M-XY .>/\ .< =!.%O
MV.^*7W;](>S2L@+, *S\-_LOZ5_8MI_S3L!9@!Q^Y*>$S$\D:%::E.[NE(FQ
M;$Y+;=W7L'9"-4FBW5]KO;E;4UJ[TS5Y:N[,JCN"CZYIF+@JR@L^5F(%^VA$
MCR,$[*?""03/:_#[C'T'S2J=%NE.I-/YN6IU8-BU5SIF(L4%&,GO'"$TG*1+
M>)3MD#$S*MHN5<;V><=O&YCRB3A['F(FLYQ)I! 6B/"16TUMW2^S'W(R1M4-
MKB<A[Y9Z CKM>(B)2^4@O*UAJN*UE+2NQ[7+ZITEKBM<NIR*95)8]@6RRAXI
M,LHD1)T5T'9<!6?D5_U[C%]YBL^S;:H"S "FG.OB#&\U](--3N[:6D2M?V+1
M=HU2P.X>9L4&A9J+)*.VC2SUZN7/7-BFZ_(LG;A!9%C/Q#HIU"*D<8[/)#A6
MFW^&*_M6KK[47_(B?LVQ9G7O#G7FN=O[$JTW/6K7#3B FPE8NPI2=.V9KJZK
MW#8.PG,W8Y&6AIZNR2$C+%ZBZF&I,J!ND1X;U6C]<<.=7O+TQE8/A%:-?+ZA
ML*^O61=A*ZZJ7'U_I:S4";N9[*N[(O?9Z66L#N08),D4\(,V1F2V6A7APWO@
M1PE5X3T6W5>3VHOMV<M+G6,82R9IK:A-8^BZ1TEKGC[JJOF@&MALZ;N>8:_U
MDR4F)7#E(DI*KKK)-&2'9-4@OD K/I_Z=>6_[>:L]AM" 68 5KY3<::MRDU[
M7J185HJ)D*CMW2>WZM:GM6CK3(UV:T[MRE;-42@R/G#):(=6Z+JCB"</&SA)
M9)C)K>14O614"C5(\)R+UM+<W,USD+;KE4N>$<Y8;=JF\-?4C8YD3OZMNY@^
M?M9^OEUU)S4@I;=L,72:LIAX=&#@21)<]*C9]'AYM ^%C9])W3C/8GW**9NT
M+H78^Y=Z3D3(:^D5K/=-U[S)MUGL&6B]E7':5]N430+1$[41;R,585KA-+FK
MS-5O-M%'$EEX'8(!$F_OH(W7_E)L?_!TR S6I?HJUG_E]3/\.1H"00'F>LF<
MDS=QTBT;/X]^V79/F+U!)TS>LW21T'31VU7(H@Y;.4%#$43.4Q#D-G&<9QD!
MR]JGAAU37A-%2.O;M6:W;>/EKYK6"BSQM-5QXT)#<N)/=<W":^<PR,^P+C7V
MG9?</:MXDC@K*5Q'=7*3+SC)D@A6P>$';-H<++)PWW9R]F; UMDI<-@6_;.M
MM-Q%#N>U-VVS-J46V1O"-O%^W)7=D1F7M@:O5H-)"(;)/86.-&+1:#%DW:A8
MGB9X=N>+V\[/MUQO&>VA&KT^^5:C5^>ID/!S\$YW+<J%LC=$]<K?$29FEY?6
MB^Z[8NHE-")A4H1DJNUSAYURK$#I8  *QK_;,B_NQS_M4K8"S@
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M>>KWJ @OGV >C7DYWGJ]Z@(+Y]@'HUY.=YZO>H""^?8!Z->3G>>KWJ @OGV
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M91L-%<G*(O*JK*$+&8L;<B_44*L1(.H(   *S\O?H)FOVZTE[<-<@+,
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M7#6IZ\M%@5VBG5=(EL$12Y>DV_;TRGJ26<?!?PW&*99HF5:^>8+U3!UU
M 5QG/M=:O^[COCVF\<@'/'^<X Z"<+?L=\4ONWZ0]FE9 68
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MHR/3:)]>7,?")&7&FB)%QT^0E::8Q_XO:!<4   %9^7OT$S7[=:2]N&N0%F
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M60%F
M                                                         '&/
M^<X Z"<+?L=\4ONWZ0]FE9 68
M
M                  <8_P"<X Z"<+?L=\4ONWZ0]FE9 68
M
M                                        <8_YS@"#.,'V:^/G_F\?
M0GJW_LW_ +1_[)A/^UO_ ..?_<?_ ,+U $Y_G. 'YS@!^<X ?G. 'YS@!^<X
M ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS
M@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G
M. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^
M<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. '
MYS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X
M?G. 'YS@!^<X ?G. 'YS@!^<X ?G. 'YS@!^<X ?G. .9/YGW_FI?_+_ /L(
#!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>pg26img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg26img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ *8  0 " P # 0$
M       '" 4&"0(#! $* 0$! 0                   0(0   & @$ !08)
M"00) 00+ 0 " P0%!@$'"!$2$Y<)(1055QA8U1;6%[<X>)G9,=$B=I8WUZC8
MU%:V=T%183(C)+0U-G%",V0Y\(&1L5)B<E0E9B>'$0$! 0 " @(# 0$
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MQFL/DN >QIQ ]U/C;W&:P^2X![&G$#W4^-O<9K#Y+@'L:<0/=3XV]QFL/DN
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MWZG?%+[-^D/HTK("S
M
M          #C'^,X Z"<+?J=\4OLWZ0^C2L@+,
M
M                               .,?XS@#H)PM^IWQ2^S?I#Z-*R LP
M                                     -.9[$U_(VZ1U_'WJG/K[#M"
M/Y:D,[-".;=%L5,)Y3>R-;1?'F6313"I,E451*3.#8Z,^7 #8Y.4C82.?3$S
M(L8B)BVB[^2E)-VW81T<Q:IF6=/'SUTHDV:-&R),G444,4A"XSG.<8P ][9R
MW>MV[QFX0=M':"3EJZ;*IKMW+==,JJ#ANND8R2R"R1L&(<N<E,7.,XST />
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MB*=3L.@Q=2\*WD&BTM%-93"^8QS)1R:QGC%"1PU5R@=4A2K83-U,YZN>@,J
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M.7*;5!!OEPJ<R:9"9P7 =-
M!QC_ !G '03A;]3OBE]F_2'T:5D!9@
M        ?,5DS*Z._*T;%?*I%04>%02PZ40)GK$1.XP3MCI$-Y<%SGHQD!^8
M9,L*.EL-&N%7I2%>JX;I84=E2)E-,KH^"=9P5-/.2EP?.>C&>C'D >SS=O\
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MDR]/5(F4I"%Z<YSGJE+C!<=.<](#S
M       '&/\ &< =!.%OU.^*7V;](?1I60%F
M
M                             '&/\9P!T$X6_4[XI?9OTA]&E9 68
M
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M<E9"YD49S$;YJCV"J$U*,F>5V#9PX\RRX9LBF+C.<8/T9-CR )7
M     &FQ&PZ+/RR$#"VVOR4XYAU+"WAFDHT5E%H)*04B59A./PIYT>-3DT3-
MS+8)V>%BY+G/3Y &Y!N=@
M        #C'^,X Z"<+?J=\4OLWZ0^C2L@+,
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M4R<^<^7)C9-TYZ?](#)@
M    .,?XS@#H)PM^IWQ2^S?I#Z-*R LP
M          ("Y*UF(GM46)_(1J;Z1K+;,S +',M@["2P=-MERD5)0A539;+'
M+U3X,3RXST=;&,X"2J=6D().5D$I!^_4L[QO-*D>DBTTX[!X]H@2/8EC(Z/R
MHU3RD8_:.<N'9S*9[18^,%P4-S   !^9QTXSC/Y,XZ,__6 IE?.(%'='*[US
M3:/&R)(Z9506M<C>W[-C9U%([,#)MX]C.E0\Q;(8>IN4B91.?"Y,D,7)<](2
M=7^-NK8E6OSBM68H7&&B\-TYF,?3.$(]^Y:G))K0K1^_=H-FBKU=59-)1,Y>
MMG&3E-G )\^4P52O)5.NQ%<1DI>82B&A&A92>=D?3#[JF,<SF1=I(-DEG*AC
MYSG)$TRX_)@N,8Q@%;   ,(M6:VY<.GCBOPCAV^PEAZZ6B6"KAYA#)#(X=+J
M-S*N,(F3+DO7SGJY+CH_( S8          K!RED[,QI64(E\W0K[Z)MJ-N8*
MUF3F5)!D6$,:-R2::EQ&UA)G(Y*8ZKLW_,].$4RY-G.2AO&@8RU1.L(%I<)*
M?E9;/;NDGEF/$FEO1CS)'48V6]"2$I'%29M%2I)]1;.<D)C)BIFSE,H3.
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M=B?*)CD*;"2A38Q_I*;&<>3. &8
M            <8_QG '03A;]3OBE]F_2'T:5D!9@
M                  <Z]Y[AB:G?;4I*5*RR!FD6X:0=.2F9>(G;<ZB7\"E8
M[?$HHN%O0M:Q!K&9D<$0,WDTL*X<&21-E3.IGZW>V;MOPZ$1RYG4>Q<G;>9'
M<,VJYV?:)*^:&60(H9MVJ&<HJ=ADW5ZQ/T<]'3CR#+3[
M        1?N,\ WU_-2%BL.*@UCLLW#&W9047^+,RX=)1D3+9PDFH9)%-Z_*
MFL?/5(1!4^3G(3K'*YO25%/':5<KO+/%N9=\BBQ(T)'55^A&$PW1(=3#J5:K
M1[U\4IU79CE50RJN9)$S?)E38,3&-^S/K=MYU:88;
M                         <8_QG '03A;]3OBE]F_2'T:5D!9@
M                               5'Y>VU6LTAJR)78&23L[2QP[F?E9B
M.C7]:2\P;K)9A&;E([^;=2[K":"C=L9/)4L944-@I.C(2[HNW35XU=5[%8C5
MP\TX2?-) ]26>.*]E:,D7<<7T<L_,=RI@J+8N%<YSDO;8/@N<EQC.1]I;
M                    !6GE/;:W%:LLM3E)%HA/VZNS*]<B';9PN2;)6<L)
M::0P8K99H0J##HR;"QB=8IOT>MT9Z S>@XS64E3HB]T"*DDVTPC*-&+VR-GR
M<W'L$9M]YW!L"2W6>15=2E"*G:MDNJWREDAB8R7)<A]I))TGL%
M                                  <8_P 9P!T$X6_4[XI?9OTA]&E9
M 68                                      %>.1[VK/*!/U5Z_KV;>
M]ABRU<AI%S'$FG*+.<AVKIY#-79L.5#$6<IHY,CCIRHJ0G3TFP!;B=H=RT>1
M4<[8.6KUFY9-EFSMDNBY:.4CHDR19NX;G.@NDH7RE,4V2YQ^3(#(@
M                K7RAIC>P:VG;"9](MWM6@)O+)HQ0B3)OLS"3=@ND\<N8
MMS,I-TR=!\)LW34JJA2Y5[3!2XP$U4NMLZI7(Z&8+R[A!)/M^UG)>3G)'M7/
M0LJ161EW+M^HFD<W53(=0V$B8P0O04N,8#:@
M                    '&/\9P!T$X6_4[XI?9OTA]&E9 68
M                          %"]RWC4:]FMLE=7_I:JU!H]AYEVA7XF577
MF2.&L;,5"&[2,S\9/B\BX7RZ1(L=W'.W!C^0R29<:S^6?^EX87T?Z'B?1+7S
M**]&L?1K/+-6/RT89:I>9MLL%DD5F64&_5+V)R$,GT=7.,9QT#+3)@
M                 T#9)<.ZE.,&[IKZ1Q&K2"$0XDVL42=29G3R:&=/7*B6
M64?,+'(T4<E.GV)ERYZ^,_E':/M-+;#1F+5#VU&"2BV3"NO42)S+Z5M7IZ50
M=.)!>5.J=W'JQ+E@1L5L=NL1--1!5(I#8)E4UN>$G6>5@!%
M                               <8_QG '03A;]3OBE]F_2'T:5D!9@
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M1^7RJ'HR&:5]@F21D7<GV3:)8G4:M2IF>9QGJYSE0_2?/E-D!O(
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MB;G'6,L<QLGZ?]'0 D4
M   !QC_&< =!.%OU.^*7V;](?1I60%F
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MOE,<QCFR;(6'(0J9"D+CH*0I2%QTYST%+C&,8Z<].<]&, /(
M    !$6]*5([!UI/5>+7=M73I2-?8<QIBXF4/0LBVF4SP::[AK'.I?SE@GA%
M!Z?#%?.<D7Z4S&P"6;,G%5ZXD\@[=MB7M]%N98+%BU]%1ZEE52?N,S[RPRTW
M-^=.?0^$/,8>$110*U\R[7SB.>-E&YNT+U5 )N?UVO$"@
M                            .,?XS@#H)PM^IWQ2^S?I#Z-*R LP
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MSKK.?-R]D7S9LU03PB4ISK&.%JP
M           '&/\ &< =!.%OU.^*7V;](?1I60%F
M                  ! 7)E3)-03A"9.51Q+51HBH0I#Y16<V>)226R13."'
M*D<V#9QGIZ<8_( BKDQHF^[@9$AVCF.L3)O7K/F&4E&\'%JU^S2;B!:LW3-[
MENY<)K^A4WQ>W*@;.2FRW4_X#E; #'+0MO@IK5FE+-+Q5NH\11ZG+S,.2'CW
M-R+FNND('!31E9,DX7K*!$BX6>%CB)JK?HDR3H,0!"_(M>G-;.O6->2$OK]]
M;F9HF9;PF;]K^5N%]N,A#X*K8'3*L.)66GFM+BEW$6ZSUE<*Y-CM"EZV<"+A
M:YA+4CL^W659U=$:C-,WA6T+,)MVE:1DD7<:1*48-72R%C5FGR"2Q'"CEFFC
ME)(F4U,];. %B0                   4SY4Q-O>&CGK!]9BU%.,C&$M'-#
M1J%7/,.[Q7E8N0D5U7JLIZ90,VPBVRDQ.BCA;*BBO1CL\A9+6<%(UBAUJORN
M9#+^)899KFE9HMBDC]DX7[([V;*V9%DESH9+DRF$4^GIZ.KCHZ &]
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M$HYAX]>1PY8I]DR<X>JMS.<.&:7Z*1^MUDR^0N<8 9\
M   !$.YJC9+K6VT/!OCLVB<BUE95!JFP4?21XERWD(ECU)1LNU/%YD4"J/")
MG;NE")E*BJ7.38,^^DN^&)TQ?9BZ*6AI)]0A:TO&Q>4_-I$AC/3,\&>*)O)4
MK:0=IF.3KFRJCG.#*=)53ESCHMLO2>O[7FXG01H
M                      !QC_&< =!.%OU.^*7V;](?1I60%F
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MD<W>K.'R:$@R\US%G1L*Q?\ F(1X1=4QR9[ YL8ZIB^7))=6"!0
M       ! VZ)39T!&.).GNZHXCWCVF0R$1.)239;*S^P+M+$923CTG*I$G\6
M[030R0A3MU$C'Z<]., -\I]';UER^D%S,W\L\)A TN5GE.3<-U%//G?I%ZLL
MX</%5Y-4Y^GK%)@A28P7&<9Z222=-]!0
M               '&/\ &< =!.%OU.^*7V;](?1I60%F
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M,T/"UM!GDL@PR>7D'99:4D%GCMG#F*=+LD#Y2QT=&,X*->V\:G$N+CC*@
M             " ]\K22D5 QL>ITX<S+%TJU+'K.SF-'OF;M!Z5<O512.P42
MZY$3G+YT?/4Q@WEP E2E'EE*I!FG7+]Y,88D)(NY.-1AG[MRF8Z:CES%M\Y1
M8'<=7KX3+G."XS@!M
M  #C'^,X Z"<+?J=\4OLWZ0^C2L@+,
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MQG '03A;]3OBE]F_2'T:5D!9@
M   05O\ R4U;IK4_24CW:VND3*E.F0R&49])\FKCM2F(;.56A2=&>CIZWY<
M-NU5%V*%IS6-M![ M+MY&8[1S:)YM9)MVW5DW*S5TZD61SLRD604QE)!+]!L
MCU4^CI+D!(ILFP4V2XZ38+G)<9\F,FQCR8SG_;D!4O7FNDJ/L^#GXG1U5JKJ
MS,+RTN=SC-AN7#J*6F95"TE8-ZR[.J2?7L<JS05>+$PF=FIC&"]=+IR ML @
M;;[*R+SM%<1KJS8@"/3,)YC&XC,5M4\E-5TC!_9<KNR2ZZK+*"A&235!0F55
MS&6.0I2X,@G5))) A4D4DT4R^0J:1"ID+_\ I(3&"X >P
M !"&R+]=J:NME*G(2-<>R]3A(J692;=S*.EY[$JVE4U()='!BK,I C)-#&.U
M37375,IE+"?3FSF\I7W:FUZ:BIV/)F:,4>;EL2+QC'XC$(AU)';I8=R[!C%,
MVB3)!<N$VZ2:O77*BV)@YL_H]"W?HG"81%
M                  <8_P 9P!T$X6_4[XI?9OTA]&E9 68
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MJL%S2L6S?&6BU3.(U0SE BACL%S_ *2[/)C9[,^?]\G1G_2"L\
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MIHHI%P1-)(A4TTR%QT%(0A,8*0I<?DQC'1@![
M                      '&/\9P!T$X6_4[XI?9OTA]&E9 68
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MT"9SC&/_ &< 7E+
M            #C'^,X Z"<+?J=\4OLWZ0^C2L@+,
M
M                                 .,?XS@#H)PM^IWQ2^S?I#Z-*R L
MP
M                                                      XQ_C.
M.@G"WZG?%+[-^D/HTK("S
M
M              #C'^,X Z"<+?J=\4OLWZ0^C2L@+, *!<?]236U--:_V+:]
M]\B\V.XPIYZ8]$[0<1$85X^?O5#I1\6SBR-(]DW+G":2*9<$(F3&/]N0F+V9
M$/7UR;[X9'X. /9D0]?7)OOAD?@X ]F1#U]<F^^&1^#@#V9$/7UR;[X9'X.
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MB'KZY-]\,C\' 'LR(>OKDWWPR/P< >S(AZ^N3??#(_!P![,B'KZY-]\,C\'
M-7H$%.ZYY-*4%+9>SKI5)K1#RWK1>Q+4:V896*+V#&0R$C%N'+)!RQ,K&2BB
M2I"G[-3!29R7K%Z0%PP
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MN:08NW[#$BR2>X35,W77;G,7K)*'3R4V0E0!6-?ZYD7]F.?^E2M@+.
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MJBFW:M6K=,J+=LV;HE(D@@@D3!2$+C!2EQC&,8Q@![P%8U_KF1?V8Y_Z5*V
MLX                   "L_$/\ <5$?K]O'Z<]D +, .'U1\=KCI:JWR)LZ
M6G]VO&W'C4NTMS2\/13:OVU;9BJ:EVLZT_86<I4-9;$LUCU;.N[(V\];IV]O
M"-209%Y!PX0;M7!DPZ4[+Y@<>-,8UDGMK8K&B/MM1:,U4V$A&3TJHE"F?52(
M=V*SNJY%3,?2Z?%SUZAXYU.S"S&%;OY-J@=T55PD4X<]-0^.!QMVU?X^IJ:^
MVSK"L.8^:GY'9NX(F,U[3(:L,K-R&@X>:=N9Q\@NMF;BN,5IF#-TL'49Q[;&
M%?\ CI/$6H71K_B'\-K+;-3T-CNN.87;=ZKEOK:I6BI[ I5CF'",Q+5]HVEH
M:XU*!D*:XL,W!/&L*G-IQQYU=LH6.PZR7(#6:/XD_%BV[+V-IZ8MTEK_ &-K
MS><EH,E>NE>FV1+O;&FP=<:M9NZ%.,6#^NV=@_O.VZZQ62;NS/HG,NU4DD&:
M*Z2A@T97Q8.)2%W;5\UH=KTEY 6"RH;78(ED*OB,@ZCK&TM45(!MDU_5G+6Y
MVM'1D)&-XEQ(2LCTI((F,JAA4,+3/& X<V"LS=TMMDLFL:Q&2,O%QZEIJ=BE
M;+-+P5PY/5N14)0Z5%6B[0S=&$XF6J?/F08M3H1+<QG!$%T'**06IUOS2XP[
M>V58M1ZUVS$V^]U>NV6V2<?%PUJ]#N*[3)*K0MPE:_<',"WIEM;U2<ND8PDL
M14@].Q?.?-EL$7353($217BC\#II.KJ1_("+/\;[;+4>+2<TC9\>Z8V.#LFK
MZC*M[:SD*2U=4*.9V'==2;FD)PD='Y^,+%0J^4ERG ?9K?Q(>*^T7G)!_7[L
MNSUKQ>H6O-C;!W'88F2KNNY"L[#-L[#&3I[R::L9>TQ+-+5SM1.19M%8R6([
M;9C'#WM,]4(AN_C#<.JA:(RJQSS:MU>.U]6I2[FM:?V#@M44VAON2XY)0UFA
MI>!C+=%7ZH[#B5RRE65C"V0J&"^;LEU382 2(_\ %<\/2.:2KY?D_25VT-KZ
MH;/>&C8FZS"BM1O?S>YK*D6WB*N^<3MC=I[8K2B\$Q*XG6*,XS4=,T2+%-D-
MBWSS_P!3<?KG1Z=9J;N":Q>N/F\^24?9H+7DNA565)T-1B7^P5YY*V+$%VFR
MIV$R?+*NH$6E&_9]=^DS35;G6".(;Q1](.>(FN.95EK%NJ>OM@2^R(E6JYE*
M#=+]6W.K=?[?V19XN0B=<6^WQCZW-H+3,F12#:O%)1FY-A)VDW,BXPD&;:>+
M!P'6;FP[WPUBYY",HC]]27=(V.XO3-[L-E7'<'64ZG$U&2EYFX,%+;&-I:+C
M4WKV%>/D$'R;=19(IPSM7\4'@==7VN8NK<A8&9E=M6XE(UW$M:KL/$K9IQ:$
MUS96KAO&+4])\SK$A7-NUE^UG'*:$(Z9S359%V=-3K8"_ "L_+W]Q,U^O6DO
MIPUR LP  *;\V^9U*X/ZXHNQ+O6W]G;;#V]5-,035O;M=4&,8V.VPUHG&,I9
MKKM6V4NDUJO-VE3<$4<.GQ,Y7423(4QC^0*]5#QA>&%SU?6[PRN^8:Z6;43+
M<S33=D7BF%R;5EXLMU&CFQL)"6UDK-+1#968:-&TXNY?U_!)5NFHP4(OD-F)
MXK'$:&;V:0V/=C:\BJY(.HPKY5E)WE22=19MWO+ 9*+UM&VV68,:W6N/]AEW
M[IT@BU:Q[15110O8+=0+(:OYA\;=T[1M.F=7;1C;CL2FQM@F)F(CH6TI1JT1
M4[4WHMHE:[;'\$TI]QCJ[=G.(AZO#OWR36335:J&*LBL0@02]\3'CC7-D[1U
MW?7<_0SZJO$]KJ4F)2-4G5+!:HNP<>JG#LJC4Z5BSW6?+;K3R3@8R/[*/[4[
M[!TCIER='*@:ILOQ>N#% U]/7V'VJKLO,1K)3:\=7Z-6+2L\LE=1H;+:3N+B
MIZ;A8:F-[M':WD4)MY7WDDVFV+!=([AHGE9$J@2 MXH? EHZCV$AR/JD3(R-
M;V#:O1DW!7B$E(F,U:OLEM>&=HC)>K,G].L\4OIVTD2A99-E,R!H!]AFU7[
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M2'T:5D!9@!6?AO\ 5?TK^I;3_JG8"S       K/R*_[]QB^TQ6?HVVJ LP
M     "L^G_WZ\M_U\U9]!M" 68      $2;^_<1NO_*38_\ @Z9 9K4O[JM9
M_P"7U,_PY&@)!         5C7^N9%_9CG_I4K8"S@
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M_P!Q41^OV\?ISV0 LP                       "L_+W]Q,U^O6DOIPUR
MLP                         KC.?6ZU?]G'?'TF\<@'/'\9P!T$X6_4[X
MI?9OTA]&E9 68 5GX;_5?TK^I;3_ *IV LP      *S\BO\ OW&+[3%9^C;:
MH"S        *SZ?_ 'Z\M_U\U9]!M" 68      $2;^_<1NO_*38_P#@Z9 9
MK4O[JM9_Y?4S_#D: D$    !#^VN/VC]])U=+=.IZ#M)*E3.9^IIWJL15D)
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MCOCZ3>.0#GC^,X Z"<+?J=\4OLWZ0^C2L@+, *S\-_JOZ5_4MI_U3L!9@
M   5GY%?]^XQ?:8K/T;;5 68       !6?3_ ._7EO\ KYJSZ#:$ LP
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MZ-*R LP K/PW^J_I7]2VG_5.P%F      !6?D5_W[C%]IBL_1MM4!9@
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MUJ]BS6/)&FR,P>Q['88UR\13(\92+!RV>82,5)LW"P"_US(O[,<_]*E; 6<
M                  !6?B'^XJ(_7[>/TY[( 68
M  !6?E[^XF:_7K27TX:Y 68                         5QG/K=:O^SCO
MCZ3>.0#GC^,X Z"<+?J=\4OLWZ0^C2L@+, *A\/[E3V?&7339W:ZVU<H4]ND
MLW<SL6@NBJF]>IJ)JI*NBJ)J)J%R4V,XQG&<9QGR@+(_'RC_ -\ZI^T41_;
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ML@^4RFH; =6P        %9^7O[B9K]>M)?3AKD!9@
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M 0#V:>.7J TGW547X! /9IXY>H#2?=51?@$ ]FGCEZ@-)]U5%^ 0#V:>.7J
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MI@V2=H;HZ.MGI"YP                   *S\0_W%1'Z_;Q^G/9 "S
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MG7S+_EFB:'4?.%>S\X646,%P@        %9^7O[B9K]>M)?3AKD!9@
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MOJ9>R9OQF+Y\0EA21P\RDOE$N0[.@ "L:_US(O[,<_\ 2I6P%G
M          <ZN->@&5IU2G/J;:W]!'E-C[U=&B:OMJP0<"QRIO79&>PC(EKC
MS=@T)^0B9/T2XP GGV8(_P!>/)SOPL_Y@#V8(_UX\G._"S_F /9@C_7CR<[\
M+/\ F /9@C_7CR<[\+/^8 ]F"/\ 7CR<[\+/^8 ]F"/]>/)SOPL_Y@#V8(_U
MX\G._"S_ )@#V8(_UX\G._"S_F /9@C_ %X\G._"S_F /9@C_7CR<[\+/^8
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M^O/VUK?PD ?.[J?UGZ\_;6M_"0!\[NI_6?KS]M:W\) 'SNZG]9^O/VUK?PD
M?.[J?UGZ\_;6M_"0!\[NI_6?KS]M:W\) 'SNZG]9^O/VUK?PD @>)M=7M',E
MFI6;) 6)-IQDFL.SP4Q'2Y&V5]JP'8X<&CW+C".5NQ/U>MT=;J&Z/R9 6[
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M>;=:XS<]Y/OXU6H%'K"FT838D+1$V&A)!PK:WM2F8E4V>P65CU,]) [S
M *XSGUNM7_9QWQ])O'(!SQ_&< =!.%OU.^*7V;](?1I60%F $6.-&:2=N'#M
MWIW5CIV[76=.G3C7U27<.7+A0RSAPX64B#*++KK'R<YS9R8QLYSG.<Y >GYA
M-%^I;4W=S3_@8 ^831?J6U-W<T_X& /F$T7ZEM3=W-/^!@#YA-%^I;4W=S3_
M (& /F$T7ZEM3=W-/^!@#YA-%^I;4W=S3_@< ^831?J6U-W<T_X& /F$T7ZE
MM3=W-/\ @8 ^831?J6U-W<T_X& /F$T7ZEM3=W-/^!@#YA-%^I;4W=S3_@8
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MY&C?6FOT&J:>4DVR--KB3<B625I/*1$21I4RIY3ID.7JXQT=$4SQ^1JAU D
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MV')+^7_^ 0!\P=U][#DE_+__  " /F#NOO8<DOY?_P" 0!\P=U][#DE_+_\
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M.27\O_\  ( ^8.Z^]AR2_E__ (! 'S!W7WL.27\O_P# ( ^8.Z^]AR2_E_\
MX! 'S!W7WL.27\O_ / ( ^8.Z^]AR2_E_P#X! 'S!W7WL.27\O\ _ (!F*/H
MGXI[ 1V5.[:VML^Q,:=.4:(+?W&O2QT-"62;K4_-F8M*+KND'6?/W]188RHY
M.XPFFCDJ92]<V<AS=_&< =!.%OU.^*7V;](?1I60%F
M
M                                   '&/\ &< =!.%OU.^*7V;](?1I
M60%F
M                                                         '&/
M\9P!T$X6_4[XI?9OTA]&E9 68
M
M                  <8_P 9P!!G&#ZM?'S_ .;Q^Y/5O_AO_B/_ (3"?^+?
M_P!<_P#V/_PO4 3G]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ?
M?. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!
M]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??.
M'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X
M ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS
M@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??
D. 'WS@!]\X ??. 'WS@!]\X YD_>??\ S4O_ *?_ /0@'__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
<FILENAME>pg27img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg27img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ +4  0$  @(# 0$
M       (!PD%!@(#! $* 0$! 0                   0(0   & @$! @@(
M" L"!PD1   " P0%!@$'"!$2$R$4UI>W&%@),15V%S?7.'A!(A:65YG9FE%A
M,B/3E#55E;9WM#9QD4(S)&4Y@5)B-&0E)B<Z\*%R@J)38Z-$5+569H<H&0H1
M 0$!  (#  (" P         !$2$Q06$"47&!$I$R0O_:  P# 0 "$0,1 #\
M_K;X?\1N*,SQ,XPR\OQBX]2LM*\?--24G*26EM;OI&1D'VNZZZ>OW[UU6E7+
MQZ\<JF4554,8ZBALF-G.<YR HOU-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)<
M ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![
M*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:
MP\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-
M.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;
M?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7
M /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>
MRGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QF
ML/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]3
M3B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&
MWS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\E
MP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('
MLI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9
MK#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4
MTX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQ
MM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)
M< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B!
M[*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&
M:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U
M-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\
M;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R
M7 /4TX@>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@
M>RGQM\QFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\Q
MFL/)< ]33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]
M33B![*?&WS&:P\EP#U-.('LI\;?,9K#R7 /4TX@>RGQM\QFL/)< ]33B![*?
M&WS&:P\EP#U-.('LI\;?,9K#R7 :A/5AXU>SSHS_ +8'\F?HEH/^[?\ ^7_]
MW_[$_P#)?^8_\$!MUX6_8[XI?=OTAZ-*R I@
M
M                            !IC_ &S@#8)PM^QWQ2^[?I#T:5D!3
M
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M2PU5R@=4A"K83-V,Y[.>@<J
M    TQ_MG &P3A;]COBE]V_2'HTK("F
M         !_ [QQ?\>]5^\KX]M=45W7G(7;-E]Y?MX]EU+LS0NR./GO>^+DE
ML:Q;!2V!L/<VZM77:<HG(+C)2XN56?'3M^31<C7'S0B14ETE2-PS-+\U=M\C
MN$'/V(WGS;V1<^3=SX$>\[6Y(>[=4XZ59"D<3YG6JMMK>MTB[#J],KEYTQB'
MJB+9JS2MTI8,[!4D<N&ITE$R=0[G;.8_O"N&VB^1^KZ%O^[;>1H_ ?W4V\JM
M<[;KG4S*8XR0._;^^U'R#L%':U35R,.:C4.@5K#]D>RQMF-7\I&D7YWR3=YX
MP'==*\Q.?V_ICA5I""YR3R&NM[\UN=^F&')C4K#2&V=@6[0NF.*;#:U0:R^R
M)'C;5-'W2Z539361C&UQJ5;3A)-L9/\ YUVV7ZAC_C)[S#GM4].:JWUOSDUM
MW:;+?/N>N87*6V5NOZ$TM*2FI-M\<MMU/65"O&G:1$5*C8FIDU=L&9"=8667
M=Q#YYA9TIAJS(F@@$D;*YA<G^1'$/E%";:YK[!DM2<8?>#>Z>OL)OVN670VQ
MY"(TSNAY&2FPI:W[8U[Q\UYJV\4[66PF'QZV.UKRD5&3L5F+</)IDV/XP%C.
MN9^VM>[-W769/DN7AEQ$V7[X/EY2MX<\M;ZCT3#6"#K=)X7:$OO'MC8;4\U%
M,:Y/+[^O<@XR[M\U#/I*438)QK9T@D9(B8;;.3/+CD91_<;^M7H;;%RV=MXV
MK]3/UN2D_P :U-;78M L6T*E4ME\EE>,DLTE48>0K&JI"2M*,>9LM'93;E>X
M;Y99PB T*4C9JRG)'E-=-:[T)S/I]W]\M[ABHP7)#9.K]0W!SM&AKUA6LR-C
MBLQFKXG7WQY6<LE8UE<:U#QKPBK+QQDX27-E8P9JTM[V7G!=N2^_#Z2V]?\
M>["W<2O>9["U9QTVM Z3-=J5R%XR65ZEHF@K:8U+K"'MVE9PS!F=NE4K!>+A
M8+3%X)).R1ZCIL7(8<EO>L<QZ]JWEP\T3[PW8W)AQKGW3&@N2T1<[AI;34#*
MZTY;7SE)1J+MZLM(R&TO4VLPQJ$;*NHSXJ>M'^8(KE2.<J*OF1E2!G_G_P \
MN8_"K?=2T;4.=6\+WL30#;A]9K^AMZK<6M=U;?4)R+W[(I[(E:_18/1\S?-X
MUJKT%_F'?N8-_0HG7K6-0.N^DY-QT5#(C3DG[Q+9?)V#@6O.G;^O*-MOWTW/
M+W=K.G5C5''=S'4+CGJBF7+8--L5.D[5IR=FG.TXK-5.RC9R4<R3)!F=,RC)
MRJFJHX"_N,G,_FK;?<%6;ETR:+[QYK4K3?*;\F%7%*:$DK[<-*[6VQKNGV20
MH%481;.9G5*]3&DBXC(]LAB6=IF323+E?!0&@WF-R-WERIX/<YM,T_G+LWG/
MQ6@--^[MVO9N1;C66H:XZ@^2>U>5=&I6U>(LB>GZDJU9F:DG5I9K<E:^HQ4G
M*NZCVT9(O%6QWC5T&]?WN6EY&KZ_]RQHW6-SF**ZJ/O0^)]"@-E5>D:S:SE6
M:P6D]Y0JURB:1&T=EIR'FC-6YU4&R5<3KK-XL7)(WQ9,K4!KV2]X3RQ8:[X]
M:VY'\Z[WQET/'\S_ 'GO'3>/O$2:QU%F_N_5.MQ8CBQ0KC+S>JYW3%$FMIM5
MY!5Y(EK;=2?/7RL&AD7+A4ZH<2P][SS:H6K-67CE;M![I:=W5[E+F5L;3[:3
MU-%50NW^;NM]WS-=X[WZIU20J,C+H[/V+I%O$VC\CR9-&)H2N5#,,(E+V _$
M_>:<T*ORSX.M[WR5LMUIVRM<^[%S8-":A/IFO;<?S7(34U/D-QR=QX\[6T!'
M6GDA5]B7*:=OW5NU3>&[;7;! R*[-)RBJED,W^[[]X)SSW5[SE#5&U=O0A4Y
M'<O-NE[]X=SS^EJN](ZKTW(2#'0=LH%*I^A8_9FMW1CH11W$_>+Q(P^P&,VH
MK%$(X022('9/>S^\WW]P\W%[RS6T1O9_JZ89>[VT%M/@C6%*769:1G-R.=F;
M&K^Y+#KI&1ITRYO#R%AFD:>9;N\OV,0Q0,Z.D@D594!TW>G,CGM6>0_+/8U;
MY47B(UOQF]Y%[L;C_3- H:WT^YU[;]:<I:-H%MNF'N\\^UTZV/(D>/MA+O(M
M5A-,%HMVHN;MJX4;%:!*-7OEJ+SVX'VZ];NFN/&LXCWZ'OF=1.%Z%1-1Z\H5
MCGFKQ6-U'#7%NRU=\66>_;Q.Z7I[B8D_&9N4:R2ZS5TA*Y-( -@OO@^<>U=!
M\XV6ER<]K1P>TPK[L_<O(2#F:S0]1VM:W\F*/M0L/JVJK/\ 9.MK\X11MQ>C
M,\6VRW5GNYQ&-#I/7J2F0@%_S*WKJ^_<R>1FTYG8G&_D#R"XJ^X#J>S;?1X#
M6U9^:?8NZX#<KC91;;:=YPUDUEQ]HZ;K+QC*6:;B)W-0RZ3P6/=.BIXP&8>*
MW-7W@?*Z.]VKHQYS$O= ?[LY2^]0T/N7=VOJ;I6UWVRZZXST16Y:4DB35KT=
M&THMD*Q\7PVGT*C!_&;5P5VI'D54*4H;Z/<W\@=R<I/=G\4-Y\@Y[%JW)<Z;
M9VM\M&8*.K*UDE:;LBZ41O/O(&(:1\3&R,S&5E!RY(U00;Y<*',FF0F<%P&S
M0                                      :8_VS@#8)PM^QWQ2^[?I#
MT:5D!3                                       ^?#1J5R=X5LW*\4
M2*@HZPBGARHB0W:(B=?!>],D0V>N"YSTQD PT:X4<*X;-\*N\$*[4PBGA1T5
M,F4T\.#]GM+83)G."]KKTQX, //N4>IL]TEU.GA(V>[)U,ECKT2-X/"GCM9_
M%SX/" \$FC5!-!)!LW12:E[#9))%---N3)>SV4"$+@J1>SX.A<8QT >6&[<N
M"X*@B7!2&2+C"1,8*F?/4Z9<8+X"'S\./@R ]/Q='^+Y:^(,_%3($;&;>*H>
M+F;)=>[;Y1['=Y03Z_BDZ=G'X, /-5DS715;K-&RS=?.#+(*H)*(K&+DN2F5
M2.3)%,XR0N<9SC/P8_@ ?1DI3%R4Q<9+G&2Y+G&,ER7..F2YQGP9QG'X 'H3
M9M$B$32:MTTT\)833302(1/#?'90P0I2X*7")<="=/Y./@Z .M6^BU2]U*VT
M>T0Z3ZM7F!GZU:&+9=W$N)*(M$4O"3B196'<,)=@Z>QCDZ?C39=%TEX#)J%.
M4IL!'G%3W<G&_B!<K7L;7)]O778=LH=6U,K>M\;NV=O>TU[4-)E)2<J>IZ?*
M[-LEA6K% A)J:<O",6O8[YRKWBYU3E)DH70HT:+*=\JU;JJ]R9OWJB*9U/%S
MG(H=#MF+DW<G.F4V2]>SG)<9Z> !YX00QG&<(I8R50RI<X3)C)538S@RF,]/
M H;&?#GX<@/,A")EP1,A$R8Z]"$+@I<=<Y-GH4N,8QU-G.<_Q@/0FS:))G12
M:MDT553KJ))H)$34644[U18Y"EP4ZJBOXQC9QUR;PY\(#W&3(?LY.0A\D-@Y
M,F+@W8/C&<8.7KC/9-C&<^''A >I5FT71.W6:MEFZI^VH@J@DHBH?!\*X.=(
MY<D.?"A<&ZYQU[6.OP@/)5NW6,D=9!%8Z!CF1.JD10R)E$S)*&2,<N<IF.D?
M)<YQTZESG'P9 >&6;,RR#G+5MEPU3.DU<902RLV25P4JB2"N2]M%-0I<8,4N
M<8SC&.H#S*V;D75=$01(Y7(FFLX*D0JZQ$>UW1%5<%PHH1+MY[.,YS@O7/3X
M0'XHU;+*$56;H*JIIJI)J*))G4(DOV<+)D.8N3%36P3':QCP&Z8Z_  \LH(9
M[75%+/;.10_5,F>V=/IW9S=<?C')V<=,Y\..G@ >!VC53!,*-FY\)N,.T\'1
M3-A-T7.<E<DZESV7!<FST/C\;'7X0&!WW&+3TER;BN7CZOO'&\871TMQU83Z
MDS)FB$]63=]A]EOXA2L9<Y@EI UO@6S@CXR&729293*?!,YP SPLT:N"*IN&
MS==-P0I%R+(IJD6(7/4I%2G*;"A"Y^#&>N, //""!3=LJ*6#X.=3!\)DP;O%
M"X(<_:QCKVSD+C&<_#G&.@#S(0B9<$3(1,A?Y)"%P0I>N<YST*7&,8ZYR \@
M                                     !IC_;. -@G"W['?%+[M^D/1
MI60%,
M                                                          -,
M?[9P!L$X6_8[XI?=OTAZ-*R I@
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M8HC^6>)L6A57R\@5+.,JJ=K)2=M7*93&*0W9R IL
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MSDA^QG./@_!G&?@R [.
M        TQ_MG &P3A;]COBE]V_2'HTK("F
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M8[Q=RP;K*GZ8QC&.VH?.?!C *YP
M       !IC_;. -@G"W['?%+[M^D/1I60%,
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M#^#_ ,UM?  [*                                         TQ_MG
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MB8Q.]3,7H;'7KC/P@.P@
M-,?[9P!L$X6_8[XI?=OTAZ-*R I@
M    !A7D!.'KNL+!*M'%B^.&+<[Z%B*JE'NYJR/V22B^()-A)M'K1ZQ>(E/X
MU@Q,=V@4RF#D,3!L:^9M3ZN1C#1"FJ96ZOW<),-96_1=*AUW31U$17QE'M+1
MXI,625CK8V8).K3%RTZ=)NJKXPNBT=-%&Y,X[)B%GU_MRGSQ,W5<B-     #
M75RAN=D>_E-!VDR415*IL"C.*RMKF10D-J+Q;J$DC2\CXJ27RA%2SA^<R$6B
MJ5HN8Q.\ZY+DI@%I:E>H26LJ(_:M)%@U=5>(6;,I=PX=2[5N9HGW"$LNZSEP
MI)II=,..UG.<+=K'7.,=0&0P   1EN/9"3W>&I-:+0$JP_)G950MV+0ZZ$A)
M)M(5#8#9=LW4RF4I#,,X_'/E3/7)3X[.,%ZY"M*_88.UP["P5N58SD)*(X<1
MTK&N$W3)XAG.2X5;KI9R11/.2YZ9QX,@.9             0WS#LMEB\1,''
MWB.A:Y/478OQ_4G$2]=/I\[*-:KLY9M)(PKMHU90?X_C*:KQL8_?$R0JF>O0
M,H\5M;R&K=8N*Z^@LUU-W;;!/QL<I<E[XYS&S!FJ[=TYGEXN&R4SHY3F3:$0
MPFQ1["!3&P3!LA28                                        #3'^
MV< ;!.%OV.^*7W;](>C2L@*8
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M_!CKD-DYO0RY7L9Q7X/&?AQ#QF,_A\.&2'7P_P#" Y@
M                       !IC_;. -@G"W['?%+[M^D/1I60%,
M                            .OVNPMZG6YJR.VK]\WA8]=^HSBV+N1D'
M/<EZE0:LV*#ITLHH?.,?B)F[..IL^#&<@(QU/;-=3/(!!6)KCVESUBU<Q36U
MN:KQ)%*[()/'<S-RD^O J.&425-1 C##DW5!R_(=#O>^QA(6S)[9EM_2[A&@
M    !@#=3@Y;+HED4B.2O-M1JIU%"YRHGAC$2KC&$38_D&4^#/\ #X &?P
M  $X;WRJ:Z<94DC%QV]ZD.H7)2Y,=)#66QUC=DQLXR3L9+C.>G7.<8Z */
M            &$^2!"J:(VJD?&3%6ITJCDF,]G)^^3PEA/&<%-G&3Y-T\&,Y
M\/P"6;,HRW$)]S$Q:/8RGW4<R3[&>O4G8;)%[&>UC&>I>G3PXQD4<B
M                                   TQ_MG &P3A;]COBE]V_2'HTK(
M"F                                     & >15Y:TVD80;Q\Q,V^P+
M.V5+BX BIY/,DTCG3Z3F,=AVQ2RSKL&DX>+)J*EPX*GA F#J*D)FR>?$2],1
M<;-J5.PWR;H4(QL+Z0CJ#6YUQ..7S5S#Q!<E:IRL!\4O",K157+Z;D5'1&SY
M-55RIA<^<HE(1/,YMVDXF+;!0    !.^[#Y+=>/9<9Z84VKC!L=,>'I7)?./
M#\..F?#_ !@*(     3?O4W8O/&'.,XQG.\U">'\.#ZKV5@V,?QYP I
M          8?WT>,/JJTQDK.1]<2L1(RJLI>53=J1R$U9IB/@X)!UABW=N2$
M?S#Y%#!\)F*0RF#&Z%QG. @W4+4T9M;5,U ;&@;ZPK,Y-Z+>)1<A>\$A#QB=
MG=R#"1CYIZTCIB0;.TWR*<D9)QG!TN[*8Q"%R0-J0
M                     #3'^V< ;!.%OV.^*7W;](>C2L@*8
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M@V;L2JKN:U-)G>.,-TB=^<F%,_RO#G)_A 4J
M                 TQ_MG &P3A;]COBE]V_2'HTK("F
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MTRI-N$Y^1*];QKE7!L*-X5N1%%.,CS8SC&$$\=V7!"],8SVLF&.^
M         (-Y![RJYIROEI*#R^W#3&V(Y&T4B':RA)E64<UF8D6,.PRE%O3O
M7CYJV4,F5NDXSG).G3PEZA;-<EE)ZO0,ZJQ6BU9J&BY96-<&R=Q'*2+%!X=B
MN;*:.3+-#+93-G)"9R8N?!CX ',@
M       TQ_MG &P3A;]COBE]V_2'HTK("F
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M 1N@8V,YQG/\\MC&/A^$!1H
M   #3'^V< ;!.%OV.^*7W;](>C2L@*8
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M."Q=:>Q=>@$JXX91Y:P^.8RB#.:9QSMNHJ0A4VJ9C]R3LYP0AG/D5^
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M,?[9P!L$X6_8[XI?=OTAZ-*R I@
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MMG &P3A;]COBE]V_2'HTK("F
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M1MMB20>P;-XZI83MK&P@YW.'Z)#%6.J[QA4Q2$_FRMGX
M        #7WR.V-?D=J5N+IU%:KS^M5W5DJ3JQRF6,-?%)&OM<R;%J9V2%9-
M31>%LDP;$B?O%29P;N\]DIKG&B\(-\M)PL/).$TTG$A%Q[Y=)$W:226=M$5U
M4TC=M3M)D.IG!<]HW7&/AS\(@Y0
M      &F/]LX V"<+?L=\4ONWZ0]&E9 4P
M            (W=WME0N4%C;/8B=FE=AL:!5(LD!'MG9XUVDS<.EY*:6=/6)
M6D(V;&[1SD[U0N<9Z$SU 4.EJC6R,LC/)TJO_'3>9>V%M*'CTE'S6;DG2#Z1
MDFKA3!U&SE^]:I++9)DO>JIE.;J8N,X#H=WTX]MNUJOL)H_KL$:N0^&B<XA
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M0@@BV01;-TDT&[=)-!!%(A4TD44B83223(7&"D33(7&,8QX,8P(/:
M                                #3'^V< ;!.%OV.^*7W;](>C2L@*8
M                                      $KKT5A:^0EU=.)^P11V-:H
MCI1C RI8XDEB,?DD&R<NGA!11Y'*+)]@Z6>A#%Z^'!NF<6]050(.MR=QJL,]
M=1TK8(F/?LHM&<=LW3Y!%TVAG+[XK;RBR!CX538KR6/%R*YQ@AEOQ,9R;P .
M:8OF<FR9R4>Y2>,)!JW>LG;<^%$'31TD1=LX14+X#I+(J%,7./!G&0'U
M                     .'L#Z2C(.7D8>*-.RK*/=N8Z&(X*T-*/$43G;L"
MNCIJD;Y<JXP3MY*;!>O7H E6R[2?.-S4N.FJ/,0"%992DBU?O'357$N:R,6;
M2/9%2*0GQ8LJ\9.DRY<'*57Q50Q<Y*7.<62WI+<5?'3,7+9=%CGK=V=BL9N[
M(@?MY06*8Y,E/X,=2Y.F;!38ZE-V<],YZ9"RSM=UR8@
M                     #3'^V< ;!.%OV.^*7W;](>C2L@*8
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MKUJNFUCF[V.2*R1CWSTOQA(H+D;&5[:JBQ29-V$SY*7IB_?:?+.@RT
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M/]LX V"<+?L=\4ONWZ0]&E9 4P
M    (U1K\#<-Z\@("6G)N ;.H75YW+J#L3FLR*RB$;*I=RF^9K(K+,#I*%PJ
MB?M)*&\!RYQX %:XG(3\$Q%=,?P2#3P?_7> ![<2L6;K@LFPSGI^!XVSG'@Z
M]>G>?P (&VVGH^JKOH:1U-LZW9IETHUWCDJ.5V;$U9)-G)9_*^-<QDDPQ(I5
MAFU29R)%E,)8P=LGA$W0I@%[-YB,<H(."/6Z97"22Q$UUDD5R853*I@BJ)SX
M.DJ4IOQBYQU+GP9 >[,A'],XR^9XZ^#PN4/P_P#QP&'JG'050OTPS-<)":=3
MD.P>)+6BPM9&0PX>R\J1&)C#9*W/XBGAH;*"&,',7H;&,YQCH4,W
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MH1),B9,?P$3+@I<?@^#&!![
M   :8_VS@#8)PM^QWQ2^[?I#T:5D!3
M         U5[-K&O[=R(W_\ ECI.V;;7K]+IKV$+6TYA;#MR]:.X"?UXIX@@
MHV23N4%*]X[(X_Z,Z:-,E5SC!"]+)HR]P\U6:LOL[(85:>J<)=M44B'2AY"P
M1#N&ASUQR]^+X.$K3%BU?0*D4Q>F;NU7*CCQI5(N2=T4O9/+,X%[ (AY"Z5T
MOL*[/L[ T79MBJ3]0AB6"?AS.F\>5G57T_8*Q&&79+M7:DP:Q13=N7"2A3$P
M\0,IT1PIG!+)>V3.+5-JU2ULLO4]66333*TV&3L[NB6I_A[,,I&0(W*[D'2>
M'3S+%>5.CWRJ.5#&PJ8QL_R@520#7AN?<5Y9[,I+J*T_)/K12+;=VT!!OIYL
MQ1L]5^(3M'%U-(98J?%$4@V7,YRD=-10Z:.2XS@W0$G/:P%=:ZTNN$K3.T:K
M2TG8$H*:>O7D>VD3N';&+RVBW/C*R7\^HP8.C(HJ]G!NY-T\&,] 5-NQ^+VS
M;?9YJ>KVW*_5&LG.2;]",C**^A\IQ4BJV=.(Z8D:S;H1]9',FX2SB16='[#Y
M(I2'3[..S@,K?DMR?3012;[6U&4R2*:9LJ:DGLIF,0I2YRDDCL='"*?@\!>I
MNF.GA ?A:YRG)C.3;2TXXS@N>A/FILS7!C_\GM*XV,ZZ$Q^'&"=<_P . ' 2
ML#S/441S#;%X_M4RD-A<K_7]U=&4/DWXN4\HVQ#"9<$^'&>OA >$?!<TTER'
MD]@<?7K?!2]X@THUV8*'/U_'R5=2Q/L)DSCX,=@V<?P@O&>W(.&?,3'_ (I,
M<?#8_'\+EI?"Y_Y/=Y[*3<WX>O:QU_@Z9!'H1:<SRF(9>6XXG+@^.VFFTV(3
MM$QCKG&%,IYR4QL^#X,],>'^($N^'(+)<NU2*(YSQSRFJ0R9\Y/LK!^P?&2F
MZ=$,XZY+D#G/:$[A&[,H4J:2::F1F<Z;FT+'#)UF?V(XQ;;NI^2;!^X:1+9)
M-:VI)1[:/<.C.>ST;MU"I]DV#ES>,]DWRLB)F^:LO%QDLG <;6B4I',9$C1]
M);/0?-"/FR3HK9XEX@;";MOA7L*%QG.,'+G'4178V+GE_E8F)*,X[%;]HW>9
M8R.Q3K=CIC),D*NV(3M9SC.,]<]/#U_!TR'-JO>3"1UNQ!Z:>)YSG+?"<K;F
MIRXQCP$7,JW5*8V3?A+C&,8 ==6F.7V3%RWI>B<%[.>UA:UW')LG_!V>[BL%
MP7_CR ]C2;Y;%.?,A1=)G2P3\0K"W6G"N5/P9,9S%8(5/I_!UR \OR@Y8>#_
M -76G\_PY_+:?QU_X,?%&>@#ZD;!RCZD[_7FJ<8SG&#Y1N<T;L]<YQDV.W&%
MZE+CP_P_Q .O0%;W?8]YUN[["J52K]7J59F(V.7K]P<S*SR4DTG2*SI:+<1+
M(Z&#I.<$3_G#]"%,8V<&R4H"K@
M      &F/]LX V"<+?L=\4ONWZ0]&E9 4P
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M4A<8\.<Y >X
M              &F/]LX V"<+?L=\4ONWZ0]&E9 4P ^$\G&IG,FI(,2'(;)
M3D.[;E.0Q<],E,4RF,E-C/PXR \?C:*_O./_ *ZV_I #XVBO[SC_ .NMOZ0
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MFG#V"4=Q[Z4EF+)*0(Q0>R;F*;Y<'PGU5*E@ANI,Y+D,O@ #\Z?]W_A\(#]
M
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M>/(*+8.'+$SMFDKE(YC)Y42(;IVBXS@+B
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M#QY5<Y>J60V] )GV_P#3MQ(^76U/0?>@%,
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MD!S6I?HJUG_I]3/\N1H#((       )GV_P#3MQ(^76U/0?>@%,
M
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MZ0]&E9 4P F?AO\ 9?TK\BVG^U.P%,      "9^17]O<8OO,5GT;;5 4P
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M0_Y/TWC1IRNPN4,M31T928=%N=OF6UE.Y24QW!C*$^.-+U)Q^-G/\Y6X[/\
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M$9-L8N4GC7^;5*8G@ =#B.)_&B"UI4--Q.B]8,]5T&0GI>GT$E1B3UB!E[5
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M38K2ZE6D3%,D)R=WM ,;6MXDU9M4IADW5;H(E;HD3#H59]VCQ=I?*>E\M*C
M2U8NNN:R:M46D5_%4A=95<JE,L>OE)2,AXRIM;-AZI4K=)-C-U9=2+R=UE?Q
M3Q@B:I V   "<9S[76K_ +N.^/2;QR :\?VS@#8)PM^QWQ2^[?I#T:5D!3 "
M9^&_V7]*_(MI_M3L!3       F?D5_;W&+[S%9]&VU0%,        F?3_P!.
MO+?Y>:L]!M" 4P      ,2;^^@C=?^DFQ_\ )TR YK4OT5:S_P!/J9_ER- 9
M!  #KC'PYZ=<],?\/\'_  @    )GV_].W$CY=;4]!]Z 4P
M        F?B']!41\OMX^G/9 "F                        3/R]^@F:^
M76DO3AKD!3                         "<9S[76K_ +N.^/2;QR :\?VS
M@#8)PM^QWQ2^[?I#T:5D!3 "9^&_V7]*_(MI_M3L!3       F?D5_;W&+[S
M%9]&VU0%,        F?3_P!.O+?Y>:L]!M" 4P      ,2;^^@C=?^DFQ_\
M)TR P[LN-W1,<(Y*)X[F:DW7)Z)@&&NU'=D)3RHSSNMQ*&%VUE5B)M&'DD&9
MU3M%5&_=^-%3*95N7.7"0:+GU-]^)76MRC7-\V?)6;2G%O,RK:HF:K\W3+U9
MG-?YT'Q5JK54M;OY7<^[Y1JGJA!NY9R!30LLR(JZ[_+H^9$* H.D??+N'&GY
MA]MV7B*UFZQTZVKURVQ2YNTZ\B7%JTO*W53D"X9Z?BB[PK5FI\1?&4!7XLL8
M\KCB<8$66[:";N)#K<'P,]YG$7?5-[D-]3NQ]AN]1<9W^PK;N/9E<NE H>]M
M>6+D7,[*+7-8,J-$QIX%N[V55SPS^,01?*L(R0;N%C'52R<.W53C=[XIQ"5]
MQ+\A;%63U7XPL,#693;5#N=AE;FSM'#G+EAL^Y,=1P\7<-<VHE8W#(QD6W:M
MCQ<9.1[%8Y,]TUCPX]KQ6]]!#0TO*5_ER_=WR4H,S'M&EYN5-GZ'#72S\?=X
M,961:Q335Z#TI8+?"&O%(13)UDX]HF^6,BL15XFY#*&E>/?O68JW:'M>S.0T
MZ\@J5-ZB+;:&_N-+>M)JB/-L<H'&X878F&-4DSW>WPNG;'KIG'2*,IDZSV-4
M4RNLX15=N0V6;?\ IVXD?+K:GH/O0"F                     $S\0_H*B
M/E]O'TY[( ?9RLW5,:!TO); K<)&V&U/KUIK5]1C)M=VV@?RMWCN2A:5K$C8
M7+''C:->A)R_H/7W=F(H=JW.0ARG,7. U$/O?F5U#:EERKJJ6A]"5:O(V4DO
MDM<M^U+9$0L-[P&6MCU"M5K9*;>@JNB\*L%CHZ<13F$#O#E?-$2+%69!RTQ[
M[ SBR0D73]"N%5$-G4C4U^@+'L+5V&U8DYWD;QZTO:+E&;;JNQ;%KJ?K<!%;
MV16;MR$3\8=I9,N\:IHJ)G#-7%+WLE9YD[VHNMM5:\?PU4DV/) EJD;-(0TE
M)O'^J*EQ/V'K:9H<Q5Y^1K$I5KU2>2Y%G"JN3=ARU*5!0Z&,.%PG?6?O_=72
MU*@)7:O'G:]6M1M$.=S75E27E4N]4J[YY%7VTU*F$LV9R*35^/JM1%,N)=T1
ME'1,BY3;OC(%(Y5;ADV>]\@VH.R;2PV!H*?)JN%U51;$YL5$OVH=@2M0VI+1
M'-R<L.OK%*5/9LU5K4T?M^'#UK&/()1?#!XZ[N6PT5R=%J'+8]]=J9I(Q\!8
M]#;BJEE9V0L3L.$E9C4[IU0(&6L.AZQ4;,UQ&[!<XV8O/R7)*K'5AJSF2EV#
M<[LRR&%$VJ;T,=TKWZVMD-5TJU;0T_<<V62U+1IBR+T&5H7Y.K;PM6AJ!R <
M:Y@H"SWUK?(2@I4[8S#!;Q--6U6;NN^07?%[KO5 IOCW[UC6/(+<-"T3%ZDV
M95]B[!E]J(0[61DM?6* S5=&W7>&KMO;#;VBF6ZP0DM3*5M33", HX:*K&7=
M6V".F7*3I4R 85V;[\G1>K5]WLIS4.QE7VIK)MBL5UHC;]/Y=;1D=&[IGM)[
M-;0D8A?7<_69-G+P*DE$L)ADT?SD5WCALCE-LZ,B'6+1[[ZL,-IZ7C8+0>PR
M:5V7N5UHD^Q[&O2VR\S=9?5^H-B5J5BL,;XLRU_0*M\\L6C:)VUE8,&^<F39
M&<JX)A4,U[7][!3>.'%)3D1NRA/I2<@^0G(KCY8J5KJ5A6SN4DN--[W#7;W;
MZ2RNLS%OI^*S5-/NI<K-$RRZ'C&$EU$T4EW28=;L/OF];1%CLM0;Z#VP>94N
M]EH&IG\O9-.U^K[1EJ7O+9&A+A**6"9V,Q8:\@82T:R>N4E+ =@M(-U4$FR9
MG*I$<A/W)+WN7(C6?&_@KNG76L]72,_R;X,[.YAWV$FH:3G8R)>ZXUWHB[XI
MM=77W+K+X@K\JOMETBO+J.+$\9)-43I1KW.3XR&>>.?O3I?8FQN:;C;==I==
MT[QYU!-;_P!8)ZO4)L:[733-":R36_6V<F8>^22$;83V6#>-8VL35=J$^9(J
M2N4%<&7\6"9-S>^SWFXL$=7N-?&"!>/8FHKJ[$)LZ\T:SM(:\6S;?#K7&LV=
M=LFL-L8J-DKR4%S!A):8,U?N'&'F<Q>?$CH.7A SS!>^PUM#42Y6;8NM;2]S
MJO7%KNVQIFL/M:UCO9V.LFU8ZJTJC:PM>VI#8]S<3D-JQTL[DHDLI%Q1C]X\
M6001?'8AM$XN<@X7E+H^H;M@:I:J0SM#JV1;BJW)LV;SL/,4BY6"BSZ!U6*[
MEA(QJDW6W"C%XB?)';(Z2N2IG,9(@<1R]^@F:^76DO3AKD!3       TX<NO
M>![MXA<G+)!6V(U?:^-\#I>B[6:PM6HUU6WO,S.R=W4SC-4*,G9GFS&NOHY)
MSM>],Y%W,+1'<M(0JB'BRKG!%C!T*V>^DA9W6-PMVCM%VA[8*Y :+D&,/M:U
M:OI\M*VS;%@X^N9/7336ZFRF.SI%U%T'?K%="R-6*M5Q)D,19Z5N4JJP<Z\]
M]WIF".L]M>@]ZP-8KD3-?.58DSZRF\4*ZP</R]DW%#S#0]^<R]I?K..%%P;D
M?QJ:T7@RT>H=<B3A4S<. +[Z*)/LA.JYTC*I)IPY:8YIV+MK9_.*\@YW;NFJ
M'2ZVRVY%WMYHDVM9&K[A:2#V:-*=6;U,[#.,OB89JAYP_OXN.T\YB9"-T]N/
M\A'E<=V>9N+Q[JUHYJL34M4:YWAMJ:F:1^7ZUT5I^L-7[+;2:T^T9N827)'O
M_BURZ(D@JY#,.\O>&VYKJWB#<M0-=2:52Y?,]A6VN[/YDR+^'U11Z/1M=RFR
MZXG9$Z99H55:U[?K:#9[#MOCEMEE$E?/%4W*S'+%8.QZ)]Z5J?;NYJ[HU_"I
M1\E+PBK)/;5=M]9FM.6#8]>U9IW:MSB*B:4>U_:)==JP6[H7%;M,U6X=C8E%
M>Z2(DJLS(Z#.^[N6L-J7=7#^D?'.NRZVY'V#<\-/[ G;*U9,88FM=4S-\AS5
M^9^,V\"LO*3$5EJMA8RN.ZP?!,8/CK@-<CKWT4N>QQ&O4M"-(*[.^8*&C9>2
MF-E4)]38C3RG/A/A<QV W[FV1%KL5RL98R5DOBR+8/4X3N6[E[DS!R@HL&]^
M/D(^7CV,M$OF<G%R;-M(1LE'N47L?(1[U$CEF^8O&QU6[MF[;JE4253,8BA#
M8,7.<9QD!]@    "<9S[76K_ +N.^/2;QR :\?VS@#8)PM^QWQ2^[?I#T:5D
M!3 "9^&_V7]*_(MI_M3L!3       F?D5_;W&+[S%9]&VU0%,        F?3
M_P!.O+?Y>:L]!M" 4P      ,2;^^@C=?^DFQ_\ )TR YK4OT5:S_P!/J9_E
MR- 9!       !,^W_IVXD?+K:GH/O0"F                     $S\0_H*
MB/E]O'TY[( 9?V5K:E[>I$[KK84*G8*C8TF9).-.Y>,5,K1DDSF8F092$<X:
M2,9*PTU'-WC-TW52<-7;=-5,Y3D+G =4EN/&BYEK=FSC4U"9+[%Q/&NDU 5F
M+J]IGGUFB;#!S<VXMU;;Q5G1LSV+MDFE\:(NTY%+Q]<R:Q3*G-D,;Z7X1<6M
M":Y7U50-/UA:GO99[.2K>[I+[)DYJ5?2M?FU74Q.7Y:Q2T@5"4J42LW146R@
MV4BVADB$RW2R4,T5+4&IJ NFYHFK]=TIRB>341<5*DUJMKI*36(\LR=-6&C&
M:A#RV(EKAUG&<97PV2[?:[LG0.,9Z&T;'O,R+#3.J&,AF#LM9R^9Z[J#9YFM
MW.2>S-PKV7*,.1;,';)>3<NI-IVO%W[EPHJN0YU#&R'U,]*Z;CHAG7H_4NLF
M,!'1L;#1\&SH=5;1#&'AFM@8Q$4SC48HC)M&Q3*V2J+9 A"I()2;LA"E*X6P
M</I<ZAU,]DH.9>:OUV[F*Q/GM=;E7-*K2\E7K2K$L(%6R0;Y6,.ZB9]2"BFK
M(SQN=-QEHV21R?NTR%P'2+UQ>X_[%J]KJ5AU34&S"YZS5TU.R=5BTJ/;#:M4
MP7!*'&W6F_$5MA:NU,F4R+)F]0;I&+C)28 =(T5PAXV\;Y^"M&IJ/(0L[6->
M6/5]??RUTNUJ^)ZI=]CO-O;!)'M;/8)9DTF=C;)=DEIZ1(F5]*+M&A%E3(M&
MR:0=EJW$3C)4(^]Q<5H[6SMKL[85AVGL'-CJL3;'5PO=EN]@V,]G9]]9VTL\
MDCL+C:7[R-154,A$Y<939$02P4F R7G4FJ<LOBW.LM>YCLDD4_B_-+K>678E
MXMA!RQ/%?BWN.Q*0L4U9N,=GHNU;))'[2:9"X#K$9QTT;':^A-6+ZOIUBH=>
MGIRUQ5>NL*SO35"V6::G['8K4H>WIS2[BRS<[:I)TY?*',Y56?+YR?\ G#8R
M'/RNF-/3L<\AYO5&M9B(D"*)OXN5HM7D(Y\FM92715-XQ=Q2S9R16XIEEC8.
M4V#29<.L_P _CM@/BM.A]'7F-J<-=M,ZHN,/0D2-Z-%6G7=0L$;2VZ:3)!-"
MIL9:'=M:XB1".;DP5F5$N"()XQCH0O0.U1% HE?FK;8X&E5*$L-^78N;W/1%
M;AXV:NKF,99C8UQ;91DS1?6->/CC900.\46,DCGL$S@O@ =?AM*Z;KD5'P5>
MU+K*!A(DCE.+AX:AU:+BHU-[8HRX/"1\>QBD&C,CNVPK.45PF0N%)%HBY-U6
M2(<H>2FE].JR"<LKJ?6BDJE69ZE)2:E$JQY!.FVEZ[D;/4DWIHK+DE9L<A(+
MKOV&#>*O%EU#JD.8YLY#MU8J]9I4!$U2FUV"J56@6:<?!UJL1$? P$,P2ZY2
M8Q,-%-VD=',TLFSV4D4R$+U\& &!.7OT$S7RZTEZ<-<@*8      '3[-KR@7
M5*50N5&I]M0G:^M4YM&S5F%GDIBJN'1'SBM2J<JR=$D*^N^3*L=DM@[8RN,'
MR3)L=0'"%TMITDBG+DU-K0DLC6(*DI2A:)5BR*5-J\@SEJS4DWN(K#DE8KLK
M'-W+!A@V&K1P@FHDF0Y"YP'(H:OUHV<9=-M=T5NZR^^,\N4*E ).,R6,V7.)
M#*R<>53+[K<YC^=Z]Y_YV>>'_I2_;#KR>@=$I50U#2TIJ1.CGA'U9-3$]<4X
ME4-7).:3LDE7S5TL-B(S"2%B1(_7:91[A5Z7"YBY5Q@P";=D>[8X?;8O]WV9
M<M;S"]LV#K-WI^?<0VR-DUB,;Z]DZM%T.9K]8@J[:XR&IB,W0HE.#=GB$&2B
ML6JY0ZXP[=96"L)S5>LK/3(_7-GUY2+-0(E"&;1E)LE6@Y^J,4*X1!. 3:U^
M68O(M'$*5LGAKT2ZH=@O8[/3 #U.M1ZH?3\I;'NL=>O+3.1T%#S5E=4NMN)^
M7B*M)LYJLQ<I,K1IY&0CJ[,Q[=VP054.DS<H)JI%(<A38#JCOC7Q[DZ'6=7S
MFD]76?7E-6<N:K3K?1Z]<(" =O5'BSQ[&1]G82R+5\[4D%\JKEQWJF5C]HV>
MUGJ')+:!T0XD&<LOI34B\K'S#^Q1\FMKBG*2#&P2I8@DI.LWAX8SEM,21*^P
MPX=$,5=;#%O@YL]RGV0R9%147 Q<;!P<:PAH6&8,XJ'AXIFWCHN*BXYNFSCX
MV-CV::+1BP8M$2)(HI$*FDF7!2XP7&, /O     3C.?:ZU?]W'?'I-XY ->/
M[9P!L$X6_8[XI?=OTAZ-*R I@!,_#?[+^E?D6T_VIV I@      3/R*_M[C%
M]YBL^C;:H"F        3/I_Z=>6_R\U9Z#:$ I@      8DW]]!&Z_\ 238_
M^3ID!S6I?HJUG_I]3/\ +D: R"  /4NN@V3[UPLDW2[Q%+O%U"))]ZX5(@@G
MVU,E+WBZZI2$Q\)CFQC'7.< /:   "9]O_3MQ(^76U/0?>@%,
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MV3W*D<CA#),ANU         3/R]^@F:^76DO3AKD!3
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ML8ZY_%-C/X0%$^LP?V>N3GFM;^4@!ZS!_9ZY.>:UOY2 'K,']GKDYYK6_E(
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ML8[2:9\]?Q>F0O8                    !,_$/Z"HCY?;Q].>R %,
M        ,,^KMHOYZ,\BOFHH^=YYAOB#YTLP#(UQ+&?%_P 3]T26,GE4CG,+
M_P! RYQT<Y8?]&RIW'\V S,         F?EY]!,U\NM)>G#7("F
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M"9-VOQNO3'0) _;. -@G"W['?%+[M^D/1I60%, )GX;_ &7]*_(MI_M3L!3
M#2COSW96TM@46]P-%F.-+BQ;MY>VO=F\9G8VLYC#NP:#-&FHU'T!2K)45&EF
MU_C.I8F+KT_*QRJ#E^R4ER-S-S2RZV ^W1ONUMR\?;#S G*)L#1CV.Y(.I&L
M5&@7RC[#O^K*'K./G^2FTZPTD*7.WO#F:D)?;&_N[F8W$D6/)#-G1FBI%'*#
M=F'3>-ONHMM:-WQQ:W&KMW733YF:U>(:]FIC+<"-AF:O;=B<F=DDT5%$LNR9
M:D7'6A;'R);NW%GLT,ZOCB0K!'2C]1635RR#>F F?D5_;W&+[S%9]&VU0%,
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M+:TPMOOX\V5(MIW6$I U;2FNVVM85*20C+A'344_L$>5TV>)/4._#^A\
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M"J5;AWY4(G4BR)7L9#,F3LJ2V-P8*JF5=$V,&QX#8QUQX ':_6'LOLM\E_\
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M_P#:TOI0W-]G/Z$OI?O/T>_]4_\ SW_EW?@.>_?/ #]\\ /WSP _?/ #]\\
M/WSP _?/ #]\\ /WSP _?/ #]\\ /WSP _?/ #]\\ /WSP _?/ #]\\ /WSP
M!BS=/T<RO_M@']NT#Z2_]SOI%J?_ ([_ -;?W1_UQXJ RNK_ ,ZI_P"V?_\
M.'_E_P O^5G^7_X?\/\ & ]?[YX ?OG@!^^> '[YX ?OG@!^^> '[YX ?OG@
M!^^> '[YX ?OG@!^^> '[YX ?OG@!^^> '[YX ?OG@!^^> ,Z\1?M-*_^TJ_
H0'>?MA_V[](^JOHN_P"J_P"_?_I?B\!V7]9]_P!JE_[O_P!P@'__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>34
<FILENAME>pg28img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg28img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ +L  0 " @(# 0
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MP#V-.('V4^-OJ,UAY+@'L:<0/LI\;?49K#R7 /8TX@?93XV^HS6'DN >QIQ
M^RGQM]1FL/)< ]C3B!]E/C;ZC-8>2X![&G$#[*?&WU&:P\EP#V-.('V4^-OJ
M,UAY+@'L:<0/LI\;?49K#R7 /8TX@?93XV^HS6'DN >QIQ ^RGQM]1FL/)<
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M!9@
M                                                       !IC_K
M. -@G"WZG?%+^6_2'T:8R LP
M
M                 TQ_UG &P3A;]3OBE_+?I#Z-,9 68
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M3YUDFRKFWE3(+%B45TV%NH2EXFU=@S[)] [4
M                !IC_ *S@#8)PM^IWQ2_EOTA]&F,@+,
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MC+F26N&[(S3!&,@ET-1$@5-;87-;C#$F2W%88CG(=6IMM"#))!LT
M                              &F/^LX V"<+?J=\4OY;](?1IC("S
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M;](?1IC("S
M
M   #3'_6< ;!.%OU.^*7\M^D/HTQD!9@
M           'J>=0PTMYP^RVVE2UJ,R(D(21J4M1F9$24)+J9_@(!C#.=8?(
M?JHS&2T;S][W*1EFTAO.VY^"N3>S6H;=4<U7@;2G>B.IDTDU?W2Z@.SN[^KQ
MZ(S.MYL2OBORXL!N1.DM1(WADYPF(4=<ETR9;7*D*2VDU&1&I1%\)D1A26UY
M6YQ#:FM1]?ULY]K+,AQ>!:55E:V=/;646!)E5..T$AJN)JWRN.TPJ3.3VT0D
M,,FV;C;[BD,A8#2^TCSRBJ43I<6VM9%#%N7+>G:-5<\P](=@]BQ;82IC'[PY
M<9SM5SJR?;2D^J>J'.R$GVF88M2N3&K;(Z&L76QDS;%%A<5\-R!#5V>S*F-2
M)#:XT97;+HXLDH/J7=[H#LG[>NC53EX[,C)J6X1V2['OS9PTUY->$'-.2DU-
M'%*/_O.V1FGL=WKT 50S+DM8XKDN<44''*.Z.HHHF0T$A&4J\!<J.^1$6-_E
M4R!663>.8^COZTM.$EY]3K?9)I234M 9AIG=,G.8J"R)B/"NK2]R.%$I8;G?
MIM JI=3)=ILAC)<<D0WH4"4P29CB$,2E*)2>R3L<G0G*QR"GKWX\>=:5\&0H
MER"8ESXL5U<9OMI<?2V\ZVM;#?9,U*(C2GH?4Q33&+GX)=F9=-_2;7^S:_R8
M3A.50SQIDTR)%PXEZZ<:D53,RX;F-E=6Z(Y0Y;*'8TA2BCF@DDZ?941$?0C(
M<V6S+Z#_ *WX\V_,[.[KDUZ\:<<3_'IZ?7Y*]1^7C\Z-<53&L<DA98U!LTTT
M2U<*- DWILOR*2KM&E,MW]<HHS:7+,O S7!2ZRI*76I,=Q?+T<N4TZ\V[(RJ
M!6,VV,2Z^Z>Q2ORFR766%?=8W%9GO.14Q47J)+*&YJI+#G2.XVA9);69&I*>
MVHKKUW:99PC-X#[Z8T956])<4EI$=.14JGUOFPI]<=#3,MY;CK:$F:B21_%(
MU?W2ZC6_LZ7^J\HS+?49ER;"M<;DU%I%M'(#<%RS;DNJ0^Z]'IG'4-PTR/"K
M9YD^C##;Y-I2I7;43;G9Q/:36^V>([;#=A9;E%-4.3Z3&ZB]LE3#-F)?2;ZE
M2F ZIJ2RF?$BQI2)A&GM$AQI*#29%VNV9H3L4]O1C_8MD^3.E2[DV'I'RK3(
M:-2FF7409SR&W$&I#RGC5-:[2&UH,NJ>A$8OC7'A:]?XEQCK[<_5Q2F_(XZW
M<EA$T\E79)FA-'PD26U+<DVCJD_[Q7<^*?:,R$N,^.":_CS7&O5O[OC=O'VP
M.R+#P5GL6\UYQQ3S1O18M8R7;81\<G3<;E,M=3(_@ZEU+H*8GPA[=9S9'AQF
M2P^B/(N;MPTQG))/%)JV2DDCL]]03#4)*TI929'U(B+N_A#$OP;[M=KB:ZS[
M/E.$<JU=B.S+M;/;=):T7]FP1I;CLNMFVW&0PRV;AK41D3G4NS_;W-G$S),J
M;8Z^B=D]DN9.9/F]V-US35@Z\<>V;4VE2HKDJ\M[%@F5LL-J9DMS+!YA<TUJ
M4HC2V:2277J2ASV;6Z\X_@X[^W;]J:S;JLMYQ)GCGSAG@B\(
M                              &F/^LX V"<+?J=\4OY;](?1IC("S
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M!;:>0_V&.VA*DI6ADT.$2R(C^,:U?"22Z_CZ#',XC[P8
M                          #3'_6< ;!.%OU.^*7\M^D/HTQD!9@
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M 8_IAEB/J/6;$8U*CMX+BR636KMJ-OY&AFDS5W.T?0P$E@
M                              -,?]9P!L$X6_4[XI?RWZ0^C3&0%F
M                                    !U&0)2JANTK5V4JJ+)*E&9$2
M4G#>(U&9]PNA (XX_M%'TAJ>.G^ZQ@.,,HZ]/[C55&;0?<[G=2D@$O
M                  Q+/UH;P3-G'.XVC$<D6L__ &$TTU2O_P"$@'1Z:)):
MBU<2.O8+7N&DCK\/9_9ZO[/7KW>O0!)(
M                #3'_ %G &P3A;]3OBE_+?I#Z-,9 68
M                        &.9C_P"4<JZ?#^SEYTZ]S_\ +)7X?P ,=U!W
MGS4ZW\&63C!X/BYLN)2A"5MG30S0HDH2E!$9'^ B 2*
M      "#=V[%QK&*.=AMI)EHO<[Q+.(N/QX\"1)8=778W+>EJE2VT]XB$VEU
M/0E*[2NO4B-)*-(8_P :,TR+(\(KZ+(,/D8H6)4.)UE-(DR%.%E-$JACH@9)
M#95&95&BSE0W.RV:E&1?AZ=#,+)
M            -,?]9P!L$X6_4[XI?RWZ0^C3&0%F
M                  !C>9&VG#\K4\9)9+&[TW5*^ FRJY1K,_["3U 8UIM'
M>]2ZT1T-/8P7%DDD^X9$5-#(B,C[I'T 22                       "%M
MSXE-O:*7<LWC-7 QS'<MFV-=\AU\Z1>(503$QHR;F1TGTL=A\B<<*/U\((B2
MKH0#EH'%J7&]3Z_<JHKK+UMA&(V%@[(G3I[STJ10PI#G97.DR3C,)=?6:66N
MPRWVNB4D F<                                            !IC_K
M. -@G"WZG?%+^6_2'T:8R LP
M  ,0V"1JP+-TE\*L0R4B_P!ITTTB =;J9PW=7:Z=49&IW",7<,R^#JY2PU_B
M+\8"00                       1SN%U3&I=H/I/LJ8UYFCQ*+X2-K'+)S
MJ7X>OQ>X ^S5RHZ]9Z[7$_\ Y1>"XDN-W#3UCJH*]3)]D^Z75LR 9T
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M'_=(^[T"3-6QO ]9:ZAF1I.)@N)132?3JDX]!7LF7<-1=PT?C,!G8
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M V"<+?J=\4OY;](?1IC("S
M KMR/S'),:PFRKZ7%COZS(,;S6!D=FI<UIC'*Y.,S>]SG7(\&7%-R0^Z2&VW
MULDZHNRDS4?<#)M4YU16U9CF&1GGE7]+K[#[&UCIKYK4*,4NBJ'4L,V#K284
MEU#<UE1H;6HTI<+KW241!,8                      \'\'_I_ZCZ@((T>
MM*YV[NPM:T%O7,$EVRZ=E::/%$NMI[G_ +M+I*Z?C 3P
M                              -,?]9P!L$X6_4[XI?RWZ0^C3&0%F
M                                    ! N_\1.[PG(+]JTDULC%L0S&
M8PVTVEV--5(IR[XU,:6X32FN]1.SU4A9I[9F73IW0X:CH,@A2X-I85M<W2N8
M#B,.EMHR:YF=*)..8TF5'L?!B7/L%)EQ'30\^I)(024(3V>A@)]
M ' G$&9D1]>GP]Q70NG7X3Z="^ !S          '@RZD9 ()T<7_ ,1N@N]]
M@T[TS8S5VNI.FNNQQQ+A? 9%WMPD]/QI/\8"=P
M                       !IC_K. -@G"WZG?%+^6_2'T:8R LP
M                              (XW"E;FJ-DMH2:UNX/E#24$KLFHW::
M8WV25_\ =,^U\(#N\!3V<%PM)&9DG$L<21F?4SZ4\,NIGT+J8#+
M ! .63:)G=>NX4ZXMH]U.I+<Z.D.8B#0V/@JIKDZ3U*8A^RMX<7KUC)8<;)C
MHXXI/93T"?@         !X47:(R_'W#_ -A_#T_M 0;HQ+AQMI2732:YFZM@
MJZ$?]U$.5#JFDF70NAFS7I5^'NJ 3F
M                -,?]9P!L$X6_4[XI?RWZ0^C3&0%F
M                      !%V[7BCZ@V6^I1I2UA61+4HE&@TH*MD=M7:29&
M793U,!EV'(0WB.*MMF1MHQRC0@RZ=#0FLBI29="(NAD7X &1@        (KV
M_8; KL8A*UK$7+R.7D5/ 69,17VXE3(6]\ISGTS&W6$,Q6$=HSZ=KKT)/4SZ
M&$+Y1F53.Y-87A]A2+1<XO3G+I<A+(:E+-FO*:^05K6?LRN[B6+LJO@UJWB>
M\#>Z-K,VNI$X20MX           "!M#G_NMN)(DDE.\]@DDFS6:")7R4XH_C
M_ I3BS4HB^*2S/H GD
M    :8_ZS@#8)PM^IWQ2_EOTA]&F,@+,
M          "+MWQ53=/;/B(03JI&"Y,R39GV25VZF470S[G0!E6$_P#DS$>Y
MT_\ TQ0=S\7_ '5$[G=[H#)P         R(_A+K_ +0&KK9K*H?O"=528ZZW
MO\^MHB=2O3UO;6K;::C)X:UL;10S\G5)>#&^RI"G.]QVI/9[BW"ZAM%
M     $0;MN+JBP:58T6:TFOY;5K1$]DU^4=<*+7JLF3L8K+$N'.CR+&QB)4S
M&0I!=IU9?&3\("M_'F0E&W<X4_E>4R'+N_SV? Q'P&TA8K%91<1TS;^5*7(5
M2V-W/>;2A#3+:5QFTF1]0%[P
M         !IC_K. -@G"WZG?%+^6_2'T:8R LP
M                (NW<MQ&H=DJ94I#O[&WQ(4@^RKM*@/)(B/H?3KUZ?  S
MN@9*/14K"4DA+%16LDA)]I*";ALH))*_"223TZ@.V          ''LI[1+[*
M>T1&1*Z%VB(^G4B/X2(^A?\ 4 Y          #H<BQJERNN<J+^$W85CSC3C
M\-Q;[;;YLJ[2$N&PZTI39*[II,^A_A(!">@*BJ9AYY,:K(+<Z+M_9]:U.*.R
MY-3"CWSC+4?PU39RN]);01&GM].OP_A 6*
M                    &F/^LX V"<+?J=\4OY;](?1IC("S
M                           A[D$WWW1VV4=]-@E8!D_5Y)J(VB*JDF:R
M-/11&DB_  DK'_\ P&D[O7_NBM[O7KU_^#9[O7\/4!VX
M       (%X^-);Q[.S(U&IW=.WW%FOH2NT>;62.G0OP=ALNG]@">@
M                                      !IC_K. -@G"WZG?%+^6_2'
MT:8R LP                                      (=Y".):T=M=Q:36
MA&"9&I:$]PUH*M?[:"/_ -M/4O\ I 2E4I)-76I(B22:^&DDEW"211VR(B+\
M1$ [                        $"\?VB;H,[<)SOJ96Z-NR4+_ +',SL4F
MGKW.O>U(-/\ T )Z
M  &F/^LX V"<+?J=\4OY;](?1IC("S
M         AOD.DEZ+VRDS-)'@62=3(B,R+Y-?,S+KW/@_'W $I5;B?DRM,S,
MNL"'\)'W#.,VKN]"Z?  [(                       %?^-W85@=\M*NVI
M>U]OK<5W2_WI[&R)*R+KTZDGH1?] "P
M                  TQ_P!9P!L$X6_4[XI?RWZ0^C3&0%F
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M/--DF]S*VM3[PA\B<)E+DI2"Z]>G9,OA(P%G0
M                      !IC_K. -@G"WZG?%+^6_2'T:8R LP
M                             /ALZV#<5TZIM(C$^MLHKT&?"E()R/+A
MR6U,R(S[:NXMIYI9I,C^$C 4%G2G,3W]@E4YA6.X[CFN7=@,X&WC9P#N+'#W
ML+LKFQBO(:R":]'C2+IGJB/(CQ$I>2E22(C/H%S];YLG8F&T^7)HKG&3M42N
M^4601_!+BM=B39$)QF=&_O,N*5'[:2425=A1=2(!G(
M .NM[.+25-G<S>^>!5%=-LY?>4=\=\%@1G94CO3?4N^.=Z:/LIZEU/N -=DK
M+*7.N1.,[*H<"NLBKK?$M>-Q;RPL+7&CPJL>RO(V'[*]IX*7F[ I%G6M-LL3
M3[P3AE^%2N@; ,4Q>DP^G32X_$5"KBG6MCWE4F3*,Y=Q92K2>[WV6\^\279D
MM:B1VNRVDR2DB21$ R0
M     :8_ZS@#8)PM^IWQ2_EOTA]&F,@+,
M         \&?0C/H9]",^A?"?0NO0O[0$4Y!N?!,;N)^/6LRT;M:U<=N8S&H
M+F<TA<F%'L6R:D1H3C$HBB24*4;:E$D^J3^,1I(*_4W(++9;T6;<Q:^NI&LW
MF0IJX>,Y%8)?P1F-)<1?QIWRBGP2W\,:0TY'6RX;;;Q'WM1H,@'FPLM<9KNG
M6$S XZ:V]F2,\_:J]@8\[1WDIJ9B,UF%*?L'X#+TM^+*><6VXHW.\K/KTZ*[
MH6OQ#&&\1IF:9FVN+IMJ1.DG8Y!,*QN)+EA.?G.'-G]Y87*-I<@T(4I/;[VE
M/:-2NJC#)7'&VD*<=6EMM"5+6M:B2A"$)-2E+4HR2E*4I,S,S(B(@'1MY7C#
MQ=IG(J%U/X3;N:Y9%U^#J:9)EW2 85GVU:K#*-%M61$YG)<L8, JFAM:PYB$
M3%.)7.=-;RDHB1.P1N*Z'T)1 /7BNU85]:9'76\")C;-(]4)KK:3DE),J\C8
MMJ]5@I=8XV_'EMR*GXK,QIYE'>WU=E"G"(U ,\_:?'.[_P!_T?9+NFKY6@="
M(^X1G_O_ ,)]P!W+;B'4(<;6AQMQ*5H<0HEH6A1=4K0M)FE2%$?4C+X2 <P
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M=E;SEA-4TTB''0\3#[CCDIXFVR4A"UJ,B[)*,B 2D7_5_M
M                               :8_ZS@#8)PM^IWQ2_EOTA]&F,@+,
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M11E6QKCY8QZXJ_DF7/D546S\/@/Q? )-G$:>E5T>63O>UOMH6XTE1J2DS(B
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M-U24I)LE]LS^*9@,=U?R&N-@9YMC#W<?QYB/K)F6XB149,S=V5J:9LMB#X3
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MC_?.066(2G^B"[?>4)9[77L?%Z& S,
M             &F/^LX V"<+?J=\4OY;](?1IC("S
M                  "O^K&C+9N]%*29DYDE(:3,OB]"JW$F77_UNI=W^PR
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MO1=",E$2 L9$(BB14]"Z%&8+I\)=QI/_ * 'O-"3Z=4D?0R,NI? 9? 9?VD
MP')8YNYQK9[N=(LK*G.Z:B/JYCKS!=DB^*?<</X0$@  "N&ZUEYP./Z",NWY
MP)"S2?7_ -VF-";4I)EW.J5R$=P^[W>OX %CR[A$73IT_ 7P%_80
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M?AZ ->NC](;;P#;W([*[#%L&Q.OV,O(7,0R*GR2SN[*TFR9RI5#8WN/6SUE
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MTFZZ9&F+;?85CB(SSW@[BUM,]'EEU/XIF9$8"S)? 0
M                          #3'_6< ;!.%OU.^*7\M^D/HTQD!9@
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M;4J2A:%M$I#B3,,,3R*K;&WN(6*87E>95%-,9KUY/C<)ZTI)DMVJK;=34.5
MBRVG.\1[1M#A&HEH=)25)29 ,!N]E[BN,K)_'*:_QS$3JW6G:^?@=U.NSN4P
M[3O4EJ4= ]%.$J>Y#[2#<2HFVG"[/4RZA*M/M>Z;IZEJUP3-)UTW6046TB-C
M]A&B2+-$=I$]V,;]=#0EAV1VUH+LH(D]SH1]P!%DO,<AC8A;4KFLLZ<ES]@O
M94QX-52)#95KVR6,L0AQ:8R3;E%6(,C025$3OQ>UT^,09Y9;T4[#FQ"UGMV$
MY)8DQ43(F)2W)$5QYI;:)+'>T.I[\RI7:2?=(C+N@(?PW*[3').(3KA/(C+)
MF,-7D64[<8A?LMY)#M&$,UI7L*+(7 E3,?7WU;,@V5..&Z?:+JA"DA(WG<F+
MR^1D=;K+/WV7<9@TSR;.BMJ13+D2TLIZEEX54NMNL&W,+X_;(DF1D9?A 8_E
M&;TF>7&'Y ];9/CL;&Y;TI%?0957'2Y(4E5:Z[!NXS32BLFE16NPA*>JD$_V
MT]%I2 R*)D1X[@-OB]5B^=VI2XV3MQW[:-;.2DOW:Y\Q$9;TJM)91X:I9,-=
M>B4M(21]/A 2(SMZO[TV7['YX1DVCKUHF2,C[)=2,O#^I'U_& C5.2R6'ZZ1
M-M=G/'"R,KM@ET?@)+J793[TG&[0T7C4.;%/JTAI1I+O:&^ST,EK 8+O7,J7
M,7,)7YMLNRIO&[2?<(@J5C]:RS8'#2S739"I=R12XT-U*ENQT]DW$D1$H@$5
M[Z>QG<&0:R:J->S5M8RB]GGE!QEUUMB%RZJF<@/UF+,Y!68_EC4U$)Q7>+!Q
M;+9MD1F7:-*@S*-DNNH&]CSJ3J?,J]J3@SE!:9)-J,475VCL=5*JLCM8S ??
ML(TF,;4@O".UV#^,GIV3;Z!(]OD^)9GL?4<G#ZZ4RJJN[ [#_P#3KU::69I5
M:FN_.)BI_P!RTF"ZLS49)3V2[O4R 6^+X"ZET/H7<_$ \@
M                             TQ_UG &P3A;]3OBE_+?I#Z-,9 68
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MHHU6D9U+Q/-2_DILF242OBI^#H?= 3&7<_"9_P!I@
M                                  #3'_6< ;!.%OU.^*7\M^D/HTQD
M!9@                                           #I_P#;_9W2_P"H
MP
M         &F/^LX V"<+?J=\4OY;](?1IC("S
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M^EK_  EW6C+;LCP*MCQHW?W&V4)4OL]HTH21GT(@%N
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M+5G#V/LFKS*!K7)6V*^!:-R8<B; [S*>C)\(;<<"^VJ?K%\KO^W:4^C8@%G
M                 !6?B'^XJH_S]O'Z<]D +,
M  K/R]_<3=?YZTE].&N0%F                         %<;SZW6K_ .7'
M?'TF\<@&O'^LX V"<+?J=\4OY;](?1IC("S "L_#?ZK^E?\ )<3_ .:E@+,
M   ],F-'F1WHDR.S*BR6EL2(TEIM^.^RXDT.,O,NI4VZTXDS)25$9&1]T!S;
M;;9;;99;0TTTA+;33:4H;;;0DDH;;0DB2A"$D1$1$1$1 *U<BO\ Q[C%_,QC
M/T;;5 68       !6?3_ ._7EO\ Y\U9]!N! +,      ")-_?N(W7_RDV/_
M ,'7(#NM2_NJUG_R^PS_ (<K0$@@        /EBPH4%+J(42+#0_(>EOHBQV
MHZ7I<A7;D2G4M(03DA]?=6L^JE'W3,P%;=4_6+Y7?]NTI]&Q +.
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MZ=WG;YONK)*G+=R,1<A1LW%:&JUAA&/X1#Q*ECNXK9Q491D[<]E=6\1RH12
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M;B5((.Y     5QO/K=:O_EQWQ])O'(!KQ_K. -@G"WZG?%+^6_2'T:8R LP
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M$-DC,R9BPXK;4>.T1J,^RA)%U,!]P       *S\O?W$W7^>M)?3AKD!9@
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M_G[>/TY[( 68                       !6?E[^XFZ_P ]:2^G#7("S
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M\DHCNM-5_P I04R$L>&Q]8QGWX_24Q'<[XVU+;4?Q>GQR[O7J1!<T
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MUD.:>=&YRBMS6WRG$\LR+?\ ";KWX#,%S&(]<Y!88EE,DK;4'Z(
M%9^7O[B;K_/6DOIPUR LP                         KC>?6ZU?\ RX[X
M^DWCD UX_P!9P!L$X6_4[XI?RWZ0^C3&0%F %9^&_P!5_2O^2XG_ ,U+ 68
M     %9^17_CW&+^9C&?HVVH LP       "L^G_WZ\M_\^:L^@[ @%F
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MWVD=">N'7GE$ >U7Q>^TCH3UPZ\\H@#VJN+W7K[2&@^OP=?/!KSKT_%U_:(
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MK5BR?OM[/9GL#8]GC&_ZJ^S[?#E;(PEFG;GX=EE!-CRI)D_7/15NL!^BD
M !7&\^MUJ_\ EQWQ])O'(!KQ_K. -@G"WZG?%+^6_2'T:8R LP
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M5+"I)5\J0;"7C:6235T[1I/I\!@**?UG &P3A;]3OBE_+?I#Z-,9 68
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MGH8U/ZNL/\3@'F%T9Z&-3^KK#_$X!YA=&>AC4_JZP_Q. >871GH8U/ZNL/\
M$X!YA=&>AC4_JZP_Q. >871GH8U/ZNL/\3@'F%T9Z&-3^KK#_$X!YA=&>AC4
M_JZP_P 3@'F%T9Z&-3^KK#_$X!YA=&>AC4_JZP_Q. >871GH8U/ZNL/\3@'F
M%T9Z&-3^KK#_ !. >871GH8U/ZNL/\3@'F%T9Z&-3^KK#_$X!YA=&>AC4_JZ
MP_Q. >871GH8U/ZNL/\ $X!YA=&>AC4_JZP_Q. R7&=<:\PJ5)FX;@>&8E-F
ML)BS)>,XO1T,J7%0X3R(TF1508CK["'2[1(49I)7=Z=0&I;^LX V"<+?J=\4
MOY;](?1IC("S
M
M     #3'_6< ;!.%OU.^*7\M^D/HTQD!9@
M
M                          !IC_K. (,XP?5KX^?_ %>/W)ZM_P#)O_E'
M_P DTG_E;_\ MS\Q_P#PO8 3G]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. '
MWS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X
M??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@
M!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??.
M 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\
MX ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X ??. 'W
JS@!]\X ??. 'WS@!]\X ??. 'WS@!]\X UD_>??_ %4O_M__ )" ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>35
<FILENAME>pg29img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg29img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!IP*R P$1  (1 0,1 ?_$ +   0 " P # 0$
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M>BGQM^ S6'FN =S3B!Z*?&WX#-8>:X!W-.('HI\;?@,UAYK@'<TX@>BGQM^
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M_P!K_P"1_P#- ==>%OS.^*7T;](?%I60%F
M
M                           '&/\ G. .@G"WYG?%+Z-^D/BTK("S
M
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MC_G. .@G"WYG?%+Z-^D/BTK("S
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MVBCJRK9)6F[(NE$0GW<##M(^)C9&9C*P@Y<D:H(-\N%#F33(3."X#IH
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M0N"%QUSG.>A2XQC'7.>H#S
M'&/^<X Z"<+?F=\4OHWZ0^+2L@+,
M
M                     .,?\YP!T$X6_,[XI?1OTA\6E9 68
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MS/E(R1%O'%R5?.2E[6%<)]<&[)LDS_1UZ9%OYLO1=M-I9B1FAFR
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M &1S%R%FTJMN4V,JK[5BDSG[)\-T:-%^)0ZDQDR6%%7*BRI2GZ_;9SC.<?T
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M0N<X)G&<XSTSC[(3WA,F,]2E+C./Z,=/]7](#S
M                            '&/^<X Z"<+?F=\4OHWZ0^+2L@+,
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M_P YP!T$X6_,[XI?1OTA\6E9 68
M  !#6YS*>1ZZ32*;)UMQ:U)U*IA+Q::<YARN;KGP&ZH('QV?!VNO3V0$RXZ_
M9]D                      0C9?&&WYJW"><]DE&V4HO\ :YSU3RZJ"9.N
M>OVO^U-@!-P
M  .,?\YP!T$X6_,[XI?1OTA\6E9 68
M     !"^YS8PAK(ADTCX6W-KDI3*=KM)F3DUW&#I]G'@/CQ'3'7P=#9 3.7V
M,=0'Z                   #Q/GH0V>O9Z%-GM=.UTZ8SX>SX>O3^@!SPME
MNVC<=IU9&,FXNH6*)>[*BHP]289NZ,I7XFP4)RC%S2C-6291CB5CU"Y>K*&;
M9C\JX(?!3> P=#B9SDO7/@\)O!X/!CKGICP>#P8 >8
M                                XQ_SG '03A;\SOBE]&_2'Q:5D!9@
M                                   $,;EREG.J4E5,)^-W/1NQG/7.
M#*HXE'2:73&/94RWZ8_HR F<                      5W7C(B+Y(U!I'Q
M[2.3<ZDV1*&;Q[-!FW<R#RXT+$F_>%;D3*L\<XR3)E#8R=3/7)LYZ +#XQ@N
M.F,=,8]C #]
M '&/^<X Z"<+?F=\4OHWZ0^+2L@+,
M     @[<Z*B\EI)(OCO%XW;6UULIE[1>PUK=O<DPK]@J>5TB>'[&>@";R?U2
M]<]?!U_ZL^''_9@!Y                     (4>$34Y#01S%ZJ-M1SWB3>
M'[0KJV0^%L8\/3[?R8G7P?\ AP FL
M                    '&/^<X Z"<+?F=\4OHWZ0^+2L@+,
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MO)<=>O3'0,L
M  #C'_.< =!.%OS.^*7T;](?%I60%F
M      5>V[4G^=A:YGFLB[>GF+8_8LH1SA1:*:OVVL[AAD97"[[Q2,>\=-\8
M<IHD0RMD^.V;/3!@$QZOKRE4H==@%H9G7EH]LN56%CEDEX^/56>N7"B+)1+)
MBY;&.MDY<9,8Q<&Z&,;.,YR&_         /$IBFZ]G/7I[/_ '__ " /(
M     !!O) YRZ<MA4U\-LK.:FURN;'4B9'EUKK10QL8\.<936-C./Z $XEQT
MQC']'7_6 _0
M  <8_P"<X Z"<+?F=\4OHWZ0^+2L@+,
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M<ESV<YZ9QG'L@/L
M      !QC_G. .@G"WYG?%+Z-^D/BTK("S
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M9$HXE'N6K=D;"BN5$3M<D4[><]HQCYR;PYR D(
M                             '&/^<X Z"<+?F=\4OHWZ0^+2L@+,
M                                 AF]G;XVMHM%0B.7)Y;8"S90_@5(
M5*B2*2Y4?!X>WAP7M>''@P F8          .F/9Z>'^D          0+R/RK
MC6Z)T2E.9.^:Q-DIBE-VDS7^O)J8[)\&+GJ0^0$]8QT_[>O_ &@
M                                           .,?\ .< =!.%OS.^*
M7T;](?%I60%F                                    0Q>#)_XNZ.3.
M0V3Y5V0JD?">#8)E.II)FP=3/A3P<BV>G3V<X 3.
M AG>F4_Q1@R*XR9-79VHD3%_\)L*[)K1.P?[4W4BF<]DV/LXR F7'V>OV<Y_
MU],?]V 'Z
M#C'_ #G '03A;\SOBE]&_2'Q:5D!9@
M     $(W,IC;PTC_ %#%3A-LJYP;!^T0_M=5$B*)],X)C/95,7/7&<]#>#[(
M";@                    $&[\6RG6:<EU3*5WN#4+<YE#X3QC'X^PK@G9-
MGP9/E5 N"X^SG/3'AZ )R_\ 3_Z/^X
M                      !QC_G. .@G"WYG?%+Z-^D/BTK("S
M                          *C\B;R]UW?]4VEFU8.3,:_LM!)*56=M(Y=
MT]=4 F6RL@U;.L,G!HM)VHB97&$LG3Q@V?#C&0EW5%_DMB-YZ8SFO.JV@]8-
M:_)P3Q=PJY6S%MG,_'R[9;KY$^@Y5QEMCLYR58I/&8Z8-C& EL
M        >I93Q**JW8.IXI)13Q:>,&4/V"9-V$RYR7!CFZ=,8ZXZY 4SV'N"
MI;#8:G@XY*5PK:-FTB7:+.6J"98Q:H7"*>2$?*HI.3.V#PJY4L(>,3RFX*8Q
MB'S@F<@+H@
M  .,?\YP!T$X6_,[XI?1OTA\6E9 68
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MP                                                    #C'_.<
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MP1S>7A)!I*1COQODSYBNFX:K^(64;K>+62,8AO%KI&(;IGP&+G'V &3
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MTE4)H^@)JXQA5&/D&RG3[)FDW)M<?_91Q@!.@
M                           XQ_SG '03A;\SOBE]&_2'Q:5D!9@
M                             0KH0BJ5#737QDJI+A=NU@QNUGLFL\D=
M/P__ )1B@)J  &LW%JY?5B=:,W,HR=N8J00;/(1/QTPT76:+))N(M+*[8IY!
M$Q^TCU43QXS&.IL *S)T:VV?0^PJ.W5/+W&1D?:QVK9Y62BG+QZC'U/#H\S+
M03O+YF_78-\G,HBL;HL;'0V2^$!F:#J&=B(;125F@8LM@UTTFWTF_C+;.2$9
M"3$NIV9!M%HS9'DS9$Y-HY4(5=Z[[38N/_'G..@:WN&C4V^/[!#WY&^M8C%_
MKDO#2-*O4-1%'TLC2HJ*3AUW[NUU^0D2+X7-VVA2Y(KU+U[6/  R%_GM8KTF
M\-W%)9,G":RK9R9\?7BADKT>+<YA\N4V5GD%$K,FBH<Z/:)A?!,YR7V,= MH
MWQG"".#9ZYPDGC.<]<YST+CPYSGPYS_2 ^>1E(R':+2$M(L8M@WQVEWLB[09
M-$<9Z8QE5PY4313QG.<>SG'L@(.;[?E'MEL#%JA1SUJ,>PJ43-)W:'<KS;%\
M]00E'96B+W!F!XILJ8_87P3QID\E)DW4N<A/X"/=FMS.ZVT9E4<)>4VZBHG4
M:**(N2)&N4)E0Z*R70Z1RIESGM8]@!J;'0%!C+7.7:.4L[*S64C8D])H662*
MI*^2)MDD5'B65#(JK82:)ER?L]LV,9ZYSUSU#89.@1[:(G,H3=MP9P@_?+=;
M$^4\:[RR\7E4V%,G^VR5 F/!_1UQX<YSD-RK..S6Z^7_ -6$B<?]C!O@!FP&
MDPBA3W6\%+UZIMJI@W@Z8ZF92)L=,_9^US@!NW7'L]?!_P##(#T./"V<=G./
M_)5QC/7P8SV#?Z@$2Z!RGG4%)RD7LDRP>YZ=#8^VS,2.5,]#YR;&3*9SG_K
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M#VO5,N95VCE%+KE3Q929,;)<9SDIL%"T(
M                       XQ_SG '03A;\SOBE]&_2'Q:5D!9@
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M1:A*U)5J\KD2JWJZ+F>K;<C-)%"$FHQF[6CY&-10PDFV<-55,F+V<8+USX<
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MFY^ZWA.%9FD7MB*WCYU>-\5)^UIZI54WC!%ZX02=F9)2+=0AB8Z)Y43SGIU
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M7Q*KQTLE[.,9Z934QT_Z $O@
M             #C'_.< =!.%OS.^*7T;](?%I60%F
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MQC_G. .@G"WYG?%+Z-^D/BTK("S
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M9A'1Z!&S-DS1(W:M6Z?@31013Q@B:9,>#&, ,@
M                            .,?\YP!T$X6_,[XI?1OTA\6E9 68
M
M                                                 <8_YS@#H)PM
M^9WQ2^C?I#XM*R LP
M
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MC=0O.
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M /H_2 %G
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MJ7]56L_\OJ9^CD: D$      5CV7\YSB_P#\AW_^C]( 6<
M
M !QC_G. .@G"WYG?%+Z-^D/BTK("S "L_#?YK^E?R+:?[T[ 68      %9^1
M7_'N,7TF*S\6VU0%F        5GT_P#KUY;_ )>:L^(VA +,      ")-_?J
M(W7_ )2;'_0Z9 9K4OZJM9_Y?4S]'(T!((      K'LOYSG%_P#Y#O\ _1^D
M +.
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M
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M.F0&:U+^JK6?^7U,_1R- 2"      *Q[+^<YQ?\ ^0[_ /T?I "S@
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MV@2SB1XVTUG)FKVQ=U9I/&B[>6NX1'FG(+6NF5M6?MJJ],L[F-TVQ(9S'MY
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M'QF\<@'/'^<X Z"<+?F=\4OHWZ0^+2L@+, *S\-_FOZ5_(MI_O3L!9@
M 5GY%?\ 'N,7TF*S\6VU0%F        5GT_^O7EO^7FK/B-H0"S       B3
M?WZB-U_Y2;'_ $.F0&:U+^JK6?\ E]3/T<C0$@@     "L>R_G.<7_\ D.__
M -'Z0 LX                      *S\0_U%1'Y?;Q^//9 "S
M              *S\O?U$S7Y=:2^/#7("S                         "
MN,Y\[K5_T<=\?&;QR <\?YS@#H)PM^9WQ2^C?I#XM*R LP K/PW^:_I7\BVG
M^].P%F      !6?D5_Q[C%])BL_%MM4!9@       %9]/_KUY;_EYJSXC:$
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MJL;'C#%ZE12+DQL^P4N.N?  ]B:B:I"J)*$53-X2G3,4Y#8ZYQU*8N<ESX<
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MIIR2/;\C7=24<W<%,@1'#4/Z"@ !6/9?SG.+_P#R'?\ ^C]( 6<
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M\>>R %F                        5GY>_J)FORZTE\>&N0%F
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M;2D<YDVS-I(N(Y!ZV6?(1[\RQ&+Y9HFJ9PDS>G;*815,7!%,IFP7.>SGH&1
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M?U$S7Y=:2^/#7("S                         "N,Y\[K5_T<=\?&;QR
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MY=N59%0B+<RX?T0@        *S\O?U$S7Y=:2^/#7("S
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M37YDTWY0P#O(2OHU<FOS)IORA@'>0E?1JY-?F33?E# .\A*^C5R:_,FF_*&
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M!_.< =!.%OS.^*7T;](?%I60%F
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M U&LQF6F)*PV:7804(PR_>MHUCA[*R;AJQ:Y>2+Q%!+MG+XQ94A"]3&QC(;
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MT":@    %<9SYW6K_HX[X^,WCD YX_SG '03A;\SOBE]&_2'Q:5D!9@
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M%E#I2#&21,X;N0BEWZH#?%FIEGHFR>3-/V(UNG'C4NG)>Y2];VY&VV!)KO\
MPR;R=(IL1#[B9Z]CM83RVOU9M19U#NIK-@D5ET5&F<E43#!7#U,7(*6M%H<U
M;FY;JU37VJ^0VM-?P"$ELE);5<)L^S<DW=$J, X;W;RB4IL)7-VP*<AA=PFY
M*\I$>=M_Y;$\:'[M#U+>Y96H[>IFG^51:#!;;?6Q"0BIS&UK.VB(%SO;<6R=
M7%@5GNR%_:2:T[2=B14/&K(HF(KB#R4N&_CTG#0/K-ZF_=<>ML1U \C*LCB\
M72T;'M,,[8;3;1&[Y^[3_#&U6^L;S7A]@,9=_6+*\XU6&.>.8U9-\O'6O/C,
M'P1TW<A/W,#U:&UN3FK^,.O&NZ:?$(::UB77UWBYJ*VW(4R3GBSNDK RVI1X
MHVVGMA5N5<;:GD8*.+;92S8+#VIZ9=99?"F785'VQZI7FDR:3MTIG*E]=92M
M<9]@:D@:'6%;72K5L]S:5)N;S4+1;)S9\7#*P#^PND\&75?QARLG;A%-1FX(
MG('#X-<^J&Y-7O1FPY+8^RX_4^WMDH?BS4=?35AV%>ZSI'53GEUR#W79Z5&I
M16W[962R=JUGL"HQ#1?#JPYA4JPFRPY<H&P9()2C?4T;D\?7;58>7MDF]HP,
M?3,?CWF8VXBNZL% K_!2'JT^K'XV3Y&NXC7?&F^O"X6(KDZ^R'!U,J*$<G<!
M_00   "L_+W]1,U^76DOCPUR LP     IAS&XD'Y:&XYLS[)M^L8S2V^%MO3
M<KKV<EJI>YF,4TIN35)Z]5[A"NFS^K.G3K:"2[AR7"GC63=9OC!<K84('.6P
M>ILM4!;D4^/^]VFHM11^QX69I5 :I[,R]U!7J]JOA_K.N7RASD-L6)4G]Y52
M$XQ2<6R?6(LE'*Q5Q=872.8KI.0#SV%ZH38M@X%:PX6TS<-#K##75PY-+/D5
M839".O+S5=[Q6[X2IS=C@*W?("P&ONJE]K,YUDD>0<0RLU%Y_P!BF4Z"K8(_
M7]3#ON8V5/7NS\HZO,M$MN<>]FT*#1K%[CXVL2&BYK8+.,M:$<6[.&;'8<=K
MO898Z/>I>-2PZ@6ACE(S7\C9A=7@-P0V_P /:?!P=XW!"[ML<3_BHX):[&ZV
M2Z>QS^WUW2L$P- -I.V.8QE'7:9U>]LEK17;.5LS<KD[)<JAW[E^'/:7]3IR
MCUE6$837N_8O?*^]>0>E-V<H([8L4IK6J2&QH)'>+O=%^>FU19->6NVT'8_^
M(45'.HMT\D[*HE"1?C'KELT,@ D5[ZE':+_7$G6)GES.W:^660DT+ML:\$O\
MZO<JJAQXUMJ&GP4G7I"_2,4U+7;K4Y6RYREX7#F7R=4ZKHIW)PZ!\E> D=OK
M>BV[JQ?EM*VZP\3MU\6+GL2AUV&5VT^@-G7O25MKSF+L\VUD8]"-J,=KF=9)
MM5VRN4S659PV,@X+E7(1_P 6^&F_>-_".V<(,6O1M\AZEIR<I>C;Y<]7(N:<
MZLUYGMKR\C$;)TM&O6]>E-74)E.UYFSC4%6YY-NB\27R0F4C *NZ"]3I>*3L
M[5ERW-LC3>P*VV44N7(6#BM>6U2<W%M9O4>7=$E)8D[:+C*1\?3-SL^84U-W
M2'4CS-#2[$C:-3:QJ_B&X;]HOU45UTAMO@M?*]MRF1$7Q.T9 Z5MKNJP&QX&
MUWVIU9WNYXTUQ'PZ.R_\($-66-[MYD[=)2%8=S48YK2'D3W!7)?(@[;
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M@'[Q'2_O1<\/X;7/O]G$ _>(Z7]Z+GA_#:Y]_LX@'[Q'2_O1<\/X;7/O]G$
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;J)WA_P"Y_P#Z?]7?_&?_ /7?^_\ _P"" __9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>36
<FILENAME>pg30img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg30img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ )P  0 " P # 0$
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M "EH/_EOZ/\ _E__ +)_^U_^!_[H#KKPM^QWQ2^[?I#V:5D!9@
M
M                                          !QC_K. .@G"W['?%+[
MM^D/9I60%F
M
M   '&/\ K. .@G"W['?%+[M^D/9I60%F
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M')K&>,4)'#57*!U2%*MA,W8SGLYZ!E0
M           '&/\ K. .@G"W['?%+[M^D/9I60%F
M                  !^!WCC)<>=5?$JX]-]5P.M^0VV+/\ $OV_BQZJV/H[
M97'OXP/%^5V-8M@I; ON[-P:RNL]1>0/&.D14FL]43MW6+D:X]:$1*DNDJ1
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M9*%Z563)=7"ZS1JLMA [;"RK=)17#90Y%%&^%#DR?N#J)E-DG7LYR7&<X\F
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MZ0]FE9 68
M
M  <8_P"LX Z"<+?L=\4ONWZ0]FE9 68
M
M                        <8_ZS@#H)PM^QWQ2^[?I#V:5D!9@
M
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M[/=(MY)DLJIV\=HG=IIK&.?ME\N.F/+@!EP
M                    !QC_ *S@#H)PM^QWQ2^[?I#V:5D!9@
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M_P!9P!T$X6_8[XI?=OTA[-*R LP
M     (&Y&$46UXT;I9R51S>M?-RF*<Y,E,K;HK!3=M/&38*4W3K^CIUZ@DZG
MD%                        03NLN%971S?!.TJ;=E<<)'R;&"I89UZU.'
M!C=>O:R9H50I<8Q_S&QGR= $[
M           #C'_6< =!.%OV.^*7W;](>S2L@+,
M                 "">0).\J]/2QY3*[<U8F5+)#G*O@UPC<*)'[!R9+CN>
MT;KG/3&2XZXR G8                        ! ^Y2X6LNB6QE.P7.W&+O
M]4I<J&.RK=B4)@N<Y*8I#=K)3YQ_X3=,^0!/
M                       XQ_UG '03A;]COBE]V_2'LTK("S
M                             @K?9SEAM=%3-DAU=UZI3P8JF4\XQFTM
MC'QVL?+VTR9+DO\ XL&Z?I%B:$ZB                        "!-M&)G8
M7'Y#"15ESW^963*;)L=VBWITR9RX+TQDN3HD/CIC/]O]H+$TGL$
M                                    '&/^LX Z"<+?L=\4ONWZ0]FE
M9 68                                      $$;Y355::I3)D^$C;S
MUF=SW>4\&[E"3<.28_O,XZERZ13[79_6[/7_ (@)W
M      0#M9F=WM'CD9+LX49WNW/3&,IV>K9/6]G273*7_P#,.;*Q,XQ^C!<@
M)^                                              '&/^LX Z"<+?
ML=\4ONWZ0]FE9 68                                      %/=H;*
M^?-TT;4R5<EFQZCL;7=H<6-VDGF"F496$M"F(Y@8Z>,F>QW8RJ?.#9[&4L?)
MG. %E*7>ZIL.(5G:;+IS44A)/8A5VFU?-,$D8XY4WK;*4@U:+Y,@<^,=K!.Q
MGKY,Y ;<                       "O^U7;-CM3CV[?O$6+-M9-@KK.'2Z
M+9JEC&MYU'"KA5<Z:::9<K]GM9SY#&QC]("?B'(J0BB9RJ)J%*=-0AL'(<A\
M8,4Y#%SDIBF+GKC./)G #R
M       <8_ZS@#H)PM^QWQ2^[?I#V:5D!9@
M             5)VI3YAIN+5%Q=3[A_$2FRHR)85Y1=^HC#G+3IE<KQNDY?K
M1[=-:0BO[[S5LDHH57]<YOT!)NBJU*56I2D=)UB%J.5[7,R3.&@6!HU@5O()
MLG"[WS526G%B.'\F9PJID[I3)LFZXP0O9(4)I
M!RGV=$JV25?P%RL-LV-'KWC:N$BQN)ZNO:Q6YN$K"S"(A7,U"2\AG,<N='&%
M&K5PW.58^$S=GKD@=,J4CYO3:DAW1T.XK,"CW*F,X41[N*:D[I3&2DS@Z?9Z
M9\F/+CY, -F                                             <8_Z
MS@#H)PM^QWQ2^[?I#V:5D!9@
M  0)MI93^(/']HF8Q<J[ EW1O*7!#)-*=-$4(;!B&SDV<.^N.F<?)\H">P
M         1O3[\[M-IO]=7J\E"MJ7+-8UA-.S+F9V=-9 QW3MCA1@T31*R<D
MRD8I5%^OD-VL8SC "2            5OL<;#P_(+3#.'8-XX[^ V_+R:3!%-
ML1VJ5E3VJ;^0*D3'G*Q3*Y(4YLY-CM=/+U\@60
M                        '&/^LX Z"<+?L=\4ONWZ0]FE9 68
M                              $!;13<*[8X[E3[H[?]JKL9TB;)\+?W
M5%E'"#E+!2&QDJ"J/0_:,7'13'RYZ )]          &MK6ZNM[.SIJLCC%E?
ML%9-M&%:O5#&8H]]VW"KI)L=DV+_ /+G[.%%2&/DOZN,@(PUQBV*;,W"O8GS
M9S$DD()"FM2NO.'[&&[$FH\(^P5^[0336D.IVQ4DT.PAG!52Y6P?H$Y@
M       K]9VZJ_)'52Y,8*2/UYL?O#=HV,G)(O*T3N\E[79/C"K AL?JYR7I
MGR],Y 6!                                              '&/^LX
M Z"<+?L=\4ONWZ0]FE9 68
M$';!+@^X./W]X<ADY;9"W8*8W85+B@2*.2J%QC.,X*9?!L9SG&,9Q_;T%Z3M
M.(B@        "/U=;5U;9+;:BAGQK,SK2E5;$RHU^;4HY5TH[45PAYGYWEX<
MZF2]O*_9P3R8+CJ;J% OAU3*4K);V*G(U==LE9F9HQC7]F%V*Y00S+VI%^H^
MR7)/F5LHZ1(=LGE/&5,*'SC.2X+T#IZ           " 995(_)BGML85,NAJ
M.TO#="Y[E-%2RQ+4IC'Z9QDYU,YQC'D^3J GX
M                       <8_ZS@#H)PM^QWQ2^[?I#V:5D!9@
M                             0==LJFW=I!,N<'139;,742R;.,IJ?,#
M%%)V7'9S@W=X5,EGRX_^-^D#U.(          9Z],]/)G]&<XZXZ_HZXZXZ@
M*D\9^.UGT=,;(E+)::79U+O(M'3=>K:ZB**^(DT<RC@N9U>+.8LPYZ262E,;
M&.QC&?+G)LY WOE;8           %?WC<I^4M?<85[!F^A;44R..W_?E7O\
M4L%.I^MW>?-LIYP3R=K'>&\O3("P
M               XQ_UG '03A;]COBE]V_2'LTK("S
M                     @&\OFK/?>F/.GA6:9:=MUXJ==<K=GW"!J$SSE<Z
MAB)X4PYDTL$R;/Z<XQY<@)M;3$0\=K,&DI'.GS<F%5V3=ZV7=HI9*@?"BK=-
M4RR:>2.4\XSDN,=%"Y_\6.H9$                       $"D-A;DVKC!"
M=6.C^[4/G&.]SB1O**B6"&[7:PEC,<?M8[/3KT\H">@
M                            !QC_ *S@#H)PM^QWQ2^[?I#V:5D!9@
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MA7L9YX5";CE;0[?&DW+6111?1+SSA#)?-5.T8J9BYSGKG(BKF
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MZ+36#UG+O(Y5-1*);.'#66=(1;-NT/8I DAT>.$\]VMW9.R0G3/4)B
M                                        '&/^LX Z"<+?L=\4ONWZ
M0]FE9 68                                   !K=OL[*F5J8M$BBY<
M,H9KYTN@TRVPX5+WB:12)F>.&C1/J=3'4RBI"%QUR8V,8 5NO.Y;_.5IL;65
M(OT#+JNF#XDI,TTTA&/8-5NL9PFW.W3D^PX6(LDJW4[HQ,F)C!LX)DP#W5_<
ML_%R]D);ZGLR6B)5Q'.:@R+58EZ\8,$XQ',HU>(PI455'"LP90R>3][C#?!,
M_J=#=0]6M*'#W]?:$C;*E:8:+E-IL+;!PTT9]6G"2K" A4FKG)(&4*V?MC*(
M=HZ)U%DL&,9-0O:[9<!;0!C969AX)MA[-RL;#L\JE1P[E7S6/;96.4YB)87=
MJHI95,4ALX+UZYQC/]@#74]D:[5Z]U?:6IV2Y.;N[3!GZ%+CJ8V>R^ST*7'R
MY^3 #7K=M2(B*VZF:@I"WZ1;OHAIB%A[1#)J=S(R;1DZ>JN<+.<)HQC-<[D^
M,$,8Q$LXQTQU-@/CINTG=@FG\9.04;78]O6*C/,)XMLBI%E(2=BQ+_.U5PUR
M1F]0EZI\VHF='[)T%"O4NP;M8.7 27\_P6#$)F:B<'5,4B1?G%GVE#G-@A2$
M+WW4YC&STQC'ESD!E@        &#LEBB:E!R5CG'!FL3$H><OG!$5G!DDLJ$
M2P8J*!%%5,Y.IC'0N,_* P%8V-6[:Z9LHP[]%W(P!+0P;23!:/7>01W"#/,@
M@DOT4RFD[<%2/C.,&(?..N,8R7.0WL!CY26BX1F:0F)!G&,2K-6YG;YPDU;E
M7?.D63-'*JQB$PHY=N")DQUZF.?&,>7("D]ECVKC<E3BTK!5J\G/WBP2&%]>
M/BIV;"AJS*OFDO93R[)RGB1?H*932<IE5;F*8Y$^SDA<@+".[Q6=2--8466D
MK'9']E.C4:_,*HM9!Y,RL:@Q247GI)+,=&MY!\5QWYS8*F0_95R4I<%P4!NM
M*N;"\Q3N5CV,I'$83<S7G;280;(/$I.!?*1TD3L-';U$R23U$Y"GP?H?L]K'
MZN<9R&W@                                            .,?]9P!T
M$X6_8[XI?=OTA[-*R LP                                   "%>13
ME1GI/8CE,F%.Y@\&5)DF#]IMY\S*[P4F<9QD_FN3]G_WN@"0H>,9.Z5%PV>^
M-'.JNQC,]%#)KY9+1*37/15/H9-;*!O^8O3.#>7 #0:=HBA48E))!I2F?X?.
MK$ZKBK]\1\X2-:&"L?*).W*K;SAVEW2ZF4NT;MI9/DI3=WGL )F  $>70_6Q
M:M;Y0372<W=^57O"9/W.$-?W9VFJ3&,9+@V%D"EZF\G0W]O0!\^S-=J;!K[:
M$C[3,TA5"6:R:DG6RMTW;Q%LW>(FBW7>%+VX]R=T4YRER7.3)%\O3KC))BR!
MUK"5Y_<9 _9DVEE>,I!&*D$CNV,"5G$H,W+2*1>N'B:#5Z^35=FP0I,]XODN
M>U@I.A:4JMUV/&+:VU.>JZW:ZWNVHJKF9O#F4CHN_P :UEX1PP?/J]74\*O7
M:I\%13;+F33(D[5SV\F+C/0/Y&L..L+KBC.()61L$K=(W8\'1G%R@FTI/6)V
M6UMGS].1DFD><[1>K.61DF)RK(]RUR;KGIU-@.D(      K?NZPSD-:*$E"U
MF;M^?,;-)/H>+GY:O-&;%H_JC5W8I-:(-E60+$-'ZA46IR'PHHO^K^MTQEWX
M>JA478&=JV^,6D]I(UB-3OYZ\QCM27J[SL?84R3[9%.#N9K;88J3KLQ(,'.4
M>[;,LFSWIE$>GFV>I+O$FQ-KL-0MUHUTX@K3LEDWG[4NSLDAN!VG+>;N[ JO
M'5;-1;2TY9_FVKP*A4RNCL\X73;]OKVC8QDJR^LZRTE*-49IP[LK5^]@D%\F
M//RWGK9%\IE[E@9POAJ\[E(QRXR0Z:77),9,0IL=,!Y3=>O3<ED+!.9!PFA'
MJ.:QEQ9)19R]DFS--5-E)96EFA44'STZB6,DR3!2X+DQN@)K7MKT',AJ]VPD
MIZSO5#+UCSYN>6[Q%PL>QP_G&/\ YE)RJF5(YS&2,53O4LE+DI^T7!@5D"<;
M=4>>QD@[B9B3<PT&G6HP\E:+"ZRU@D#&,VCLG-(E5=(-,J'[KOC*&)VS>7R@
M([V!QZ:(*5E#7=1CY!@ZF\XMN9ZT6')X>#[&%,N*PT/.-6I)$Z^.SG'7!<EQ
MC&?)Y<!@WVB4HNC;0G;(S41L4&I;W=,>1$O)$1D(>.BB+UR4E&CR:F4UI5T[
M(?"Y5,IDS@N"92[..T<+!:..HIJ.@J*J+J'5K[57.7!\J+$PJ=50J)CY_0@0
MV"8Q\F"EQC'DP E8                                           '
M&/\ K. .@G"W['?%+[M^D/9I60%F
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M ??K!NFUUW244\8*7]F8=;LX\A<&<LDG*F"XZYZ%P=7/3'Z, -Z
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M\H#,:WRB;7E#,V5PNW-3:P9!<I<E*LB:$9&25P4W0Q<*$S@W3/EQU ;H
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MQC_K. .@G"W['?%+[M^D/9I60%F
M   5\Y.*J):L6R@?!79K/4L,L&)@^%'9)UHLBCV3?J_WN4NSY?)Y0%@P
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MO8QI$T>ILV;!M'$)7(0RK9LU2:%PX-&-<KG421(0O?'4ZY/G..N3=>OE ;D
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M.$<$R;]7M95Z= $HU/!RU:M%4Z]X6OPV%.OR]O$<VP;KT\G7M ,^
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M/_Q 6,KQ#)P$&F?&2G)#QA#%-GKDIBLD"FQG/Z<XS@!F
M                            <8_ZS@#H)PM^QWQ2^[?I#V:5D!9@
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MFD0B9"]<YZ$(7!2XZYZYST+@!Y@
M          XQ_P!9P!T$X6_8[XI?=OTA[-*R LP
M                            ]:J*2Y.[62363[1#]A4A5"=M(Y54S]D^
M,X[2:A,&+GY<&QC./+@![
M                       !QC_K. .@G"W['?%+[M^D/9I60%F
M
M                                            '&/^LX Z"<+?L=\4
MONWZ0]FE9 68
M
M     <8_ZS@#H)PM^QWQ2^[?I#V:5D!9@
M
M                         !QC_K. .@G"W['?%+[M^D/9I60%F '/?BQQ
MEXYV[CUJJS6K0^H+)9)VM?.LW8)[7-2EIJ9E'\B_=/9&5E'\2N^D7[MPJ8ZB
MRQSJ'-GKG.0$_P#A#XJ>[9HKU4T?_) #PA\5/=LT5ZJ:/_D@!X0^*GNV:*]5
M-'_R0 \(?%3W;-%>JFC_ .2 'A#XJ>[9HKU4T?\ R0!7G?7%OC3%3?'%*,X_
M:7CTY;D96HV4(SUE36Q9*--KW9SH\:_*E#$P\CE'+5)0Z"G:2.HD0QBYR0N<
M!8;PA\5/=LT5ZJ:/_D@!X0^*GNV:*]5-'_R0 \(?%3W;-%>JFC_Y( >$/BI[
MMFBO531_\D /"'Q4]VS17JIH_P#D@!X0^*GNV:*]5-'_ ,D 5YU5Q;XTO]T\
MI8Y[Q^TN[CX:ZZQ;1#%QK*FK-(INOI>DO7"$:W4AC(L4G3URHLJ5+!,*K*&4
M/U/G)@%AO"'Q4]VS17JIH_\ D@!X0^*GNV:*]5-'_P D /"'Q4]VS17JIH_^
M2 'A#XJ>[9HKU4T?_) #PA\5/=LT5ZJ:/_D@"+]W\4N,,7I7<$E&\=]),)!A
MJS83MB^::NI2#MF[;U&84;NFKA.%*JW<MU2X.FH3.#IGQ@Q<XSC&0&7UAQ.X
MNO\ 6FNGKWCIH]T\=4.GN'3IQJRDJN'+A6O1QU7#A4\+DZRZQ\Y,<YLY,<V<
MYSG.<YR WGPA\5/=LT5ZJ:/_ )( >$/BI[MFBO531_\ ) #PA\5/=LT5ZJ:/
M_D@!X0^*GNV:*]5-'_R0 \(?%3W;-%>JFC_Y( >$/BI[MFBO531_\D /"'Q4
M]VS17JIH_P#D@",J5K#6^K.7Y(W6=!INO8Z9XUR;N88TJM0]79RKN/VC"I,7
M<DVA6;)%^Z9)/EB)**X.=,BIBESC!LX 76
M                                               <8_ZS@#H)PM^Q
MWQ2^[?I#V:5D!9@!6?AO]E_2O[EM/^J=@*J?%;M_(FG:<T>[X[26T(9W*\GJ
M/"[:EM30%ZG+"PTZOK[:KV;5D%M9Z/Y&7NOP*MO80:2S^.J,FJFLHBD?N4EE
M%2!SHK_.;XG,-QLA]:6?C;NNV[R7TJK,DV*KH;:D5:9YJEQGY%W,UJ7G:]4(
M:CUN\N]Y:YJD#'1,A$1-A5:3R9GL$T?N2IH!]>P>4GQ18R5A-<Q&N]L(-$N1
M>SYM*S-N/^R+%;ME:G3Y-<NH%C6&]\KT%_#C4U(UWJJBT J)IEBK-6EE:&;R
M.=8PDH=<-XD_B$?$.U34&UCV5HBJ5'6N&U9IRNQ-@ZHW,K,:R7;2_!>N3&V-
MG$;VN&)M4LUXCKN>/JL U@YB6D**L@S765PZ00#JKP$Y#6[E=Q"TKR#O<17X
M*U;*A9Z3DXZJL)N+KN"Q=RLE=CWL1'6.0E9QBSE8N'1=%2<N%E296SC)OD ;
M5R*_[]QB^\Q6?9MM4!#?Q!]C<D=5T?3MQXSU>TW>QQ.V;=)W.G5JK2%J0M=0
MKO%KDG;H*LV=M$L'LNPK=AV_7JJR,NT.U=*/5VS9);"C@I% H0KSJ^)S"[.U
M?KNW\4(Z:K=CV)8Z)?+IK+2&^$)#,1(4_55FK-PJZ5CLKBH5&M51;8,FPF)-
M_.2SI=S7'*S:+P4JJ*05\D>=/Q7X=[JV3B^->Q'I]?<?R/+AK23T'N61_:2;
ML6F>(4JUV[M#9R;1M!W>0@KAL+8*J="K!(:T(.*>[9O#J.%RX;!-O,';WQ.]
M@<;.'>Q=.Q%YTMLBPZPY$;&WS2-3ZHMMKDEKA4]6+N--5W+:VPF;-2F5HL#@
MSQ*#E(]9\J]419*97,U/WX;+8_B ?$/83NR8PO%C]G:Y [%>5Q_?'7&[DG?6
MNB(AI?=VU^ 8S-/ILRC8>7RFQ:A0ZG*HV+7)X^$KN+D3YP342;846"^/!S<W
M+O>;7;-KY/Z<K>@(N&L-!K6NM8IP%P2O3=9SIS75ZV),V6ZSDZM6;G#-;Y=W
ML#'*P\6S12/ N>^666,9- );T_\ SUY;_OYJSV&T(!9@!PWY*;8^)14>3^WO
MX35"P6/C15^0/ WS/,56K)*; >:_E6Q'W("!U57V.NWM<NU2ESI$0L3]W8&3
MB',HJ5(Z)L$-@*A*<J?BY<FJQ6G$1KW9O&J1EY&.HTT_@>.&QX)BO6)WEKP!
M88V"A6+ZZF;'3K;&Z/VEL%JY4S,O6:,=!3#Q+!#ML.6(6XY\\JOB*URR<H-,
M<8--RJ"D5IZZ$T_?(;2&TKS9LK8XX3&Q&6^*_L5!UG3,P]C=TMTM=L=>':K6
ME>662F_[]@7+-4.T=%B)>OTBG0-AG'5GGX2JUZ(G+*]3.B\L,O&Q#-G)3CM)
M19PHDZEGJ)W"A3**&*=3.,F-GRY#3M_?R(W7_M)L?_1TR S6I?Y5:S_V^IG^
MG(T!((#\_P!\0[:7/BG<ZZ-$\>7>_#ZK;Z]XHRD/6==Z^NEDI5RMDQR>OD5O
M^&?R,;QSV3K)[+YTDQCRNT[?>M?,(=HLB^1>9/DYR!G.+N__ (@51XS<X[_?
MZ5MG>NW*'M!"2U$IL/6-VI4.\B;5*-#6FGT72I]7:TVA8:]QLAI!0SK$2YL*
M=XRP[J#EE5UC=V%<-B[7^+SNG84+:ZG)7_4>LN]X_P!32AJ-QPV+6V>Q*B]Y
M(<K&-[W&RC+S)O[UJM_L+6&F*2^=PLSEQ*U.%M;=!0Q%7>7;P)B0Y^_$AK>H
M["[)Q9FY"_5*@\<R-ZA9^._(F?G8B,N,!QXSL/>]QV%!/(BH[6.T?[ MA5M>
M5MHPML.M65E'ZN"(NBD#MQH2W7_8&D-17G:U-0UWLRX:WIEEOM$:GEC-ZC;9
MJOL)&>KZ)9^/B9Y!.,DG"B6$7S9!ZA@O=KD*J4^ $M *QK_;,B_NQS_M4K8"
MS@                   */ZBA=X;>I9[^[Y-W^KJ2UUVFP0KT!0-&+0T/&U
MG:-RJL*P8+3NL)>:62;0T*W(91TZ<+*J8,<Q\Y-TP$F_P;W/[W6U_5WQV^I\
M _@WN?WNMK^KOCM]3X!_!O<_O=;7]7?';ZGP#^#>Y_>ZVOZN^.WU/@'\&]S^
M]UM?U=\=OJ? /X-[G][K:_J[X[?4^ ?P;W/[W6U_5WQV^I\ _@WN?WNMK^KO
MCM]3X!_!O<_O=;7]7?';ZGP#^#>Y_>ZVOZN^.WU/@'\&]S^]UM?U=\=OJ? /
MX-[G][K:_J[X[?4^ ?P;W/[W6U_5WQV^I\ _@WN?WNMK^KOCM]3X!_!O<_O=
M;7]7?';ZGP#^#>Y_>ZVOZN^.WU/@'\&]S^]UM?U=\=OJ? /X-[G][K:_J[X[
M?4^ B+>M:WYK'6DE<(/ECLEW)M;'KJ'12DM<<?56?<6W9%2J4DHHDWU*V6.J
ME%SBYD>BA<%7P0QNT7&2&"7LZ;W+USTY<[8QCKGIC.O..V<XQ^C&<_P>QUSC
M'_# #^?P;W/[W6U_5WQV^I\ _@WN?WNMK^KOCM]3X!_!O<_O=;7]7?';ZGP#
M^#>Y_>ZVOZN^.WU/@'\&]S^]UM?U=\=OJ? /X-[G][K:_J[X[?4^ ?P;W/[W
M6U_5WQV^I\ _@WN?WNMK^KOCM]3X!_!O<_O=;7]7?';ZGP#^#>Y_>ZVOZN^.
MWU/@'\&]S^]UM?U=\=OJ? /X-[G][K:_J[X[?4^ ?P;W/[W6U_5WQV^I\ _@
MWN?WNMK^KOCM]3X!_!O<_O=;7]7?';ZGP#^#>Y_>ZVOZN^.WU/@'\&]S^]UM
M?U=\=OJ? /X-[G][K:_J[X[?4^ P=1_BE2.0E;U]:-RV7:57M>F=D7([2TU3
M6L&YB)^EW?4T)'N8U[0J=5%U$'4=>G95TG/?ER8B9B=C.#=H*)?UG '03A;]
MCOBE]V_2'LTK("S "L_#?[+^E?W+:?\ 5.P%F    82QUJN7&#DJQ;H"$M-;
MF6V6<Q7K'%,9R#E6AC%.9K)1,F@Z8/FQCDQG)%4SESG&,]/( ^R+BHR#C(^%
MA(YA#P\2R;1L5$Q;-O'QD9'LD2-V;"/8-$T6K-DT;IE3223(4B9"X*7&,8Q@
M!7;D5_W[C%]YBL^S;:H"S        *SZ?_GKRW_?S5GL-H0"S       B3?W
M\B-U_P"TFQ_]'3(#-:E_E5K/_;ZF?Z<C0$@@        *QK_ &S(O[L<_P"U
M2M@+.                    K/Q#_D5$?O]O'VY[( 68 ?G[JOQP+9-TO?M
MT=<,K/()ZMX^<A.0U"@ZO?K+'2&P:UQUW(?45Q:.)O=.E]*T1ZS8)'2GY.5H
M\Q?V4-%]M)?J_48-'P=,-U\\M'<>S:N;;.+<TWVR:2ILMX2H5.4N#'76M&$W
MK^J3^RM@OH])$T+1H&V[0@X]9R1)9V8[WO2-C(-W:K<.:FK/CI,+5<F*6VN-
M4]H'4WS'+6V;V9<[=+S2L?62V/ETS@%&5=J^N9'$E+N*GPZL4F]1,\0127R9
MFV6=G0*=P%YHGXH7&QWM326D;!$;GU]M7>B+5Q TF^ZJG(.8JB$[8[#4Z,ZO
M::2K]&(CMC3E6>I0SQJ=\S.5+"CE5JF<AC!J=1^*OI1[N&^:1V+3[_KFV07)
M6<XWZ\E#PCZPT[;4S$;;TMIA23K=E;,6+5D\BK?OZLYF&"Y<_-[1]E5-=UA%
MSA (Q+\:'0BUUC&K"KV*7UG,04E,1]LBD)Y>[N7RE4TM*T6ILM:J55$TI:=D
M6S=#*&CD6\J=!%4J:SE9(JIRH!CZ?\:G33JO62P[&U/M.HNHB4M48RH=6@)F
M_;)QFF6GFLUL#BR5\D%78NOEBZ!PDL,ZZ(20>':G,=F?]=-NJ\"WFF?B'\=-
M];/G=8:\<7UTM$4O9-_C+Q+T66A-=W2L:>LU'I6SWE,L;_*:LNK2[CL!C&.T
MSMD#Y<D6REA1(F%#!7^L_&BX96MC7)"*_C"=O,V^=J,VIC6;MXAK[%>N6@:,
M_L]\?Q4G(QD94C3')ZE&3=M5WI\HRV>TF51LZ31#:=9?%2T=L1ARDO[RLWRD
MZ,XU:CTUN9'9MHKTPVD]J4O<:VVDX&=HU!1BU)UW"2Q-9)9A%<'4=3!Y0B>6
MS51+)3A#MQ^-!K>*OK>@TKCIOVZ2K"<T_5KLR7@F->L%,NVS.2LKQLF=8NJX
M=Q*.9+9-2FHD\DDV05S$2S-5,R,D1$V7& V5/XX'!-ZVE7,!+;<MF8VAZYNS
M9I5]1V:7D9Q]L\VG_P!GM=0L:D4CUQLI%+?-7,XC52()YR_430776:/$FX3?
MR0YXR?'[8&M:43CELVX,=B<<>1>_49].1@(A9M,Z$URGL,FE(^IME;!;IG9E
MH:Y,@K@K-*.CS&1P1P\75RW3"&DOBIQ\)PTH?*S8>G'%>LL[>-TZ\O.B*]8[
ME,7:A7C2&K=\;0M>NW2MYU#JR5)L1DRT:X:NV<M$PC%LJY,=-ZX3(W,[#YXW
MXU?$1ZX5KRT+N[.PVN=?P[K7D/K&0G9I;8%W8U-:1UO$O6KM*(>V>AR5VCV<
MOE99HTPHJ=1LJX0;NE4 SE;^,QPRLZVI$&RFWHDVZ-BUO7%06M6KI:IL4'MV
MI&H-D46>G9*PNHZ-C86[T;>M;DXI#"JDPZ:NEC88X\R>=P'5T!6?E[_(F:_?
MK27MPUR LP  *1<Z^6\_Q!H6IK'5=8%VQ9=O;ZIFBH2OJ/\ 8C5&.>VVMW:R
MYL*['4FH-[;*GDH]M2U$_,H>L2#I3*^%,X3234/@*04KXY_&RV:Y92+ZOSU9
MW(GJC&Q+7KAT2PRU3I=B0<O5'^LI_8,73C2\;<D*W&KRWFKZNL735'!64@@Q
MF,+1J0;R;XR>@ZXUN,A>ZO<C-:P[GFZ+35T#:MASBS6FL.3%GO,S*1C^K4XD
M9"U6A\8)V56626=&4[!D"%R?+;+L+2:7^(-QVWQM&WZMHSRYH+U.I[$O2-ZM
M-0>U;6=MIVIMBIZDV18ZA;Y95%O)1=0V/AQ%.SK)MNBK-94N#-N[64" Y+XK
M6M*KM[:6L+C0+,3%!V9*:LKG["9DK_;MD6%6Y\4M>TI2N5IE78V);M[=<N54
M:RR5:7[;3#3O\]XW544;!'FQ/C@<7(+5D[L36E3VSLQ=IKI]=*\V7I$Y4*O.
M6B(U##;WGM0O+<[CI4\-LVOZML#*0=,O,'"/>NDVZ2JJW>%3#?)#XT/">%G'
M%8GY':T#98:L[7L-V@)/5\V65UR]T\_W5%V6HW=LT5=YC;3(O^/5M3CR(9=,
MES1J>%'*.7K'SD,_&_%SXJR4M!5\L-O-G87]XA*#;(.0U'--9#5,K;MJZXTU
M0W^T<&=&;5N%OMYVO"(Q:Z2CLQT7!U5R(815P4(GV[\7F(TQS=NG%>VZE8(T
M37D]'Q]OVD6U[%-88^IM>,>.46QMHMJRVT2\U:\J6I:5UQ,1N;ZE:U6^,NF<
M2Y(9))4,[)_&OX?EI%)M,$ELA[*;*+LB)IM=G:@O7%$KQ0ZVXL,54[<\[^45
MADKV7S9*.E&#>6CD_.BF=*(9(H4@9;<'Q-+)K%7A[*L^/A)/7O)#6^K=F;#V
M-.;$F(6J:4CMJ67757B(*6FH#5MTA(Z137OBKEO*71W0ZM)8BU&;>5-(K$:%
M#:9_XMW%F+5ID? 0F]-CV38$='RU2INMM13=IMLO'OE>1^%'*<,FY:J()QC/
MBG<G3K*IB=RW9(9\IG*1,A\*GQC>$:T]KV!KUHOEU4VE*2,;2)*F:]FY^)G4
MF#BDP*4PP=-^PH^A9'8=^9U1)9NFME.PMWJ+@J#=B[<I!\R?Q>>,<H_KCZGH
MW:]TBU0K3%=EZI4Y^1LMLO,WL7BWK"O4RF5K,8DQG#_MGRKA(B4<*234\5--
M7;0Z)_-7:K8-^TK\4;B]O_8VJM;:W+M.0D-O)M&-<L<EK69B*;&7=;3$OR ?
M:NL\\]4(6&V'!ZKAS2+QGW:C=/*R21'"BN3%('1@  5QG/M=:O\ NX[X]IO'
M(!SQ_K. .@G"W['?%+[M^D/9I60%F %9^&_V7]*_N6T_ZIV LP      *S\B
MO^_<8OO,5GV;;5 68       !6?3_P#/7EO^_FK/8;0@%F      !$F_OY$;
MK_VDV/\ Z.F0&:U+_*K6?^WU,_TY&@)!         5C7^V9%_=CG_:I6P%G
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M^9XZ-9)E5ZUJJLMF;5T1=JCB 8'PGWC1$Y MF K/R]_D3-?OUI+VX:Y 68
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M/9 "S                        *S\O?Y$S7[]:2]N&N0%F
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MO69Y2U5R5<TNMKR5?M"L2Q@5;)"/E8T[J*GE(.,;,C/$#)N,M&Z2.3]VF4N
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MLU<9=MM>T=NZR^Q)Y<H5.!2<9DL9LF<2&5DV!5//L9N,OGO>O>?_ ,J\\O\
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MXQC&, /O     5QG/M=:O^[COCVF\<@'/'^LX Z"<+?L=\4ONWZ0]FE9 68
M5GX;_9?TK^Y;3_JG8"S       K/R*_[]QB^\Q6?9MM4!9@       %9]/\
M\]>6_P"_FK/8;0@%F      !$F_OY$;K_P!I-C_Z.F0&:U+_ "JUG_M]3/\
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MS+LGN5(Y'#?*>0[;         *S\O?Y$S7[]:2]N&N0%F
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MCC37&[=A)',E;[E:,*E8;/X]F:X1+:[!-E9=@SQ3M90PGE3KCM]KLEZ!3_\
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M76K_ +N.^/:;QR <\?ZS@#H)PM^QWQ2^[?I#V:5D!9@
M                                          %9^(?\BHC]_MX^W/9
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M:SU#[@       5QG/M=:O^[COCVF\<@'/'^LX Z"<+?L=\4ONWZ0]FE9 68
M                                                          !7
M%#BKJ9CEZ6(>[DK[1]+SLZI$UGDCR)K4"VDK+-/[%-*1D!!;2CX:(;O9J4<+
M^;M4$6Z9E<X3(4O0N ]_ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS
M])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/X
MK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN
M@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS
M])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/X
MK.3WUN@'ABUS])N0/XK.3WUN@'ABUS])N0/XK.3WUN@,1.\0M/6>,5A;%([R
MFXE=Q'.UHZ2Y2<FG311U$2;.9BG!D5-N9+E:/EH]!PD;Y2+)%-CRX 9C/&+7
M6<YSFS\@<YSGKG__ *LY/?+G_P#MT!_/#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q
M6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK=
M /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KG
MZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q
M6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK=
M /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= /#%KGZ3<@?Q6<GOK= ;%2=#
M:]H-LS>(8]^E;46NR%3;RU[V]MG9AX^O2TG$3$K'1378MVM#&)))24 R574;
M))*JY:IX,;)2] ',C^LX Z"<+?L=\4ONWZ0]FE9 68
M
M                                   <8_ZS@"#.,'V:^/G_ -7C^2>K
M?_)O_E'_ ,DPG_E;_P#US_\ 0_\ [7L )S_.< /SG #\YP _.< /SG #\YP
M_.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG
M#\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.<
M /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\Y
MP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /S
MG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _
M.< /SG #\YP _.< /SG #\YP _.< /SG #\YP _.< <R?S/O_JI?_;_^P@'_
!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>37
<FILENAME>pg31img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg31img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!LP*R P$1  (1 0,1 ?_$ )D  0$  P$  P$!
M       (!@<)!0(#! $* 0$                     $   !@(!  0(" D)
M!@0#"0$  P0%!@<! @@1EU@)$A,4%1>W&-@A%M97USAXJ=5VEB<W=VB8V3$B
ME;56MBBX:4$C)%4V&5%A,B4S-29Q@:%"8D1DI3D*$0$
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M ))__%_^!_\ I ==>%OU.^*7V;Z0]6D9 4P
M
M                            XQ_QG '03A;]3OBE]F^D/5I&0%,
M
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M2Y-Q9VRQ"0XX2FY(W-TUU.P7MX&<^#GH#U0
M               '&/\ C. .@G"WZG?%+[-](>K2,@*8
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MI;7!Y;8P0I4EI2"$^5!N^Q9>FF<:X#IH
M          .,?\9P!T$X6_4[XI?9OI#U:1D!3
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MLLK34LHO0HO7I\'0O77337ISG.?!UUQC7'3G/2 ^8
M                   XQ_QG '03A;]3OBE]F^D/5I&0%,
M        "2KNY\<'^-$R(KKD1R]XUT9/E+$CE">%6U===U]*CXVX*'!(A?R6
M&4R%K<S&=8J:5192G!62M]TYF,;9SIMT!M>UN0%&4569]SW1<%:U34B<MI,-
MLFP9I'XE"?!?]RM&+4N2/:]$U'&/6Y^F$FFANVZC.^,%XVZ0&KK.YX<):4BU
M;SBW^77&RL(9<3.?(:FED\NNNHM&[-84R=L5J'J!/;S(D;=+6HA*](S-E" P
M\K7145G.W09KTA4B!>B=$*-S;5:9P;G%(G7MZ]&<6I1K42LG10E5I5!.VY2A
M,I(,UWTWUSG7?7;&<9SC(#]8
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MFF\>;MI2SL1A1AQ9C,V/F3R$NVN^VN2--<XSG'P@,]
M
M       <8_XS@#H)PM^IWQ2^S?2'JTC("F
M
M                           '&/\ C. .@G"WZG?%+[-](>K2,@*8
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M7?)@\(&B\;%RZK&J.MRAU<$S9A;Q_3H]G U(EWU)P:867DS.,;;:Z].V L4
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M.@0       )UY>_55Y'_ *C[0_N8\ **
M      '&/^,X Z"<+?J=\4OLWTAZM(R I@               $S\O/T%NWZP
M*,]>M; *8  'YDZ-(D**(2I4R8@C;?8DE.04243L9MON9L467KKH7L9L9MG;
M.,8Z<[9Z?Y<@/D>E3*B3DZI.0I3J=<Z*"#RBSB3],ZXUSH<49KMH;KG7&,9Q
MMC..@!]V,8QC&,8QC&,=&,8^#&,8_DQC'^S& ']
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MM(R I@               $S\O/T%NWZP*,]>M; *8
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M,+Z2_'E&:]/A:[8P'2P  3KR]^JKR/\ U'VA_<QX 44
M                 .,?\9P!T$X6_4[XI?9OI#U:1D!3
M)GY>?H+=OU@49Z]:V ;RE,UAL%0$NDVEL9AS8H4ZHD[C*7YJCR ]9N68;HD)
M5NRM(G-4[E%;;8+UVSOG77.>CHQD!_8]-(=+4Z19%)9&I.D7I5*U"JCSZUO2
M=:C1K=FU8K2'MJI24H2I7'3*<PS3.=-#\9TVSC;'0 R4!\=]]"]=MS-]2]-<
M=.V^^V-==<?^.VVV<8Q@!\@    'D?&!ARVI7G#VT>9UQR).B=O.2/S:L/<E
MA+<W$I5WCO)5!R]P4%D$:Z;YR:=OKIKC.V<8R'K@
M   FUY^M_6_V;;L]9_'\!20       /->'EGCS6N>W]U;6-E;$^ZMR=WA<E;
M&MO2E]'C%*Y>M-(2)$^G3\.YF^NN/]N0'ZTRE.M3IUB-00K2*R"E*54F-+/3
MJ4YY>II"A.>5ML4<0<5MC;3?7.==M<XSC/0 _'L],VK;H\[.S9JT&8)R6Z[+
MTN&W?"@[1,GSHNR;Y+M@]09J7IT;?SM]L:XZ<YQ@!Z8  GM#Q4X^-USJ>02*
ML64BVE3HMD.\FU6/>R,J5N<53P5UG"*)F.F\-;K =H0D+9E<@3MY3TJ:L>2&
MJMT^<EY"A      !.O+WZJO(_P#4?:']S'@!10
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ML^N-?+,I2G#8K!YJ@\X.S(                ";7GZW];_9MNSUG\?P%)
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MG[>@E&_C#TK',([!8[*$S*69JWM'GK;* A,A5)R- ZI
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MT9Z_B$?AC4Y2!QU)T<'Q>WQQO;4BQX7:IR\'*3--CS<::^%MGHQT!G@
M                       #C'_&< =!.%OU.^*7V;Z0]6D9 4P
M      "9^7GZ"W;]8%&>O6M@%,
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MM(R I@               $S\O/T%NWZP*,]>M; *8
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MNG4AHD#-Q>X?F\/9JTX3-TWT4M;E/HV[+GMK48W.):%V$Y!Y2TK4S?<.R
M             )UY>_55Y'_J/M#^YCP HH
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MI#U:1D!3                )GY>?H+=OU@49Z]:V 4P
M                   ";7GZW];_ &;;L]9_'\![%C42@L2Z>.ES*9$L;%O'
METM!S;F(A 0H2R?:S:^6P!42N6F*"SF[5I3K,J2\EZ&9-WUQIGP<9Z0$=VAW
M<[G;,S?99);N;RM+D8N.K!RF2M].LY#G;2?B[:3M:57K(%(=IANLIMQ.5O&[
M<Z;XT?R]T999S?HVN&N5NP;@K'B3,HS?;)=]I7PKN$RM(G=$$I1K-K6,P-\C
M,8O>P(I/)CZ1I1&7'9'9KXVEP-G:FM0F:H\D*1)3#E218XG;+L!;P
M           G7E[]57D?^H^T/[F/ "B@
M     !QC_C. .@G"WZG?%+[-](>K2,@*8               !,_+S]!;M^L"
MC/7K6P"F                                    3:\_6_K?[-MV>L_C
M^ I(                      3KR]^JKR/_ %'VA_<QX 44
M                      .,?\9P!T$X6_4[XI?9OI#U:1D!3
M     )GY>?H+=OU@49Z]:V 4P
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M3IE>I)NYAA>QFX;?Y>?H+=OU@49Z]:V 4P
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M,04G2E;Z$%:XT+U >CR\_06[?K HSUZUL I@
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M                                  #C'_&< =!.%OU.^*7V;Z0]6D9
M4P               "9^7GZ"W;]8%&>O6M@%,
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M[DH$Y*70*N                  $Z\O?JJ\C_U'VA_<QX 44
M                       .,?\ &< =!.%OU.^*7V;Z0]6D9 4P
M       "9^7GZ"W;]8%&>O6M@%,
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M]0"CP           3KR]^JKR/_4?:']S'@!10
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MUI0$DZ[GFFG;XTZ=]]MLYSD,J           !.O+WZJO(_\ 4?:']S'@!10
M                                 XQ_QG '03A;]3OBE]F^D/5I&0%,
M                F?EY^@MV_6!1GKUK8!3
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MDZTW8.XP                  G7E[]57D?^H^T/[F/ "B@
M                    !QC_ (S@#H)PM^IWQ2^S?2'JTC("F
M     3/R\_06[?K HSUZUL I@
M$VO/UOZW^S;=GK/X_@/>?>,G'N36^R7[(*;KUXN>.E-Q;/8Z^--RB4)-V4EQ
M3,*S*_<G/E3I'4KPL*;59VIBIN*5GZ)C"M3C,;!CJWAOQ6<I!6DJ7T%5ZN14
MZE;$-:.RB*MQBN)(F-^42N/(T&VQ>=3DL:E2LUU:RS\&Z-CF;NK2X*4;9,R&
M1UYQEX^U-/IG:5:4[ (18=A;..TPET=CJ%N>GC#T]9DKZ5LI)+QY$FD,ESYS
M<2DV"2W!R_XM1J:H_P!X WF                  )UY>_55Y'_J/M#^YCP
MHH                                  <8_XS@#H)PM^IWQ2^S?2'JTC
M("F                3/R\_06[?K HSUZUL I@
M              $VO/UOZW^S;=GK/X_@)]O:2W7&N\#X+-;=;REOH^RDO(..
M2"EVF,H4*>0R.+4^]R]'+YA,E"]<ZONK6H2IRVML2IVY(CV\>>HRM-,3Y1A*
M_-"V++BO*UAMEGM/>0<<J8C'$WXRTS3O+!?7%INDBN[D5*H0;,5E*--6RAHN
M]BD96K,A:VM?)6(IV*:W=&D,V5[ZZ@/W<(K'MI)RV>6:X;*,N#VCH_RQL^KG
MVL.5SG=M+Q&%5'R5:(H3&%=,JJJ@S;3[A'6"9LS&A7('>0:'+VQU1+-R5>,8
M,#M<                  )UY>_55Y'_ *C[0_N8\ **
M                  '&/^,X Z"<+?J=\4OLWTAZM(R I@
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MQ66A3[[&Y**UV-,QIX.N,[9P Z*@
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M;)E*5PLVEV*:3:%J[!WQE3(DJ)4<B?T^AYAIB(F2ZDDYT1:HR"@Z,@
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M=\4OLWTAZM(R I@               $S\O/T%NWZP*,]>M; *8
M     !J$GC[0J9RL%Y3TC41#O;?@^E5U)K:&E.-F> ?LJUQ8*[1EU4S/&JK?
M)F/..RGH,SG;^7.<@/30TO3K9-9793;4]:-]C3QK\QSB?(8+%TDUF3+XM*3Y
MGE<I(:RWR0M?B4)&GDZL\XKP22\>#T::] >C7575G4$;TAM35W!:OB!2U8Y%
MQ6NXDP0J.%N+AOJ8O7Z,<:;VQLU6KC-,;'&X*\89G&,[9ST ,Z
M                &IF2A*+C7QH^+E+U.P?'B6M,^FGF6NH>U?&^=,+R5(V*
M:2CR%G(\_P L99"1HO2.*OQJQ,MTU/+,U-QC8!ESG!(.]XE6'F&Q1WQ.V)/%
MYOASCS0OQ,HRD)=4R2.RK"I&;B0L25.^KBRTBOQR?318?KC3&#3,;!_(/ H-
M6,6:H/6T,BE?0IB+/*9(A"(ZT12+LQ2E4>N4EM3 PHT#4WEJ%JDPXS!16F-S
M3-M\].VV<Y#+         $Z\O?JJ\C_U'VA_<QX 44
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M4XG(WAT:$\AB[JSODH:3664(FXIR(*3.KJ0FT5X)T7+-2\*30IT
M                          $Z\O?JJ\C_ -1]H?W,> %%
M                      #C'_&< =!.%OU.^*7V;Z0]6D9 4P
M     "9^7GZ"W;]8%&>O6M@&_G^-QV5MIC-*6%EDK.:<F4&M3^UH7AM,4(S]
M%*0\Q"XD*4NYR525J87MG7.VF^N-M<XSC&0'Z\M37G=<;EM09,=$Y*1S,RC3
MYW<4B<LXHA*NW\7X2M.24H,UTT,\+777?;&,8QMGI#\2J+QI<O8G5;'6)8Z1
M?RGXLN2II0*%\=\M3:HUGF)8:GW4-'E:/7!1OD^Q?C"L8UVZ=?@ >X
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M RX@@A*02E2DE)DR8HLA.G(+T)((()TP642247C4LHHHO7&NNNN,8UQCHQ\
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MOSI*)Y(&ACY?W8VL;M(Y"\>"M=UBUG3$;ZG8U+(R5G7!&A9."]-0Z#@
M                               )UY>_55Y'_J/M#^YCP HH
M                          <8_P",X Z"<+?J=\4OLWTAZM(R I@
M          $S\O/T%NWZP*,]>M; *8                   !_.C&,YVQC'
M3GHQG/1CISC'3T8SG^7/1T@/Z
M   )UY>_55Y'_J/M#^YCP HH                                  <8
M_P",X Z"<+?J=\4OLWTAZM(R I@               &JKLK95;=:OL$02'2*
M.3@MB[NU2$YG^,*=L=HC+6*8M1RMC\YLNSHA,<6 HL\G56FWW)WVQJ;IMT;8
M#!,POE7G.<XO^G=<9SG.,8XU2/HQC_PQT\C,YZ,?^8#^?$OE7V@*>_=JD7O&
M 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H
M"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[
MQ@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?
M: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1
M>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE
M7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=J
MD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+
MY5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW
M:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\
M2^5?: I[]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[
M]VJ1>\8 ?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8
M?$OE7V@*>_=JD7O& 'Q+Y5]H"GOW:I%[Q@!\2^5?: I[]VJ1>\8 ?$OE7V@*
M>_=JD7O& 'Q+Y5]H"GOW:I%[Q@#$+!I/DC9D%F%=R3D)5Y4=G,;>(F_&,_'-
MZ1NVC,_H3FQSRUK%?(!Q2)'#*)3O@DTU.H++,SC;8O?&/!R%@
M                       #C'_&< =!.%OU.^*7V;Z0]6D9 4P
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MUJN9LTR0Q]U<4NZY WNRAF4J2T2M6C+V,+TWSC;;37.<?R *-
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M[:).T.$X@33%'V91A*JU,=HVT3DR1E1%P=4^/A3)Y 9$7/";.<_S\HC?Y/!
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MA-U,LKBS?7=5O+E H9.]2$$:7N3*09N5A4208<03IN [L
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M_P"SC?'K-XY .>/\9P!T$X6_4[XI?9OI#U:1D!3
M                                       )GXA_H*:/Q^O'UYV0 I@
M                      $S\O?T$O7X]4EZ\*Y 4P
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MM<8,3&U?DZUMDD+8TQZ)R3/AF/&%J,&%&%:_S-\;YSH%3
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M5$&$FZXV\,HXO<O?&N^FVN RT!,MD_6<XQ_BWR _J6 @*:
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MSC'^+?(#^I8" IH                   $S\0_T%-'X_7CZ\[( 4P
M                 "9^7OZ"7K\>J2]>%<@*8
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M6&P5 8[[H]S-5I+=X)YA6A9A>VP56         F?E[^@EZ_'JDO7A7("F
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M40!UP5L87&TSAG")(5E7DHLS4X.NP        "9^7OZ"7K\>J2]>%<@*8
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MJKF>\ G+)\0[26OK3)2XW9,PW+2,;="%;O(&7$8IZ4K?.S:2K:?$,*S/E/\
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MH^]FI6Y+3XA50P5K:L?>.8=(Z7K$7*<G5I$6^&,2M1/DK5#Y0F=[!)=WNRG
MVM7;;9DCB9[5IB$VYYV-"2S#- ZI     )Q?/K=5?]G&^/6;QR <\?XS@#H)
MPM^IWQ2^S?2'JTC("F $W<7?^B;"^TCRC_S V* I$      3=RO_ $0)_P!<
MO&;_ #*U( I$       $X,?UN[1^SA0WK-Y'@*/       !-?#GZK%!?JOBO
M]7% )BGW>N<9:_N2S*#5L]M2.TJVD5:Q/$;AT09W[><R.T[!C%61]HA:HN5$
M)O+$,]F+<@7ZO&S1Y/Y1X_7QB8LT[0,!2]]7PM5H<OFN+F*BAS8TZ-4N-JQR
M\Q/MB/U4QJXV6D6C!2\UW.MQRB,G+U+0&I"D.%R<]/LLUVUTR8'T2KOBZ6;U
MZ&-P2C.2ED39+-:>@EBQ=L@S$R:T]);:Y6NG$(F+V)('B5%L*:9M%G1EXU*0
M-Q[BG<RD.IB=7Y*?HJU#Z&SOG^+:& $SF=(+";FQ#"7.22F2Q"%O<F@+-+$E
M:6!=;;4:9]<$T=?7"RY%3M;N+\C2^:BT.Q.I:<Q66K/((-#U'?ODN,[.ZZ1O
M:L^3:^7D/R^'R"'-M2HE#_$)NGG]EUFUPR2Z&2\AM2OLEEE4NA2#8A2H1Y(R
M4<>>05DW8H/FU]]%PPDCPZ,<,VM^;N"5'3^60N,5DN5:S%_NMWHUCBL*C>5C
M@@VTEJ%PY&Q+5<0XX;R-<+SO)SE.4"["8-Y\.^?4#YJ2ZVF>MJ\L2/1.LXK2
M$H0SB;)&MI3R[TSQ-VD^S&F825ZIW9WR"GM!K>YZ'XW)V5:YR29N5X&Y@;9L
MGZSG&/\ %OD!_4L! 4T                   "9^(?Z"FC\?KQ]>=D *8 3
MT]<5Z+D+AR(=G>$EJW/E3$DD&NYPR[/):R4Q9% E=9IVI$I*<-#HP5K#EIJ;
M.S9E)OMOOX[.<G?SP$\0[NLN%$#LM7;D;K%\33E9*HM,\N2RSK,=4J=]A;XI
MDT<,2-;G+%;<G1-\A7J56$VI?B-ME.Y>=<DX+*T#*)5W<G$:;1_C-$Y-6Z]U
MBO$5KB+)1\;4S>;&,C"U0/,9,B:5Y0;/^Q4J,:3X<W;>/</*%*C0C<@\PU,H
M4DG!XS9W9/$%MBJ2%F0Z<OL=;(C)Z]8T4LNBX);M'*]E2VFUBB QE1(YNYGQ
MZ&LVE 1-.UMR/8E,W)VS.I.NN52O8\,=:NZ9X),J&0M;;3ZY,VR32P$BI!I8
M=BX2-S)9A;87)XS'R,2C!;#&O_:B\HT:7!92#;<SQ&"_#R 2;NFN"TPG"NPI
M%4[RX2)P36TE7>%:%H$M*G%XJ[Y568=LR$2\IJ*42'')B:%>&65IE.2[XU*\
M#*1'E.&<P7NZ>+U;S.)6##F2QV>915Y7/RE]37;;Y2J>KEKJVR+!5L:E30LB
MTVI#*&HMU2H'W1<B3N&QINA6/'G8,#\DA[M7B'*K/?[;?8')ULID,K43E2@]
M*EH)X8VS!RL&FK4D,CCD#32XF(1EWEU@T!%'1X.0HT^[DI;,Y/SOA0IP<$=6
M9W%_&5WC,>AM%RN><?& Q]=S[1-:)#-9W)+-AS\R5?''.$*9-*9WA>VM.[+3
ML?+PG58=6=0<VD*EC:K5$EGZA3LM[J'@W-E]>N#_ %4]G;U<S2=AA:5-:-HH
MF]M;Y;+YQ.7?!Z%-,"TSBJVD-E/NY9ZC4P[4IQV*\+)9*;4D-W5IPHXWU%,T
M\_@L",;9.F:)LQ:*ULEE#VEW:;%C%%0Z7HU#6]/"]L4E.T=XVP]/GQA6V2L-
MF^VG@[JE6QP8?3_=X\4Z+E4+F]>P:0)Y37*SPX&\R.R;&FBR),22NWJIXY V
M0R6REYRDK>#U](US:PL'PM;1HK-,3$Z'&;&9# X_W4O"",R6<2UKJ]^P^V(^
M2V02A6NM&SG/RI?-8I?\)?=4Q;A+5.B!+O&N4$V3DE%>#JGP[Z[%^#ND1[)P
M]9/W8?#M*E7-)<'F>T95/1$D1PDVX[<.@4=D7Q;D<7=GZ*0@R:;1>,/,K0RQ
M><\JD24D]T6GY4*-MS>C8!B#KW0W MY>(P^+JE?LK8@L<7!ET)M:U"$)2]RV
M0;'+%#:5,=4*M25J@QJ7MN7G.-#-]<]./!\$-K4_P9K*F^3$DY)QY1_[GOQI
MISB;7,7);MTR: T_4BMR=<)5SXJ='-TFTFD[LJ1X4.2O!)Q;>T(4O09XG8[<
M+: 3/R]_02]?CU27KPKD!3     #5UC4S6]M.M7O-@QLB1K:;G^]GU]A6I6:
M)&>:[PB95YYV4("#RD3QKI%)\Z$:D+"SR-##]3L:8.**WT"<[![NSB;9\_?K
M.EU?O*F82^8'S"<KFRP["844_P#*V6GV-PAT[9663(&>6UHZ$4'$3U4;7$',
MRA6S:';I\[GJO'AY\M[MWB?-J9C5"/L1F>*YADCM:0Q1*T6W:4>D<?)NY'.6
MJTHHV35BES=+R(%+X_9#PV*&3RW+=JWJ="2RM-2$_B@P9L[I/@LSR&32EMJZ
M1IGN62:(RMW69MBU#\9<85*'V7LJ1&2IF!Q"-C,=Y8\:*T&FN$JQ"[JD9NFR
M38LDL-[<?^%5#<7HNCAE(-LWA<81$RDDMF)M&Q'-"?B4-4-CY9J],[25<2XJ
MXE'($V-\?//U,.8TA9VJ/<K96KV/"6)#W.7#$M!6+?3D-<../Q!D]0/3X[TC
M()1 958S=2J>Q,1#672V+R%ED*Z?:N%F.2@Z9G*#Y4?@\XDU882H.TV#:.>Z
MUX/:P5#6B6F]F^#-;U() VQYNF\^1)4+G)ZQAM.O)B<TB3:J]2E5?P%K1X+R
M9G33=/LHUQA0::;N%(6KQEHF\9$VR2X:UC=E'ME>3JJM66:(\2&(.,#LB2UM
M+Y<POT+<]E,6D!*^25''U99BU(>:E-;]<D[%^&9X8:;K?@#Q]J.G++XY5VDF
MT.X]637BBM3*AC%@S%@C\-97M?8CI.76 .K6])I3#Y982^RUN[LZ(5Q"PW"9
M'@O<OR4O. \FH^[:XGTG,:BGL)BL[.DU'1-##*Z52ZYK<G*)M9F%IG<:A1CH
MRRV:.[+(W>MH;:$B88PM<$ZE5'V)X4($.Y*;.A>@>_%>[]XO0N245)H_$)4E
MWXX,2!BJ>.'VE9R^!,^S+B=Z1J1.]?+I:HA<JFL3(L^0E-;VYH53HA*=SM2S
M\8U(\4%H@    )Q?/K=5?]G&^/6;QR <\?XS@#H)PM^IWQ2^S?2'JTC("F $
MW<7?^B;"^TCRC_S V* I$      3=RO_ $0)_P!<O&;_ #*U( I$       $
MX,?UN[1^SA0WK-Y'@*/       !-?#GZK%!?JOBO]7% -66SW;?"VY'-\?93
M1$'0R&861"[1GTBC3"SLCY8;]"9I&[!2()HY%-YI[PPODKB3>L=4_27LN4)]
M3]C,*,>. ?&,=VMPDBTPLV9I^/-:NRZTHXRPAT:7^(1ITC<;KUCJ>#TPGKN$
M,9C06CC4+50BOT)2A&7C?QANY^V-M=#<EX#:*'AGQ2;(>M@#=Q]JI##G)HA#
M&XL22(M:=(X-U;3YZM6!:KMRB=5*M7%+-DCA(42DS?944]K3UN#/*3-S,AXY
M_!+AFJ6EN"GC!21ZPJOG6JM#C:]CN_17;VC>6UTB>2]D62MFM6U2)Q1YQG7.
M^J)>I3Z[8)/-+W#,-^*?&LR0.LKWHRL-Y*^25/,7A]VB#/ES<Y6D?Y-*DTA6
MK,IO'*'<B23-V7:G[9SOA2XJ#.GPC=LY#Q&'A?Q-B[UB11WCM4;*]Z)*Q1%N
M+;"65*>013#A#G6J_)\%)M2TY\&<:ZCYJ TO74TK9B;^G;.$2;!89Q6O'NCJ
M<=W5^JFJH/7CN^QR.1)Y71!@0L1KK&X@L?W"+M+AA 626K3,*N4N&R7P]<[%
M85F:ZYQKG&,!A%D_6<XQ_BWR _J6 @*:                   !,_$/]!31
M^/UX^O.R %,                        F?E[^@EZ_'JDO7A7("F
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M0O&;W= #T)6%VL^0G]"\9O=T /0E87:SY"?T+QF]W0 ]"5A=K/D)_0O&;W=
M#T)6%VL^0G]"\9O=T 3XRTY/MN5MEI,<I;ZT.*X[T<=NXZLW'#RU06?9?(;4
MM(=KMQ]V1>3I-B-MB\Z$Z'9V.WQN9OK@O70*#]"5A=K/D)_0O&;W= #T)6%V
ML^0G]"\9O=T /0E87:SY"?T+QF]W0 ]"5A=K/D)_0O&;W= #T)6%VL^0G]"\
M9O=T ?+2E+"UVUV]K'D'MX.V-O!V9.,N==NC.,]&V,\=,XSC/^T!.G$>FY\K
MXQ42H)Y2WTVE&UG&-RT*)FXX[)4VNR#3;!)&R_C\N6[%EXVZ,9-.-WZ,?#MD
M!1/H2L+M9\A/Z%XS>[H >A*PNUGR$_H7C-[N@!Z$K"[6?(3^A>,WNZ 'H2L+
MM9\A/Z%XS>[H >A*PNUGR$_H7C-[N@!Z$K"[6?(3^A>,WNZ 'H2L+M9\A/Z%
MXS>[H U"N@4FB'*?C>I?;ELJS2541Y $$-\Y;ZG1I&TWS779F5R(RO*O@3@8
MJSH5DOP5!Z@C&F^V<%XWZ-L!E_/*^K*XM</>0?)"I*U;;AFM&UT[6B36SH[N
M#$1*HW#-T[W.TJ=T:VYW7)W5%!4CDK1::)3_ !ZM.63G7&#,[:AS/Y(]^- J
M7=Y/+8-71-JT#6/=N1GO!+*GR"1&-CB69>TM8(5Q-IQCSYN6,J1]N!Q=#URM
M:L,\6V,Z?*G!1N?!+W"Q>[3YL3OFY6=D3"=QSCH@60&Q<0I#)^+7)B.\F*IE
MI!T78I(I++>TC'$)A#I5$UCSNU.;<],Z/"DU/JN;S53>J(. 2'W;'?$3+G?R
M<F]"2*BH% 4C;6]FV803!K@<K$L^AS:RO8^CMJ?YDP5PKV((J;NF;&)S'YH;
M$3@[:&-9!O3MMKI@[(4E/.\=>XSWGW'GN\VWCS8),8MR,W4[/G(R:HE<3@CA
M(*LJN.6?K%:5*/3G'VCEL129(1(G/7R5L;%2G1(0:J5EJRDH:UHSO'N3DBYT
M5WQ%Y*</XQ1*7D!7'("VJ:3L%Y);0N>!P"A9HTQ)-(^3<"9H:BB->M5Q$O!2
MJ.*6B0O:?53_ , ;ONIU.R2'98           $S\0_T%-'X_7CZ\[( 4P
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M#296?3:J_5M;/\G<FY.WL=C,=4I]'1<V'9QL1JH**QOL;G;30.A8
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M*TF=%CVI2])NN_BNDA/@D.BP        "9^7OZ"7K\>J2]>%<@*8
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MI&ZN3)'6U"0G0I3C=R$I!!19>NNI>F-0VJ F[E?^B!/^N7C-_F5J0!2(
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M/Y^W-]VF ?G\_;F^[3 /S^?MS?=I@'Y_/VYONTP#\_G[<WW:8!^?S]N;[M,
@_/Y^W-]VF Y0_G=_:H__ -:OV'O_ )S\LO\ ^A ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>38
<FILENAME>pg32img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg32img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!HP*R P$1  (1 0,1 ?_$ ,$  0 " P # 0$
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M 8'%O_.DP.A/93^AQVH?LW:0_%I6L"S> P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P&!Q;_SI,#H3V4_H<=J'[-VD
M/Q:5K LW@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@>!%$U.KRU
M"*=!S)GZ#%-T*$\#IFZ1'I.4?2 ^(8'G@,!@,!@,!@,!@,!@,!@?@B  (B(
M !R(CX  !Z1$?D ,#\(<BA2G3,4Y#E Q#D,!BF*(<@8I@$0,40] A@>6 P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P.+?\
MG28'0GLI_0X[4/V;M(?BTK6!9O 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M8# 8# 8%//B$/HF.[%^[IU/;0OFDH4.WC;*$KN36%:G[C?M51[RF2S-UL.L5
MFJB2R2\A3D5QD/*8J(.@3;F,FLB8H*D#^.'LH[C*_P##H>]TD]V[U;MEW?MB
ML_"JV!W#U:Y=A?<_M3;G:[MQ/5%@IX1.R^[OMQV"G)7O5'<(Y^L'K[F03L"*
MKJ/)),/)345%=(+5=U_<EN3<_;[JVB)?$E[8>\C9,!\1[X0MKI][TMI[ZK%T
MO+[RO4A(LXC;,=2;_(T#85/=3485[#Q3.093GT4V72E5!.JBL4-IOGQ;?B!4
M&"-V[RVRZ?(;!A_BN=TO8M8>\6%U/I&M+DUYHG0%*WE24R:\W9N;5';E!;3V
M'*7%:+ \M:&+(T9#N!:-W,B=,I@U6W?%T^)S<=9FMM<VEV[:=G]8?!GV!\1B
M\M:MKRD[]K.V]@:<[I-BZ@8MJC:H39TG7*W0-U4BM,7KWU1],JP:ZAV[5050
M,L4)K=_%3[T-507>52-W]P^L5+HPHWPQ[SV_;*H_;)#+C2;E\0%S9BS.FHZC
MVC=52I$['09:R="NV:Z6B,81PJ>M32[E, ;F"L=8[_>\ON>=?#0LFR^[RLZ<
M1U_\9+NF[1]EVZ-@=8H4[;,5JC5$K8-;3&TST?9SW2TK-/8]X\@TF<)*2%;>
MR<HTE8U1==FT%<,IV_?$9WE :XTSI6G]PG:[\-77\K2_BC]SDKO38VIV-LU]
ML&ZZ%[Z+MKB)T;7X*VW:-1:NUJZ[5M-K4CEGMD?(J@,<@@(B)@[=_$'[X=NZ
M7[%NTW<.G-E:JJ\YW3;M[/-.6CNGE:1+.]-:1HO<4LS^M/<<C1;Y+1*[6IL4
MS)DB6EF?(HM3RK4)!41(?J#@SVO;VEH3:ZD[:MAZF[E"3?\ \S)L6IS&[XVL
MN%JP\B:SV$!)OMBZLA(*U3<?69U=.NG*<C!S*,?-6<IM"'3.EP&SZD^.UWM&
M)WC6AC<*'W-5N!^%QM#O\T U<:?UKK-]$V&K;U@-90ZB-!U1O?;M\C]/Q]1L
MYYAY&7M['7=1.(454(T05*(ALFP/B_\ >YJS7/?^WUYWK=K7>'+]N';M\.?8
MNJ=WT73U6BZ.&P>Z[NGJ^MMAP5ZBJA=IV&EB1M2LGJ[=)F\:J-62K510A) C
M@Z@25W<_%%[U>T#N9J&A6O=Q0MZV7M_VGV2:M[H85_VRZ>TM5KL][MMAN'KM
MP+ZR=P2^UY"60U=-,S0Z6NZY)Q<*G'*N)Y\94ZA"!]T/\0'XH&S.X6HTZJ]S
MNDZ+2-S_ !6^_P!^&_5H)YVPQ=LE=;T3MV;WJU4W;RD\IL*&/:]E1\55!C4&
M+ANC"+%.BN\1<J"H!@Z"=LOQ(>X:X? ILOQ$K74:SMGN-USIGNEL#F!JD*]A
M*K?[=V[[)VSKN+FUJ[%/';V,C9IOKU"3EF;%8!3 SA-J*8>6! X)]_/?WW<;
M6[(N_#M[?=[>D>Z6E+_#Z[:N\2?[C^V_6T)2F.L)+;G</4]86OL]LCJHWVPQ
M;="[0$R$U"OW3AI92PT>[;OFRY'/FD#L+\5O44]H#L4^%=HC5%LJ-0M%*^)7
M\-W7-3N$'KM&J4!K9BW=\Q;V0VGX&SHLD:NI.G^D%ZVC+ @JGRV]9 H^8 5O
M:?%'[W$X^![:+UW*Z-U':A^+-W??#^N_Q%;SI^LQ]'J%$[<=+P>Y*(XE]7R=
MQA]70>XMTRD]]7HT'D@$4F#)0Q6ZS@Y38&>T/\:7>DQ+=CSK?.T="U+5^U*M
M\5RL7'>(Q,52=4]Q4YV2SM.@=(;OU/*V>PNTJ[7-E,7[Y^>+;OG:+U9%8&YA
M1!(I JA:?C<]]E<T[V6;^M>X-85[6]D[--&=PG<$;6^O=#;+V(QMUYW/9*C;
M9G:7;O=]U:DVZ.E)BJQK5G7WNN%E7R4P#LSDRPD3:8%M8GXM?>Y:?B>6#3T*
M&N(C3%7^(; =E*W;U<QT'2;#.:;D]>QED<;^A[+<M[U_N7F]M/\ Z5&Q1,)&
MT!S4WM;;G:E>'D2J&*%]^_SXA]R[1N\VEZKE]E:RUEIBU?#Q[R=[LY+8Z4%%
MDE]]:8D:(&OXN(L<Z^8!(+$BYUVJK"-Q.L]* #TCP&!R-M_Q6?B5VW3:^R=>
M;RT_KM;5GP)^W+XHEX:2F@(>[.=E;CLE@OZ-SI#-1>U0;6FT:X1U<327,BDZ
M=,#D2%IY0G5,8(5[UNZ'=MLVAWB6C7&W:9VCF#O6^ "\V1LVI5[EY+57?>CX
M*TR)=P6"=O$1%2VOM<6!VB^,U="R824,R&/D#&0646 .\7Q3^\+=?;4?X<]3
MU-W'Z?TG&]U7<<EI/9O<-LVD5ZWTN)J\GIJX61E<H>-DK-!5UA)2%DBFJL69
M60^C1=+H$<"JT%0B@<4(OXB>T;?N;L@[M-X[+ICZ3[<=(?'^J)NX*ET.6D=1
M[NK7:NIJJMT/N/AM1U2V)JV.N6=*-*X6BHJ820=.&SDK-VU3.!D ^NE?&?\
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MB6<G99!DV0=SL@TBFB39)9T=51-ND1,I@(4  -BP& P& P& P& P& P& P&
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M+1L69J_%W"-EFB'_ ,5(<#D*H8W2( 7 ^DMIW(2;&+6UI73, C@>EG6]W,+
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MT4)MJOPZ:DB]D9)>1A;C 3[2N IZJ#.LQR,378)61;MS>887"Q16'J^<(^
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MLT$1L5SL$U!R+P9-C*1R*P&:E;@=(%^4QY >D.A$"0B<)#II^*9(J.(F(#R
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M]Y?]9UAJ@;55?<U^V>;#3KY-"7C?/G8-"9M%AC%1$@/7$BV(@!U2ID$"E,3
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M 0/TI&'I*?Q$/#@<# VM(7%HUL8 X*C8)9;@1 !,8M7E@+X?= 38$AX# 8#
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M6B%J#_6VL]X6BB[2=G@%VWM'E2PMNK7TK+- ?V]_)A9)V%9Q4B95R@F+AB
M"9C* 4   QF[(V.LC*W52I6VY4" U/3';_:D*GM&&?2TA5J2Y9*14&X1!6U.
M(:$.@X,=+S3L$UDBJ#RH5,V!".CZWV[3^I=M[1+LRTZ/UF=Y6ZG<WJ\P@W3;
M-$FCB:4AEGU04A6;2ORPRH.5DP0$'7K76<0$W2 7FU3M+2E/8QCVN;D]K")*
M]7JI7FC!@L1XG$.'[F5B3&?OUQ*_475DR%1 ZJ9BH])4R''@,#<;INVL[)U?
M;&;&!V!6G<G7[K]6'L[".*I))3M3KSV=;2\>G(*H2C0&#QD4R+GR>@%2  ^
MA@:_%=DE)7A9==OMKN'B7FP8YHO>%XW:3E$UB5=19FSD)!JXBW3,06;NU"&
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MD.L ]-8I6LTV((0A=^$GFM]K$PPBMF6&SSY9Z2++09EK"Y375?M732*0,L4
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M>>!XX$0\>.  <"FE)[O-?1Z^N-4 UA'UB7I]98%6+:XLC!)ZC5(Q^U9.G2S
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MG6QX\[;:Y3:]'3+ ]5E*54D7KLRCQPDFK/R+)W%PIX=^CY2?SBJJ*"4/Y0B
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MJ<H<W(\^'@/A@;]@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@<6_\
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M 8# 8# 8# 8# 8# 8# XM_YTF!T)[*?T..U#]F[2'XM*U@6;P& P& P& P&
MP& P&!J5^4*C1;HL<.HB-3L2I@ I3B()0[PX\%-R4P_-\ 'PP.=N@;CVUO\
M7/;O74YYN\NCFN)H3L%5+46'4C9PD2U5LLSL"MHRT,N1DBZ5 QW*S<P =8IR
M@(' V!>;3TK 3%/6=5:2&6K:%FLS&(=@\7?I"TC)ARS.DW=N3JJKM472!RD,
M)C (!X"(<#@;-::Z]G31#F.E_H=[$NW"R*WT:TEDE47S-1DX17:.Q!/Q15$>
M0$,#11UM<D'KEZRV.BF=XLV5(W6UW45T&*S0HE35CO+!FN@/5\\PJJ+'Z@ 2
MB'B ACPU&\"/D6#>SL>J34:.'2DO1X*=Z91I'IQR4BW9R)A:(K>KH\E+P<""
M(!X@(@(>#;3TR6NDK+ZX1CMJ=&,;/7C+7]=@I!X2+<)/$RJGB3H-0\YTB!_F
M)IE*(CP <X&/>:3E7B<&+F8H3U:%)'MC/I;4]=EI&1CHUF=FTCG;V17<.")I
M@?J\Q(Q% ,)N! !' ]ZFG)I1T61+-U./>LT:XE%MXBDIL(9%. L#BPG!U&IR
M(E<E>.'!@^89,4Q$3!R(C@8<^CI%M..)-E$:)]2<HD$T<XTXP!0LJ5Z=\O-&
MDV;Y%ZNX=KF QTSF$I3!U%\1$<";J'7'E7@C1T@\;/GZTI+2CURR9G8,SN95
M\J^6*U:*+.%$4$S+=( 8YA'CGG V]8H'25(( ('3.40'Q 0,40$!#@>? ?N#
M@5A==OTB:.@V<1?DH-2OR2;U!VPUM1E'K]HDKU?1TJO),9!==!T0.A58@D5,
M3GQZAYP/L=Z#(_G(FQOIFO"\@T#-XN/::[@&45Y1U'B@IOV1%3B^027=F42*
M(DZ5/G!P)AP/CB=&ST/.RLNE9*8Z9/5DE(Z"6T]4F[*$6\T55%F#ACZM(*JG
M05,F)EEC=(!X?PAB+/VV.9:K1=<@[#4XV0C&T@DVGIG5]<MHQBDA8Y:Q'5@8
MN:!S'QB8+21D * ")4R$$H@(!@9F2H2FNM?[/GQ2KSJ87UXNV=#6JFRJ3:8<
MP<?(.4'C]!D*WK+YXLZ$@F#P*7@I0#TX&+N/<U$ZLIU37O$%:0V!8J>PG6=1
MB*=<7[(7Z@ S6CY"7B(2=;P2:+WYJAG(]9"B!^D0XP,)OK;5:FNW^U&,RG%O
MK*:HT649%BI>,-&/[V[CFG45>>90:\DP9E>#YJJ("8"EX  -R7 MO7HEE P4
M/!QJ7D1T-&,8J/1\Q1;RV4>V2:M2 JL8RQ^A%(H<F$3#QXX&8P(AWW7H^UZ=
MV/ 2R2BT:_J$T9P1%9=!43,VIGR @JW.DL4A5VQ3& # !P#H'P,.!"$;W9:B
MH6HM=RUPG4*S+3=;6CZS4Y4Q6LK/O*B4\*]0CUT?/C$".G#$3)*++D2(0Y1,
M8/'@)*NFQZ_.ZAMED;.FZR416XRQ34:W63D'+!+I83@,A58G.V>+JM2F*D9
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MMZG/N*A5CL0@X.?%-H>RV2;9(.W,8X2.Y?1TK,/VJ[PB2H@F=9,QB%'DO @
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MGG8IWRA,@* ^LM[8MUCZ2E;1S0O'\8F7#_HYP-_P& P& P& P& P& P& P&
MP& P& P& P& P& P& P.+?\ G28'0GLI_0X[4/V;M(?BTK6!9O 8# 8# 8#
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M6:M;J^NC)UB9AHCU*</&N?6_79)@V04D/66I2)D*8P] FX /$<"PV P& P&
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M43<\<>)>/G!R'/R")>/'@?X<#U>0 ]?5QR<./F^' >GP'QZAZ_$.>>GGPP/
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MSH&0D8T6Z3D*C-HU^;7;.4%W2!D$9%< ()S$%0H"8 X# F[ 8# 8# 8# 8#
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MP,X&&9%>(G,HB[!G'-T!=I*CR"R;HQ!4*</Y13!\N!'[SVE3CZ\%KMMAZ_\
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M9Q[9J?#3DF5OZ^\*]!R+9/RD14:2#MB)TTQ.J*8*%; (AU#QSZ<#=0#CP#P
M/  #Y,#6[96VEKK\E .U%6R<@W.DD\;"!'<>[+R=G(,U..4W3%T!52&#@0,7
M PNKK,I<*#6["L!@7?,U4G)C" F6<QKMQ%.7(B'@/K2[$RGA\AL#?L!@,!@,
M!@,!@,!@,!@,!Q_[? <!QQ_[L!@,!@,!@,!@,!@,#\Y#GCQ\>?\ JCQX>/IX
MX# @?3D8>-LN_':JG\U*[C=/D^L>GRRA1Z4U$H]0@' J(^&!.P*)B B!RB
M \\_(8.HH_Q&#T?=P/D;2<<\,Z(T?-'1V#@S1\1LX27.R=D(FH=J[(D8QFS@
MB:I3"0X%,!3 (AP(#@1_N4Q U==%#J"FFA#F=*G ACF*DV70<*=*8 )CG$B0
M@4H (F'PP)#9K%<HD<$Y\MPDBNGU$Z#]*R8*@!RB'44X=?B ^(8'UX$630_5
MNZUZR$+ZM$3J9JE.\I^2D1\]<'>UR0,4I2E%4TB*K50YAYX<$Y'PP)0(8#%Y
M#CTB \>CJ >!X_Z<#SP& P& P& P& P& P& P& P& P& P& P& P& P.+?\
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MD)IF0UQ13Q:D*Y,WDVR4&U9*.'DHA-L)M*3<(PJ<8FZ>B\3*)#=!0.)2E$!
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MX]G*1CE)Y'R#9%XR=HB(I.6KE,JR"R8B ")%$S@(>'RX'VX'J6$ 24Y\.2'
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M1/U8H&2,7D28%F=9HBWUY2$!%(3(U6!2,* * @)R1C8IS(%5*50J(F >@#
M@7C WC U^US<?6JW.V.6443C("(DIF0,BF=94&<:R7=N130)\]8Y44A$"AR(
MB'&!6GMXAZE>-/T^6C9JX=+=!VR?-V-KMD&FRDB/W+E9L>/3>L4TU"@Z(/S2
M"'!@\1P)Z0I,:FDHD29N1R+B!?,7N5B44* \"4R"BLAY@<_= >KG[N!H)M95
M^C+62XS6S=L.(4[)R[D6UDV7-+UVMLFI#.W3Z/3**#EH1)%$0'J65#I\ #G
MS]0B:?<J]"V^I7.V3=;GHYM(PDHRO5C<Q\E'N"];=XV,H^ZCIKD'D!,!1^Z
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M%$P]0Y6_J93&)9#*H,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@<6_\Z3
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M637H#D$DBE*4W(AZ<#;HYDG',6C!'J\EDW2;(]9_,.*:) 3()SB =1Q OB/
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M-.NOI9IH;J0(;R_+ >K@O)3>'4/CR7P^=Z<K;=E;=]&0@P& P& P& P& P&
MP& P& P& P& P& P& P&!Q;_ ,Z3 Z$]E/Z'':A^S=I#\6E:P+-X# 8# 8#
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MP4XB4? P@)@$0P-I<;&UZP<L6KN[4]JXE5#-X=):R0I%WJ_2!A*Q3*Y YA%
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M[.K*EJ9LV3FCP&PHH&K]96OV-:,3BUI=(\:]@7#H)-!TFH#5TVZRG3(<R9@
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M@,!@,!@<_P#849M=;N[?R%5MT'5@C])-5Z@K=12EJJY(YLP-+8BO#13J&F$
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MP#4Z!@]5Z/-3(5#D.3X'4#54;&PD=:82&C(^&B(B\3T?%QD6T09,6C)!./\
M*30;-R)I)% 3B/ !\N!]DFXEPV97VC(K/Z,-3[&M+G7%QZT53Z1ADHKU$B8
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M:4HDBGLNS5#Z\/+(K3%D+/);(@3P5ME#L7DDC'K/V!FB#IZT503*B@Y.*GG
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MJ 007 X@H!@#@0V#V7;4BT 9UK?UC!J0I"I'N=-J%OD0$OI57E4FL"Y=JB4
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MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P.+?\ G28'0GLI_0X[4/V;M(?BTK6!9O 8# 8# 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# XM_YTF!T)[*?T..
MU#]F[2'XM*U@6;P*D5GN2V)>8M2QT?M<V;8:JK,V2*B)T][T?$!,)5JQRM9<
M2249*;*0DF39X\B%#I$<)I+@D8O60AN2@&?]LF\/=$V5]IN@/RGX#VR;P]T3
M97VFZ _*?@/;)O#W1-E?:;H#\I^ ]LF\/=$V5]IN@/RGX#VR;P]T397VFZ _
M*?@:C<.YS:%%0@'-A[2=IHI6:W5JCQ(M=B: <F4L%LD4XJ&16+[4T_*;*.U0
M!13YWEE\>!P-N]LF\/=$V5]IN@/RGX#VR;P]T397VFZ _*?@/;)O#W1-E?:;
MH#\I^ ]LF\/=$V5]IN@/RGX#VR;P]T397VFZ _*?@/;)O#W1-E?:;H#\I^!J
M,5W-[0F;?;J,P[2=IGL-(95B0L"*FQ= )M46UO2EEX06SGVIF]8.JG"KBH7I
M+Y?!?3U8&W>V3>'NB;*^TW0'Y3\![9-X>Z)LK[3= ?E/P'MDWA[HFROM-T!^
M4_ >V3>'NB;*^TW0'Y3\![9-X>Z)LK[3= ?E/P/@E=[;FAHN2F'W:-LTC&*8
M/))X=/9>@#G*U8MU'3@Q"#M H'.5%(1 .0Y'Y<#'U7N)VW<ZO6[A!=H^T%82
MUP$/9895SL?0+=PI%3L<WE(Y1=N.T3B@L=HZ()R=0])A$.1XP,_[9-X>Z)LK
M[3= ?E/P'MDWA[HFROM-T!^4_ >V3>'NB;*^TW0'Y3\![9-X>Z)LK[3= ?E/
MP'MDWA[HFROM-T!^4_ >V3>'NB;*^TW0'Y3\![9-X>Z)LK[3= ?E/P'MDWA[
MHFROM-T!^4_ >V3>'NB;*^TW0'Y3\![9-X>Z)LK[3= ?E/P).U#LIEM_7==V
M&PA)>MHSH2J*T!/*12TM#R,'-R5=EH]XO!R,O#N3M96)6*55LY615(!3E,(&
MP)*P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P&!Q;_ ,Z3 Z$]E/Z'':A^S=I#\6E:P+-X%8^SO]'R
MH_UBVI^-N]8&\;O[@]+]MU6BKKO+8<#KBLSMF84R$DYTSLP3-LDX^5E6%>B6
M;!J]?R4LZC()XX*BBD<_DM53\=)#" 9.!W9J6U:D0WQ5M@UBS:=<U-[>6NPZ
M[))3E;=52-:.GLC,-GD7ZT+A)@@Q6!9,A3+)*HG3,0%"F( 8<W<9HLE75NA]
MITTM51V@.E59P99'U$FV@O"6M!UX)_Y7UK"_KDB/5./-]?,"7'4/&!)E;LT#
M;J[ VRN22$I7;/"1MD@91$%$D9&#F&2$C&R*2;A-%=-!TR<IJ!UD*8H& #
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M;$\J]=K<1VQ(=M4BR;TI6]MZ*ZVE"?/MM.O812-@J5B0:^29PT3607"JE=^
MS/0$5V\P[?NX1;1^B[V]V"+..TF[23?S3J>ULY?)4]_([BE)W7T5<*UKSU2P
MQJ#QW#R3R1=/09)KK+"H%GMX?"IL>T-2=G&L:?W%,M=RG:EH>OZ&2V:CJ5PY
MV.LSAX;5T4OL'6%NJFSZ%8M?V=V&LR"I"S+NW4A^#L@R4&_49-E #05/@N1]
MJVU"6K<.\8?;6H:OMVP;!B=*V'3@#&S]8L>_>YGN+=TW8\J]V3+0]R7;W/N3
M5:HNB0S!F$?7V93L3G45, :D_P#@7,5H_4+1'NLO\HXU?NNT7LSZTU^5>N7N
MM$2Z?K&BZ%#.*[L6K2$!<NW'4>CXFM5VT"X<J*_24R^<,C+22J8!J=,^#)>[
M_J*\PFU-M/\ 5LW<K]W11M>JC0I=F&HO;7?:^WU3VY:9<3[&>JK!ZTTYK>),
MZ*1 %2G=S3A$5Q,GYYPQ5@^$?N&B]WVA++IU/7\[HBL]PE;WA(6"Q(Q\"_[?
MZI6>[+N"[DW&E]%5EF\6?TRMS\'N1K 2"<<FY8608>/,Y2B$&!2. _HZP&!6
MF7_3$U[^S3N/\:.BL#GC_G28'0GLI_0X[4/V;M(?BTK6!9O K'V=_H^5'^L6
MU/QMWK LY@? ^E(R+%D$E(L(X9%\A&1X/GC=H+^2= <6T>R!PHGZT^< F;RT
MB=2A^D> '@<#Y$+)77+E!FWGH5P\=.GC%LU0E&*KEP^CVI'K]F@@FN955TQ9
MJE663* G22,!C !1 <#ZXV5C)EH20AY%A+,%%%TDWL:\;OFAU6RRC9RF1RU4
M51,HW<)&3. &Y(<HE'@0$,#[\"L/='_Y1I/]I[0G^^[7 L]@,#".++7&BDFD
M[L$(U5A 9FF4W$JP14B"R"9E6!I,BBY3, ?)$,9$50)YI0$2\@& 5LU;1(JJ
MM8(1)-"71@%E%99@F1&>< @+>$5.=P!4Y=<'270V'A8WF%X*/4'(9O 8%8];
M_I0=SO\ 57M[_P!E;&P+'R$E'1+?UR4?LHUIYS9OZU(.D&;?UAXNFU:(>>X4
M32\YTZ6(FF7GJ.H8"E 1$ P-/NFT]:ZXBD)R_7VH4Z(=6.OU!M)6.P1<2S7M
M-KLT33*Y7D5GCE(BDQ,VN>91[=N'*AW;I-, ZC &!L066N";I"?A!,,JK!=(
M2K$3?3:*J:"T/QY_/TJDNL0AF_\ WQ3F !+R(8'TC,1 "(#*QH"!_+$!?->0
M4]>/%^6(>;R!_I,AF_'I\\!3_EAQ@0E8NZCMYJ=ZJVM9[;%49W>[!2C5."2<
M.7ZL\78MFL--I1H]Y'-7<:L6P6BJ2+)$?.  6:' _2' B$E;*_X=7[^I5J_V
M$_P--[</T>-#?\F-7?[CP>!,^!C7<S#L';:/?2L:S?O&[QVS9.WS5N[=M8XA
M%9!RV;+*D67;L4U"F6.4HE2*8!,( .!\A+365",5$[%!*)R;Q6/C3DEX\Q)!
M^@Y]378L3%<"5V\1=_S1TD^HY5/FB'5X8'K=VVJL&K]\^LU>9L8I\M&2;QW-
M1K=K'23= KEQ'OW"SDB+-\@V.50Z2@E4*00,(  \X&@Z^W[IG:T:6;UUL:M6
MV 6:TE['V2)>&4K$XTV/"MK#1UZU954TH*T)V.(>)*(#'.'7SC^6;I5 2 $@
MKVJKM@D!<V2 ;A$G(G*BO,1R01BB@N@(20%1P7U,YQ9+< ITB/DG_P"P;@/<
M6PP!P;F).0YP=RBL&U$LFR,#F:0*N=>';B"X@M*(D:JB9N7E4H)F$2_-'@-6
ME=LZO@I>G5^8V'3(Z<V#:7-(H\2ZLD2E(VRX,ZQ*W5U68%H+OSI*;;U*$=R)
MVR0&5*T0,H(=/ B$@X# K#V<?H]5'^L6U/QN7K L]@,!@,!@,!@,!@,"L&JO
MTD^ZW^/1G^X,A@6?P& P& P& P& P& P& P& P& P& P&!6SNR_X/(?\Y>V7
M_P!2VI,"R> P& P& P& P& P& P& P& P& P&!6F7_3$U[^S3N/\:.BL#GC_
M )TF!T)[*?T..U#]F[2'XM*U@6;P*Q]G?Z/E1_K%M3\;=ZP+.8'.#XA?P^A[
M]FNEH]?<SW5$=J*WO+BHW8Z]@KBZGI;Z4I\Q!2$=-O): GZ?+UUY4A(DJT='
M:N6\@X*Y;*J$:JM@J"3X%FKXR_:>V'4]SS%2G=;S&T+187<1KR';/+?>+]O"
MW[SC=BM%&EB91\;?(R4LS:#EG<NTL;:QUJ'91SELF@D!0"[_ ,.CL50^']IR
MZ:F0V>KM4;KM5]M5U-#2F>OV,7(R>OM<T5_$P]8C[!8F,=&NG&OQDQ31631(
MZD5B)I)I%(4 O]@5A[H__*-)_M/:$_WW:X%GL!@<1+M\%BG;.[G-L]P.R]U_
M7>N[<V9K*\6+4,SIJG&K$M7-8[ZU;O2(U_<SHS"<->XLQ];&@0>/8DKL\3(&
M];%XL0RBP0';O_EZJS8-:[0UC$]U]MA8C9FQY2XOY)_JZ.LTS]#K1N[&]=))
MO9*^I'4V94Y/=CI=&TQ/T'Z\WCV[1]'N4>> _HP:HG;M6R"BOG*(((HG6$HE
M\TZ:92&5Z1.H)?,$O/ F-QSZ1P/?@5CUO^E!W._U5[>_]E;&P(H[]NQN-[XZ
M70:N]OC2EN*!8KC--$++KV&VW0IM*]ZJO.I)8]@US8)6$C)"R5N(O:TG6Y07
M('A)MLBX\IPGYK=0*,ROP2(N1G"+K]R<C9*I5KC]?M7US9>GJYL20A;2_P"X
M;M6[B+-(;'LLC:V#C:1K#.]L"<8<WJ\,N6.L+SJ554+UJAGNU[X)&I^W78>I
M[Y-[.>;C#3FW[)MVLQ5YHR#T)2P.M:OM>4JTV5>:MMF8.=N5%214E5K6P9QR
M\C()H* U:G;I'*&+VA\#RA;![E]G=Q\7W'[.IZ^PYW8LZQUNC6ZQ9:#55;U1
MYUZQ;(0-E.^AIUM5>Z:T2&WD$WK-1%U8G'JBY#-0$3 [>_@F5_1,]KBPCW$S
M=E7UYM*H[0;QK76D;781=S6-T7[=:U>C62EQGW$)"2$WL%TU3*5=<S9%,I_Y
MQ0QQ$.S6RO\ AU?OZE6K_83_  --[</T>-#?\F-7?[CP>!,^!R![_P#X8E@[
MO]PP6_Z_N@M:L6MM.6ZFT36KRDQ*<?+6R7H.]:>121VG'/6]JA:U:4=S@E)M
MEF,PDW^BFZS--$RCU-V%'ZQ\!RVH3NEVT]MC64;6F.M[&3;#VGZ:@(E2D7Q0
MO8?#P!.V6JE?A':FO#^$[3GSV2V,@Z/*GGY-=X2+ 'GE- LYKOX'VG*W>:19
MMB7V-V[6*%L"&MK;7EDTW2T*U?FU5I7=)6:O9-U-5Y"88[5[@$)GN?<2<C?W
MK5)W)&KD8F+%$Y%'!@C)#X"%71U97]:CW$HJ)0=&K6LBF5T'4EJFC6(7MQ8=
MM;BZ0-%<V]>-KG< A78I*<A;JBN=:$LCJ0=%9.$GRK<H2+(_ RTK)VME8GVQ
M#RK1S>[Y>[[$V#6%3GC;:?VS?^X=YP)MGR#Y\)KK)TDNVS0S1[().53-V!52
ME2\XZ10TV(^ ?K"OR6DW,%O6Q1D1J"X:[M)ZJPHZ4+7)IS3M5=H.OY^QQ;&J
MW6N'K&UKE8>T=O.JV<3OE$UK/*)+-7:AB.L"3],_!<UIH[97;YLZH[$A7$SH
MNTZFMKIG*:4J*C&]SU I?=-1K3:9/U2::.(R_P![B^Y9%<)PIUW4>\J,6H8K
MLI")HAVMP&!6'LX_1ZJ/]8MJ?C<O6!9[ 8# 8# 8# 8# 8%8-5?I)]UO\>C/
M]P9# L_@1G/[GU)5;TTUC9MD4NO; ?4*R;3;5&:L49&39]<4^2B(>SW<[-XX
M1.C6H23G6J+AV?I1(=7T\$.)0Q.S.X/2FGJK,778^RZI6JY 0,):I=XI(EDG
M+.KV.P1M5A+*,3#%D9A:O2-AEVS4CU-N=MYBH<G H&$ W-EL&A23J"8QUWJ#
M][:&?TC66;*RPSIU8H_RGBWKT$W0>J*R[/R8YP?S6X*$Z4%!YX(;@--6[@M*
M(V>OU VS:DI-VFD[(V-!BVE$G<,[I.H)NG5O9MA4L[4%JRQ9TN<O\0V>E</$
ME4U'@<%$$U13#;G.Q]>,U8Y!W?:6U7EX=O88E%S:(-!64@'G7ZI.1R:KXIWL
M.Z\LWEN4@,B?I'I,/&!]DK=J9!1CJ;F[=6(>&8OG46]EY6?BH^,9R3+SP>QS
MI^[=HM6[YH+93S43G!1/RS=0!TCP'RN]B:_CUIIN_O-.9.*VSC)&Q(.[-"ME
MH"/FA*$,^FDEGI#Q3.6$X>K*K@F1?D.@3<X$8UGNF[?+BTI+^M;4K,JSV-L.
MU:HI2Z1WJ))W8%,E]FP$[74 =,T#ME0FM-6=JS77!)I)K0ZQ6:K@3)>8$G/=
MB:_C5I]O(WJG1Z]3%@%I0>V>$:K5H95$[B+"?37?)GAADD"&.W]9!/SB (DY
M .<#59??&G8._P"M=62.Q*T786X"RBNMJHT>_24K:6L-5IB[/Y%HG&D=I-(H
MM7@'CM)VY,@V<%0,1%0ZG!!"K)_BD]BB+.]23W=Z\3&:[BKC-SDG.:KW1 QL
MQ%:^V?!Z6NSS74A,ZZ8L]N)UC:]GC8!X%4/-&1DI!LD(<K)]07"@MI4*PTVD
M7]K8F\75]C(5Y:F.[<TD:+(32MK;$=UZ+"OW5G7[$PL$HBH'EQKIHA( <!(9
M$IRF* 5>K7Q(.RNY[42TG4=X1UIV<M<K90BUFO4_8DT)+%1M@Q>J+5ZQ+QU1
M<P+2!B=DRZ<(,NJZ)$JOTG":3D_JCH40MBTV%07XQI6-XJ#T9F:D:W#@TLL*
MY&5L4.5<\M QH(O3B^FHLK907+5+J70!,W64O2/ :I$;XTY.7G9FLX[8M8-?
M=..(IOLNK.WY8R4JGTW5:S=HUV]2DRLR.8Q>LW*,<F>-C+-4A>$244(MU)E#
M%67N/TI4+W6=:6*]LF%SN-CK]/K486,GGK66M5G;[+=0]<1G8^*=U]*;.VT]
M8SN&RCHBS(L:(N2I>>V\X,-4^[/MRO5FN-3J6VJO-R= =2;&X/FIWY:I!OHB
M.UW+/V+B].&*-(6>)1^UX!4B2,@HHL#_ (3 PH.01"7VUYI3V2BH9G<*L[EY
MV):S\)%-K!$KR4Q!/DG2[*:BF*3L[J0B7B#)8Z3E$IT5"(G$IA AN VG K9W
M9?\ !Y#_ )R]LO\ ZEM28%D\!@,!@,"I\?WO=M$ANJ^=O@WJ=B=HZPC6\S?F
M%HU7MZG5*KPK][)QD--R6T;70X;5I86RR4(];1#LDT=M,.&:Z;(ZYT5"E"4M
MC;]TQJ1J=[L;954JJ"%EUQ47H/I--9>*G=N6V+HVN$)MHQ!T[@V5KM4RV:-W
MKPB#(HJ"HHL1(AU"AN+:_P!$>/FL8SNM2=23V(^L#*/;6.'7?.X 6C9_]-M6
MB3PR[B(]1>HK>LD**/E*D/U=)BB(: 7N/T0:UKTP-K4P9QMK-IN-<_TNB$ G
MK%_:GE(:7 ;</%2&+7M;!9B  ^%7SB>) *(&$)!5OE&0F$Z\O<ZHC/JIQBR4
M&K8H=.841FE?(AU4XP[P'ITY9?YC8P$X7/X$ZAP(FW=W4Z$[=JQ7;;M:_$BX
MJWS[ZKU!I5ZW;]FV>VST3&S$U-Q]6I.KZ_<KG8CUZ&KSYY)G9L%TXUHS66=&
M233,8 D:D[3UOLB-KDK0[S5[4SMU)K^R*W]#3+)T[EZ#:FR+NN6]K'%6"0^K
M\R@X(*#DR14CB/3SU ( 'E;-G42C636=0M=B;0UCW%;)2CZUBUFS]96U6N&H
M]LV1)P[15HT<-FBS2D4:5D!.Y.@D*;,Q"G%4R9#A%%C[P^UZIUB[7&=WEKUO
M7M<[+/IJ[/6DXE++5_:R,G P[K7[J-B"OY56U,)&S,4W3-%!15J"_6J!"$4,
M4+)X# 8# 8%:9?\ 3$U[^S3N/\:.BL#GC_G28'0GLI_0X[4/V;M(?BTK6!9O
M YQ]L>R-XQ.G(>-KO;;(6J#9VW:Z,98TMLZ]B4YEH7;=Y\I^6+D5R/H\' #S
MY*P>8GZ#>(#@3][6>XKW393[:M8?ZS@/:SW%>Z;*?;5K#_6<![6>XKW393[:
MM8?ZS@/:SW%>Z;*?;5K#_6<![6>XKW393[:M8?ZS@5Q[D]H;^<Q6GP>=K<DQ
M*CW':/<-S&W-K-3UAXC<VAFS,"D7,("Z/\T#>@O/(^ #@6.]K/<5[ILI]M6L
M/]9P'M9[BO=-E/MJUA_K. ]K/<5[ILI]M6L/]9P'M9[BO=-E/MJUA_K. ]K/
M<5[ILI]M6L/]9P'M9[BO=-E/MJUA_K.!7/7^T-_I]R'<8Y2[6Y)9XYK&ARO&
M(;GUF!F9$(W8)6RAE!7 AO6BG,(  B)>CD?2&!8SVL]Q7NFRGVU:P_UG >UG
MN*]TV4^VK6'^LX#VL]Q7NFRGVU:P_P!9P'M9[BO=-E/MJUA_K. ]K/<5[ILI
M]M6L/]9P-0V#M7N&5H5W26[4I-%)2H64BJH[JUAPDF>&>E.H/_B!\"%$1P-1
M[?MI]P;?0ND4&G:M)O&J.H=:I-G9=S:S2*Z03ID*1%P":C@#I@LF &Z1#D.>
M,"7?:SW%>Z;*?;5K#_6<![6>XKW393[:M8?ZS@/:SW%>Z;*?;5K#_6<![6>X
MKW393[:M8?ZS@/:SW%>Z;*?;5K#_ %G >UGN*]TV4^VK6'^LX#VL]Q7NFRGV
MU:P_UG >UGN*]TV4^VK6'^LX#VL]Q7NFRGVU:P_UG >UGN*]TZ4^VK6'^LX'
MQ=DZ[QUVTT%U(QQH>0<RNRG#^(.]:R)HIZMM6[J.HTTBR$6;\S%<QDA61_FE
M1)U$^:(8%J\!@,!@,!@,!@,!@5@U5^DGW6_QZ,_W!D,"S^!S$[Z/AETSO=O$
M%?I?9$GKV:A=3N]6G-&5"%G59%LSWEION!J;M:65>P]@:Q4?=-.(LY6-;NTD
MYB$EGK4%6BBA7)0K@P^!WJZ-JMGU^UV^[5I%SU=KRAV%K+Z=UE9+D$C1H;5=
M:<I5_9ME:2]YK.H)^#U4W$]%:O"Q2;]\Y7.LLD8&P!F)'X'^A).:LDN;8-DA
M3S5P^G8%U4:C3*M8M:5=SN'O8VQ*T/5EGC602-#A7Z7>H_B2^H D1)K76!_*
M.)E" &N1/P.-?,8D1<[UEQL@-!,1""U#K>KZB4EH2Q]F,[2Q?:-BTOJ8^JQT
M^R>"2ML,8P-[BI-2:JQVG+0C4*RW'X'-]CMMU\:H;4FU-'Q52LE@M;?9$HQJ
M%YN.PI?1'=MJUUKBBA7M+V#V!::>6'N2;.HJ(A91["UYK&F52CE729 <!<:W
M?# V1.]E79%VS)['UW8-CZ2WY5.X'N&VMLVCL-F06T-E2M4W%)[MO9M?V:(&
M(O,E>-P;5<2*+.5^CRD9J"<%T5D$2B$85KX!.H(>YM)BR[WNVS*0PJN@Z$77
M^PZ!09UI/T/0VRNT[9<94[X\(V:1=WC9Q[VIM(]4[J,!<L9.NT5CNO);&($I
M:_\ A U[2=N*^U9LN0<U6_\ >[1^\K;4=:F#0CZ&F]=;#W=M>#@=5.H]LLYA
MZT]DKM6:R-?,NW@X^'B'T@T22?R;Y-V'[8?@QZ^NO<_LKN0ONYYVZH;)VMKO
M9$EK2;UM1%:PK%ZVWC4-Y05&G033*PL\2A)588A-TNP(\&+7 S@[IX0[I8/K
M[7?@WT/M;W7HG;E<W/-VAOHN);(QL-/:UHB=GG9=+M?@.U11NXV:T3"V1>N&
M]*JD?),*H@/T:PFO65R&,1<B: 1-"? DI$)+;'ER;PB'JEO/LU>,CI;MKU+8
MX&;4V7W*U'N<5:=P,!;E;'$=P,-5K;3&S*);N$851DT55636(\\ERB$_[=^$
MA0]J]O7;'V^K;GNR,;VX:AO.BD[5;*O3MC3%IHNT*K6:I=+!&-+,S-'Z^W!#
M-*JW-3K3%E]8J!55T6Z"S=8R6!JY?@K:*;VEC:8V\3,+(,[M,7 TA!TNF1-F
M7"8[X9CO449?6]BS1GDGK5W*%JB3\%!<EBVJ2_\ WQ0* 1]5?@7ZY@9SMFG)
M'>$G)&[:YJO#$Q<#J.A:XA[/5Z9+Z'FZJK*M=>+UQ5?;IY#M\B#3-TD%)5[+
MD=N4@:MD4XY-@$B]S/P<:'W-[IW[MRQ;GFZN7>;5\^/'5[6>OC6RJVXW:ZGV
MM1*J.SGK96V3^M6==,K..J@Z$(Q_/%;N#'(#?I4#4U/@E4RP/;O,7[N1V3/3
MVS;9<+E>YBM52JT9R[F+Y*=[TM8E*U]'GD1K %<=[TJ#(P&<J-@@60F,L95P
M8P?)1_@<ZQ@IXM@N&VD+:#W8%"OECIT+HO5VOM73/U$VGV9[-3K:.MZ^DM78
MR!GC]FD:S?)@145_IY\X/U*@G@:-V^?"#V+VX]Z7;OL&HV77$WV\Z&<-[8G9
MK$UBU-WR\VR[7MI=M;*C0:#+6K9U2M=L6=[8OD(5K:%8),T>X<E9E=NP*D']
M!&!6SNR_X/(?\Y>V7_U+:DP+)X# 8# 8'+KO*^&#4.\*;VC9)G;%JILGL1IV
MN)MF#2%:3-7C7G:_/]P4Q#!/0I96#>6Z$MJ'</(D=L3O68-G4:R=(J@HF8I@
MB*M_!=U-77TC'*;*7L6NWM][>M@FJMLU+K&RVR4<Z+O?;I=EZ;<=M348^OEN
MUA90[<(YBTKRRZ4?$-I)SR5YY$<#((\2^ AH8:4K3W&VKFD[5@D:FG=86G4:
M&N["F->UO;/;&VI,9/$8.U6E,+'[1"95B!*>,<+Q:+51N9L<X &>)\$NED]9
MG@WDN-V<S\9>#,3:5UX?1!;K&[=GMI V#MZ,N-1'5ZH3QVX5KUH"DE$BS8//
MI3E80I):/@5;RJ-QN+#2MEUC,T2L::M\+HJ^[-MZB>\$=TS^@] :;H-WG[?#
MZ1=2E2@=*W;2C6YPT0T>R\4S6CV[1DU1*ZZ8T.P$K\/4D;J/M%J>FMV6+2.V
M^SJLR5>U]N&'IM2NZ<Z%WHH4S;;FYT&YMW<!.N-B/!^G%5_,1=-IQ)-?S%$A
M<MW(1Y3_ (6H4+N&)W(P'<O?I;8C/KGVEMO5"U[9]B2^PI72FM^W^V3-\V$Q
MCZ[)7'7\W1-=%D&].!NRA8VUOU)5$.&[)HV"<-O=K6\]SU[MWGWO<1#:]WUV
M[;MV#MNN;"@M2P]SJ<HQMU+W3J:*JDI1I^8A4E?HG5NVB(*/DG*"JLI'@Y*0
MI5!3 *-W_P"!Y3MAVR;N,OOI5&5MNV+7M:UJ(Z+UHJHYE+]L/MUW#=5:ZY=*
MK+U2T26R^WI$S:=;B>0:5^9<Q8BL9)L]3#MI3HRR0U8AHNWV@ETLK)IY4O:2
M0;.M$FG7F*&];+!1Z[IG&!Y9BE\M-0Q?F\\\C@;+@,!@,"M,O^F)KW]FG<?X
MT=%8'/'_ #I,#H3V4_H<=J'[-VD/Q:5K LW@5C[._P!'RH_UBVI^-N]8&S[V
M[F]!=L<56)S?NU:GJR*N=B+5:R\M+Q1LG*S(,'4J[(D5N@Y50CHB)8K/)!\J
M5-C&M$C+NED4@$^!#4O\2#L6@6]Q=2_<]JUDA0-D!J6WG4F%SC#7LJ-I<.8Q
M1-)FHHZC8YM19Y5Y*MP5B624#)G<.4RQST4 W)YWO=I,<QWU*R._]<1T/VP,
M1DM\S<A-@Q@]<L2KRC%5S*S3I)*+?)MY>$>1ROJ*SH499JJP/TO"&0 //;/>
MMVNZ+O%$UOMC;D/3+KLZ*2F:!"/X>TNSVMDNA..D"Q#Z+@7\8N_7:UI^L1H*
MQ79T6BAP3$A><#<^W_N4T=W34R3V%H'8<5LFGPMLF*++S,4SF&!8RX5]"/<3
M==?,IV-BI%K*124HAYZ9T0%,RG2/S@, !J?='_Y1I/\ :>T)_ONUP+/8$+[$
M[B=):FO.L]:;%V17*G?=Q2:T1K:K22ZXREG>HO(R,,*"39NX(P9GF)QBP3=.
MS-VRL@^;-2*&<+HI'","]^?9PJ-!%MW%:R?(;1VK:=):_?QTZ62B;5M&E6N,
MH=IJ<9,,$7,49S#WJ;8PJC@ZQ&9I=^U9D6,X<H)J!MY>[;MH4UQMG;S;=FOW
MVL=%VRQ4+;%XC)Q"4KU,N]3^B4[#4'SZ.!T1W9HUY.LVAF+7UAR=^X(T(0SD
M?*P,)KKO7[4-MWNIZSUKOC7USO=YU]'[1J=<@Y8SIY-4N49J2;-ZV5% C-.6
M-%(J/#Q*BA)=%DDHX4:E1(<Y0M'@5CUO^E!W._U5[>_]E;&P+.8$);R[C]%]
MM,% V;?&SJOK""M%B2JL!(69VH@G)S9HV1FW#=NFW1<K@UBH&'=R$@[,0K2-
MCFBSITJBW244*&&I7=GVU[%D=PQ=+W309YWH 9 VXQ;322#.A-8E>P,Y>4F)
M)X5M&J041)5*69NY!NJLR:OXIZU55(X:.$DPB^E_$:['=ARVJX&F]RVMIN;W
M5,2U>UM#I/WS63GIV&?IQ;B(=L7\>U=5J1?22Z;>.1E2L3RJRR9&0.#*$ P7
M6P-*V5_PZOW]2K5_L)_@:;VX?H\:&_Y,:N_W'@\"9\!@1YMC;6LM$ZZMVW-R
M7NL:TUE0X=S/V^[W&7:0E>@8IH7E1P]?O%$T_,5.)4T42=2SA<Y$DB'4.4HA
M%>R^\CM>T])OX+96[:/5+#&:WK^W7E:>2"SFSEUS;;W#ZNJ-G1K<<V>SCMK;
M]CS[."B446ZCF4E5P;-4U5@,4 T4/B*=D!S294.Y;63SZ)U#$;Y<F82KB037
MU3/-ZPZB+3%*L6;A.=,];7:%.5@R%Q)@698"9N'KC;S0W:<[S>UFMT'3^T9G
M>-#:T#?K^%CM.V=.24>Q]\<3Z!7+)2'*Q;N7)&#5 X&?NETT6L7S_P",40'
MV;3G<UH/N#E-B0FEMIU78TKJ>P#6-@LJZ[5<*UV6&1G8=(51600(_BG<Q5I1
MFWD&@KQ[EW%O$4ECJM5RIA.N P&!6'LX_1ZJ/]8MJ?C<O6!9[ 8# 8# 8# 8
M# 8%!H^X;4K?=#W.-Z!IOVE,'+/1Z[Z4]HM:IWT>]"DR:81_T?--5W+G^8*5
M7SRB"8^9T ')#<A+?M4[DO=3_OSH?]'8#VJ=R7NI_P!^=#_H[ >U3N2]U/\
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M<E[J?]^=#_H[ >U3N2]U/^_.A_T=@/:IW)>ZG_?G0_Z.P'M4[DO=3_OSH?\
M1V ]JG<E[J?]^=#_ *.P'M4[DO=3_OSH?]'8#VJ=R7NI_P!^=#_H[ >U3N2]
MU/\ OSH?]'8#VJ=R7NI_WYT/^CL![5.Y+W4_[\Z'_1V ]JG<E[J?]^=#_H[
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M;2'T:+G^;%4Z12@<0*/ B 8&W-;! OA8%93<0\-*MQ=Q96LDS<#)-0*H<7+
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MPJQJ#X.+^BVK4]GV'W/K[47KUEI=SWT972T37Y;N:N>J[]N':>N+M>9Z1O\
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M(0DS'23#8.UJ'--G;=T8ARF(V50434 2J"8#%*&\^VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
M>VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([ >VK9?NC[_P#[2]KO^([
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MLZZSH&R93"F4HG$P](4+_P Z3 Z$]E/Z'':A^S=I#\6E:P+-X# 8# 8# 8#
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>39
<FILENAME>pg56img01_ex4-35.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg56img01_ex4-35.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@#SP'- P$1  (1 0,1 ?_$ (<   (" @,! 0
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MDB\%=%!LA\3F<IBL]FZ29?TA#\-^N@<8AA,0IA*)1$ 'B/J'\!_CH.6@- :
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M.>P?@'^@:#H4$H  @0HEW'DIN0H$VWZFWZCUZ:#Q+2+1HHW2<*)E,Z5*F@4
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ME4. .)LHEYATZ)B7IH&NJ-4>%?OIBS-8EU)/':;IFJDT*#EF9N)@3.X$P?\
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M!-MP'?J(;:!1Z9(/<[3Z$]5P1BL+QCN:CIR&=LQ3_?\ )B!DR229N"?-H@<
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M-D  O!%ND4J:1^(>X0 .0^N@RCUVU8-UW;U5%LS;)"JNNL( FF0OJ8PB.P
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M JU@;1D#3H^0_<54BE'C:^VJPD,WNEI.ZCE%XQ_#24*$8V, OE$P4[J:GLW
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MQ+*_RGG;2IRR1<,S<)8ID23'VTC4739ZY^:@5FHO(%4=]H6PE$2IF HF$=M
MP.&&DSCS*61<?RZ974?,O!LU3D&:2YEC1JQCF?).S+")SKIGV]Y=BB78 ]-
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M!^8VP?70)!EDC#,T<YL^3K$K2O'JK*)2#CY J1S^X))B551!TB4 7-'.4P
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MI=M!V>+7D? VW$E0K;MM-1N08N";E;U:3C_@3LQ'G "0MM<QK<O<"(?@<%!
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M[8&$2>H^N@D?0&@-!A+!&M)>+>Q3Q%-="49.XU1%0G<2,F]0,B852;@(I$W
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MB(:!1)3(WCD.=VM5>%B@RDE)LF2KM"$F32X2ZQ$A9L?N2469DJS5(<G(YE^
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MGF+ZF@\D6LNQ_<<4Z3K<*SD4YF"NC^5:+F?GD4ED6/),H *ADU>0#[/KH/V
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M19 J2:QO>83@&P^N@@VQVICCAW 7W*\>>QYTM15%\?8GCU1E7,()FBA!["!
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MB<#&'B!3!N;?< #)XX=TCQ\R2SP- TLE3@<A-WUVJB\2ESA5I-TND:V(*&3
M6Z!Q?+IBW* !NGOMH'=1 Q4P*8"@)=RAQ'<.)1$I-QV#W<0Z_P =!VZ#B?J0
MWI^4?7T]- FF7ZAGZ:\@\,3>/K DTQ+%Q4N;(T4J8"A(/ =-O@+&*8ACBHDC
MR H ( (#UWT#F (" "'H( (?3IMTZ?RT$$^1LE%PN([Q*SDBXC(5K NU9!XV
M BCANFB7F'Q$C"3=PN(\0'ETVZ!H.4$SH*S19(BT"NV7I\0UF#*.6#A^:(39
M LDA*%(N"K1N!5Q$Q1( B)NIO30296&\*TK\4SKQ44X%!@C]G%B(? 3C^V)6
MR;8X&/R33(/M]1T":>3PIL<G>/UB_<4X@G#6EXU=TZ';.5&]G0DV"S!NI)+)
MI@( P<+@ON =.'7IH'E;)I"V;#P 1,D02@;W;<B@.QO:7D8H=-Q#?00/F;!^
M,<N3=$>9"8,)UW47CU[ 1+_LJ)*KK@@*Z_Q%#E^3\?L%V#8VV_IH(3R;?:Y'
M7" J>'*PPL6<&L(O!0KJ*$7,-2:TNHBJ\7L,ND7LL6*"B*?Z!_UBJ 4"IB7?
M0+S259&C9%MM$QS.IY-\E[@M%S62IYX^4F:GCJNN'*":P)J&$Z#)^H [MDDB
ME/W!+S O78+,Z93 K;!,[Q4DG/O!*I)RZB9/DJ'$ [@=PO4A.6_0H@&@RW[-
MA%)T;&I'M#S*:1V:<@9$OR$VH[#VTS &Q.O^X Y?QT&U)I$1 H$#;?8##U'<
M"E-MON(CZ_ZZ#PN5C ];HD$!%5)?<@[ 4PE*?B!A$!';IH%7*'CI+9\96)M*
M1R^7&<4M&@S9G6.9($SJ L+E'L"D*X#T!02B<NW0= VVY^QOP+SX;\.9N&^V
M_P"?CRV_IOH%US4Q<2-NPND1XS8=FX2K@"NE.!W)&\**RJ*1]]@4$H" =!_'
M035,6:(K<>:0FW[5@U1* BJX4 NX"7]--+<0!=57B(% -A';H&@@VS^4>(X2
MIPMR;V9M+,[&\58U-LQV.]L\H4#$+"QC81*JLY[P !MPV*&@C7'N.+[EVPM\
MG9[21CP8OCJU/&+=4[B-AXXQQ5C'4H <4W,L=("F4 P"!#;AH'/<\4&Y"E!)
M(H"1N0IC 1,G<$$T2<4R]"%W#8H;?TT"Z9=G;]93(8YQ:)XZ4LG<C;)=]T^W
M1XHH%*N\:I'((.)%0AC=M,1W#UT&^8APQ4,/5H:_6VRY3NUA>3,FZ<**R,Y)
M']RTA(.3&[BBZIQ$1#?8-]M!+P)% H%ZAL(CT'UZ_7??I_#0=FP!Z!MH#0&@
MPTJT3482H]A1Q\E@X040(H;==,R9BG1*4XF3+W"B(="Z"A:3J_CO)>3;.NL?
M&V56L]K=?LB59D>_:Q319OU)EU<&94B) IQ!P)%CB!OTR;!MH+WJW#1L%%Q4
M3%-3M(Z(8)1S-NH45#-TD"  )BX5$RQP !^H[#H-DT!H#0<3$ PE$=]RF P;
M?P^@_P !T$4YFQVWR5CV?K*KI1HY7;JN8]V0QBF;O4@[B(>P2F$AS%X[ (#U
MT",88R$>DVFO)V-A$HRME75ILHTAH-%J]CS51NI$IS5CE01.Z*5_\4"IF$P;
MF. ==]] Z&5HEK(ULTZN0[<:>J6RM792'6.5NQ03=.CID1$IW'RFY.T=,W+N
M &P:"D"RU_)DWYQ5'(>-8Z+;/;(_8*S-H!K'KQ]BB=^+N#(4J8*&.9N/$1 =
MDQW V^@LP\@+=B/ "R&1G%5;6/*;:,0B*.PC61#OJZR?]L@$:M68$^(T,\$@
M',([CT'T 0T&B0[2:KJM.O<G]O>>2F;&01$;/SATUXFN1"$@2;=U1,5.:!3M
MF;4W)%/B4RY0. ;Z!S<;8;KM)<2-D<LT7F0;,EO:+2H<[E\_*"IUD67?5,<3
M,&2AMT$AW(F(;@ #H%7RA0J$OYHX9NTC99]A:XRMN&,3!)%?+0L@DFJ8Q1=F
M HMP7,8X]#&#IMH+"FPE.F(@0Y!,)C& Y1(.ZGKQ#<1*4=NFPZ#4K_28N^4R
MP5"4;-W;&9B73$J#P@+(I.5$S?%>[F 3]YJOQ.4=^AB[Z"O>MW"QXLE*53;3
M+1HTQ"7-C^Y0$B#5PHV;3 A&5N1>G4$Q@:OW*@ '+V\=M RWCXI/5Q];<93B
M\>Z;U>164JTNDBT9N9:'>*'<$51:-DTT1:(E,!"G*7Z>HZ!E'/,Y5#%(/=!,
MW W(#"S54#@!P 0V.(";EM_#05Z8D=1L[Y59KI!+#=K66(H81EU?2LE,)P:,
MA-.47C9A6XXS@L8W*G&+ 4ZI$^[S#;EMTT'VLOJS4,CL8&SRTS'?V\GD8B.J
MRRDA)Q4T\N"OPZL] TBH[,FYBW"A5.9! I#!Z;:!I\06&2G*:C)3;6:9RWS)
M KD)]$K-Q\-!VL7F()$*W5*!"@)!X%$0'02W%3+*9;%=1ZR3M '"C90Z1Q4(
MFHD(@([^WH AU =!@K3:&4 T*H]!;OJ+&;-$$$=QE'(IB9%HB(*"8H*GV#?T
MZZ!1EGUQEYE25L0Q*V8S-9QYB>@'=N@A(IFT0$$OW*BR7(*PO!)L<#& 1#TV
MT#!16,XM9:RS,Z9ZM+W*.8MY= )=TM&L2BV,"[&"1 XE8-TG)C<>(@?H&XZ!
M=[(1I"UYYC^IV-Q8<EXED6%HCU9UJ8CA&'EQ,#*,5>J@HNX:MT%?U01'<3@7
M<= YU3E',C7(5\^*FB[<1S521XE5!$)-1(@NRH"<YC A\@3<=^O'0;04QA-L
M)>G$! X>@B(CN&WJ @ :#Z8H'*)1W !Z#MZ_^_0?.V',3[COT  ] * >H!M_
MYOKH.CO' 3EXEW(01V* GV,)MDPZ&#U+L(AH$;\V9"%6:X2K%F3?A7[;FFDU
M^6!-R9HP=MW<FV [.0("G_*9N^? Q! ?KOH(XS1D-K'4_(,;7Z!7Z_9+=<6^
M-ZE)1Q&ZSRW4\_9:*VEDYCA2<&;I)[DW-N4HE]V^@?;'-10HE%J-);.G+]E6
MH!C#I.79^XZ<?#22 BCI4H$Y+F$!$PAL C]-!&=TP4A<LR8WRNM:YQ@&/7$B
M[+7&SPX1$LO(QKB.[4DT.)BG2;@MW4^'$05* CTZ:"?3=TO$J0)@82+"D"G/
M850$3 )MA 1)UT"7^3]6+8[EB]M#S\Y6\BN3SZ5*G&#K_P!,C')TV2;MS(QP
M *;PH@<.V"@& HAH-<2QZR\:<-,:/ R\\\O^3[@,3+9'8Q[=[-K6J4,K(/IR
M5.HW51*T31;*D3 Y1(03AL&@9'$>$:/BEI(/8&)8_NRRIHN+?9P;@E*V5Z=,
M@JNY%8NP LJ;<PE3 A -Z!H)M(0I"@4H<0V#^(^GU$>HCH/HEW'?<0_@&P /
M\1Z;[Z#X?GQ]G'GN&W+?8?QWV$/]N^@C>9N$9%WRL5=T*A9*>-(?;BA^11)I
M'K/%Q'<.I@,F(!_#0*FP\8*'">13?,$3D-2/GT'2K1]6?FHF!^[D3 KVG"!C
M"KZ*@  7;0/KP#APZ[;;>IO_ !WY?]= I>>4DO[D>-G=<))D+>[8H9-<P@HN
M"E67 ADDC#LH*9A#VB @.V@TN[4Q?R5NE;@;%8I^G16'KQ#6V8H[---O'VT(
M9R9>+6?OB%*X%HON/<0Y<#!TVT$I0WBOA" N)[\E4DGDJ9XH[BF<QSE(:NN5
MQY'7K$&Z[C& 7.8H")VY"&';0,*B0S<#E,J8QS^T3FXID1)U*AP3'8I=@$ $
M"^HZ!9[A97>8W%FQ51Y.4AD(_>)R!841?0TN@T<E[;EG79!#M.F[UP@?8CI
MP'0Y 8H@(:";:70HNDU>'K44H_5;13)-G\V7DGL[-/DD]Q*,M,2BB[^67,(C
MNHN<Y_XZ#?=@V#< Z?PZ!_+0?= : T!H/ Z56*BL+4@*N2E6% A]R@"Q2'.0
MA@#W<5!#8!_CH*MV.69G(&<X^PN_#JW)6?&UN<4QID,5VS*.%E+@5I)2H%+P
M,]9 S<"8##R @^O306ALCK&,4ZA1(=8G)5,3G$J8%#9/M$$1 @=1 =_40Z:#
M*: T!H#0=:I2F3,4VW$P;#N &#8?Q*8!*/\ 705+^5-'@*?F-&2*OE9U+90C
M6AHFO4.86A8A[.5]9([*-5<HG3^,Y=':@LJ8!#='D0/70-H:>RW=?'Z9;5&*
MCJ]EUO .H%"(G3F<LH^8,QX(N7;C<QWCAFV.1381'FIOOH*XL*4G+N*,AC!9
M.K4.G:XEC\RCRK(RXU^M5QP*KFU3;U\<PD QU@Y FJ/M =@]=!LJGA7,>1N5
MV^3YS)=EMN)[RW;3K2V5.]V>H/(TR0B8L$P@X%\TAUXEJ?<A#JIB82B.X[Z!
M];WCI2N,</UF K\7,5*LS)&[]S,G>.IJ$:M6AR)3<'*)G%X:?<*E*18RQA(H
MB<X#[AT#4,R)D8I$;F64*!"F2,MN550OJ ")MAW_ !WT%>V3TWCGSMQ"@.3;
M/$QJ50>.%<8-EEUJW8%1. !)/$""*13I[<=S=.F@L/9@8I3@;H/M$"E#]),H
M@.Q$Q 1(/'Z[?UT'<Y*!D3%$##N)=@()PW-R#B!NV(&$@FVY?PT%>_E1C>NR
M;ES%6&&*E!9>0+19&T04(S0EX>T+!O4)%:4:)!(-RMY98H)KF, $$.H]-!L%
M9O)H"GT'(;Z*C(9>O*-<>WV4EW9Y*>C:]&[,6KG=@8R O'1B"<>0=>0#Z[Z!
MW&BP/6[5X@<#-ED_D(F*!BF4!0 ,DJ</Q.F81$!^HZ#S-("&8OGDJTCF#:5D
M@(1_)-FJ*#Q\5,/T?E*I$*=8R0%  Y;] T$:WN#CH]^SM)XF.7<)N6XNY%^5
MHFFV*@<#D?.5E #A\, Y$.(^T0WT&HQ%BJ%<L"#I*<?B7*TLH**KZ?7EFZ4X
M4I")P\8P464;LDEB@)N*90 0'?0>^UY&J6-73:FPJ!IVXV)XZDHNLQQ%EG1E
MG)^1W3LK?<Z<>4P[@ B!A+N(:", >23VUL73*$93V1GP)-91D>5D75#KK<DF
M19THFB98QVL\5B4Q2[;"0_YN@:":*?AFN5<9M\U4?FGYU5V*\RZ<**R;%-V)
MCJMX]XH(K)HIF5$"\1VVVWT&T8^Q\E0:ZE7B3LW/$3<+K_-FGZ[IULLH90$B
MG,<1!,@F$-OPT'V9J]=;2*MO4:-$YMO%K1"$MV@.Y9(.  3=DY@$2F(J0HE_
MEH(DQ&:Q5*;L-3M]G=3B4J\)-UF7E#,F17""QP.M&-&I0(LJLD8PB(E 0$H;
MCUT#*H*"<[@HD$O!78!WW P"0H[@(= _EH/08=@$=A'8-]@]=!Q[A=]@Y#T$
M>7$>/3Z";;8-!&]YR!"TM@\D'KQ%5Q%LG$BI$MEDS/7H=LP() W(/='F<0V-
MML(]/705'^0M7S]Y*M\633^'"MV2G9/B9VA0U86%Y#R4:[>(BRLUI&1%5=FK
M#<>2Q&XE,8";>F@=3QZ\2F>,G(W/)<V2_9#%#M(J.&Z+>NU=B=4RR;&NQI0!
MG'@*QS"H<A0,J.PFWVT#N$43$ *D*9N1Q 3);& BH@(F'8?0 VT'>!!  *(@
M8!WYB(>X1^@_AH/**I@$Q4RBX,F*A3&';=)0I ,4H_4>91^F@71&A6!YY#R5
MU?3$:]JC2EP+6OP:HG4F8:4(J^-*R*!!,**:#\#)!Z 813T'BR;?)DN:<48I
MJ,G%M)J92EKQ:&,@Q^29[3(,Y(MR9H'$3H/BR4@A^H&Q0#<!]= SH)"H0.Z;
MD "0Y?\ :8#%$!]PEVW#D'^F@/D@!CE,FI[5 3 2EY\MRE$#;%ZE+N;;K^&@
M["*@8"<BF(<P;]LWYB^OYMO3TT'(P]=A+T$!]VX>O$1_F'0- K%Z.*_D?AYN
M<@F(@SLBJ"@=#$!2">D.!C!L._N'T'0;,?'<B&4 LIH2LK19U4G2C@T$R4F0
M?)%*5)R66.D+DO I Z\M]PT# =O]/M[F_+MOS-R__CWY:!#_ #!?WQK=/&B$
MH#B!;V&Q9#LL:28L#<R_VYN:L**N5H\B9#\':+<PF(8=NH?CH&(Q=C(^.F$J
M>1EI*UV.54*XGIV2.50\@J;W=EHGN)T4$=_: @&@E5R^;,$U7+A4$4&Y#'>'
M4$J9&R!"\C.E3GV A" 'J/T#0*[)9-NV3;&C7L1Q<:_I31UPF[](RBQ&SY1,
MXD4:07PTUOE$2'W"I^4#%  '0,[$1GVU)-/VG4(W23<K"!!6<N=@$ZZBPE*H
MJ'T#EUV#09S0&@- : T!H-6L1I@L+8587MA*!%O_ +.)R\Q)*$:*@R,J!=P.
MB9SQZ!U /7;0?G&@+9E<,C0;.#R=D&6\QB9B0*]H\W:6:>+DL?JRR9;<C]C;
M.U!?)FJPG%  (*B:P]0#;0?I!9*BU8HO9-RDT$K5-1YWER@FW6[)!<I&,<2E
M(W0.43%W] 'KH-<B<L8SG716,)D.F2[PRH) TCK'$O''<$1 "]ENY.IU$H_3
MKMH) (J0_P"4W7KL ]!$ ^H .PB7^.@Y<R<1/R#B&XB;?H''UW_EMH.OOI#Z
M' 0X\^0;B3C^/,-RZ#Z8_(!(03E,8IMC 0P@'$0 1W$ +O[NFX]= K?EMC"3
MR?AV9C8!S]HM\(YC9BN6,%%"/XE5D_;G?.VRK8IU@%:/*H7B'40-Z:",?%F7
MFHE^K#34['OH.6CDS0+M1XH:6E)M@40FI9=-X!%^"ADS)[& !W+MH-URY9L<
MV&.MJCV1;B6GJ$89%$K1\L_:1B@& T<LV9(*KN&KD#AN5(#"(#Z:##^..=,8
M3M@E?'VE(#'2N.8"#=.FK=J=O D:222BI&<.)RE,H9L! !4 _*(]=AT#;62.
M6E8&7C63A./=O6#ULP>J%V^ _.W4(U>% ?\ _ L(&#;UVT$2X-LLI*5A2$FY
M!W(62H2CF%G'S]!1LL]41 #@X1;+ 5<R*Z)P$AP*)1WZ#H%7RQ)?8?.?"I36
MRL1S6>K3J*1K2[%=>V/W:BO("M7Q43H-F)@-U QR_706-->"*?$13(4! H=L
MX"EN&^Y2;COR ?7^.@[CG*8 *43<C^XG'<NX (=1';H7\?X:",,KU*:M%*FV
M5=<MFEI(R5?UUZ^#N,$; P(9Q$*2">QA,Q0=% 1 H".@3G&LI5I]!DI(.:S&
MQ>5&KJ#=QT>W?.T)3)$>)FYI0A7" ),DBNBB8"J"4- V&$[)(2U4+%3'RCS%
M2?O:M,/7@M@5F'<0IV!GDT6RBGQV4J'N1*?B?B'4-!,I0 3@<N^P\@-N @/3
MZ@ @ AOH(_RO1VV1\=6^EO7"S)&QP,E$J.T%>THV(\0.F98AP,'$2 /3J&@K
MNH-3:9(BUL9512PXWMU*.$A%9 >1:4RQ@YU#9H6-2@9E5NW>*'2;%4!-,QDS
M=S?EZZ"0:RM&U^V2>$,<WR+M'D 8[>PY%R-;639)^1@Z$#O$H=@T.X29KHB;
MB@R3-V6H"("(#MH&Y^V0V+:A:K(VBQD'C"*=VB;>)$%1]87T7'*&576[?(?F
MKD2'H3<NX[:#3O&3/*?D7CTF0$*I,5)'[K(1P1\XF*3D_P 4XI@N@0WZA43[
M;]0#UT#';_7_ ,>G_CH,3*-4G#!TCV1<"H!S%2#KS7+[BD$?0G(P;=>@?70)
M)FB$EW0XQST[6-5YC"=HF',G N7(.8J0KTBR=5U7Y1&1E2F(R;.?F@(@/$Q/
MQ#0.54YZ,LD!&6&*>(/F,TS2D&[QKR%N[(H0HBJWY !Q(&VVPAN&V@V 52'+
ML4QA$Q1$. \3>W;<-QV IOYZ!(O)_P SJSXU")9ZLS\_(OV:QZPS@%D7Q))T
M00("+Z-:JJ2")05,'N%/;^F@3_QZ\DIWR+L;]\M2"M<LO9(C8]6E$'98>L5<
M"@N653F#I?)1?D;!W"H'(!/D= ';KH+1VJ-9QI /Y^=DV;(&C8[^<GI#MHI)
MIHI]QR8ZR@@1)0R8;!U 1V]- A:F9[QY;7&)AO'*RR]'Q_3)A"7L=P(Q.K^Z
M")KF(O$$2<@3@B<$Q'<?S /306025DA:Q&IN;'+LF*;)%-9P^?JHM^^DF0$U
M7O9(8QB)B<P;B(; ([:#VP5PK-GC"3%?FF$O&* )BNV+@BZ7 I^!SB)!$2D(
M8/<(] VT'J>R#=JT<OE3\&R2"BXKIE'<B29!.9<>@&.82E]H!N(AMMH*@8?S
M2Q\EY./[>M'7>.-9'3+%2<;+,9%K$+-:XX6!E.Q22Z1$U5I122/R(4!/LF B
M&@<,*=)V7S7B\H.F#EFUHN'9BD0RP*IBA*,KA,0\\]543*83)G:+QA">X 'K
MH'3V#UV]P_S'KM]?IH-:L*KY&"DEX\422"#!VNR^:L9( >()K';BL8@"84!4
M -_7IH$]\%,L9>R9C>:5SQ+TIWDF'M]CCY&/I17(,HF);NBEB6+U1RBE\J52
M0ZK*)<DQY!L8=AT#QCQ 1'8>1MP)OU >@C]/R@/\= K-N44/Y+8I3 H<"15A
M,8=P 0VB'9#;!ZC^H&V@:GAT]3;;>F_7T]-]]!]XAQX]=MOQZ_Z_CH$L\EVH
MO,S^(2@' A&F3;DY4-OL $3I"Y1$1^@"(:!NI"79Q#):4E';1@P9(.'DG(.E
M4T&S1FV 3F4<*J&(FB7@/J8=M] FLS+9!\CI1.)K4"[K>$U% +)6N<64CYNQ
MBW4'N?9HA$#F>0JI/8455$1.4XCMH&[J=8A*E#,X6N1#6&B6*";=G&M4BMV[
M4I"\5 31#F*?,P;FW.81'KOH-F+N [&WY'$1Z;B4  /3?\=!V: T!H#0&@-!
MKD^S</(:99-G0-'3N*DV39X(F 6;IZW51:N-DP,;BBHH!M_IMOH/S=6G'%CI
MKEK6+2QQ?1+M7<YUN7<^332[,Y>64C'=C;+$@7D.P<K3B+^R(&!DHF9($R)'
M 1'UT%_MSC"V;$DS'@FM-FF:FL@W7AA,5=T[<,.T+YL955$2HJ&XCU$#=1T%
M3WC]X7W=S9:DSM^.$\21=&KJZ+RTQ#H%9*Z2#Q7_ )3QT8LB86ZJP\1;B8/9
M[OQT%T%:@RUV%AX1NZ>O&T1%H1[5:1.+B35,@F1/O.W70%%# 7<1_'09M8>"
M9E#J@EV!#F<I>0 0I .H0Y/_ *AE!WV  '??05ZSWDMD&XY=QW5J16)6K4(,
MGLX6=LUD22;M;=%M3<9%E"-@/WT11,8!W.4 4Y>W?8=!8:'<*< /L<XAL<Q.
M0%*< ,"0@7T !+O^/70=@IE,D"2Q 5 R!@6*<H&!0HEV,00$! =Q'0563F+<
MN5/*5L/3B1$*T92_[QC;9,RZBC5RV$2.$L?0L6#7N(A,N"F(Z4*!@;D5[@<Q
M]N@=RF4&K/V5RL2$>V&4RDS;NK@=%\@^CAD_BBT<E9NBE.4OQS?E#CMN "/7
M< "KQ?(3CQY\FZ#28^E2IW[MXYIKEDA -%7$I7VBQ ;Y%F[>UDEG")9,3!Q;
MKMDP. [@8-MA"[5)5-T@F)B<N\F"W =E"@!R<MBJ%$2" "/XZ!/K7*I8J\D:
MA*D;+%@\UI.*W8)-U*2"C6'DX1L5Q71:Q3>*6:-UIR0$&AC'7+N4 T"\Y8H&
M3K?_ )!L+VEI6HP*#380SMS.F?,/O:*G</N4K#OB[,V';_N<=OXZ"Q>\R5DC
MZ?/RE.BU9JS-H5X:#A3=I--U+'1.9H98YC 4H <.HZ"+_%Z6S9.8OCI+/D06
M#R"N^D/G1J I&0;LP<J_#*4R1A ?T>.@8PX;E]-_X?B&P_\ CH*X_*/$OWB'
M=,Z2K%UF^!+HV'')TW!H%-2:8J XDDC.$>XDK+.T V2*5($Q'?<=!N%*NKJ+
MR3C::CF+A.N9FI8*VA-VHDY/%VV!(W;E(]59JJM"23LRAQ4*!@$1#TZ:!YFY
MP, F,8.Z)2"L4.A2F H;[;]-@].F@X/ED$F;HZYTBI)ME5515,F!"HE()E#G
M%0Z9 (4O41$0#\1T%/UUR;&(>4#.5I4M9$JH#A)S%S<L?M8XN=]*IV9"&)(L
MR*O@"/;@ [ @9#<W_<#0?*+5,>57_)(LI%W^/DYR9QY)6ME4(\BBAC%M;I@^
M5D5Y,#+(JL$BD$$ Y#N4>F@LXRJ_(AC+))CO1;%;T:T'.ND4 .U0"(=A\I)#
M<50,B ^H@ "(:!0O\:"\4X\=&SF)E)F8;JV29,O)32Z:ZKM<%S#_ ,<$S#V4
MB^@%$ '0/K-S<= Q;J;F5RM(YBDHNX5..Q$DDDSJJ**".WM*F01_IH-+IF3\
M?Y$I*&1*A:8N4I;H%G!;*BL9JQ,#<>*X'.X*F4H$/T-N(==!$='LQ\U-\M1$
MK6PAL>NE7%6BIY?B=C<(R08&;R;V,*L)!1[9U3ID4$!*<^PEWZ:#Q>/&1JBH
M^MV"82+FZ\^P\9HR;,Y<R93/H8X +5TQ6.;]9-3<>6W0 ZZ"._*GS2J6'GR&
M)JQ(L)?.-K1%.NU8$W!TXXZ@<2O)1TU27[94=P,8H%$WXAH*;8)]D7*.6JG$
MY*5"VY1D;I.5)[EY.842JU:92JYI./AX".(S.W=3$7',5"'*?8Y#!L8 T%^F
M/\8XF\<Z:86BR+=4Y.S*7*:$BEALL@^/W#D46*0@JF<&4_3*3HD @ ] T".'
MCLN>;UXM<)984<?^/T<9W7UV[M:0;6F;09&$AG"9"H%:N4710Y 8#B/$VPZ"
M4O*8^-L0XRK6+J'9I/%-FL$E$'A4Z%$M)*PO4HSMH)KR#0'C1-M&.@,/<744
M N^^V_70212<=E5LL1.9(E)_(!7-468@Z>HMFU7AV;DB3P(Z11:NWR+ON(-Q
M.*Y3"0!+MOH.G(L73(2*9V3"UX@ZC;6;=5C3ZZW?H)UZS.05,O\ MUY&K*D4
M,$T]_P".5< $ [FX:#2LSM,G>5."*H?%<PM5;*A8(=.X(P,NV$K)Q$.RIV*+
M^0@J*9T2*I*$ N^_'H.@R7F#XWMK_P".#F/J+)O'7RDL&=JK,^U:%+8&4]$M
MR'<.&RZ8$[BKHY/=ORWT$$^+6:KO85,#95MAY&.JMFKT_AZ\-;!)O7$PIEFM
MO6I(Y9NS:Q2C5-B]C63HYU%ETR%.!2\N0@ A;XFH!B\B& R1D^9# ("(#MOQ
M';Z[?Z:#S/&Z3YLLV<D$S9TV407)L/=,FH02F[9B\N.X#^/KH(3PW@"B8/&U
MFI#:2%Q:IMW89$91R+@P.Y$Q16*B<>@([IAL7Z:"=5U#)D.8H")P[?MVWZF,
M #QZ#N(%$= JMA>,WGE)28\0,#F,@Y-R7^(+L5A$?_V1$VV@;/0&@4/R/DF-
M<MN#++)+M&D/5K3;9*2<O *HK\-*IKJK@T(.W<7$FX%*'J.V@CK&<],>9,-)
M6R9C)JG8K)9_APL!*(*,)"XQ$2OL]++,5 (*D5)EVX=! 0#0/A&QK2,9M63)
M,B+1F@FV:H)EXII()% J29"]>($*&P:#(Z T!H#0&@- : T&H755R%3L)XZ4
M9PKX(QX1K)R)BIM&CKM'*BJY.<0*5 %-NHCZ:#\B;;Q]R#?<]7 ME7A[ =QE
M&)?K3,5+$00L,\I(-DF[2.2*;9TG%,2IN!,&^W70?K"9/&F.,41[N<5,T952
MK%5?F.FL[43"/:&.H8Y4=U5"DX[CL _RT%5M6_R#+9'M= ;QDTR_:-P-&%9.
M:Q%2\ZX9&,Z,B"TV(Q[9,H.1#;MB<>WON/IH+J$_^V3_ /9 ?]0WW_AOH-#R
M/,2U=I5SL$!'JSDU"5F3E(J#;DY+R,JP;*N6;9,/0RCE4A2!_/0)7B_.=KO5
MT8P5_P#'RV5MI]XA2U.;/',U&<<\?)"=_.+*]K=L5DN4??Z[CH+!T@-NF8W(
M3\2IF P@!_0?U% *&VX@&@]F@7C-[1Q&(PEYCV@2#JN23<C^+.'<;+Q<LL#!
M\^.H.P)FCF^ZF^WMVT&)\>JU'TFOR%9B7:Z[87\A,MFSM[\TRIYA7OJ@D?KV
MV3??V%#H B.@K4\W'!7&1K#: 87BGTZ!6B*G;KC6XQ9U,S[U,BH-V30R916^
MUD4)^H=(=P$ VT#_ 'AMFB$S-AF'7B'R:LM2G[BE2<6=9R638DB#G;1;B=1>
M_P#+2D)>*;@Z #_FY:#,>3DK3WM8;4A_=65:R/-*"_Q<V3=()3TI:X0?GL&D
M<W6 4UUSK%( %VZB.@KOEK#>[]YH>*MH9T2SQ:;**)&7&YR-B3B3'(R,9%U
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M9> [B7T'05 N/$.Q0GEA;\ETS%C,L4I8(>0@5/OZD3#"R7,89==.(:* U</
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M/G""MU%4I2+1!W&R;^?M:"WPIF M$(FJ>/8L&Q!*44I1PGR(L7W%,??0<O\
M'%EZK26.$L.1+]V"M#8BM&1,VF=O88JNNW3M!FA94PW,$L=RT6,)C^X2"4=
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M=!T)2*#@!4;*H+($5505535!4I5DCBFHF!D>X3N$.&QBB(&*/00WT'K24,H
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MXB(;CMH)"REBV)\DL4-Z(6TN8B)"0CCO)&"<F7<+!%'36,@94BQ.3=Z9$2B
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M "RJ9TP P<>@?ST%];9!-$B+=("BDV*D0I!*!!1[:8)IF(  &Y3$+]=]![]
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MQY>6V-*W$U_%]AR#<;3=;\O<9"O)6RP/[ T;'35[C:NKM%%%DX]T[0Y%;@<
M$4^7X:"PFD^0\M U"SOU\00&.9Y2PI,HNK&5;L7%C4-)%C"G,"?$ZSIZW_5*
M8W4"FZZ"ON/QW?,KY11R7=I-U7YMO89I]9+!]Z<L:M3*]%KF.U4041533-8(
MYLGNF =3FV#0-'G"*=VJTXJSW@NXS]MB'2;2,F#MC/)ND*1,)L19Y,- %0K:
M;?'$VYS !B[!^.@T_%_C)(95SKY+WK(F)2Q5$RGCV#A8"8=R2[MM*$DHX[F5
M/'Q9U!!H=R\0(=4I2@)50*&@R&-?'7^W7C/<< UQ=['ST9+OY:GQ]:L9@N3E
M@T64?#!IR1UQ5AG+QJ02E2Y%$"F -M!)_@3;8[*L8^F<C49M$YUQT]>55[.3
M,=SL2<,W'LMFYY<R8F>N4V8%*<_(>1P'02?DC*]DQ7GJN55>GD-1<E1"28V]
M:1*V<)68JIBK(BU,<H'47 Y/IOTT&JYUI]5R^6K3TF>8E[;X]WM*?<QL4"R2
MX(OHY]!HQ[XZ.Q7+-['R:BP@;<HB0!^F@\JF,W-?QU:\2T*Z3@6>YS,3?JU'
MI2HL'<#&D4;NEX1NJ)R=M$XD$!* [==!%ODGX^7RP7G$\D5TX:UR:A&]8RD+
MB2*9F1ZY(5 L_,$,H)'::("!=S;^X@Z!X_&Z75:TY3',D\*[F\=+J5G@NY!5
MT^9L-C-I03;B<$'22P 0?38NP:!4_P#)M>DZ5C6KC:I"2CJ1/6R+@?CPS<'3
MF6G'95#H1K]'B;G'J(D.([AMR*&@QOAB_<.\]W(AH5U M$,/U-E#$5:%:-UF
M";YDJ IHE(0H',4/PT%JV@- G'F,02XS"87156@XT7;2QE1 0<-H>70-%OWQ
M3![B$;H*&-R].F@K]\4TH!_CW)/COCJ8< E&Q9\C86M$LW6D7J=F(Y<+.I1B
M;D<#*08HE$A!'KST%P^-I\)ZG0;P5CNGB,>U;22BX%2>?-23!-R9R@&_95.J
M03"7Z;Z#?3CP$#;'-N($ I?0 ';<1#^&@XIK(**'335(J=(?U *<IQ2$0_*<
M '<HB'TT'?H#0&@- : T&G7:TQ=+K,U9YH'01,&U5?2*C8@JKE;D+R.""8;F
M5$P#L)=M!6=&^=\7/76F1==PL5XGD"YC6:([2:MBRS])N1-:;GWS?L\HM&,9
M&,J!_;W3%XB(Z!GO+;+5_P .85F+SCZ!0EI2&,"[PDJ=$5(]DFGS>2"!%SID
M6!L #Q+ON8?305@^,GE[Y@9ER+ 1<<V56HEE=HVAA8G%;:/(]E6'JA>Y'.^V
ML95!9';8HB " CH+&?+WQPFLV5UJK2W%;KUT;HMF06N8B2NYUM$DEFTF=K"2
M@E.6)*N\0*8P=!$NX#H&AH$/*UNAU> G5FCN<BX)LR=K)>U@_<HH%254 WH)
MW''D<?J81'0)XW\2?&F$SNYRR=M5G<M(G24_;D@Y;O#1MC[ASI*Q#4BHBW,Y
M4,/=+QV-Q#IH'Y:< /VB%23!L":9"I@)4P*H41%,H" ;B3B&@R6@- :#H<!N
MGMS[?7_N 8"\!V-L;<>@]?IH*[L]TFB0.9*DA:*]!O*AF(R[,K52".Y!YE9C
M&+IH2\@[1*(H-E:@DLW$PCZGT&<QWAS$&8HRO#:Z!!.7.%;:[;418&JA35Q9
MD8' +L"F$IQ;J&-P(;T$0T&O>25+R_\ <93(,72Z??ZU2F:9ZG65VYF$PJ4Q
MR%>-YE8P;/6*"8"<NV_70;?A+,,N]M25?7K3BG4*24=1E=:KQ!T2+R$7VBKS
M7W$0 H,["<XG0+_Y4_30;OY;TJ:LF.#6*J/V,)<*B99]&S_QU%7$='O4C1DX
MX8/";?$?MXEPL=N<>B:X%-]-!7V?'C)SD7%F$X?*+<V*,I8^GCVQ9T^,%QO;
MYTQ5&3>2DFI^O(RS581!-=,VR?$-O30/6C.RS>CM,1XN>JR]G@T4:V[DC2 R
M9H&,1#L)23Z2(*A/O:*!0X%$W7;KH%_SID2MX(R3X^U&PV+,%CGY9NY8/7K"
M7-]LF7 JH%,M;T"B(2Q ,/M2+R%,.F@LS8&36C&C@IU4BN6C-8@F(9,B:)DT
MQ*D5,=A;IB [&#U#?05"_P"0?R.QY:JA:,0UEQ87%@AY1H@[M<#&EDH^ORQQ
M(5*(61VW>(/A'BJ0N_01T"BX@>U:2@*YA2@2T54X!;LQ%AO]G:+L;;5YN1$#
MOF!W<CVS6.7D#&'L)G,!6Y>A=!<72*UBWPZQ4,2C).%RJ+/GQ',FJ1Q.VZ16
M3%10%UQ#Y+E(RH]-Q$I0'IH(FHL9D?R$L$-:\P-2U*E(N7+R@UUO-E8MY Q3
M':%9RD28Y3R9',:(J ( .PCH)IS%G2#PJP@J?48$D[=Y8H1]8I$<NDS3CC@H
M9-::LJY#=N/KK!,0554,.Y2 (Z!":A;LIVV^6O H/WF1KS+)"I8\LKLU&5?I
M;QX)SR=8B(H>K>)2:*IE(X#;Y!B[AZ:#Q97\#F>%*])YA+DRZ7%&@,(U9I39
M@JL]#DCRI'-,1;2,)W5@3D9?L*!OOL4F@13R(AC3*.%_,*9QW6)(\*Y8QF5(
MDC(_P<>QT5($F*W))(@&QY^>AFR3(A! 02.L #L(:"Y'/&3BS_B 7,%0LDYC
M.N1L!'W.3<M8X59]O6F#5)V[@VA6H&[2[MN'$!#U ?QT'J<5I/R&\,*^G7OM
M]N?S]82FH-W>DB/U7"Q2"J15=1P42LU]]AW,("7;0*SA/%;*P^-DZ\QN]H]0
MSG2KK/!D":(W93[Y=U"?)15;&=JID<1C.0#?@*(#Q*'MW#0:QXA9+A+%6[Y=
M<DV>*J[6HWZ-K9K8X^285+.]ET6B<) M'B7??(RJRH-U%"%'8AQ)TT%A2>(W
M679:&G+TS) U>/7DFZF.6AR'K,_N/-A.**)<3"N[2,43D, \1]OTT"UX]F\:
MI>4&?,-T5ZX;Q;]LQL,_2TE3,D6%\2063D#P F$B"93((H;$)L41#0-?XXWM
MM/M;/3W+^6=S].ECE?I33]-9PDVDU#N6C5'MF,4"L02 A@^F^@4K.D9.>+_D
M(CY&QLO&DQ59"Q\//T1(RICR=MF9%&,>2B/YS?+1:N#*;!L [==M!&&')#(G
MCEG"7R1EBXN4L*9F?N'K*7LBR3>0+/23I0(2$=DZ @V;-C(\1'H*8AOH&RR]
M4ZIYD-6L?29UJWDL39 !)2U(D46=,WS0&KAZE&&+LF=JX243#D B [:"4LLI
MTK'U<A(&RJO6:.0)-E2U9B#9]M[(SQ8YP]:R,PY)L)$_B,%4=Q';FH ?701#
M2 F[EF[&[&I%FZUCK"["<5FG$HW,92^.Y&)=,&D&HN<#'%.)=+E>%W'83)@&
M@F[../G=Z>1"Q7**<>V.DU4CUUQ0%RKOWQ[8<@[BFR@  =1W#0(VUMC>H>6E
M?RC!/;0^86!$N"<O)K"+: 92])X*0DPU(J<B8FD"3!R=T _4[7J.V@>CRAQ,
MQR[B\S4T6WFY:JOFESJY'"17!DYF((90HD3'<IE%VAE$R_Q-H(7\9YN/M>8I
M^SBR>1<VXQE"LI>+=-@)]I=L9%NT49\2=$#F%/EL.P[#H+!= :"/;K78^X15
MBJK])J\2GZP_C%V+OW).FK\BR)>^F78>T"Q]MPV'045NI64\/)*#M$$E$IDI
MEV7ILM37T,^D)"U0=L63;,EJ],)*I)0C=H<% ,*@'#IH+-<-WJNU*]GH8R$<
MV87YHA<J0W11=,^V5XGW7, ZD':[@)51L=3_ +A0+N/TT#H%$QDQ!-?N"<R@
M&444#B0IS;G(D)2[F[/H7IH-%IN.F%1G+!.-)ZU2*E@6%15E.R23QBU,!N8_
M;42()&13_@(CTT$EZ T!H#0&@-!$N9Z_(6+&]QBHU:8)(.XAU]M"$.@23^:1
M,QD4T!<$50,FLH4 $#%'H.@_.-B7#GD55<M5S)=LM%XB8LN2"TNTQ35JD2S5
MAHX.DI77#!P+06243//URH/SID*843&ZAH+^<T/L+,*-'Q6:PC'=1G#L(1%G
M.KKI?-E3 80074(NB*ASBKR*&^PB/IH%KI$YX;^*# CJ@R"TM-6J8:P2,7$N
M%9N>11EURBTB$8TJR236,8B7IQ+N4OJ(Z#W^26;LCTK*F.*U$PUB95"1$92P
M61JP4&/!B<P(-X9O((E>'D91550IA9J((%#8?UNF@8;&<QE+(E(O9;8W3J[I
MZZ>1-'?-&@LI!.)78)D93SMLJHL"3Y!53<2E$0#CMH*@Z#X?Y!QMY?-K-F7)
M)'%<;/PLT=8)\5EX^9!HN8_==.59N,;PSEN*A0(/:6!41VV#;J%_K!5 W#M&
M!1)P/R6ZG,JJ2P&( BLW62$Y#I;;<=]N@Z#,: T!H.I8!$NP;\A$0+T 2\N)
MMN8#ZD ?70+GY(04P^QC/S=?:1R]PHS!2V5Y>88'>L"OXU 5GJ4>":I%&SJ0
M9E40Y[&X@?TT"+^%?ETWRCDEE5Y.H-ZA8[;"/EI-NF@NW(VD($5EUVJ;TYSM
M%?D$3!0"B4AS&/ZZ"UY=([A'M&%,Z)@[1_;P44 X'!PF!5!,03B00V =]QT%
M=5W<9'6GGU$0IBD,QI-J)8F>174F*+!:MM074K\<R8$2,,@Z6CQ5%V!1("9P
M*'U#0.=B[(-7S5CAK98%T,G#22LS .U1:]@3O(ITXB)9))LL!R@1)VB<"B8!
M 0#?;0(-DG"F1\@S0X\K,)#TBVU>0=_M7.CZ)-*.*M3I,?\ U%G546IV:;6Q
M+(G.4IE"F3 P@.V@?_%F(JQBN"+'0+1'[E(?%<66;V4!Y/22**9%I!X)U3B*
MSA0HG$ V !-Z:#8+#3*98G*$C9(*%E74*996/=R;%-5:- X@=8[9R8 ,D8PE
MWZ#ON&@@;--VN,I1)2/PI,L8QTS,1M*61ZU^X'C8XBA4W3:+:'5;IG=K(\DR
M*'. ([@?W<=A"K_#&&;[GF=DX4L.6L5:'NJ,K9[\S-\:5DOMBJ:ZS./*Y35(
M_G9 Y3;/5 *DWY!L0_'J&^_Y /&?%-9H](NZT\_C*=AB7B;B%(K29%K-=[(#
MD.S*V5\U41<OVQE$@ Q@*!>0CMH)CQ)C_+7DK>XG-&9XZ-AL;Q<2B?'=.[;@
MD@$6_23,*LB@<Y2@Z0*0H&$0]1T$E>1\CC.2O6*J8SG++&V[$RDE=H<M>?)L
M:U$I/H-S6HIU=3F+VI2*1?NR&(T*8ASK@40'0+EX[8[L.16ZTQ6+T%^E$\J'
M=7?+<S'KL#S%<*\*G9J-%QCON*,FR3<ATBB!A*H40'0/E*)8E\4*--691E]O
MBW4@"T[(&;F?V*?D'IC%246=%/W>V E*0NVQ"E#T#0*#8_)&-RR]OE<QQD4D
MU:OM,-*0^,(5M_SXUVP;FC)Z&LTFH5PS AQ??);!MU[&_P!-!&T?X]K2E*RI
MBO(EI"%K]^H:2%:834HE+A)75XX3FD+"N=)LQ: Y;28A'D;%4,8Q-MN(] ##
M?XW<U5>;AYOP\NT2,Z]J0RT<XE)]TYE6=HCXY=="2;+1SEHDV@F#,J0@1$RJ
MYA /780T#!^2_D1*8\@EL->,]/@I=^W%[7YXT?(!$ML?LD4B_<)%ND+=4K\&
M:;@HE22W$PCL&@73QXI,CB>FV27N[)VYI-[-&*)/ZDR=-LD9-MYFZKIP\>PP
MJ+_MM! I%$B[]PCQ,XG,*9@ HA/DNQQ9D(_CUDEJT4H%"PYD9TYM]!F8ALG*
M/YNQ1R]7K:DS#MD1,](C9'R*X+* ;94 , @/706<H?&30)\0 ! 2$%(Q4Q!'
MBHH83"@4=Q3'F(CMMTT%0]2CXB;_ ,@&;56C&J"I3&$9*NDZQ*?$L#ITY!<J
MKF?,<AT]@*0 4 !#<!#;0-*XK4)A_)$#?J0P=0D%?%'7[LBH9,\I&R4V_<)G
M3>OUU%%52KE]VVQBE#?H&@VORR;51;%2EHL%=AK ZKJR$E QLTHF19J[7=%0
M?3*#8JQ?EC&L3G6*0"F-N0!T$36)SX^^3&%:)C_-;EG!)W?X3"F1ZRJD/-*S
MK10$6\C K*@<0%<J9! 1 ?PT#HT^HU7'E?3B(.,8P,:S9)JO./;2.L*"":0O
MI!WL0'+A=-N F/ON&V@7G)4?'^33*I,Z/:&Z=8KUY"8L<VFQ,\9R#6#!=JM7
M8MTHJV^#(J/U4U17 #%$J1BA^;0>VZ6^SX6C95K5*M*7V6=35;.W3F7)(>*;
MMI>3:12QB2+5H[$A6I%Q4,82CT+UT&1IMLELP1\Q"WRJQE7R#2WKQPBFVEAD
MHIFH<@C&34>]0% [I5$G$PE,F)=PZ@&@K(R)XR>2CF695#*V2U)^NY%B6A8N
MUTN,^PDI=KISYZZA9V=6.?=W*3I94$UU-@[A4"].F@MJP0]G%L?P]8N\BTE[
ME5(R+A;@HV>E<*FD4$0^/(N"$*F*1Y$J7=-_'Z;:!=O'ZDNJ5Y;>0!"K)+,;
M%!QLX!TU3J&!PK)( ;F10QB)B)3;;%  _AH+!] :!=SM[8/D>"Q5$E:E_:?@
M0G?$IQEC6)R8O-#??HB(!R#KMH$S_P @,@ZH)J9.Q]+0NS?(\\PQO]L<)HDB
M8BTR2@%KDX_$B9')2Q[M0YA-W  >F^@]%.F7;W&%9M#J,BGV3L*OVZ,D2:0(
MN]2CG*I$GAV2C06S5NDW2#<H"00  _GH+*X"18S\0QEV"I#-7[=%RV60.DHF
ML@H4IR*IG*3MF(L4=]P#KH,\"90-SV]WH CUV_'8/0-_X:#GH#0&@- : T$6
MY:N$=2<=76SRLF2#:Q-<F5$IA8JAOBO@:+_$."+<!4,!%@ 0'< Z:"F'$?F]
MG-=O68^+Q]6/(*IN(RON+9+Q<FV9VN+/8LC/:\A8GK $'2[N-A(XI%3?E4("
M8CN&@=WS^\;)/RD\>'5>K3IPSO4,K'6>C]E^#),+"Q(1PV054^,;N J "0I1
M O4.HZ!1O'7PGR-%9)Q7G.VQ;6=:J-]Y*LSYE*S8*J\:(E20>'9)JO$+(<Q@
M,('(*&_X== W_D-YOXAPM>$,76R/*^GC0:-C%S)@FA785\J^;LFS:5D-G@LG
MSA%?Y*:?#D8H;;]=!/F'/(?'&;R22-%E'3J2KT8T<21%XMVS;H"LF4I3L#J]
MHKYD97<2B  )B]>F^@H1\X<Z93L&49V@15UH%V=13XM?=Q<E 3<"M&Q[QVD;
M] 1E'*+Y\@40V.) *7;<0'?0?HIPZS?Q^.J,SFERK2[>N1Z;I4JP+ =<K5+Y
M"93%23("93"&W0!T$K: T!H/@AN&VXE_B&V__4!#0>!S'-W**Z2H&4*N@NBJ
M50PG34373,FH11(VZ9R"4PAL(;;:"H\*GC_QQN^36\JK/(+OY8<CPKJ&9(J,
M4W\;Q=_M3[VJW6%B-B(B"'82(&_/;<-!:53['&WJJ05BB7!"M)6.:/T@3$#G
M;**I@(E$3@.ZJ!MRCO\ 4!T$?9E4CZ_"A.24B:/CFY%DUE%CH"S0%4HJ.%0(
MJT<*E%5%,VX\@* ]-MQT"I^,&?:<6;LE-0CR5*CSKB0MF-GR[!U%PLE#L7IX
MBT/7D@Y-\9G(R-D,=PD38@*)&W .N@?]E(Q\NS268.VRZ+H@G%1JN18%FG(2
M 854#@;=;80(8!#^N@QMAN<)389]-V9VW@X2+;*+O91RL4C=LW;D,HNZ6,H(
M<&J*8!N;<3F$=@+H*G\S^3GDCG"@35B\7L>JR%-:W"%CH9Y*N/L\O>:<=)V>
M:NL2S5#Y#2!**)3-SJANX3-N !H)PPTPF?)'&DM6[/6I3&U88.V$)*2\4]4:
M2-U6:*)*22C4W$%6[15PD9!4X#R$HCQ$!V'02=G_ #12/#7$23J!K OWK86L
M#4Z;&*&.XF'3@"MVCF3D@;O'+=DBL(&6<*D5,7J([Z!.L345;)]W8^37E?9B
M8XB\B@C'4S#-@EDTXPC5L<JC9GW%$T&KN,<*GYE Z:1Q'_<&@:;,_DA!+*67
M%&*;9 ,+'7(Z-4N%L%1O^VJ3!3#<YFS5&1;**-#3;E @]I(HFXF#W;>F@5&@
M8%'R2:0$ WNUW+BV">K3-HN+EJ1G<<G34#8?D(5MU-BD0JM?:.FY5$BHII[E
M(&YC>HA9-(6;%.!XZKP1P:UYE99F'JT)$QS),XN[!-."L6IWJ;4IG!5UU3%!
M=<^Y0#J.V@2[S#R/%WR-L&!$9L:W;7;)!.R3!&JTC&03)54PBLP/\0XF>BW*
M;B(#[3#H$XEXS$7CUDG J/CN^>B9RT9$S0LNU5;O; P=M#%86*UV20:N 9D2
M;"H4Q2E)S,H'X:!XLE4^-OM7.1O&L6K*'?PEJIKRKS;F?DI>*9S+67;O$Q-\
M5"' U@3*@<QR*<D=Q#8- GN:J#/XW\@Z'>\<QCJL0N4HE1#)3QOQ^R5MR5 !
MDW";V/9J.1?.$S<S$$1%50PAN&@<19]C:OLZ2U4A[!*WR:%P_@V#>JMW4\P!
M7LE/8;RH5P@7[.H"8&'N&Y&( >W<-!H=FSW+IWN6IN&8V.R;;XN/*\OU^AHQ
MTK 4.20=MB1=:C:Z*@'5>R+$RPG53=<"=L0VV'030:(C;;9$[G%)HN<FV:@D
MKUAK#9=DNSKTPT=%DH.T3T" '%!5K,))>[D E -MQ'KH)=@/(*GUFXTS"&2;
MC7&.9IED<Z$2V54(26.W;DY.4FWO!(72@"!"B??EH*J0R]+X&\J_.S)SO"KB
MPP<0SBVK%U%BS15M3AP"Q4&SM<G><I&.;<.A0  ZB&@;BFY(O>2L3RS^?@(J
MDN9BMPM_Q71:G/GE+2X*5$J%B:2_S&:227[<>.R%4,4  P^[T#;09#"WCY?<
MC6>#R+GFRM;/3(!@^-2JF@_5<F"7DQ4:O%IU5%0K=\0J"Y@*3B!04VZ:#;?(
MVH4I#+.!I2;M&+Z7"TV4;.8UE9XY565?*I+E*C'UHC9P@DW<&X@ ")#[&T$\
MSD3+YC9R4(X>R-.J\3:'[5P1L7FZN,*T2:*)*MUQ AF,>Y^0(" ;B</0>@Z#
M?.S2L80;*/%JPK<&U!HPAT$R$19KNCHF44*#1NC^LZ5,GN8RH',<WU = O<U
MD#(5TC\KUN:J2=)J7['LB='O4A(@O+R,T#5RJ1Z>L%:E4:1T,A_R2F%43""?
MXZ!#L LLA8TE:7G&^YFJ+N+(<U.MD$^!XT<MF3M46Z<O)J)+O&YW;QN<JJ &
M;DX@8 $1T#"8WM67LRYX\FHFSQ,Y%U6KMX-KB=M88IRUITB=DD\<(69DLB]!
M61))@J7<Q1( \ ]@?4,WAJ[+5/+[5Y8)^/09Y>:.8*PI,&2JD,&3J<H5BRCF
M\VX.D9H[DH[Y"I68HG,<A!,"GMZA.6,N"ODIE9VF@BD4:U%L]TQ$QRJI.FZJ
MI%-Q$ Z@.W0- W6@-!H[E"'96^.=.2)DFI>,<1K)P8YN^JFV.H\71+L/ I2)
M;FWVW'TT$9>16,&N6<46. %N3[JV:KS%;5#?N)3\:GWH]Z02;'*JFJ3H(>[0
M4KX:SE<WF:*NWE(MHEB:?0?TK):[3=ZK(RP@,<LX<$)L>/5,<^X$4]P#UT%J
M_BQ>!;2-[P9)MCPDCB69&+KL,]<D<.UJ2N!UJM(@ZV '02,6!%1 .0I;\3==
M Z9#[[%, %4X\C$W =@WV#J'XZ#GH#0&@- : T$?Y!@(^RTRVP3]!%=K,P,P
MP,D\-\9JJX<-5TVY5SF,FB!!5$NQAZCH*>:=X6!22XGEO'FS0^//(2H6)G/Y
M*J[27358VW&[RUN$7S28;)*<'#51KS% P@($6'?Z:"RGR2S:'CUB60R5(5V5
MLK> 9@O+LX9857;4@)B91T8A#@19LBI^8=A]N@6[Q)\R+%G69AH"SU&&B L5
M58W6M2D),Q[]JK7)#D*/RD$#]^*D4=R@= ^Q@$=!B_+CP/0SC+6"ZU$\-'7:
M3&NNEFZR1@1F#P#QF1M]Q!818E$6Z'O-QW$NX>N@>G&=7+7ZE -)*%BH6:;0
MS"+ERQ::!4SKL6Y$.#-^V*0[A!18@G #"/$#<?IH*][EX8>+=W\BY+)K_*;E
MODAZN4S^H-IQ@1JN\0.4R*:\:YY+@J?;U+L(Z"TJ-9ILT6[=(!!%NBFFCL<X
M<@(0I!,8HCQ-N!0V^F@R^@- : T'$X[$,.V^Q3#ML)M]@'IQ#J;?\/KH%+SW
M#QL7)5:^/H.2L[>-EVD4\BXQ!-PFB>=.1FUD9:*.0[=9M%**=XRRA1%( W$>
MF@\'CI)RL-9+U0Y%$K2';2*KREH@D*95X-0I5CN6IA-Q7:%74,',H<-]P#TT
M$O9UME6J.+;7-W&/<R<&SB5#.8UNR4?+R9S'3229-T$@,HJX46,!BE+U$"B/
MH Z"OOQ_RCB[(E5EL998K\ZV?2+X&;^)E6#M.OQ,=(N0EZ9$)/&P$^WRSB"%
M)94A=@(IN4WNT#I-,*P59=-G%0MDG7RI)0J;:&/("LQ%K%.OF$;-VRBG>6,X
M2$"=/7ZZ!,?(UO:)*SM8S+&1*9:ZY6U$KPPQ!&N%8AW88ENJ;FK/B!RIS":7
M  1;CR[AN0" Z#)X;ME>N@Y$O%8$@N(N%=E5Q="/4GUT-%JI"G5F"T2TX-X=
M5!MS K(J910 .)NHZ# Q'F(MB+%%>I+FA6UWG>2_=$E#XO6;HGM#2M*23LC*
MQV)HU3VB8,79B-2*J; 9<Q0'UT#4>/\ 0YFTU^#R?F&&6:VR09.'(UJ=(B]"
M$1=F.<$3@X*9%003, E,0 V#0+MG[*N%,WS#O'3QI2[#3*-*A'WBX2$NU:A
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M#TBP_%BI"MK@M'#9K2U05 C0I&@_H&/Q$RG';J.@E#*^+2^/,:WR5 NYR')
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M&\3G6+\@*.W\[&UYS3TKA+F,XFK Y@B&!A:%14(4Q'D@).7,H!ZCUT$38O\
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MLC)2#U9NV!%!62.8H%=N/D%$3" =1^F@AY]30R3BMYCK($Y(3-OB&<E"3\_
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M,3CSQVS76KW8HADQJ>8KK#$++/$W+J*J.18MB5,UB<,A,+7Y*\$@HF4P\2E
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MQCE] 'IH(.Q[$64GE6#?%5KM%YI-?30C<A2EI23.G7F.QB(5N&G2%20D4&'
M=D#(B<H'_P"X.^@M-,4H% AA'H7F<_IT)ZB(_CH$FS]Y,V&KR$32,'5<V1,B
MS,RM!KD,@+F&JBA8P[MK(3?9X*)MW*A 3W$Y?S:!5F>0R8VS+"1.?I]L\R/F
MEK^VKDSH49(*5RK2#TOQX)*2<FF521Y15.4#JE(42  B.@Q^4;SEG%.0*W#7
MRFU6P5:YQ*-=EX^FRZZ);1(2*CA!9>1.LT<J-8F,CBI"<Q3!WCJ;;_700?XA
M9!I'BCY2Y$\?OMC^#C<LS$=8*BU:P:J+0Z3A-=2,*DNYDU@B2-&ZIB*!V3_)
M4$IMPVT%^#>,C$2+J(L46BCTY%7ITFZ*#APJ0 $IW1FY0,=80#J([B.@K"_R
M,4>[QM07S;CV60KS['\6XF9<S)-\YE9Y./$54HDZ?RD6_P -XF7@<./(=]!+
M=><OFOCW%V5"LUV(1/%15J+5[1"A:@CHMZW15DTC+R+M19W)";D<IR[@ES -
MM!)]8S%@)G9ZA6ZHPA8ZR7ZOHS[)G#0#*&>.8HO9*FO) D@R4*X(90! !,<>
M&^@F/(V3*EBVN+VVX/",XYNH5(ABJ<E5A./ H$2W#D81'TV'05>^3G^14(QB
MI'>/+=)Q8HXK=U9[+8J\\DXFO0Q^*JS7X3=ZP!*4<(&$4#&,;J8!T#CU[)=:
MM=<Q=F=A-RR54O$)'I.XXB31"*5>R).V9_(-42J.P?BY1.&QE^0%VT'7/,I'
M&F18BRA, UJ$^_;L$ZS7TOCN7DHY*91S*3"3T[M11L)BB.X')L(AH-IL.(<0
MCFZL9R>E7_N>SBI5A62A(*J _24BEP?(L&JIA;F<"Q$X;%T%=E;:6?S:R[<:
MIFZ*)1CX,EG\7(M6:KF-=VZ#=K&=1:J*A'I/CJ),U2<S!_NW^F@9>[Y<@\+5
M9U-O:R+N(JMQ<4VG1M?BTUY>:;BDT2:$%^H5XY)(.0$W<<@9/N;!UZ:#=<,W
M&,IV5'U0D"_8DLNUAKDBGUAZBY%S!*-3H,['%OY!>2?D7D%I"1(82E!/\H]-
M [Z8E#?;@00$ 43)ML"AOKOT]=]!WZ T&K_<XXLT>(^2 R 1WW/X ;&>?%%8
MS83D$-CB3N%$-M A/E!6,:8LL,EF.YO(F(@L@LV..KS)3JS=NW;Q$Z=5LV0;
M%<H+@FHLL;900VWZ;^F@W[POR2:RT&3Q]) 4MJQE**5^7$JA7;21:H"(M',<
MY*4A'3(S4Y!*<H 7\-!"7^3O&3Z:Q4UR/"L&4BZI7Z<JB[451,:KO%R+/0,5
M(Z9G**:VWZ9!*H(>A@T%<GBS:U)"D6>G'*UK]CQS*Q6>L9R[8DBS01JH*H1U
MRA8"(>NW3H%'L(U6!7N**%-S$0 !'0?HHQS=8+(5*KUPKSX)*)E8MLY;NA'B
M/,Y (X163+N!54E2B&P]0WT$@: T!H.M8XII'.4 $2E$0 3 4!'_ /:$! /]
M-!KKVQ14,@X<3$@TC6S5%5V[<O'*:*28$+R4VY*=Q0I0W'8A>FV@@R;S-5LD
M8QR%(X/NT)<[' Q$@T!>M/2.%XF1["@H<FZQ0 '!3EZ (;CH*+?$O*GF58?*
M#'D7DB<RC88Q66M:CR"M$#&Q]928M2.$4Y*-DNP)EG:8)>TG/Z .WUT'Z),@
MT2K94I,U1+I'I3%:L+!1C,Q[KN$2<-E.)EV[OLF3#8VWH/M';KH(\HF#*31K
M@2V4]^\9Q;2LQ=;CJ^@N@ZKS&,C$S)$!F <SMEEA, GXB F$O7TT$;>8$1X^
M3=1K">>92)A6"MF9A3)=T3NND;""8AV44S&YB"J0&#;TY;"/7;0;OXW9(QM>
MZG-1&+7#U>(QK-#37AI))1L8\LBP;R9UDP4]6JC9T4X  ;:"!,Q><V&,7'9V
M!C!V"X2#F44@(^3@8HAT%9@KI-H\CG;HA>8 !S!^8>H!T]-!8!&KF=-V[P1$
MB;M)HNBF8I1.'?;@J8QQVZ ?G_3;09?0&@- :#@IR[9^/YN!N.^X^[B.W0H@
M8>OX" Z"M'S1\G,+52FOL>6&YQAK1*/(1N>%;'!:0;1*LM\>2EU(\I#*"XA0
M*94$1$!5  WWWT$'.K7EG.>0H2@4M>:CJG9H=A"OIR)(K'MZ[1$VZ9'\G+O)
M+YK<UH=(_P#;CDRD4$A_S>FP6APK>AX-QS',%WK&GT.F0K5@V6DE#,F;*-9I
M\$$G*CA4P?+,81$PAU,8?KH*H_)IID+SYA;*RJT>-8\>,0G-=&-YD&@GG,BS
MT#NZDH6$8*$'>&7C$54R."AN<1#KUT%DGBR]H4G@^AO\>PC>OPBD.BB>):%3
M%RU>I *#H\F9,"J X%5,3;'W$H#M]-!'.8OL%RR<2#MJ(/*_C>MO[TW(X;+O
M2!-,DC'^6M&(J)HRC- I"B!#E,7<.@;Z!<HZN4NUD\>*_7YR0:S63W<]G**L
M<4C(Q+2P+)G24<,IU%RY6<D-(NG:9@(8W$A4Q H &^@QMHMV2TVEX?\ ES6*
MU36\1=%XO&\72'[87V>'SIHHM6*]( ("[<QK #)*N4R'*4HI"8X&* E$$AR%
M._V D*MF_)&<6->S)"WFN2,]A:-EBK1C#"CJ01-8JXP@ 9F,]?G@C&*7M&*4
M3CT+OH&Q\A:G5<WLIMF_A'+YNJ@QE\9Q%*:.A6D,>R+5-\S6<1P' PJB[,8%
M!2,F4HA[BCH-R\?[;GS$-0J[Z/5;9WQ Y.YB;'#1O!MD7#]F8% DE6W9R%^V
M2L/#" I$*DW37*( !S&'KH)BPKF&B&S!:FD79Q+&9*6*HVAI--RUE(2Z1K,?
ME0"\0Y.8$UG4,B=R02AVU ]VP;Z"2<T>.TUE"RMI:GY!7QS\V.=Q=R/"-03D
M[)$.FQ4FHOG!  Y7#943=LQ1 2]- Q=%H\'0H1I!0#4B31%%FV7=&3*+N5<H
MIB5=^^4X\EUUS!N8YMQ'0+CY-^659P@$;3XWX]FR?:3D80%,9R3=*64*NJ0A
M)%9(Z*G;;F0Y&#<-MM N<W+W+["O3/&&KO9/)N4)Q!IEW)+Q^U*7$QG\<!I%
MV1P9MVI9RT:G,BT13'BBL!3B ["&@U+$>+:NQ<YH\9TI%6^Y3J<*G._W:MG&
M8E).PNT1? 1Z^CRMSQOQE# !4A.(B&WTZ:#<6>5$,DXTI\G9J/'UV]#\RHW.
M11>%=H8X?P)NR6-?,%RJN"NI4A2JDXF*<-_70)5Y#6BB7FA/_(>/KMC=9K\>
MI)K2(VSL2%:Q[>.>J@\2L$ZB@0CN2;UYO'B@)E3&X"MM]=!<-XF971S/@JDW
MTEF8VMS(Q21)>89IF:)!(()@5;=(! 1#O$'J/7;ZZ#*>2,O06.+[(TR1-Q#"
MO2T:X:NCRKP8YN0543$:+)NU>XBD":_4XG(<#!]- GWC-*Y(DO&N@V*Y4*6G
MI[&LS*UY..:65BK$6RH.7&Z=G+(.V:C25039 D)&Y4R@/$0#0;I/X(JF5\E4
MJ_K2]IB+%C$YY&&F_LAX: EH.7(:2;P(NF!FR#P(=LW$@AQ   -NF^@@[+,5
M?_-N^UJLUFM2]9Q+CJXN 5O3R4!LB]EX=N=PO(KP>PN9> =KH"W*0YS% Q@'
MUT#[QGCAC6,@IUDE3ZJ:<ML6U):)92,<+Q4H\:M2M6[L6[E=;M*$33*)2;[
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M>38W.^%"5O)##(=6;3%QD,EUI"]0<U,56810<F2?MDV+I1RDP=D*5#L*=05
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M!5'Y'4J]%\X<"WQA!M&=/=1CR--D1D0GW2*<@HV[L>]X[+ Q7W ";^PO7\=
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M  &@3*PW&=5S%@C+>-"R+ZOY(BI")R17$$@3BVK***V(O/S:X(BX:.&RAS
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MQ_+R3Q%S#,8-XW18F41;I(&*)E2&, [!L.^X!84]@L? 5]5Y"39S<Q>UW,Y
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M:)$.EWEE2)&.D0Q1(H[.X7.8HFV#8P>N@V[O)<1-W"@4!, B([  DWY!U_\
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M%WBQ" 1(>WMN41W$.N@G6[5.C69DA(W2)A91O"G0EVKJ3124;-GC,Y^*X&4
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M%BKN-76=,F.*Y6,-.8PR5ABWJSJ1M%DB8AV6'<FB&J*@$[BKDO>244*9%-D
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M/C,I&;BXERLD;X[1\_%)14$O^X"97 \E"H;@ F .N@]#6[UARF4R=ABE3*&
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M"PS$%0QE19XV0[]F:(OM]1A4H1.RV@\*UE8)5V9)2791ABMRN&3:67;E,NB
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M1I^1W#M=8%!W*B!$S 4 LX\)O 6M^.[N9RQ?W*^0<_7)51]8+_/)(J2C4'I
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MAW),&SQ!=[&J-D7S5(X&7:*NT".&Y%TPZIBL@<#%'T$!T&12$13+OOOZ#O\
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M0&@- : T!H#0&@- : T!H#0&@- : T!H#0&@- : T!H#0&@- : T!H#0&@-
M: T!H#0&@- : T!H#0&@- :#I.N1,X$-RW$-PV !W#?W<0WY&X (".P#L Z#
MNT!H#0&@- : T!H#0&@- : T!H#0&@- : T!H#0&@- : T!H#0&@- : T!H#
M08&=LL+6H]S+3KY",BF0)B\D'9^VV:@JJ5$@KGZB3DH<H!TZ[_ST&9062<H(
MN$3E4172(LBH4=RJ)*E Z:A1^I3D, A_ =!VZ T!H#0&@- : T!H#0&@- :
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M8H!OMH.\V1* 7\UXJ!?YV6& /]?F;:#(L+3794BZD7.0\FDUW^6I'2;-Z1L
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M=NA8,VR,]%JK/7J10,NS9I).CG<O6Y>IT2@*I0ZB4 ZZ#<R&Y!OQ,7J8-C@
M#[1$-^@CT-MN'\-!RT!H#0&@- : T!H#0&@-!J@5?>9EYA29FS?=6<<P"/\
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M*8ZICFX[COH,0CXI^.QY5=-OBVE-&3I/ORU?"$CQ;2ZVX"A(N4EBG>@9JJ(
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M+/I)N90X22ZYAY%[@B!#=0#0,$@0$TB$*?F! X@;H&^PCZ[=-PT'=H#0&@-
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M5(\SJI-)*8FX@[RUM$&"<.BX5-(R";9T[1CWBA$UDT6*J+8QE%! "AQX[[B
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M7KH'AK,Y6\GT9M-I,4I&$LT:LC,PK[XJKQD+YF=E+U>>9LG#MNA,QJIU&CU
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M2>;$=0##Q,/.V9)6LMZP:M%;3)1<%=HHI"<BS\K5%H"RIW>RBATDTQY?E -
MI'B;,6&)R9DJJR]71@F;MR#!G8&HR1T+M<X$@+WJ=>,!D'<95RO'[S_C-.V@
MY=)_K]2F A0GC-.)7LS&W>[5*SY B;DO 5<QHF"DS/HZ488^F%K$:MQ-6=?^
MEE6N*"[B/D#@9-9RDL4O( *&@AZB724G71YU*54AF$3"24_3):-@G#DCZESC
M!="*C)"/5,]EK$:KS8*IR1&HD1;ODFZ7NWY $K,W-VR9:'[%C#.*U78!M"MW
MF57D4U96&VG.L*\]4:=$NT!>0\<@D;M*OCCL1QS*0IP]V@AWS%CHNGU;QIC*
MW&,V[=OY/TY*+AV*)>V[F5X"^O$T6I3F31=/'$H(J*'<"!.YN=01ZCH-@P7*
MV^=G9FBYAI1(JZ2L'8Y).?E)BFO+9(0)%VL8Q^,]A.U.F9$),+))KD*5)M[B
M"?W$$0V/Q6C(*B0=WQDM"1\!:\1RO[<L?_)>KHR]:41=2E(M;Q9^())MIJ(4
M44.H4.X)T]U1WZZ!*;M 9^\T+!(XT-/X7F\)0-LL$\3R(JE)E1<5*-:'6:,\
M85<L^<T?=I*70*!9.3BU4D6X()G*HJ/$ "NV'S'FF"N^;<?2]DOMAQ8UB*M2
M(:,NUR96"7>9!HUNKC"I3\>HI'"E$1TDWAD5G)E"E,V*NGW 54-W#A<0SH&4
MD<@>,%YR[*Q]FR#,Y!L8R0QHG2A8""_M%<$X]!D@5=)!*066<@1<Z).VL8H'
M$G+J4)(J]9QF;RRO-OB<D5M/),6WB8^ZT"&G;$I*RR:U2(C6B2-;DI9*!3-"
M10@X%S&ME3C^1P)!T#RMA$4$S"4"B8!,(% 2AN81'H ]0W_CH._0&@- : T!
MH#0&@- : T"\9EM<E7KUXZQ4>\,U0MV7W4#,) F0_P V-+CRZ2P-1.<!,D07
MT>B<1+L(\-O01T##%#8 #\ #0?=!\$H#U$ '^?7T_P#UT!MZ_P ?XC_[!H-:
MMUMKU'@)&TVN:CJ[7(9NH]F)R6<H-(Z/:(@ F,X564(/-4P@1,I ,<YQ  *(
MCMH$6ON=K?Y+DD\0>)5I3A!<QY"Y"\A%H@TC%XN8NQ**4=6(ITI'%G[_ "S?
MN(*)"< A3>Y8@J;%*'CL_C=:L8'PXK@6Q5;&M.K#]B.>;I)N19VNR5.$^1*
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MM:U-Y'G)F(C8&7!%*%@IAW#J7MQ+I';-*1,H1YTY&RQ\N[.4Q(LHBBNL!1,
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M55B_;D_27*Q*8H*>AA#06!M@V;HA^IT3*7]7JK[0VV4'ZG#;J/U'0=^@- :
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MMLANP657? ZAG$-.R1X]FW;IG=+HLQ.H*9"<0LP9NR2[!G*LRG6CI!JWD6Y
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M1^GIH-IV /H'_MT_\-!XY'N?!=@D)@4%NN!. \3B<4C@4"&%1("G$W0HB8H
M/7<-!^?/$F$,PM?*YBODK&&3J3CB:SK"V2"NEA7JEYL1'=#C!EX2H3URKL_8
M'PP]JFE3_+,<J2)%/_JG6W( ?H7*.^_\Q_CH.6@- :"',[XFJF;\:V3&]P;=
M^,G66S=<H*@M%R[4X/8:70516;*H+1DHU27(<BJ1@.F!1. &'0(-B^UIUA:8
MQAA0T!1DFU^1Q];'#NDA$/&>9X0T/)VDTF^<RLH-ADK!5&ZJQ7)69BNG"Z8
MZ$4Q#0,5Y"UA^HRJ$I$61S5K-,6BNP06MFV==UK8$3F+!.I-Y%M7*CO9T()D
M:+I_;UC^U82%]V@0;$>;K%0),E<R2:P/,\>.-P>L,BNK)'C+3F3,/6Y1@\MT
MC6'O[CFG#EY#RLTTD6S,RJ!8N)6 X-RI'3'0.+>,UO<F1=IDHN9<8G\8ZHWE
MHK(N;Y]J_@+%>A[:S)2#PJ0PMY)@P^4N4BMD%-4RJX A'I**\UD0A1O;+HG9
MV)7%/=QN-9D*TYP)XWT 7L%F_)3AN_9IOLVYLL8/&G[?I1ERI]QJ[-S41.95
MX)U!!$X,:ZD:MB_(&&)G.CPT_F7*5FGZ'BDM<@YB4JF.V\B!I16!A4VC=.-B
MVK"%.1FZG%V[99\0@%.8I-B:!X033*(B!"@)N.X@4.O#\N_X\?IH*W\KUUWB
MW,*5DJ$@Z@TF4Y(9S(PBZ_(RZUDBB-$:UF>IRTDI+HJ*,9AB\8RD7&-2%0(^
MC!5X'-T )5KM=@;OY 35IM#EI/*M*E7+9A^!7>1YHYG6W:)496[MH%HNH![(
MTGE",5))T5-=,AA11$Q=QT#9E6,"*)BF R?MW.!Q2'D4A1*8@F(4%"G$1$-P
M A@^F^@7+([ZFV#]B998RM?D(;'UI???Y:8^[.F#.#55=P<DI&I)%*P)/1]@
M30%)TZ2.5JB1P)1*&XZ#QW*$LU_O,<>6K[J>Q]77M/=5&.966.2@KNYFT'![
M!9+9%]HHR;.FD!)PR1%91-P<0.5,% *< 8"MUIBP>N)MVTB7%K<1K&)EK QC
M!CSO6S(.231%)59VNS8)'V,1N*ZA2CUWW'0;4Y3V1_3 I#$.50@\!,4#<MA$
M2%,3D E$?4=@]?IH%WN&0IZ?F7M&P[)QJ-G8O6J<Q;;)$N9.@09VLI%*SE06
M!B\B74C=)2O.%U&:2"IBH&*4ZI^("0P1/,QZ,G&+XUGL$#'X;R:_D(<TVU=%
M>6MCD&744.%DN%;3:'2A(E_)(I]B12>KNDW(IBHF1/<X!,/CS:[%9:,2*O9V
M2&2:'*/:)>&#)P@8OSH-4[>-FC1Y#\HUO8XA-)^W3$ [C=8I@W =] Q.@\BB
M)5"*IAR+W$3HB)1$HG*<.IB" A[B!OL/KUT$/8@P;2<+$N)*>D],-XN$G>)Y
MT^<&<N%)N4$0< F8PB<J0$'B ;] Z:#=,A2BL-1+M,M4SK+PM1LDJW1(D)CB
MZCH1Z]0*0FX=TR@IE*!>NXZ!1L>62U*>/K92XPC*Y.5L*04V:/9S1V]BL;_(
MZ#MW)5.1@(] 7,$Z;,'S5JU<;F,HH<_0O'<0<&L("WK\(C]M6BR)0,2@6'/R
M^0R*G&I%+&JJJ#W#.F)0[0F.<1,)1$0 1T"@^)&,\CT_*'E;;;W4VU989)RJ
M$[6/B%K2<?*P;=@1G'/FK>OJ?)2?J-2!]T&0*=TH_P"9@.)-@T#(9KNCW'M*
M-9&-?9S2#:6C"32TB[1CXFO5\%C.)>R2CE1-0Q6D4U0$Q2)E%158Q"%ZFT"7
M7EY;\[44N5;]2+<GB]@1X[H?C9"BXC+IF:=-+(,:E+7F:;O&R!:78"*I.?MI
MTQ9I-E </#B5,Q0"9L6X1LT^_A\@^2<+2YJZ1LP5_CV@5]$TSCG!T<UCO@1C
M"I_<(]!9>V$8*"G(R9B%065+_P 9- @  @XY2$)N!2E+N83CL !N8PB(F'^(
MB.@Y:#H./O !$>/7</IZ!]-!"=?<96-E"U)6IM&A118J?M0D4FW#M<9(44W,
MPZ5< X7=N&7ZAD2E  T$W(B(IDY"41V_,4H%*;K^8I0$W$#>NV^@[= : T!H
M#0&@- : T!H#08AQ'$<2C%\/'=B14 W -RBL&P\?PY!ZZ""[=Y#T2KY-_MDF
MI-S]KCF4;,VN.K$.]G"4" G!,E%V*YG:D D9'22P;) 4ZCD2;J CVRF, :7/
M,K;Y(_?JT5>ZXCQ2QEH5,+'%/TXJZY59,')W$Q'Q_9[SBL4F8;BFD#P#$D'!
M0$2@0@AH&#8P\)2:TA%1+5E6("$8+F,W:F30CHV/:E,LY664/VA.91,3+.'!
MS"8ZG(YS;B(B&@MGL1F^I.6S)5ZZQQ/(2<&]DA I"7&#63,Q<#%KHN"G/7)1
MNJLD5V0R2YCD'AT#D(211:36\>5>$I%0B$8.J5B-:Q%?A6XN%&<7&-"<&S-N
MH\6<NU03(/N.HH8PB/4=!N!2%( %(4I2E "E*4 *!2AZ%      _#0<M!C9E
M)=>*D4&RQ&[A9B[20<*E$Z:"JC=0I%E"%,4QB)F'<0 0'8/70?DX\4661X_R
MHHU5>93C9BBL_*1U+/J4IDB9:Q3J3A[3(J1\XNWL,@]^[*.7IC/8LC%90SUZ
M<T<<!%/0?K7+Z?U'Z;?4?IH.6@- :#RN#$((&,!=Q*8I3&+S I>)C*B)0Z\>
M(!O]- D.5:E$8^S AD]_<VM7K61TZO6W$>]<O8Z,>Y<9RB+&B.US1B!DDB3;
M&0<,S%6$IWCX[<G/?8-!)>5LFQE6P-;LCVD+%!H0<*X,=.!@'DI;&,@14&Z*
M47!")%GLFHY$ !,#=LY1$>730)EA&5Q)9KJX\JJ[%6*W6,\/,8^FRLOMZC\;
MU%F*E)P4:T(FV?RY;&P10*T*ML5)DW(8HF#<H!D<3/LA^3F:*E?<E5A%E5L2
M(3[Q.@)SB$C1*].2CYVUJ\B_0CD6BEGOM99Q"G<1<$4;1H/Q'AWNPH4&1\4*
MH9M7[5D"=:2[R\6V\7!>1M-L.W7NLI7QE"!#,7K#FK^PFA 1 4X!$_;;D(10
MWN4T&C^2TS(!Y#>'E:9J91@"'R6\DU)>CFBE*O,(,XD/G4Z_N)%@_<$A7#?9
M0X(*-E51]I#"(#H+ - O^<*D\LU71EX7YQ[-2I8ENK+=DY<MS20QB:B,O"';
MMR&1?M;)#KN&1VRY3$.94#>T0 P G6,WUQA82-E'\<NU;8)GW<_0 B22<6TO
M6 KB@HQ=JR0R!6+=U8:H#M5,(U7LILY!,AC<_P ^@LB9KF6;(G(N"PF*9PBZ
M,=%3@V4]Z G,F8$5A.!@#<!V$P#H(7QUA)6DI9+2FK?,WE#*%EEYY[&SK9BA
M$5N/EV16:U7@HE+NLTF"Z?,5#_[SG,8Q=Q$1"#X.%B:E+W*A1EJL$[:<?*X^
MD:]5ADI#Y4<UC(Z?GHE,LLT9J-F1;M"-73==-8B2(HMBI[\C%#0,# *-KG(T
MG-$%D"VQ],<4^0-^Q^RDWKD[]Q*=8)^=8O8TDW]YB3)F(D)%$P A0 4Q#;0:
MHYR<YR#&QRU0DCQN/;!\J!;6DK";C;I.VQJJ95G!U6+D&2;9FV<DBW23AR_(
MD0Y%B@D(& 1T&:=UN?J=(N4U68@DS*H0Z4CC['+QH!8^N2R#-VNB@U.B=655
MEGDA(G!TN"VYC!Q)Q !W"09.ODO5$?5^RI/8].TU9-A.!$2+R,DV:CY@3[BD
MPE&ZA)%@LBZ,8A52FYD$-]]] ND9>7E1RG1I)2DR4%!Y$=N\67L\K(PHR<5D
M"O%%OCVPSIV)06L:F0(M$K5@^4.*OP4DQ%,A! - ZN@^<0Z= Z;[= Z;^NWX
M;Z#K.8"CML'4!.8PCQ*  /J80T"'>6WD'/U"N6"FT:N%DE+!&.*S/9*E3B:A
MX\//L73%N#MNR<#-6*Q\W2(ECVI$S@#E$_<$!,!0B?Q7\:\ZMDX"SYVM2+!-
MBG59!U"5EJO%3]]<U6"3@JM"7U-8SM"+JE;;<W1(Q$QUEY%?O+.-TBET%H+9
M/JL)RD$#+=T@@ & !,'7W")A[A=MA^@?30>P"E+T*4I?7T  ]>H^GXCH(*SD
MZ<BGB^!+%EE8RV9;K,!/(JMS.D$(K[?-2_RUT=A2$B$A%(;"H D*80'UVT&P
MVZGQEMGL>+O7[YLO3K"XMD<SCI 6ORU0AY6'<$D4DSE,\9D"4-L0 X ;81]
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M#RQU:Q,U(VPU<J[4SLX6",6.')9-!(3<B<B '0!WT"'Y$\@\P9@-)W_Q*KU
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M67:W_),<QE5J_&Y#R,1XHO9HS'=K?18F;12KU0#\=EDD#;I@$&T*QV.,\O\
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M : T!H%(O?Q/_P O<#E5>-T5RXLS 9HBN)2JNCEE*2"A&PGX@JJ0.O HB;B
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M3EQ*#0Y5Q7AQ&-O.3YIM5Z':9*LL(J<S$FBSC;)'-H9^5_ %5FCD%4[-I,\
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MX=2<E+T1BSJ]D"8(S!S9(UU&MW,'>(A5B"#8]:ND4X3>,U4"%21!0R'M40.
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M;7QZH1:M7YES;)L+1DUW/2#N\N"K).V]?>N46_VZKU5DU,*->JT5!%;$CVP
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M^>Z?D)LVLZM7:5F.@6M(L%6%*4&!J2M9"-GU*JNL@ MDY!:1>?**43JBF(E
M(;G\85Z]0UGQKBK($QCB%\@KU(23RQ&/.RR-7RS1W@ML@5N$KH/JVY@T+$@D
M!BND7YT5G@JG!$3""HANN<\4VB@R-:EJ)9$X&9GJI7JPSL3Y<[J-C<OX_CU%
M,9S(Q\NA*N/C7UB#^&G9!9=T^*W70*45%2D.4-HH]Y99$\ML26HKN+&61\1K
MZVMT2U^2@ZA+$ZR7CLK]F:.?)I231H$E&N"H@X*184@(8Q0Y (A8.41$I1$H
ME$0 1*(@(@/X")1$-_Y:#EH#0&@- : T!H#0&@- : T"<7^V1E?\R\#LY,2(
M)V'$N7X*/=K.6*7_ *L-@Q^]3;*%=/$' D719&*04R*"*ABE$ W =!&/GO63
MM**ADR(DS0*T(Z3CK=)-2OR/G%8F-V("Z)&-%C+MXAVJ4_\ R^#=) #;JIA[
M@!8O&G)%QCF>'YV0FJ_+SV)Y-3#V?9B%0(=C<\62BYV>.+ZVE%G$K,S\;4I
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M'\ZTDT+ S8222JLXP1321>/7K#@DFN@W03*4ZXD2,!0Z[B.X-BU'=$O0Q1
M*8AB 02&( %$!* !MZ;_ %#\.F@]&@- : T'2XW["VW(1[9NA03$P]!Z "H@
MF(C_ !Z:"C/(_CO:9C.\3E#&^4Y6V0&2<Z7&@Y'D,E$9(M*8]ETEZP]I].>-
MC,I60;%:QS:.C4 17,D5KP%RD3;06K^/<Y8IS$=36N .E[5"I2-0L3QPS6CC
M34O3I%S6GE@*Q6574(WE5HP7!#B<WL4 =Q#0<K31<87:UK-9RNK#<HZ)5=L[
MHPBY.%E(U.89/(I-2"O3!)J1*?;MUU"I@FJ9PW _(I0'KH/'"XHKV*XJ=LE$
MK3^X9#/ *MF\Y>+)*SMKL01K50D/!R=XGSRTFBS'_LIAM["CU  W'0+#BG#^
M7LG)+92\TIUJU;OSGD8C [)2/3Q_2:B+!)48FY)F%TWEW;9^DJLY='75*L7B
MFH<$TR)E"!?(8#Y8GZC6<+XTR7 0])@++%TI3&MC4QS:<E4V<D(5*_1-(:JG
MCF-8J2!5&;DLZJX0=.DBF38D,10ZH!A_ C:R2]9L!J\=?'<17+20:X]:,7%3
MQ!DJ)MZ$5&U*FN'Q4UY2S3D8U7=2)G2TA+-G^QN\F54I3A(GD-F[(ECR#'P=
M$A;199/%#=#)-EQ15'CJ/8?93@(/XS-=E;239()-*&*=Y&0**1P45_\ N#*$
M'MZ!H\H+R>1\!5S*GCVXBVUH@8N&R9B\KR";@P?0YHU1<U;>,D63AVQ;/89V
MH8C9L4J@NDD04+V^1-!"L+4L(25)L%3DU[16LN9D<Q$E_<3(;M6.GLDY%KK&
M.O%>0B[HJBO"/(ZMR+3@G&)I$33(Q6(#;9,P"#,I1K7/^%CLIR.<1-G:.@4<
M,I8[24?TS)E.<)KQ[S9LJ2(>OHV<;HNB$*J+;BH = W* 1B6BY3\AF\1&9K8
M-:OB:-8PI)W'K%LNPM&0<CQ[LJ\HI;E7(/6<1CR.=MBBS:1CQR9^<.ZLY.D8
MJ10UG,&%G23.P,&+2V7:-DH^2:L8)S?8MB_^RVR72<6 CMA+,&!I* QI((E>
M,DU)#F$>]=MDC%3,5,X('=,:9HQZPHV;:E;*2UR=@I9Q4K:%K&P6*>LN#"6"
M,?5YTPD("&?7&64CG0"S!@S(T2)'O2HJ"<"E P63^1%XR,3'.(\BXG8W20?/
M;M3DIRNTZ$-(O7D?8NPS.]F6R8.W4? 5M947#M(Q /VPX*<=AT$8>1F+*]7_
M ""Q;Y!6*%,TJ3B@7;%.5KN*A$V=&C[(C'&K<T+=C#R,@_,YLAC*%</3 Q9K
M)IJ*B01*)@B3R&BY,:A7ZXE VR+I]_OC&M>1U@HT OD+,%CK\729A3&V<&LK
M14W<L^AY6:@60NDW##=VX!5$I01$X+ UGAU7[:BPN5BL\_;G<=8(VCQ<;3;%
M'W:#A*V:K1#^.E)>LP=U*W7A(V[@N@Z<,VZ"9&[A,Y3 ("4 "5F^&94LFP;R
M5V<)XUAGBJ\%C2KQ;2LPYVZ_)-I%6%VP,"\Q7(U,1[;4I4B'-U4 X=-!REZ;
M!P%J<F;1L@VJV2(H*O<8^)+&QT U5CXT(Z/L<B^**$@SEEHXR31);O"J9)%
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M,P6 I<%XJ8H6AJ?B>K1:3>P7W&2U:97*3R0+QT9FPG((RP.(J$:-S%2;.TG
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MWD+&L<QL\V:.Q[BZ;M#"?C(-N0L9&F-9W$G%D>/9816!"*6D6Y#$#D( T/\
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MR,90C3"GD7(,(>WQ34B<Y;*WY.IK'AI5C(2,'.R-<9MGZ#;Y4F9-))$'AS%
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MZ%Y%.?8#*&$0M&2*!4R%* E "AL CN(!^ B/4=!ST!H#0&@- : T!H#0&@-
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M60I@8"% P\C<0W,  4!'ZCL'0-!ST!H#0&@- : T!H#0&@- :!,['CW,[OR
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MZ,S+"H*M#-DCN7(&$.8$$,GX9XG98<R;Y)5T^3[9E2>>_P!IW]CDK91H6FR
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M5*,B6$1EEXWF).SOVPL_V7DZED3<QYZVZ1!H$7(7@C=)-42G(58R2IC]\QQ
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MNBFM#66G;%E".BB_:;1E&5DP*WC85LD*, 4IU2K.5Q5YAE,:7*QX0SYC+/\
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M_D]*LWZ"=1A#TVY/6X*NJ^>LS$@@YB9RV0+-):7L1J5/-TUHYNQ1<N15=*%
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M<:\79RZSM,Y5&[0IE! Q@$ <C[SC#&#7%^%'K<B3+(25@JM*BG+!-2)>)5Z
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M.(C(&/)_%&41KR;!VYC(Y.O3B] NS:#>1DJ>R2\1,NSQ+)B(HIK'EN:VY$Q
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M0&3<?2D;W2HU]N=PR37V1*J#B4,[W$.("(/J!BFVV$.H;[>@[?CL/70<M :
MT$498R_CS"E-D;YDBQL:]78UPF@"BY%%GS^5=&[,? P<6T(L]FI^37,":#5
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M#81$QAV,!PW$PCN4P  <1^GX!H.[0&@- : T!H#0&@- : T"AXX75<>8/DP
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M.(G_ '%I44Y,/P6BT^DJE*H(*'3,LZ<K]H#<3  /1#27W)DU>*,G<>JN0?\
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M)5I'C:^LDS,Y4MMB*2;4R&]"<;HV3'2S5XY2L((OHX[A),Q%RMFJ:@J H90
M1.%E]$JM<QW6(>DU=F:.K]5CDX>#C3++.5FD6T-LV:H*NUE72K9!,0 G(YA
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M5&SF Z[299IM))7LHG2("*@;AH)D9,",C&!/@5$$TD4$DTRI%211*!$DQ @
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M;,6B#&*8XVLR@-F3853.7#9<ZXEX@(@#AMY%NHGLFH#@Q"@*O8#N 3?UW
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M"/?(NYY#P,XJV2I!P^R/CNJ3S=_&RD-,(-LF$&=<)QLY2'=0(W85Z]5^0BA
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M3EX1\1,AUS'675:K*&-UW$#/+_\ MQ*T_/!I(D'7L?R#ICE111@BH27QK/\
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M\*A%_< :1CUT[$LI*#*2(.91VM)NP7<G$3@FFNX,4B74"%   >F@E0H;%
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M.A%V%=H[D!:V-FS;)"[:J**.$EE.!Q$P&'0/*F8#$*8H@8! ! 2^@A^.@YZ
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MUT"T4S'$MAG)%D1KDW"LL'WCMRD?2EC&2DZ;D9^]65FB5DRI^TI7;:!OD"U
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M\@/*RSI.7JT!+OR)C*VAN2265=V3(MB7[WVI@<QFT:F!#GXE*4H@X>,\457
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M;$4R@(!MN'30;&'H'\@T"L^-("9#.,H5<719/R$R(_2$R:C<#I*-ZX@!@3.
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M%CX9.2R[-3%<I^.XFLKM2XQE;HP?O7DNCD,X5=_<58D'CI0[L#@=<2"!#FV
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M)8NJ)G]6R?DN:L#2TY0C[%$OU$E:O4I(!DHRRV689E$S^P+K+?;%E!2X*+E
M"AN%M\A\4X7L:OCSC&4JM(;U"+>V+)]ZDG:;B/H[=\L5X\:QD0BLZG[YE>9D
M)ALX.F*9R"#GN.%A4,!-!I5EDF^.L1RN>,KXEE$<7UBZU:W-L<PXLUK59)&7
MD"5>9RYF5Z^D/MLY'J1LLG+_ &IRDH,>DT1$/UDTR$#2IF-Q/EL^9_+ZQTIW
M2,1U./>PDN98TVSL'D%#4!LFXB&]PKKE1JV3Q\A)G158QZ!"FE2$XK<TA$HA
MQ\>\;NO**BPE9O9Z_$X1A; K=[UBJ)%TTG\IWFPNU+='S,XT8.$FT#A>4+(
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M;9NWLB#-*X90BH!J9T_F7A",%"IB1F1+8""&$\]LSYKR5@]0/'*+E&E(E)Z
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M4\NUXC[^YV4H;)9E3!]O")QRPQ^+0G/?BM\:QV$'0 3_ .8F^@F(H;% !VZ
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M5+ ^+\X\<@=1)L!FP$XDY" A^(== TI! 2%$ V 2@(!T_#_Y=PT'+0&@- :
MT!H#0&@- : T!H,%!P4; 1Y8J):$:L$U7AB(D-[0%XZ</7!P+Q  ,JZ=',/\
M]!G #8 #TV  V#TZ:#[H#0=2B8J&3'D( 0QC" ;ARW(8@!N'IMRWT'Q-,Q3"
M8P@/+D/U$Q>1MP(!A]2% /\ 70"X;D   HF$P 7D&X ([A_KMO\ AH$&\J[K
M5\$Y&\?,Q+52/>VFU7MK@E:;1%=":)4[L<SA:-:MTS<90Y)2,;N0,N104$D5
M 2X H?D$E^%M^M>2_''&=OOC\):[/4;(ULKPJ2 %4>1]QGH]L)5&Q3MU$P8-
MT/>B8Q#"7UW VP-IH#0><$ *(B4"$$PB)C% 1-OU_*)A$ W^O30=Q>7$.0;&
MVZAORV_KL&_^F@.8;B'7<! /RB ;F]-C" %'^@Z#Z!@'?;?H.P[@(=?X;@&_
M]-!BI9DVD&YF+U!J\8ODUF;]@[2271>LG*8I+H'16Y(K)&*;WD.4Q3$W 0T%
M<M"Q<OBOR"E;TLYECN6; V.9N0(S8QL3*8JDSC)8X4.9%LJ^E75&7.$>8X"0
M5#!NIN/NT&<\P\6TDD[B+R)MS\8V$PS=*\^N4JR5>1ZK2NJO3Q\5+=N'CW[B
M3=UN<E"BBS$"HI@_75 Q/>(AO/E9BFS9'BZ/;L<@XF+'7YYHR<(0LJP:N)O'
M-X4;05Y19.'2B;9N]:PKLKUJ]1.5= [<#HCR'8P:I'DR# 5Z6\:_)&KO\KT^
MY1<K1ZUF*D5TTA#3=;EDQC&<'ER"0=J2U5O#".6 %7S9(T0_32,L8[=7<API
M;QEE"X>)?D?/5]U98E/(E$DY;#"K#(#\M7KV1:TY=)L\>W*Q6)HTE&L49M6%
MFSIJU:M%DSN=Q5)L?8H2+Y7Y3R;@>\9'AX"(?62W2UFIM;SCF28;MI1U?(B0
MAFDA(8PJL"5-%3'].&.L@C7FL=VE'\J@Z$%CK"8" F?C_@S*UJR#:<5X-C'S
M*?O;-A+VNLN7$8GCW#L8UL!F 3=XBF[@Q)BR-8.82?(0SAPZ6C795-^3E<JK
M<+5YO(.+?!BIO?'/QTFL=3/DFTIC>2N&0<DS3F#B7AXA)4R-<&<.VDD(YRY;
M&4-%1X.B-VIN/,14]02;QHHU\S(EBGRO\M'V0)%QC21=R?CI2K6))FWYSE[F
MB6QM(J'@GC?[XY3CY*3 %GY"F*R:!L0J?:,<P6"XIM?VCS3R%<O)6]XOG<A4
MO $/*3%;CH>S/Y3":$K/JG;0-'<N6)X1RSE"/4F(O(PJ[^9D&IRB)=BI@#FT
M2 RWEBV061\E0;9I0G[@R]3P_.)M?C46!BW RU7OEE053D"SF4Y.68H"1,JA
M$HIHJ(E JX"  W$I/0-.CS2]GG(^'CUWB#0)&7>)M$3/'JW:9M.^Y4(B51=0
M>!"!MR-Z:#8R+IJ$*<H[\R%.  )1'8WIU*82"(?781T'/N!L(B AMN.P[ /$
M! !-Z_E#?08$EKKBDZK5@FHXMD28%E%8(SM#[HG&G-P(^.S!052MCF]#"&PZ
M#BXF6D04BDP_2:E>OVD<Q*[[:!57[W<6C)(PFXG<+B40* >HAH,V#E,3E( &
M$3[\=N @($#WC[3#T3'8!_B(:#T:#K%4@'[?^\?REW+N8/J)0Y;[%^N@B>S?
M_OP_EJ>DX=-JX@56)NBZ*4U"2JBKMI'OXMI7I19!.,DF;I-0Z3]1(52%2,*(
MF XG* 09EB_VQK*PWC_@.$;QMLE4@;N[TYB&[W'^)ZJW05*ZE'S1DLV(-ICA
M.@E&0RP(?(,N18"JH(K!H)GQ=AFK8MK1X"MD,Y/+N74S<K%(F.XLMXLLHV[<
MO9+!*J"+AQ*R*W41'V() ":12D#;00Q=*-<*/E'QMA,5S*57QC6$;%$/Z 1Q
M83Q4_%?!_P"6B^!%N\CB#7& @Y8'=N$#K.CF)S$.F@<) ""("40 =S]!#HH!
MME!,!AW$Q2B8=MN@;[==!U2;5V];&;-W0L14.B)G"92J* F14IUDRE4*)0%5
M,!+OZAON'70<B-12/W0(0#?E,=,!%0R1! Q .!^8*JB(;<N@AOTT'L$^Y1X@
M(AQ$>6PB4!]-A !Y[_B&V@4R0P#8:1>LQ9@PS^QT<BY5845HX):(99-J1U 2
MHI3S]_.,55)AXF[KCDY&;7H@V<) 8 'NJ#H&E9-54F:**JHG5!,I53_G)RV
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MW#03MH#0&@-! GD9F:)P)C23R+-%?F8,)&*8G",B59MSWI)<&R G:IJ)_'1
M_P"901XE#J.@EJJ3!;!786<*/(LQ%Q\F4X$,FF=-^S1=)&3*)C[!VU0 =A$
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M")C]"Z#/QUKK\NN+*+EHQ\Y!)58&S*09NE_CMU?CKJ@BW64.!6[C],_0.)A
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MJV92U@1CFR4Q*-F>_P 1%_()D*X<IMQ,(D*8VP".@VLI"DY<0_,.X_CO_/\
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MZ^H_[0_CH%H\FZ]7;3C]O'V9"VD:-)4EB2FZ9#,YF8K#BM,WL\6:[+GD1$A
MCA*D<I#J**'*0 W-H/3@Z=QI(+WJ&H5J=S\ZPM32Q7Y"21=IOX.P6^*CWY63
MHCQFB@W._9,P5,DD8W:4$Q>@]- R(^@^O]/7^G\=!KD]/Q]>C7,G*/B,&;1J
MJX4<+'3+S3;H+N5"D36#W..TW-T]1_IH*\B85H/G8M4\K9BKKI>"J#V<"AM?
MMDA6BR, >?AY0[61:2ZJKAZS=NJ^B9=P"*1'*!C)$'M'/R#:LKY6QY)4&,D8
M+*4;B[$F.\C!7;(M $3KB][EZ;[6^+J/(&618(0BLL1-O)KID6059BH5(Q0
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M@$3,(CZB!2Z#&NIADS6;MG3YHW</'!FS)-=PDU,[7*3N&;-DG"Q%W;@$2F,
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MW0H)K)P^&,-4>$!C9\HUQ?88RL1-69,VAH['Z1$"/&:B1D%SHF%9=8K4A55
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M"L4$+.NR67C(]Q:&+XZX"+QVY,HV2*9(Q%CF3 -PHSEY8HAT2<H.<Z-:/VM
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9Q O,"AT =@WT';H#0&@- : T!H#0&@__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>40
<FILENAME>pg18img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg18img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!F0(Z P$1  (1 0,1 ?_$ 00   $#!0$!
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M%0D_XY\%1-$5?I&X]'K^-\1157Q^O5>^Z_\ WW\=M$5)R1Q]X)G&)?X?K/\
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M)X]-$7J@"JBJG5-]E\-NY-E\/R+HB\04 1$!Z"/:/Q1$1.FZKN6R;:(M1PA
M7'.\MAV1T]^T!$54E7N<,1017?=4T1)I_/L)B/*Q+S#&6'A54,'[RL8-M?%4
M)LYHG\/#;1%;^D?C_P#IQB7^'ZO^V]$5?I'X_P#Z<8E_A^K_ +;T15^D?C_^
MG&)?X?J_[;T15^D?C_\ IQB7^'ZO^V]$5?I'X_\ Z<8E_A^K_MO1%7Z1^/\
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M3(@V[4Q6SC+"<C1#='=1,FT\$71$-&?UA]Y81H\JF]C,.R9D,(\<MC)L2]!
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MPM7 8 'W&2^9279!71$#.3?>6QB]H$? ?9]^D"!%J+.VR,O7XA36&,IC\R-
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MY4;[MVG'AP,:]KL34';Y%6_4U^*MFJK\244%!55Z;JB=$U3]KZ3YU;]]W/\
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M2>8?Z^3],K.EMS8G>:X3CK8;-B2C<O"6WF>" X^2DG[&I%50L>MY._HQ1_\
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M#=10LB-2"^AWINEXB)P#E?;\R,S[M$;)$%OR?Q)'\L=@\5#5ZUT>[L3AH?\
M-XW_ )J/^L.BV$?="COH'<PI_=3E^58ICF5YU^!^<N.LFO<:I9E:TRM8?'^;
M57JSD6[[#(>5*L6039=A[]3:(?8I97O]8.=L;NKTK5>($,NH:9!&(W1TB+0Y
M]:.WG+TCI6A[C>$>6^8>7:3D2@POEZEJI5DV]E4.3DV&I,9;%Y'#6G*#<>0]
M,+M0%-_;<$VUOWSLFD#VX-'2O!&:3?6SRTL<X]0/G2)]Q7N6P_A">7'')'MW
MR:313J_#+YJXRJ=13;..Q6Y% C6EF!8Y8R9,Z4_W?+&;[G"^"+K5W_,UK:ZE
M[ ^.0R9 :BE,1YUZWR1X,:WSUHMYK=I=VMK%9Q/>YDH?G<&;<N4$8[JITEES
MW[+N-YN*\HR+;SL<S#'XMQ.H(V%Y3DT0Z9"&&U.-IN.Z[0/K(_,"+R BN=%Z
MZWMJ_P!J9G:"!UKQJ>D#I6DUX4F0TWFM*CJ3RZ?E;V>Y!Q5C7,L/CZPF8;E+
MDZ+5>GXRR65?,OU;Q1YL6=0183UI$6/($@0C;025.FI7-RJZ1ICE,1V@#W5B
MR;EGV;8CPW<\Y7G']E78+4635'+&5QED\2_D6$GN\F*QCLB W:O-.=BJ3B->
M6 INJ[:M5J9C#Y^]E&=KD_)TZ;)FT./I"C0L4?X]RJHAP6IQ-+51EJ$BMN7)
MVQ=[39JBMDK9D*_+J&XF%O Z=P)#16@VK(M;=]W<LMH\'O< /*@/[4O=7.Y#
MYGY(L.$>'LRQ7C1O'JYJ?CV$VE%6N.V=;:VD6NM'$N9[10V9D=7T-M-G 44W
M1-M<W%S7;S7'LS()B_R+U?G+P;U[DLVWWA<6\C;J-CVEK7@#.*@',!CV(G8?
M4>Z2C]QQ\DV<GW!W/',=X[2#B<C.\16=/>,E/Z58(MIZ!:<=]D4%5S;X:WDU
M[P&"1\;Z%>77NF7UFZ1HBDD$;PVK6FAKO'4N58GF%M[I.*K3):/*<5?R3,^<
MLEAXE<O5EBM)!L&GI"OQ952_(!]EX$Z(:[*NN?U%_M4V=H+?5(H>L47O7(.F
M_P -:)JEK-+',=0M6L:6'!AS!_KUZL,-ZD!W[_F0N_==^[RD94OR^2.R-;_P
M4\-70W#8K?@D$NHM]%<,M[-ML]I+FM J.I#CE9?\A[--E_G5?UV_^,(/3PUA
M"8!V2A6KGB8R+VHN;E=NWHABGW%^[N0=YCOYBL]IHXVB+TW5514UD-H[J618
ML%S&7,<T +)WN" ?/VNB",^<(BA$P)FO:0^"GVDB;ZN=$[XOK=BH^5S7%D<;
MY>G)C16$2$GEINV KNTYYI.O"NZ*I?G$[15?L35G"E^2?,HW2W)_\M/^:M.W
M,3K;3H*?W/D")H*>8XJ,EW$]\/#PVU8\OMV\5S'$#HZU!+-,QF:6&5C*C%PH
M @R8HO&7%J$@J/XBP?N0^]!7^6%NBJ'SHG['74DQ>V'V@M=EIL4LL37N#0]H
M]G^D/6#N'7VIKF62L,K_ 'C<'OYU$:FTSE]G[$)F7 ]6PW<E2TY5<E-A5[RH
M[Y+NJIW;JFVM79W1NIPUK'M.8;5L^98&Q^"M\3(SZ;6(9!CNH13M[%,*@.=B
MBL)_YG7'C5(4W<U46$915\OJ@>5U_)KT5?+*HF'^Y"2*]YAFJN*L.;VJ)$A$
M*?F]]UV3]E43[$T1>$QVK(083R"OF&G=#F*NS:");_FTW5>_]Q53XZM;M*B:
M[/:73!MS-]*95^L!N:G'_:UR8W>54EZ+=5\6K;4::6^V$]V6PU%EORU:VC-P
M^_N1>B]R)\-:K5.XO0/"R)S?%/3B3\>-(#%-UX@8+9LG4OJAIM>XB!IL'HP@
M(>"=HC]WXHFN;MMKZ;,R]KUYP/,FHA]2X7CZ^=.I5=A;,#+= !-B $17$ 55
M55.JAK+6LK'T%8Q)5-5,6^QQ/SZ-IL1HFVR"73MZ_'Q1-45\9CS;#L5J(*H2
MFTVA..;F([DVC.RAY'S;$;:@NZHO[[KJJG^CIB%E1U[O[D,P51$.X'"'Y6U[
M61\O901$#HNJ*V01F,MIC0H?<A*JU5(OS=X9;BRH\;IND3B6K F)@>P*TIJB
MHGV)HL!C"VE4ORW[EW\>Y=_@F^ZZ+)8\-%"FX^[=UN/[<.5WW.C4;'GWIC8H
MCB^F!QATS52^14-O=$'QWU!=#U?]$KK.07#^)#T&";^K<CQQODV.9I[9*7(,
M/8>^@2>-C@5C*UDJ(Z#=;CZ0W!-I&Q%"9<:45(>BKNJ;HNNRT3]WC\-R^2S]
M4?G.]*,?MS<I4MJAD*]Q,A+B+!">E'W,MK4C#[&6!:=V/='D-?L1.FJQ?&^<
M5A':41N>'*(EXRC6L&5.L)>?A'QE(H]Z,W(8[=O]SPBJDK:P&GTZ;_-MJ5$C
M;=^!!K[&?>1C.I;K)+UVLFJL7(20!8<1Y9*(TJJV (N^WQ35DC<T3A^25!.[
M+D/Y840?LKL,5L\[YEFX,TS'Q-_D'D-RDB-M.1O)KW<AC&S(::=$20#(5%>F
M_77 P>IJ)K\I?8',)_NCE.N_2#^DI'E5/#<EV^"[;+MOX_DUN+^0<1@Z5SMZ
M VYCITK&NY*"$X2"JJI(@ JL(;KAN^E[NB$X!(GS>&VL=2'&M-J%N3*9<K<:
M$1FV?T3.A\QEPMWFVF: &4?!=@54:Z+M\=-JQW0 X#8NEGH^4]@FQ.;CFT'R
M>UP@1A7H=@3BM[?PP:V7?[=9=B\97A99<UM\&@?R ";+[[Y%)6<6XC;9*PXY
M0Q>5L(=O(RQGY,5VI;R:N!4?$04GV3!TDV%%7?6AX@&H"O=XBZ/DZIFOFLPE
MPH=VP_B4EF-NU=ACN/SL>CH6/2*FN>I1B5\T(P5G:#C#;39MH8 +6X]J]5ZH
MO37H3"'-!&RB^.Q433!W>]HDK^>5U3BGVDI1Y(]K;0JOHYJ)NAKNJFH;;K]J
M^.KE>H1?*;^W_P#[9[?XN1][^#]WQ_)HB^F)QLW&W -$V)DTWZ+\Q@0*G3\B
MZ(OG8XD<KF;OEBM@1)E1:5ON3Y=H63BW<5VR;L1G3*Z=9'CKR+#+'YU,WY /
M$7>$I=^BZ(BIQ^D6QSFL#'WY557AA,AF2TES%R. Y7=D.+BE5="2 43),;B5
M)+.$%5$4TZ[)HBFQQI]J]QBJE?>:GU<5X2)>Y7&9D5M3,D^[VO(2D*)NG:J;
M:(F$8O+D.9+E31,4#AMXHPX;,YUV/)>:#*LB@+&%P!\M:AR*V"S515=1H?D1
M2Z:(BQWS1M90E$HFV0.D5TG)KRMNQF&>^(4Q6D4X]9$=V^AH*=[SB;2$'IHB
M]B>L!J00Q:PI065N@@W(_/)8.HOGOML.J@M93+CJOU%I/Y/Y7S-JI)HI(N^%
M; ><CMUKC;.. P&- TRYYS@U[=+ZO=@6CV5Z5B13.@231)92/E4>WKH5!+WR
M$S[)\3C9GP![DL?R*%6RH<RZY'\^.M@XS,&7#:L)4)N:VTN[V2@#8K :;[HZ
MP>Q2+NW344WU#_F.]!70Z ?VV ?ZZ/\ 3"U/:8*_Z-O"B;>''F+IXI\*X$37
M$<M_9!Y?2OJ#Q ^U/^</T6IP2_?_ .[^%K+C^U^4^E<G;?9!^&Y6%X_N?ZVI
MI_KG=JFB^K'8O-0J]5HB]3Q+_P!B<_UDT1(0O_2@U_\ 2C__ '\K5[-OD0]U
MWS2A9[K4$N*;,3$C0AMQ1![55"+%K@0/YE$=FS5"7=?!-:E]/:179^);;D(.
M=S7I08*NXQ]!1C]GC--']MO$Y43-4C!XC&<L'(#4$FYED+:)+L9+2/I^?E(*
MBJ%_6^O37:Z5]G\B^>.;O\=ZK3^=E_3*<C16#C'*6&U[4*)(":SD#HV ,QVB
MB=L C\O>*Z\@]VVVL]<JE[SK:_1L-K'AJQO/6YOA%0L9^,W-!L;>[C0BGN Z
M0"@0D=[U(E1!0=]$2'V$!\GMC=V_:;GHZU&'MWU0A\GU:D@KX;;:EB;E8YPV
MDJ31IHY;F:(=X9@HG*JUQ#!?=9SD]93J+%*HN0:EXB?>AU< 7%PVK<?,41U(
MZ..N.=RHA*I*NO)]8N96:G1ORE]<<K:!<W?@MI$D9(;Q+@[OYUP1?XAY@XFA
M8%!9E\C88P8W&5N=KN05H*C;V46SK1=7_P!^V:%M]BZWD.I$1@2=ZG6M/IN@
M:QI<+H6%Q:Z0GO-&)IUHFCS3P^2=P\DX62?:E_6KOO\ 9^?ZIJ_[S9U>ZMG]
MWZ[UX_E#X51<T<0B#CB<DX4HM 3CBCD-87: INJKL_X_D\5U#<7[I&AL>#JJ
M@TJ^N!EOJF(;,0<?.N6Q[@>%9(TYM<EXBH7KDEJL,KB( .G$9.0_YA$XB1T%
MIM5W/9%^&H&3R5]=7/TOA-HTD>9$&DRC&\MKWI^,7M5?P1%YLIE1.CSHP.-J
M;9M&[',P%P23[J]=9378"N]:*\T^8-<\U]45.SH02NU'] &8EW"B%*MG$4E0
M=P<R6/V*F^WCOJ8+71[NQ.&A?S>-_P":C_K#HMA&*@)G)>USB[DG).2\LOXM
MX&2W5Q-A6%M4WUA2)(&)#BC7M$Q7NH)E")WO[BVWVUA,M;YKW/87 ..XCR*6
M]YOL;Z..SN+>&1L/JC,TFFXTJ,*I2,>SCAR)&C,H.;2#;;:;>7\97"=Y"T(&
M]\TA.I$F_P!NI.'J+<"]WG6+]X:079O8K<>0[$SOW>>U+C_C? <:SK"Y5M7Y
M5&Y0PN)]>M;M^VL(]?,R*$; UX63AMH=;(1'5%?E(176HEMY9M5XLYS/#6[<
M<-B]%Y#Y@A@MM9M+.-L,,FE2T:RH&8"I)ZRG(P)E/)QT9#<2SA,KC5(A0:VZ
MK9S@Q+&\;;9B9F,D$/&[!FV3UKJQQ,DCKMMKU'2X\EL">A?#+WNE=='?[3[Z
M?[[(LBIKFDY(Q*MQ_P"E1\;S:PG2W7+9+F!:W]\Y]2R"[QQPP4 QZVM7G'F%
M;3LV+;QZ:JYU7$46PN7 WCZ?);Z%J>];+85>/&^ C!O&CR>ZN;<+K'/I9N4L
MG'Z>1+1Z9'FN VY%EQ$>CJB"JBXZ!(FXZHHTP]'Z=V@E/0&)$%M8V(R!BQLA
M@W.-JY.BV%KAZY7:R ;G55UALUIP[$60-MQ)(@JIMMJ"Z;GMW-.\*U]W+8-]
MLA&:6/$"M*^51U\*8SQW,C\;UF4X;>9#F7)N?Y@LO)<"R-V/1BD>]L/,:GK"
M?;?.&9&Z\TX0^4'W=T4D37G0BX&I9V&CJ[0OLKGWG1]])I,.J6T<D7L5J0'$
MN .08THI.Y/LPX<?8<8%<T85]I0\P<PM]XY?P0VD[IU^S6[U>[N/9@"YU21O
M7/?Q%RTUMP)+*TRM> ?HSM/1T>1:M3[:>,N,.0.-<HQN/>O7<:194D:PN;R;
M;G'BS8!+.0$EO*OYSPU'G<X N)+J+#C?;-866[6LC.X"@ZO,G?)MM\H]@_ =
MD39/@FR*J)JU4<:E#GE=%_!%ETVWE5^RJFR?WP@IX]$365' QT><[5K;^TNI
MV 15X>[$)1W^7XMB49F5E&14U!&>/R6'[:PC067WMT1667)#@"X\FZ;B.Z[=
M=M8T@<P$MV!;S1-+EBM1G)S.PW;<3[R0I\^<*@S8/N\G88#-6^Y'FN%>0$%I
MYII'2%-WOSFX$FRIOW+T34,%]PLV?8I+'3M1=/*VSKWA7$#;L6XUS7P\\PU)
M;Y(PQ6'@%QLUOJX442%"3N17D45V7P7JFLC[T8<1[ZV+M-UYCBUU:M-#ZP^%
M:MAS-Q"_73P9Y*P@R.%*$>W(JSQ\D_%?/V']O44^I1\/UJ4J.E8-YI6K7=NZ
M&:O"J*^L#O[4(RY=XN7C;C".'(>'>H;R'"U-I+^M\QORIBDZI"K^Z=H]>OPU
MM9[^W=I^P=WK5+CEBX#[K*37@#HW>5#G'[+$LW]Y7$$BNL*?*:N,URQ,[69D
M.PAM3H]13HRBFVX;34@15"0%5"VVUSVCZA;FYH *YJ;U7FWEN^9X)S2%SLK-
M1A)Q&P5ZU+/Y8_UJ)_P-;_;FO15\J++NVI#L,5=E5%_,5O[TFQ7QE_ G13_U
M6B*PD'=Y/+C=&I:?S:N3JBMHO_&]6M[Q4$7U%W\YJ9'[]\C6L]O7(M$E''L(
M]SC<Z5*FN-4[,2L.O\LX[KQ.S?-,C/;M0!557HFM5JG<7I/A?_S1T[YT?O)&
M8J)#Q#%3M,^^^J70-O<F'6G78IMG&#;< [5ZI]NN;MMK_G+U[7*_Q+J5:U]L
M?M[4Z1$56T1$7=%3<=E[D^0?%/%-92UZM[#_ ()?^*O^QHKX^\J[#_@E_P"*
MO^QHLA>H)(J*HDB)U55141$3Q55T5'=T]B'W("[U5+LA+OEV,JBHBJB_W:BI
MT7;9=%BHAFV7<71/O+^^'[5_+HB;5[OU;C>VWEAZ4V11EQB2[+!L"=\UB.^V
MJMM- A.')=;#M%$3YBZ)UU!=5IA\DKL/#_+_ !%ZW]GF\_#<D5[6>=IV4^U(
M)/Z'L_HZZ%1Y5$H4M*NM:F2ZAIJ6RU+=8DR69,;S@#N%MT!,15$5-=GHG[O'
MX;E\F_R9^<[TIWWMYY?8;LJNI9XOS)+%OBC!G$L BU[2N12A;BSV,R'-T0]U
MWW^.D7QOG%8)VH@\W\N1VSXZCVG$V6R)4O.#BT4V=%A_W+M?PU=O_46?,D!M
MVPVG6^[^KV^.I43?^?\ G2/A7#7)F03^-,SGPHN,V3#=? I(MJ^\[+B)'C--
M0X4EZ4XKTES9>T544)57IH>X[YI6+=?$^>$P[V"2W;&VY%L9.+OX7*EY;F#J
MXJ^C3+U&Q(L($@:]^.R1"BLFJ==]MRUY^W]XGYY7V#S#^Z.4?^#N_24G2_']
MO_OZV5_]='VK07WVF/M^!6:L5Z%F3&/Z5>,NO_,F=_!?ZS0:(NKR"2*]@JIX
M)FM9O_@^WU/8['^5'XWX/^J3>/>P$!S!./&[58;U:_S#QVW+;G!%2(W&<R2"
MCA2E?=%'64)$Z+^YK0X?> K_ #H71<GYA=7Q;\D=M:*2:O:B-5\!F,S7!&8@
MQP82&Q7K$1@&D4"CKZH4%GLZHGP37HL7U8[%\?C&::NWCR?IE;!M-J)&K<8?
ME;V7TM?W?QG5.]):D"ZO5ZA%[V_X0?\ ;;[?XZ-_Y3P_)X?ET1?32@[$I;^*
M(FW['QT10*/X;EF"<G<[8WDD20Y#O.;\^SJDJH\EVL65BV4NNVE,T%T_$"K[
M_K[JS7(WJ4-&5W5$\-$7*G3K<LUXCDL/?4G@RRMK;R8,N775]?&EXW<M9(4B
MGL(-:%ZF5V\,@BRF2<;+R%45ZZ(IN>*G3<XRXY<[E-'</Q=[S%114@>I(Q[D
M"I^:V4MD#]ZFR:(F(1'&J#/7JB;)1DW,=R9AQMZN=?09^-9<Y8L21E("MC.B
M!E;1M0R5"E[(*(J:H7-! ) )V)OIO2<YR]T_M]]L4\)W-',.*8.,B([=Q@LJ
MR1+FF] @K96%A&K6P)^6]:QV%"5#4?[G+LJ)UU<X%G?P[529S;:5L%P0R9],
MK78$UV4!Q-=U-J6N#\X\+YWA]#E6.\G8;-H<B.6M,H6,6"3E<X"3H]=YLAX'
M&FXB%WMV![>J+\VBKH&N<W.T$LZ=REB^M+/CBM1O'D7:B\H\:JS"='E/#1>?
MHV+09)#%3\_(G>D6SDUGF=_K71_-?26T7RT_/;:$'H4<L4I<:-=YBFTQ^0^/
M XC]Q,4.0\2<,<CY6H6:MN?%<D5P%'M"<K(L_P Q4GQILKYVYJ*I0T5(Y;**
MIJ*8$0OP^([T%;_0V$7L&<$4FC_3"3GM5SS#HGMTX7C2LLQV-(:P#&0=8?N(
M+;K9C7@B@;9O(0DB^.Z:X7EUS6VP:X@.QP\J^H.?P?:G4WN'Z(3@ES_!5+?\
M8XSUZ_WZK_X6_P#7]9[&N%UF(.6NU<G;@BT%?PP5A9]@V_\ GCC/P_Y[K_L_
M]GU?.097$;*J^)PX8[%8O(.!CT7,\71?RW=?\?\ ^/J)29ATJDY!P1?#,\8_
MPW7_ /E]4+F@T)%58Z:)K@USFAQW55X9]@RHX29CC*H+3G<J74!43?9$W_/]
M-UU=0TK3!3M8]XJT$CJ"0A9]@WZ36C_&.,]GX34>[ZU [>Y)\G=-_/VW35&O
M8'4)%:*F5QS- )=E."%GNKY P+]%=AYF:8N#1'9-&2W=>B=KN,VS:INKZ)N2
M'LGVJNM9('&<%HJ%NO#^-W\7Z4UP(^F/Z+D=/91!Q6H]LG$OX7-F? E8SZB1
M*B2PG&4K<W#!>PB1!553=%VW3QVV3?M-*(;!0X&B^<.;GL_CO5,17BR[_P L
MIUN.65@UR=B$**P9ULMBZ=E2DC-&,13B+Y"&\FZ-"X[T3?;=>B:V"Y=$;G6R
MM:O#8DBKB#.><RW$Z^0"QU?1FMG6K,>SEH(H2B<2,9&A> *F^B(<J\@KV-M/
MD*&BBJ(RB$"2%1"1")"V7\OAJZW-<X?@-RETZUCM))+K,,SZX5Z1T*%>^X7Q
M_G']8!R7C?(=W@57QMBES29UE%9<97])S&U8L<?ATL1FKABGD"+3\!37O)-P
M7N\%UPUYI+YM0$A:XLS+Z TGQ..B^#VF:=;N9]YLDGJPAI<VLCB"YM:@$;/<
M3AN)/;'^KGGT@U%]=U+.10;S+0GQ)65(*&S'R&T&(XKZ)Z=U%KP;7N E14UN
MY.7X)6M>74.6FU>;R^*',NHO-Q#DBC!IE?&*U&_;LZ$0*WVT?JS;-V>D7):0
M?II.C*:/*Q9 !!.XO+(MA,4%-^BK_JZL/+5N/C;>@E1_YA<U4^MA_,_&A_E'
M GZMBGBXWF=#;XU*CT.>4#5E&L\B&?$-J9+&,YZB$3K1/L. :KT0OV-9$'+]
MO;OS%P)ITU5/\QN88P6W+V.#QE&1E""=AK5.G_"?ZN#Z/]>8J^%&JQ)!,-NH
M,<'6C5%8(F8J.*\T#@EL1=J)MXZ7-I P&D8IU!8MMSKKSI&L,\HFK0 TJ?)O
M4?OMZYE]O6)9;[B\=QK+<9JZ&+R]D3N/U4(W&8;58@'VI#)W9L@$U[D1%V37
M(F1S+H1@$,+NA>]6][<RZ!^VAS)S#0EPRYG4QI7:BU8\C<?V/M_R)6<RQQQM
MYJ88,G90P>7_ "CCDBJ"NH2*FMFN?C<T4Q&Q.+AY_@OD1O\ ++&/YL/_ #W7
M_8/^_P"J[EG12QT%7#SI#8!GV"H6:K^,L83_ "LLE_OW7_V' _W_ %D.U)S6
M!H:33J6/:ZA9-E=GB?@>@8]81!_2!@_BN9XPJ;)X7<#^"GA^?U@SZK+CEC>?
M]%;A^L6$;12-Q/8%'#^M"Y!PYKVZUDV+E='+^C<C8E=28-;>PV+&<W"L6#!M
ME]EXW?+1Q$\S8=A;W+P36/;/-S=\:0930 @X%=9R'):7S=;FH6#[ID !H#V]
M24^.<V81>8]CMN?(.'M6WT"'86TF/DWHXU39V2-R9%E(%R&/XL8LJ7>&R,5'
M^U_IT77HUJ6"W !'G7QK- V..Z+""/:<?.I O9/S3Q5(#DB-^,\*9*+<QGJV
MP+)8<3OH)D<)%32C32_2O4Z440A8-I44C<%37QUB#ZQWD6'*XG4Y0011K?0D
M[[V^6..I>2\708V88;:5DJ'EBR8]?F5)4V4B:V,%R,#%LY*1N,$1P/4N)OW&
M#)(B+OMJ12)B^<<Y8G P^\R&CSW&LHG8Y2MFKB9-&@5TF41/G<UTBGFQHDJV
M+.&FFDC2F6W (8I=1WZXUX[):O=T!36\[+:=EQ("Z-C@2!C7SKF_JV.1./KK
MV\PKN7<8M3V"YYF<4:R3/@,2J6?-G/V4BHC0W>@PF&%10=1Q%7KLFN!CD,ET
M,[75S;:847V5XBZO9S:KIKQ$6Q?=ML2TAH</5%''H;12'IG^#;)OF6,;_'^[
M4#QV\4_/ZZ>]MX);<-:02.M<%=NL9XKE[6GUWM(V8BNT=(2#R_/\%^O<>?Y9
M8PO^4<[_ )[K_P"P#_W_ %JJ'8M:R;&A2]_'V"[?YXXQO_\ +=?^3_?]4H:K
M9PS,IZS@AAS%R5Q[7\>7,N5FN/(#<FO^5JX@O%LD^$J[- \I?ZFHQ)+G+&@D
M#J4L^IQP1M;A0;\$U_FWEWV]9OSI[4:3)\FQV[QV+R%;3,IA6*.O5RUPX_8^
M6DAIE" B%\$+K_!WUE0.A,[6S$ ;P<%/=ZW>LT&=]@'";)ZK@*T/2-NY/_/'
M?U<#E(F22*WA/Z;*>(0EN,,N&\0JRKRN0U,75[P1$$NW9=;-ND13DO+6AHV5
MW]B\)DYPY@;*YL%TYKZ^MTUZTV/&."_U;5NUDN27%YCD#\0YWD3]1"@90;<<
M:YDH;33$>N[52(PUNJJG3MWU3^&8"ZF8><T6:/$'FL-H982?F>G':E-E7ME_
M5E4\28W(R2G:=L::0]%C1LK0U('631EY%;0MMSVVW\5U!-RS 8C1V(ZRHI_$
MGF:VCXTKF21@BK61^L<=V*;!RC[<O92QP1C<;C*QQ:WYB5,0L:VMMLO)FJG2
MW4<(AF/"BBQ"\D$\P_ $ZJNLZ;0;=UAPP?7I3;^);6'Q<U=]Q.7QD1&$?$%3
MT 8[>E-+]K610^"/=5P:G+]YQ9Q^'+&-91DV-8]6YS$N;&-;6&.4]$[(20P;
MD6%6O.5A&BO$._=]NM'I7+8AGSNP -=IW>1=IKWBD+[P=ETQN-Z^_AK'1N?+
MC5P;6M!O-*!?05^ESBW^GV*?]9*/^V]=FO!%3?+7%VZ[YYBWBYM_E'1HO\;&
M5%ZS-^J(NWY-T\%54(LB\N\8_GML\Q/M1N9U_$=%T^9O;?\ EG1=M6M!J>U0
MQ,=[/=&AH7-3.?>SS/QPG"/)M<]FN&/5LS ;PU]5;TTT';**K4FKB1A8DFZL
MF7+;$$%$W+?9$UJ]3!RX+T;PP>P>*6G5('KQ[T&\4Y1KF.&<;LI5O@CM7=2:
M*ZCR85XP<QB!*<8=9:]"+GFH4=E%[TV^5?'7-6H+<^84JY>P\Q.C;S3J@S#[
M;)M/6G,_Z17"8CNN?X\B]$(D=524D%-Q5?!41=950M7Q8_E#SKQ/<9PDO_Y0
MJ#_A5TJ%<R:)IJYS0.U>_P"D9PG_ /7"H/\ A5U2H4WM-O\ +;YPO/\ 2,X1
M^/(6/JGQ1755%3XHJ?%%U48X#:J&YMZ'UV><(:Y][A^(KZGH(>*9]B-Q=2LJ
MQEVM9*>W&B$S];CCWHX1B*@BBJ;^&Z:OX<@VM/F6&+JU. D83VA$$^7'A<)L
MK'CCO0B'M_&L="W1%)4[/%%[4W_8U8<-JR&D/[F/8F_^Z[EII/;[R0W;7> P
MHB4.TYQG+VG)#<=QX'6BA,H*D_*89_/-@B*IKX:@NZA@PVM*['P\R.YE(S .
M;;3G_P#;-=FSWDZ/#.7>)97MLH2K.2L4G0'N)X+D2P^OU<>79;XK'5R?)C.N
M,O-R93FYN"0HJ&J[Z[/1/W>*_A@ODDO9PCB.\[TE%WVZ\V<;!;5=&YE^#-@G
M$N!SOK#V1U8S5[X MK!!SS^WL'M[MM]]UTBV.^<5AAS78M((1#YXYMXR@CQU
M%;S#"[$K3-UBMR"R.J<6M-K';F4LH]Y"^0!-L$'=T3<MOCJ552)L^5.,9E;8
M-)G^#@9PGB\U^_IG8<<@8\UIU]#D*V0*8HB;^*Z'N.^:5BW()R4^6%$G[*N4
ML4D<G<ZU]SR3B=[=Q\YS:7)N8UM7'"MX,[(([D*5 DM/*P[&$104,545VVWU
MY^S#43\\KZ_YB(&D<HUV_<Y_24DJY]@O],<9^/\ SU _+_O^MGJ'UT?:M%??
M7L=\4%6?C[!D_P#HQQG_  U7_P#E]1IQ8_E#SH3Y-GN#_I3XR+\88UV_1,[^
M;ZU [?XF@^/G[:)Q8_E#SKK9]G^"JY@VV98SUS2LV_NU ^$&U1?]W_JD_=U/
M8['^55<]OMXQ'U*;=[X\SXRL^-\&@6^48[+@/<N\>I/CQ;6&Y,6(SDT!QQQL
M&GE<)&A15)43HB==: T^\!7^<73\F/:;F]+2*U'96AVJ5>H<@M5E<U4,.)4M
MUD *E6E;5#@>2WZ8S(U[_,/=.OP794W7HOHL7U;>Q?'@QFG/_P"1+^F5O')3
ML1%9>3Y&UZ^G3Y?,^"=Z[?L)NFI%>H1^X?X#W_;9^V-^Y]_PT1?3;HBB?]S+
MME5<P6TQT"AU4B<VTT-Y(NF,&&6QBC4[ZM/E0Z>882K4#]"TV.[7JDZ%O\NB
M)M=2W(#(\'E30EP7XMK@Y#%RD\BDY&[2QJ^=+K:RB9L:&N&PC8>5XX$QU1$@
M0D[MET13-\*2_5\88TG:HA!9EU+0J0DJ,4\^36,*JBJI\S45%1/%$7;1$S;+
M3*LY7O\ ('8%S*B,6O)M24BJJYUNC4F8U@,UF.+$..^+%E(;KR2,\>R-FF^^
MV^L.=F:>(]!*QIY.&]C]P*9)[Y<6X8Y"Q+-\PSSC')LK9H>)\H;&RL\,M2BP
M79,9JQKF([KM>I1Y<&U@-NVLE=O4(* &XJ6I-?O1#&#LP\^"W-[HIUSGC3[<
MU>[Z"E:;*UPQV!;7'/O1]N=?A>)U+'&^=KZ2HBQ(\FNX7L#I_P"2U$<"LH_D
MU7EIC$UX>RMC_P <T?SFB)K66FOM-DZ-IQJ,,?@7IDGA3KMUJMQI^EL)U!TS
MJ&K&DAN-:N<!B$H4]\/MJ0& =XYY9=;"G#U3(<,VC<\G/4[C&<?^D]KF3H?4
MI#:JRK/1%WU7[Y'0?=^!9?\ D1XF9:B)^ _G(/\ ^1!6-[O>#SX_YJI/T;<D
M.W61WF8!4E'XEL&HI.7,.<Y5$TJU8DW5,#( )K:_G5E(1:BDUD.8YN.((W]'
M8LFV\"?$J"XBN)(I.$Q['GZ2'NAP)/?V4"<G[7,1A1_;]PY'N,8:BVS&#48R
MXDVFA0)L&5Z %_EWK $DV+[=<OIT9:1TKT;G"YX]T_&K:X=5  ?=1V3&Z#=.
M^DIB/9.]4KJXD4NG<J**=I(J_%.BZZ1[PQM#M6DC&6S#CLHO%QS'=_[R4W^#
M:_\ V-85:XK"9BT$*XZ#'&6P)VDJ$94'7")JLC/N;-=5VC,1737;;[>NJ*Y#
M-[/^(X[CC+M<:.LN&VYVX!;JG<!=O0V*5T23]M-8\K,TC7="FCTZ*Z8;EX]:
M/ >E82Y$X>(51:Y>_HH*?'5\^0JA(J^6"4C:=VWV[ZS1*WA9>I8%QJEY;G@V
MM:;,#1:E"[AF9Y\MK3T .0XF./1G),_$W*AKS#G/H(HQ-AL"I+V].N^L$0YI
M<P&Y:TSZ[%6Z:'4+2.\$D/=/C>.)Q3:*M'2)VI;$*E75X"+@XK<*V2EY1[*)
MHBIT7JFK&.:V8,.VJZKPWFU.7F_27S9A],ZN(.UK@BY[(\:N<?\ :_Q=!MK!
M+.3,H!N8#:0Y44(C+SC @VT]&A^6YVIMM\%UU=@.(RO0O!>:8(V\[ZIQ*9Q+
M+^F4Z_'#R0>2\.2$#A8_Z.\2]>3SU1LC85*T2WC"B?RA.B[]-;)<TB3S@N1?
M@R 6-@X<P<OQ$IH--^>0U@73!6RJ.W7:*B[Z(AZK;BM+*<[U/\\)*K$\2W]4
M6^XA$(47\B*J:(FEXW@OU#GKW1S<>AU,/,)''V!6%5<R::)+GE9LSK1@6FW+
M!D'2C$PVV))LG71.O>FZ<R7?O$P9<M?Q/  O\AB8<X$&/%XWQR;%F7QLQ&B=
M9D-D&P&+[A*FWB*KHB4'LXROWCY1R=QY"Y[XFQBHP>]QN8QDRK@U%6O0;IN/
MVM#+5AI_N<ELM"2=W;^WHBDQY;PG!FJK$Q9Q/%8[4C.\55UIBDJ4]3Y5@  +
M[:0=B;'==_RZM=N[5!-7/'3;Q B[(PC"O*%HL0Q9654T\H<?J2:3IU0@2&G5
M?#\FKY ,A[0I)'.^\87@G.-^^JAEX8Q:D=Y/]TJ3L7Q65!C\R9&Q7K](AM^C
M;4#VBB*PQ#9?LWVUQ&HBFHX;,Y7U7?$OY9T_,<SS&":[>[M7:N<9H0X!RQ6Z
M"F1P9,Q ?9JZ]/*'\0QT5O=!Z)MTU(N6X9Z$X6'C6/>1$_N%3)_)A_YKKTZ=
MJ?U/PT3A'H2$X_QW'7',V3Z)3;)E=DG]ZJ_I_)*]-TW';X:KBLD185(1"7&L
M=!>Q*.FZ(/\ S77[_=1?#MU2BKPNH*./]9OC=$UP7B=M%QRG693<K89*:-*B
M)Z,E*P9%7+U\D;CM4JANRY\Q;J?5-8E";OR!=QR(6L&M,- 3I$E.O'<NS@K>
M+WW'V-7[&$,5\2_PK'[.BJ+!B6Y.J:V/> <&BPYJ)C3PRID.1_+7Q;)U?3=%
MV'KKM+/ZD+Y#/U=U_P"I'I4B/LCJ:&5%Y8QZ7A5)%:I,N=$I<VG);VVE'LLJ
MWEMSJ:+Z>';NHK\5MLG$1@Q7=/#4X[Q5EU^\9?FM]"3OO=J\<CYIQ-3+Q_BA
MPY$',+<LDLJU(=+42(4)B*E>_)@5<I0G6S$QQMA#1$5U4^.R+<K5'WRU74^/
M<4Y6\QA+<VTET=#"J(&0PYT?(Q&P&5CM&SC\<<; ),'"VY)O3''" 7$?'S%;
MWWU@ZE]AD[/?"J&YCEZ5V_U:6'PJOVL8_7W%97R9L;*\TA(Y(K(HRI7EVP]\
MQYE([D9N0;C!]B ^X*,HNQ?#7)1BKO(OL/Q&M*:S:U'_ ,#:]'\VG^?AS'$1
M-Z*F_P &U_\ M=9T=<:+BX+,>Q0?,0^R_&\>^O<>;45+_G%.V_N77_\ 1Y_U
M.HU#[$40/PYCO_05-_@VO_VNB>Q'\*(=\L8[CPX+8]M#3%W2J_N0Z>O,-OJ$
M+]]V;+J>V[SEAZC:5MFM/24(N2L6HV_<Y[-Q8Q_%VZM_DB\"=&;J80.6#A8S
M8[M2&PBN"XP&Z+U7QUII0#JK*BHS+<W$#X^4)RQQ:\15J-VS%3,1,&PHXZLK
MAN** (VHQUQZJ].**([((G"[=T[?A\=>B#"%C=P:OF,L#;V=]22Y^WI4?>69
M#<\;Q1=PGC##\JI+'D3/F[EB7C=/)ET3,&",\E;0XK2MQWUC^6G:J_,:=-44
MJ8+RQ^L:SO&9F&T<?@'B^S=R2WO::UG3,3?$:^@K>YIA]IP:4XK?JW%0FD\Q
M$Z=-$3[/8AR7'YR]NMM;YKQWA5%:8Y7R:R."T4!IQ^ =>\<621O0!>%H17HJ
M;]-$0YM>*.+;7W%>VO.3PO&IMW4\&S&*N>5-$FN,]Y]C@L5ZP%0PZ_?VZ>.B
M=>]/%_!N.?T3I/\  <?^T-$60<-QU#'?$Z-=MO\ F.-X;=/^(:(O'<-Q[RY7
M^2E'OV2O^9(W^]?#T'AJ6-V8Y!M"R68:=<UV5;Z4R'WZ<34N8<#<@5$G'H<*
MBAXO,R";(K*EB.\W84)M6E6Z_,&")1FBDQA;VW^="UJ=3I$PE=5X70NG\5=.
M;M.>-#?B+VVMQ,ZC\LVEI'F8[:XI0,U6'% C.4\9^+5QV5$(;C+;<<VU38MD
M^9>NM%9O@N,Y?2K747N>O:8T<RZDZ0U+KQYJ:=/4G<N8AB"FCAXICC!&">9Y
M='!0/,1>HIY<=W=43[436;PK7J\RUGW=!^ 5OX2PU/\ Z'<=_;I(NW_P#5KH
MK4#=YE+%I44C\K6-D--AP\M:KW\)8:NW^3N._M4D7K__ $.K,EJ.CS%72Z0]
MF+;-GYP^%8W<0PSRG=\;QP]VG-P*EBB))V+\JDL)$1%^W=-4)M6#.VE1CL6O
MEM3'4S6C!".\:[!O]Q1T\8>VCT-_1<T7F21;JEM)F/U%'@[E'"A1:(@RAY!>
MB%V;2D1/BGCK&^\1*: X+%9:Z1=?8F,#MU ??3@J7VT/5/N4R7FJUR-NRQB9
M0C74F!(TVM:W8$XB/S%8](K?>W%W^&K@WC;%,-'UAM/9'.:WJ+1Z2MGWAX)B
MEU[<.18$W'Z:?&;K >:0(,&,Z,AN9&-B4DI0 W$ 25I$79=DVUC7TC T1NVM
M:?<79^'D3K3F3Z8CV@V\[7U%:UC=F_[4ZJ-A&+Q.$XC<;$*"-%@\8ML1FV\?
MALBQ';QED6FNP(1BJM@B(I;_ #*F^NRT1P?I]1^&"^7([6TFB-*=YV[K*6_M
MWIJYR?5TQ8E0.4A\48+8)*=QR(*+.. C1,>M* FW:#8KV;]-]]4AV'YQ6OGM
MX[9^2+NG%$+G.IJZXN-X4#$: HUYG:U-Y)''(4@*NK7&+^6Y9":05(%!R(#>
M_A^<U,H4CW\*Q62WY3N'4!K.9=%$*C9["CRVQCBBLMP-R16$545?!2WT/<=\
MTJ.3:WYP42WL^XNX_P $Y,YVQ''\5IH-91<E\B5T)HHH3'!89R&,8_RM^* *
MSW/%VM*6P?#7GS?WD?GE?6/-/[NY1_X2?T@I#/PYCW3^XE-_@VO_ -C6TU#Z
MYG:M9=BHHJ_#N.KT6CIMOC_<RO\ #X_O=146NX74A?DV.4'Z5N,6OH=-Y/T7
M//\ FNO_ *S0?U/V:45.$.A='/L:Q[S,'1*.EV_&L+;^Y=?X)%E[?O>G1-3V
M)P?Y5(6G[P'3P$U[WXX!3WO'_'$2MKJ:EN4YHP'Z/>1H(^?7S';QA@9KT1J(
M03/(1W8&-U%W=?LUH2VNHCIXBZ+DP\*6_KW!0G8-@/3Z=BE3J&+"/5T\:3)2
M9-CUU9'GS%CS&VY<QDF6WI#+(0T;:9?4>@;HB;]J[)U3T6+"-HZE\E0]^8]-
MQ+^F5N(V^K9$:N;HTQU:28*+N:^/F0T4E_+T7[=M2*=0B][O_OK_ +;?;]^3
M^[_-/'\NB+Z;M$47ONSM(-=RK7M17BBVCD&/*M9-?;SYLBR@,J7HZE_$XU7;
MM=U8]_*E>)&Q44W4D7Y=$3,KJ??0)&..N9"-/&.]PJXL9[UO>7L*U-;EZ1DM
MA-L95 )4[_)4.='5J,VXV(HT@D*;;:(IJN#?+3CZ*RI+W-7.3@7=O]Q,AL7F
MDV4 Z-LNB*+LFZ)HBLP4D:S'E6%V"@#DT.<VJ(FRE.K(Z&2_:7YCQU&?KV>5
M0W+,T#G;P/?0-]\>2T-+[6^;*ZTM859(N^.<GC0&)+PLNRA*&X$E(Z*FY&+1
M$NR:UO-$9DLL.]L7;>'+XW^)6FPRFOKQ'W>M1GT#GN&&=[=J;CJMQW]$$W ,
M>>S.UE1NZV;;9;C (QG>U&D5UG?=5ZJGAKC[6RD;;5QKATKZ3YXOX8==NK*
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M"TS%FS6HS3$A&A==%5^]U77GFA<2_$[_ %B6RTPK39U+Z!\2'\FZ%S==V_,
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MQBELG1@4E'6I42%@WE3'CK(LVXKMWB\6.R(Y'&F-(M8V+HBO794V^;7:6=>
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M?R]=$2PBOOJ=8Y*GSY<WTV/,Q9LVMGP+9U^2!0)4:IH/*.#?1.3YD)Q_S7B
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MP;FHOE>^>;F\UF9XROBUF:.G31QQ_$CVK9(1=S6ZHC B396(M"VR)(3>Q6I
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M<R\GI:LU-BZS6.YU9*Y+-NO?D(T@I+V('!'KU\%U*_E][&YC)AV?C6+!XO\
M.$3PQ]](<>AGZJ1N>\>U^"Q_8UCOM_P:NS>5BM'D;ECC\.Y"%;.G*Q^G=D2I
MUG);F$^B/D7<BHFZGXZUL\,L(9'%ZSP32@%:KL-"YXYBU%]S/?:F^.VD#0<P
M!;E'1A0== *K5YOSSWA8L7&5G']I-K.ITSBIC28%9E<"RMW9#L&T\IJ)'2$U
MYC8MJ1&7<G8@KT76K@U&[A<YAMG$DG&H"[**?D&YN?:I^8[5LQ8 X&-_>WXI
M*^Z"^]PCU+Q$SF/MULL-J[CF;CYN-:GDT&Q<&9]6C2XL5R,P$)WS9" H_?\
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M+9*".=%71$^7V4OC&K8D47&WFW,7FM^I;CN0QG)&S3)'XTU(;JDY&6:$KS$
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MLK<0C$9J=:!.%?J]O;GQ9+Q;)L+ILJJLBX_FW61X[8OYUE%MZ6UL(\Q)T.-
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MW%58XO>5^0R8S,U($XZVI&X%N43%B:"I;?*FL6XMS<"@&*6=X=/G#QL!4;_
M/'G%7NEY^]VF>T&69?C.-XKF]%CN48_EV2YGQS84>>V$!JYMW5:K;Z.V^PW'
M>[13?KTUJ7Z$VID(KOW+V#1_$V73;3-;AKIV-]1K@2TFFPBNQ'7W'>R#V^O<
M;95,@\DOP IX-;)G2[7F;,)5E42Y4^N8]1%0LB;A*9BJDV+S9FNVL*72Z'U6
MM\ZQSXX\Q>VMSZ?8.92A'"=CUFB,?M[X=POA?E#FNEXESRLS"-9\0XZN13+_
M #"=DF86,>!&OW$GAO/>\J/M*W1-MNNNBTB 0M+2T&HICN[%RG/OB-KFM6\<
MK=-L6&(EU&L> >W'%2#\0?I&7&,7*PK\/;J&\8BI%?C>H6T?18K90TEBKJB.
M[?:I;==]9)%"1UKDHY#.QLSVAKW@.(&P$XD#J&P)MWO X,RWG/!,>K\KG,8I
M98YR%B5OAM]@%Y=4]O&M"N8\<V)YQ9C0OQ'6'-C%4[=M^FJ*]1R?K%_9AE5A
M)XAY$8<#(<V9Y0XQQF/76EW:W,"PH(%Q$G9$=NW(F[)%LAC[F&^Z'LJ:TMUH
MHN[[VS\D#=N7HFA>(+]&T <N5HSB/=\;X_8:>XBI#A0[:-5K#2PFLQ<?KWJU
M\ZE^39G53+I!C7&!&W+%RN8M9P_3775V(8OBNW36Y@A;;LHN'U9HOIG71WI[
MWLD>ICD<T!!=MI-['S)6\F*Q9*/-K[-P$<^@,,(91G8= R:1VGFQ 3 .J;]=
M4'?/0M9%.7DPGXJ37ODB4(99Q3/LK-D+A(F7UU+0VT!ZQP^X:>@LRY\B[8C/
MQWVIE;'AD^PXA;"ZVG3=475RG31RCPY8P'E6TE/^FQ)*LY-'9O9'(.8$NPH1
MQ,PM!2/3YXRI#*5S<NR.B.=V^H+FW]J@=;[<P4-Q.;6$W#>\W%#O]6E[0LMB
MX=F'*;DF4QD>2\C<M8_DT*9DEU7>IB-9'&F8XK,?'Y\*OCLTD5^5%\LVR7N+
MKK!M]&%L*MVDXA>I\R\_NY@Y-CT4]YK&$8'&C2"#4FBEGX?X4R;@3$J["L"?
MK[6B<L)MY;KF=K=WUK&L[.8K\AFMDOS2(8(J?RBO1-;>.L;<HP"\JTAH-J('
MX.'X8K<]PDW,(V(Y,VB8(Q0%#847+,RC7'<+C*O^C%9+0N$'P5$54U23UA0U
M*S'EL!SCH36N9N!,3Y^Y^P^SY N**+55> V%9 F8MGD^BG/1FI[LJ*S8G6VT
M9Q'2(_F'?Q\-:N?21<NS.PZUVW+/.7W)$6BKL=F-,?+3K6ICGZNWC.TD67J+
M:_EP(H.^E3'N8L\D/LS-NZ(W-\O)'O+0VU%21=O'6MFT@@E@ P72W7BUK#;I
MS+."V=:X4<X.#CAC45IM]Q1[^X'VBYAPS[L?;/E]1-NYF$1*;DL<@QZ-F%]D
M=@$TZEIJ/D8E>V4DX:8_7NN/F3:IW;;)J2STDQ/Q&/D6OU/Q*YBO[8Y;6SIL
M^,/?3B:QN"\VV#(0)3#5KBTU"&D=8Q*XEQ*Z>U0C?5ZRU*S7,XTAU^4X>X^=
M%%5%55%UTCF!C&@="\SEU+4M1E+]0BABR]WAUQKMK521>R@ZQ_VZ\>VE4W&1
M,ABVUW8RF&7FV'K1Z]M(SRN!)=>-MIDXHMM#W= !-MDZ:L5B9+[TDJ.1\TY2
MQW(&+.#3U_&&28I]7QT;%VT<IK6HD,9/>V$89S45V/BLXQ=8$!0R5.BHNB)H
M/M;XW@\:<!\9X&%Y:9;"J$BN07\TK'7:",?T16!PP&$EB9RH,+:Q&2J]CKJH
M(HA==$1TC#$&=1L"[<//OP,7C0)%I7..YQ(K;(7:S'WL:E>L\N)"SF55.N2Q
M<12!$3O[ET1>.1Z]UBPEQY-@RW+J9XS9=556C=@E?(R0O47V?K]359DFJNX)
MTHHWVEZ/JBH'31%2A%E0Q:>&)%:;/+&08?I;-<1C29T&([<1<=B!:(H/X! C
M#-KG%51]1)) 1"W71%F)QA+R-NF13+-R93NPHDBKGKFQNSJ8WJ^EIYJ62,QZ
M/+Z2LD398DBD)M#UWT18Q;@I$E.17W#ARXV,MR/15%HW76##V1,6-!^D$ELU
M.9;Y5-C>C?)M1'LZ+XZ(L<H(1UPM2Y$@8U?!R9IN3(I+-J%7LR+KSKBWP9&[
M-%:ML9D+].:4U)$;ZIHBWD=BQ\D-UYJU;LBL;=YZ!$BS"R]I4KRNW:*TLY,Y
MQB10XW136I[;0HAHZ:]I)HB0-3F7'T]WZ+3Y5C5S8Q',7E3:B%%0*"9Y4&4]
M!CY+ *P[YLW.HKY2;)WH;4ACYE7=-$7DG/\ CJ!3UN2S,TAA3M1ZZ(UD;[13
MQ%RORF4]&<P.4,Y7(X+*;*G>CN(J>G9+1$B<TS[!K[$,CGX]DH6CS3]TW/>I
MXQL9*C<"WJWLC+(ISLS^55F&MW#"Q&6Q[E\W;P31$0'\IP^O4:]_(,<BE(>C
MV3>/L15'"[):S'W$<K9T)9_=,E1*YX[0?F[2EM)OX:(N9%Y:XG=MZ6-^,V;2
MXA.8M7L!.B&N;SF:G?Z:E+8A+6-6,9O+5 -DT7Y-D<[M$2FBVU"D*R0+SSF1
MJ93=C=5]9Y4E6@NW*J5>\@&D]4>.%;,E7]S:BX4<>[= Z:(K+B[Q.%6NS+"T
MIZZF:M\C>9"5 [^.HTER%%K[>!1UK4Y";?P1V,,JLD[^6LB06R?#1%?#RK%+
M-'LCAWTJ4,"=3P7IWDF66G8!BDEABC]:<M&/HV35HN7$E%3<'P3XZ(LE3/I;
M>F]15V8V];9U&./);5]9+?JK ;*Z.#C%CFQ-6 %*G7EK7G!=[.GDM_ET1;%@
M-6$1B/)F^FC1XV6E76CM#9,U-2U*L*YO(+/#VDLT(;+&Y[ PXYN*J@U))$\=
M$1T]HTC)'I_/R7OXH9C+R0W*I*W)$MWGZR#(IT\QN H6"-Q(CYB+GECT12T1
M/.5#(W!57017GMS[;GY4\E.J_P!T?%-$5$R*J^T1J]$-&_, V[CM(E44Z]U@
MJ*GV]%31$G*S",3I)LRXH\8J:>UGDYZZT@5YQ9$Q%F+OZAP7>Z;O^UOHB2?*
MG>CO&B*CJ_\ U2ZQ$V"Y%/[WVZ)L*6*(*;?!/#1$F>?O;C@/N/J<4H^26[B1
MC^(9;7YJQ2UUMD%?'M[.HE _7N6I,6@$4<)@MKV*NW31$I6^%^/6_*#Z0\"
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MF*VT9C!GY5E!894?39#60+)Z1";F5+4J/$C%Y:N-MJI(JJN^B(I8Q@_(./\
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M11!KV\^W^9Q$Q8%:97;9C7Y&N+V>+5&3X8$RT2EGV+K%'<8G<26SD8]/R*S
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M7\I<;00E22K[E<EAR&@683 36ZF5/;=_E71L59CJ*(GQ71$O?<':SJ+"J>5
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M3TA 129#=5VT16+]/9\N<5/3LP2"H2=%A1:]Z@8;;A"-\Y894"J=-8XU=/\
MIZZ+W(3;"D+:=J+HB]9&,43S'ZV"DM(Z,5#;^/U[(+819SSDZ)BC "@Y96,5
MC@R6!'O0IQDY]Y%71$,>5W9;F&WWT^MB2K5Q\3#T=##F9(^Y'M:5<,AW].@K
M'QRMO&W9XV3PB.P@A.+TT1$/RJ@(S$AFMQ]NB?4651(5;]'.-%JNUN8[E)?S
MJ[DWY_3_ $@'WI"<--NU5T1;K;;0H23JV-&LC^GNJ)8]7QK>I\EX6KN5B>.M
M@A91&HX:J56:"0-*GR:(M!P")9C<>GK1E1Q?9LFHU'53F)SHVSGH:[*F=E;Q
M"LE8IY<MW?L:&8JK][1%T9C50DAU^+!IWZQQ)KE6T<2N2G*&>S.,3X>2N;#9
MV=\0*W:-]RFZR  2=J)HBO9:A$8)800C6;<^M0947&(#N41ZMV(<:]=J,7,.
M^QBUEFXW%AR0%7&Z]205\L=$7*8 -BCR:.DCM!-KROHE?5UUA3?6F;0DR/Z[
M.#N+$OHN.18,R$J*(LRC-4^;1%LRU @><&CIY3[QS4KHKM3 D44B[]2)P(M#
M<-IV97]8K1\^S15(7GFP5S<A31$X;VFW%!;P>66<?JY-<[5YB;=I;/UMACMC
MD4UR'O(L;:N:!M'K )">6I(FY *$OAHB=\K9"Z"I+?\ G)\E_/7'WD93KO\
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M+E9=W5>1<TW_ )/*\/K\PMN@[[;+^YL7@J:9X?EGS)P=0^2*?."+GF!_6O\
MVF5_M-,\/RSYE7A7_P D><+P.Q>X>U-D:BK_ #>5OOZ@UVV[?R+M]J(J^"+I
MGB^6?,J<*_Z!^<$(LJ+NY/XTZ[(AW.VT>5_8$SP^3KJ!T<#G%Q>['J5>#?\
M0/S@BTV:*(H2"OS-)NL>5_6'?ZC5.%;_ ,X[S)P;_H'YP7B.#W(/8.QMQT5?
M(DIMLUNJ[J*;(GQ7P3XZR(701-(S%U3O"BDL;V7UB<I'00LRJB(B)\O:ZH=8
MTI%7;\BANBHOBGBB]%ZZFX]O^ 6 ^RU)IHW](*PU<55VV(D'?98\I/#_ -1J
M.26)[:,[RDAMKV(YY_J^T'%9&P5!;,NU5)=E%&)2]=NFWR]5W74*R5B-57O
M0%"=16Q7R92(JFBHBH79^1=E^/7[%T1<21<CCV18+9%6QYL:7E 4GJI$&6])
MK7[)DH RF30%%$<<>1M5+9.TET1'[D^NG66#9)'JXL>PM8]>]/JX<AOS&7+*
M&J2()-JJ*OG-/A\J?!=$0"IK&3>T%9>R8;U>_:UJ2'(DNOFMN-R$=[GXRB#?
M:#J'OLGAMU\%T1=PQ0?.4C=57629\L69K!1G$=)UIP$5OO9F1G57=>B]-EZ:
M(HWN?\8SC#.;!RMN%>Y#QAR/CMB%W*A1J^*N&9+4184N?82+:T<860U:0ZT#
M98W[0,'$\7$W(N/%FD\\U-+Z6;TNQD,)</UE*./R[1G$I5HD0*)'/7HRF+RB
M?\U&MAG-HJKVKOHBMC(]ZRIA184=93L;!?IL*46+O2[F1&E2IF(FQ:-2BB54
M/)'T-NQ!XP+RT%$W71%:[(:;K)$I\&GJF!16=O*DQ8>-,.T-569(T].?NQ20
MBW\UBZ1(P#%\W:*JKHBV"FOJTZX\Q41CC2<I8FVXQ,:E43UA!9^G9G74U"T^
M4^O=ALIYD!]YL&4-=^[1$-.8E2)@V35+T5YMR4- 7THXU MX=I&KJJ'223R(
MY"U_T&9CX!(D-^;N4LB0$7;1$LJUU6JB!*C.P9T2LIL:]+9^CQN+$IXS-S/J
M::/D./.OA+R6QN+.8ZW*?C@Z Q0;)5ZZ(NDCZ/5<IZ.D>'7V%5?N'/;KL>>*
MS@0KUBGO9M#"!XGL9ET]\VD:(<D6F#B$2[]-$64WWTGO1'H*J\Q9Y))G5$5_
M%AFLS2P]R%=1X]SZM(;\&OH'?6,,"XJ.S%V1-$5\:3)0(I1'XEE)<?PRNC6
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M<1 KXW.&41XS<2J.SLL,?L63FPHE386<T),:CE6-JY'\S'X<0ZXUF]J.H8.
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M,>QZA@OWEW71+*+B)63B5%=7438+^-EAV2FLUR2Y$<>9V4$ZZ(DLQ[//;)C
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M "&BGHBO]*R'GG]6J(U$Y-=6'8RKNN7'/H1M=]%%_#OT'ZQ6VM62B[*!UO\
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MT76M^F@DXT8&8;*KH]+DTR.PO].<Y_L^I6XAE.&8,!K5G0>VJ2=P?.7>Y/\
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MTQ HX=A]Q0PX#R9PWCGM/R.':U^ 9?R)CP<BV!\>^FKPM/JLZZD-X'(D2AH
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M'U0$/8#\I1]RL1OLW]ZV;L4XS'7J7.I=C8GDCC%?=1*^!GU.^XQ;-,KY0S2
M>_RP[A($3KOKS_41_P#V =CE]9<JO#?#9U30E\?I4N1&V^Y+)'/,5TU4!5%
M%:9<V,F.OR=JIX?'64M1ES;JJQ44VGFW%5SSNUPB)!1"?[15QQP 00+=S=4Z
M;IT\=$%G4YBK7 4U<42('#!D"D(;I2'1:\6GB-P@1H_][$%_+I59/!;4]!&'
M4KT%/E155H1VW&/LV#BKW*1DT2$R+K:]O88BA)LJJJJJKJI-5:RW:W;BJ$4
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MB^B\@8YVV<1YV0_Y];8H3$;Y=D&0T>_4EUIN8ZB6,C;4>D+UGP@&;Q'TUI-
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M -KP7Q8[<\G7:<I9!(F\?93&!Q@7'H51'S>D;6JA..#NP_,B.JRFVW54UB
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M;I*UO)++E3&I.-L'# E\B,Q(6Y=0W&^X'&FU;\OKT55VUS&M4]J'S!Z2O:_
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M?<OI(W1/(7^J\-;A>8I<>2T@+^9+O15[/Y!$1>WTL=/#?JG;LG[6J'8BW58
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M,RU*NZ!])53=0VA!JHMA=-?-(;.I1F0")N(>:H_#2JSH&'/^30KF\2;IFON
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MXZ(B8"=H"GCLB:(M*;71;!LF9;+<A@B$C8>%#9=4=E0'FB11<#<479?BFB)
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MY_N<W;S^$A"),+&%%P6C3\XKY-BBKM^3KJAV%5&U%?S6?'S(_P#XE?\ L?\
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M+5%PSVRK"B!QIW8NU;I5!2)1^8/]=-$15R!P_P!,'& HX?85%F:D'=N*EZ&
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M[2L5B>W'+,-',\T%^-*A7;6;$M >5-F=M#!6@?&H"*Z*@J(BJ'AJ]9Z(V/\
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M.P]]]ZQM$1S,P*B@M8+9YE@:&R$4)ZEVX%KDN*I9W:Y5>YQ -N?D=A^/(5-
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M&D8GG@3)[6*3(!)RUBCL$ S>9+BT3%G:MXNBUC\9R"?JP5"],NR+W:)MP6W
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MGT'HRX"CW$BH6JAQ;LWJU[&R"CQ4+<#W/\F/,E)+&>0D"92#;5CI\IX@+3C
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M63&@2<GC*#'*V).63C^*>6=PCU>>+(;,)%-%CN[_ ,I7?9!1-$7K'N.Y7G/
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M5ALZAXC[/*\]Z&ZDI1%-U[4'1%MV.09I$LZ^%#PE+*)(1DYEFU>PV5J_.Z.
MK)5YJ\@$A;JBIOOHBQ3;7*Y5\W4/84AU"]I'D8W[*,QE$3(%"O*&:D:JJ JJ
M7QWT1)F?E><LE:5;^%1P=CQ"]';OV[<R',?8)7(:K7>D1&]MD1?FWWZZ(D9
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M8UV1[1R*;?F-(H((.=I;;IHB-[;[$**JRI"-MQP,GGY) V@MMB3A.NFJHVV
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>41
<FILENAME>pg19img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg19img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!O0*R P$1  (1 0,1 ?_$ +D  0 " P$! 0$!
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M::'OCBSKN*<*+N@L!63%W75&9D015!=% )VGN>NU.3G [GDTWOSI-9^0&Q^
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M.K%CE8@M:KX1*[)M&KQ@0T<$<M',C'.S8*L@;>;*,FAU#"DD)1(F)A$H!U'
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M*YJFJ.[:LJE$4QC99IQ(*)]VJ[=O3@LY764 # %[7D! R+KSV0A(A\]!DI&
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MU  P/HE#Q""Q'*,5&HN$W#EVFX28MDUDW3Q(B#QR14B0'*X=()E(H<![1R
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M!@,!@,!@,!@,!@,!@,!@,!@<8_WSF!T$X6_4[XI?9OTA\VE9P+,8# 8# 8#
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MMNG^'W]P(!_RX$WTOK[SJGU]GWM077_#[EM>OL?\.!LN P& P& P& P& P&
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M*0ZD3(F7VGDZ"8PB%EH%,J4'#)$#LD2BHY,A?)Y"D9HE*'D\GD ,#*X# 8#
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M?R[2,312?G:BLP!PET1$#=[V@LI@,!@,!@,"(=UHIN*E')J_Y(7"IJAY.O\
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M)#B__+([_P "T_\ ET\#W8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M6QP2,4@BF3S:GO%U!4/V1*3J0/)U]D?(&!,<8'2-CP_@8M ]GK[#=/\ +^7
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M# 8# 8# 8# 8# XQ_OG,#H)PM^IWQ2^S?I#YM*S@68P& P& P& P& P& P&
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M80_@Z#UP+GH?]0C^7^23\O\ #[0,#ZX# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M# 8# 8# 8# 8# 8# 8# 8# XQ_OG,#H)PM^IWQ2^S?I#YM*S@68P& P& P&
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M2.R:NK);/@XBS4!@1]VG=HKT\Z:,(6:C6Y2"K[FR;]^D@BJH!"'7.! 'M>3
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M# 8# 8# 8'&/]\Y@=!.%OU.^*7V;](?-I6<"S& P& P& P& P& P& P& P&
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MQ73<M)Q*(D8\[5N4Y0.HNH5L<Q3% 2G15(8!$#A@7$P& P& P& P& P& P&
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MHQ=JXZKKG5!-SN.E1A4TR%."B\IL/7C)N*GM#'(0BRH"(@(  >S@6^P& P&
MP& P& P&!K5R>*Q]1L[] 0!=E7Y=TD)@ Q>\08+JD[11Z 8O:+Y0_*&![X$P
MF@X8P^R:)CC#_A%FB.!EL!@,!@,!@,!@,!@!]@<#F_8+%)I[/N4=)7"V6=DK
MOW1AH>)DH^V1%:J3<NYZ%$*QD0YMA8Z$F5P>N?\ +A4W2'0%2^<&,8B)"27=
MO2UVD+M.W-I<CV"=K$VZB;A)1S9.KSL%8T8ADD/8)%R4C7$$8YO)-'"2I#LS
MF7=MNR +JG,/D*G+ #Y/*/L!@<X-N5#CY;;SR!V!;]O7B.:):AL-3V3#+QMG
M7IE(K]!5:!/6>ND&'!HE:ZQ(J-WI5F*BSLB@E<) 8@]<"XFC;%0[%K.MCK:T
MH7*J5YN:FM)Y('9573NH&][\B1\#XI'8R*+MB8JYC]144 3@(@8!$);P&!4!
M::O<Y>HJ/V*UJB*<3LUP\H<=! J[EFE;]S[G'1EALKD)!\Q1?23=MT303*4R
M8 83@!E.[2)/EYQ;\,*8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8'
M&/\ ?.8'03A;]3OBE]F_2'S:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,"D?+=837?BS'IIG.N[WG2G).R8"D*C&7[7KQT8_7V>R@41 /RB&!=S 8
M# 8# 8# 8# 8$7;HEG4/K2R*L&J#Q[*>XU69I.ESMVJ;JYS\546[QTJDFJMY
MK'*S8.%"D+VSD2$I>AA 0"2&;?S1HU:@(&!LV0;@8I>R4>Y2*GU O4>R ]GV
M.H],#TX# 8# 8# 8# 8# 8$&;^=0;*L4US/]R#%MN/3SM,RR@IE0=1VP8*11
M>^U]L8D8#0SE3R"!4D3&-T*4P@-QF(*QZ9K'GQZTYIT"$RNF_D!A&36/3DG(
M) FF\<>8MDDW2PI!T!0>HB'Y<#.'VEKU,>A[9$E'V>@JG]C^;P/478M'51,N
MG9HLR()]Z*@*F$H)CVP P]2!Y![ _P#%@4PL6W]A/*U5U:SQ5IMDLD_9U#[(
MK4S9*\TCHIM-2<='R4U%RZ<'((VV2?TY^](HHHBAW[Y(&R@E;*'<)A=R+6J<
M$V\PBDX2%0%95RHQC6[./;^=NC=^Y6,@S(1$7"ZAA,<_E$YO*(CCL>I>U5EJ
MD+AU8(9JW QB"NYDF:" '()@.F*RJQ$^\3$@@8O7J40'J&!@U]GZT;(F<.=B
M49NW+W?;76ML BD3OE"(H]I520*0O>K*E*7J/MC&  \HA@5_L,MH^)V#2O>*
M]UZ>X6FUJ)3J52DZXM/2J4:PGY/OY9M&NQ>NRQ[ZUKN#J*$.9,7HB(@!RX%N
ML!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@<8_P!\Y@=!.%OU.^*7
MV;](?-I6<"S& P& P& P& P& P& P& P& P& P& P& P& P*A<AF:+_<G%E!
MT4#-D;K/2!?;]V8'T<ZICJ/Z&#RB +$ZB7V# '0?)@6]P& P&!K%JNE4H[./
MD+?/QE=8RLW$UN.=2KDC5!Y.SCD&<1%HJ']J9V_<CV4R_EZ"(]  1P,5%;0U
M[.7:<UO$6Z%D+Y6699&P5-NZ \W#L%#MDD7D@R[(*-VSA1V0$CFZ%5$1[ CV
M3= WS 8# 8'/#DM[MU_8(VPVRK/,P+BS:"KB>GFB4LSKT"ZE]KU2/4MCU\$H
MWA7P.SN"G.BHT=JE,D3N^Y'MG/=P=#\@8# 8#V,#32;&U\I#KV).]4Y2OM9.
M2A'4Z2S0IH5M,PSQ>/EXEQ*E>BQ1DXJ0:JH.6YE 5063,0Y2F*( &Y8# 8%?
M=O;GL&LK138.,UK.7"*L;&PR4S9(U5V5A6&M>: Z,@_!K"R22#N9.H1%HJ[6
M9L"JB/?KI%#M"%5)3GD\N>G=KW>@:ON]:8TJNS*KO9<XXI+ZHT=XR9*.%YRS
M-0M#9Z=C H!YTX;D)WIDDQ W=@('P-CBN3.R9G:T3686D6I\E7VD4KL2G)EU
M\\GEDI>FRTG%.(L4KVV)%R$PLK'2B)%E%$_<TCGH0PB0Y ]N]KB?;:%<UI*Z
M2V8:02E%[1(5<\K1HBU.X)>D;"AT7-:<%M+Z,&14?G,D JKI@B &,/7VH&LM
MG0MSJ2,>0NLZ-$OX'WKN8ZLQ+,]=%1LLK"%;M$TDHUTLS,9FN^;)%*5P=$12
M.OVQ)[7ID$B8%>-]675%7<ZUD-D[AC]/RJ=N_P#L)_(6*/A"6&PO6ON :"(P
MESC%V(SL)U-,K55)4W>J$$@ ;H.!&.M[EQCU5:9%*"Y!1]A?;1M$948^OOM@
MA<6"5Q8%%T$1$I).9,(F46:V1J59,YT^I!1$_MQ$Q@NH !TZ  =/9Z=.G_)@
M?([=NH7L'01.3J)NR=(AB]HP]3#V1*(=1$?+@5NY5U;6<SI*>9;-3AH[7R-H
MU;+6Y^_7&(9,86O[4I<\Y=.9)F*+EHBW&-*83$, CT[/E 1 0@2ZU[C]*;@T
MS::+:JY+;0E1C[8"[*TM'L[8: ^CZ=#C:$XI)P458=ZT2C 4<M$DD%5%BJ*
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MOMA) 6#M]G\O9ZOP+UP(7V-HG>.U)&$>6R_U!%I5G#MY#PU75O\ 6X26=.#
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MR4]IE2(I49*PBI4E"5RM2<85B5RFK*+-4CG=*GZD6/9GE79/(& P& P& P&
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M!@,!@,!@,#C'^^<P.@G"WZG?%+[-^D/FTK.!9C 8# 8# 8# 8# 8# 8# 8#
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M\DU?O&J8]2HK*)@4XA+>!6>0^N/4?LS[$^=+5^!9C 8# 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M8# XQ_OG,#H)PM^IWQ2^S?I#YM*S@68P*Q<-/JTZO_\ !6'^^%AP+.X# 8#
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M6<"S&!6+AI]6G5__ (*P_P!\+#@6=P& P& P*Q<E_P#.>.?VG=;?ZIM^!9W
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MN2/&Q[@4P0<O$SI$.)R&  E 5D@,<HJI@9,A%#E$Y0,1-03E34.'7J4BADC
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MO:_RNR':_P /3R_\N!^L"L\A]<>H_9GV)\Z6K\"S& P& P& P& P& P& P&
MP&!6?B'^HJ(_M]O'Y\]D8%F,#@7K_P #2&KE?WY5+IO2#N]?VYQXY*Z$KS1?
M4$^[][KGD#LHFTX;9EBCMA[NV957MLTU9VR2L"E4HNC-%%^TY=%6<%:J- N#
MRU\.@O*27T#(FW"XIR.F*<ZHJZ3ND$M;Q!N]N6GKF;9NHGHVR +J'?T6;4)8
MJ,M7=30,8F<D$?,U>V B%18GP(-95MHU1I.Y%]8R85!O3W]KU7JR!HER5;E]
M.\KR2C;!%6+OXZ1<$YFQXD,<C@J9Z#'F$#]\0&0;Q0/!Z4J6\N,.[7N\JQ'!
MQW455+K+4>E7^F]8BJA<KE<6ZVLJW ;?DBZZ<VY2X&:7,[X]C):VK-$BJ;<H
M 4H>*>\'66<[YVAOZI<CH:G6BV[X<<AJN1EHT3.5;:IR XX;YC*IN^88;9B'
MFZ=>5!YQR2CH)DF6ON8M.S2RQ'!C*%3P-%8^!HJUJ[2%><KYJ<D6-&0JH.9;
M522T!-.T*UHV&>-[16_TD&-+:^M[O2O8L->(\0++0\V[CQ=I^1P8/U'^!)45
M:JK3K=O&,L=;<!>79J>STHRA->1DQ;H7Q!VD4YK=)5V),,H6,HT_SK0D8AJ*
MRYFRE&8 "H*+E69AF^'WAR\B='\Q-W[(M<[4DM>R&D=Z:LINXQ=-;1NG9]AW
M5>=+W&&N6Q >-Q3GD-7M]:/6,4PER](:-<-(QNK(MR+/!#2M7^ O&TFN0L99
M^3*ENG*M.S%PI4Y'Z9:51MKZZSFPN$]\>VO7T(CL>69TR7[7$)XW(I'&; D-
MXD#I FFD9!V$Y:=\()'5>G^8^IPY!+E5Y8:=USIP]YHNKD*%;85MK(=M$:;$
MV(_+?+ ?;^T-AI;0'WXRAS0H3QFRO1-L#D>Z"-HGP,:&:\5^X7#86MK-'JS]
M'G+W1$..<1'4@\/0^64ERCC=2:GAWFPYH-9Z,>'FW4&XK;DTZB8H)NRJ%_E&
MJ@:57O #K[([MC<.4=LV+7)/7.@=<345:*7,+*S=;TU+\8UYBD2G8VK[BR&J
M+9"<; 0:P+E@X4AWED?.DWBP **X='^3GA_:^Y#V2A62/=U;7CBC:!Y$\=BH
MMM95^PDF*!O75ZNMHNOOSK/HA0]-UZ#IP\;P9A.R=BY53#S83BK@0%)^%"UL
MW#VB\2K9O-Z\A:SLS>^P9)S%T5R6DH0F[M2\A]6(:EU]K^T7^W.J=JO6B.^"
M.X*->S4YW(0:2(G JQ3-PKA6_ 8K3:Y.+'<]^-;97I&;U#-3.O&^IGD32):/
MUNQH;9UKM_6'6UIJL/=7M5J"B6K1B\>JK6&+QPT!=XFHH94/1 ^!'$TY31"M
M+Y)NZZYTEL35&PV;]'50/57DO1=1\5]=7J28PDCL=W2B67<-AXSJ3\M)RD3,
M.T)"S.543^<H&<O _P! N!6?E[^HF:_MUI+Y\-<X%F,!@4>YX</7_,N@:JJ<
M3L)AKF6U/O.M;MC9&7KMRL<1-NJ_2]@TL:Y)H:[VOI2\1S5VWOZC@'498V*Y
M%6I"&[Q)10@AR^K'@)A4%U';7EQ=9=1+2$=JN/[RER,:^A%HWS(@1%8<-=J
MR;:C,BS%9O79=&:D$Y@X2CF9>/N\64!6?!6L^WM7+*\C]F,*W<[LSVO*S6L6
M<2&VJIKNSW^E\T:73WT9:I*7JR5DG=<&Y7,9M!TG',RDF*LB#8Y .BZ;A)_#
MOP].2>D>7?)C:5@LE6JM3LVJ=X:VUIN*,6BK?NB\V7<6\ VY [2V*26CEXFU
M2NKF*)8R+;S;;HPC46400KYHU.\<!G4_![D+=8D[IO+D@UVG9K5LV-VANJ-:
MZ59537.T)-CO?B?MEU"DH*NP[(V@J_-U7BDSK[YNX=2I%S3KUUT! "1XA1QU
MX%^YI#9C+4;R]U%YQW8Z<FZ*[Y!SS%*8W#(1TMQC@>/;#5\55 DTGD;JZN/H
M<)5C65Y!6,9+KOGR4@9P]!DV"SEL\"2!F[W:++7N2UCI]6F*IR:J52HD31Y!
MG#:BAM]SO*>5A(#5:$#LRO1->IU59\GCM96(59.64^G6(_L$C^A>X"--K>#G
MM2M[TTR]T XUW-Z@;[RHNS)LMK;-J\VXZPM1Y#<:=U6)GHZJMEGJM>G]AQ^F
MIEK+RD<H<TZ:739.VC5$%I X7'Y >$=5=Y[UVIR%2WE?*/?-E[#B[0D6'"?>
M5VLUM+BBCQ;?M8VFKWA"CGVK % ULJ-\+%(V&JSI$4TCN&15D%PJHS\!*2:P
MVDH-/ER=C&Z@=WF5!C%:371;N)2]"YCIU*HNI'<,K-T>LV.MKE1F80KQ]#OW
MY5'B;9NHZ< <+>;H\+Z<V<?B"-7Y#$URZXO:QUGJMQ;8S5":FRYF(UW8*!/N
M96BWZ V#4)&I*W,E%!C)P=D2O%/4;NBK^XXO&Q7"H0[6?!(I\AL*D3&_MP16
M_=3:^D!:0>E[!J+W+A)6G1[?FH-8C;C*N=D6%*=MD'+\QE'Q9=%@R3!>KL3(
M,T%# J@&':>".@SDN.=HM/)_8.X[!I27M\_LA6\PKYI)[W=REYIEB@E"2D#L
M*$1U_9$M::T@==R3TY)=I,51IW;AJ45%BJAB=&^#58WFI-'-^16VEY.]0KUI
M,;HJ$BS)LV#O</!<I.+6X]?:YL=A=/JTQG6-,T#Q(K.LGBWN8=K()KO)#NSE
M.=NY#$\;O"JWCQSYR<=KI'S--NNA=#P_GH[:L:Y4-LRC5OQ=NW'>(TY6HI([
MY]5=704G8F<TTKQUWD6@[2>R!'H.'2;!$/\ 0M@,"N,Y];K5_P!G'?'SF\<L
M#GC^^<P.@G"WZG?%+[-^D/FTK.!9C K%PT^K3J__ ,%8?[X6' L[@,!@,!@5
MBY+_ .<\<_M.ZV_U3;\"SN P& P& P*QZG^L1RP_TMICYKV>!9S 8# 8# C;
M<OZH-K?[MKS_ '7E,#S:-_4II_\ W6Z__NG$8$I8# 8# 8# 8%9Y#ZX]1^S/
ML3YTM7X%F,!@,!@,!@,!@,!@,!@,!@,"L_$/]141_;[>/SY[(P+,8# 8# 8#
M 8# 8# 8# 8# 8# 8# K/R]_43-?VZTE\^&N<"S& P& P& P& P& P& P& P
M& P& P&!7&<^MUJ_[..^/G-XY8'/']\Y@=!.%OU.^*7V;](?-I6<"S&!6+AI
M]6G5_P#X*P_WPL.!9W 8# 8# K%R7_SGCG]IW6W^J;?@6=P& P& P&!6/4_U
MB.6'^EM,?->SP+.8# 8# 8$;;E_5!M;_ ';7G^Z\I@>;1OZE-/\ ^ZW7_P#=
M.(P)2P&!XG\E'12 NI1^RC6H=L!<OW2#- .[15<*=5G"B:8=A! YQ\OD(0QO
M8 1P/Y&2<;-1L?,PT@QEHB68M).*E8QV@_C9.-?H)NF,A'OFJBK5ZQ>M52J)
M*IF,FHF8#%$0$!P/=@,#X(NFS@[E-!P@NHS7!J\31534.T<BW0=@W<E(8QD%
MQ:NDE0(;H;NU"FZ=# (A6Z0^N/4?LS[$^=+5^!9C 8# 8# 8# 8# 8# 8# 8
M# K/Q#_45$?V^WC\^>R,"7=F;+I&GJ//;&V+.HURGUM)D>4E56[QZ<JTG),H
M6(CV4?&MWDE*2TU-239DR:-D57+MVX312(90Y2B$2>F#QO4V](:)8;4KTULZ
M$&&+9("OF=3[:IK3J6U5F3.VST0W>5^L2*!-*V/SMJ^=(.6/F)!<$2!PV%4/
M%8.:_%&KJUH9G?.MTHFXO:Y$UFUL[(QEJ3,SMNNM:U[6JXSN<2H^K)[%,6JW
M1Z*;+SH'!45Q<G*5LFHJ4-RCN2NB)N[U#7E=VC4;19[U%[2F*XE5)5"T1+AI
MI9S1F>STGUB@1D*_#2-2<;)ABN&CQT@Z'SP!(F8$U>P'CUORIXU[?JT!==:;
MWU3<*S:*=,[$@).*O$ (2="KLD]A[!<T&CA\@_+5X.5C7#=X^.D5LV61.50Y
M1*.!X83ESQEL5]?ZSAMY:U>W!CKZM;528DM<01C-Z\MA;^I%6RJ3JKDD';X=
M!OJ^<6?*Q;AV$8@Q%5WW*:B1CANS+>VD9)O6G49N'5LFWNDW*5FF+1M_JC\E
MOLL((A,UVJBTEEO?%/Q1@Z.6;/OG*(^0Y ' UF@\H^/.S*?7+S4]P4->!M.I
M(G?,667L+"LS:6FYN/1E(_9,S6+(M%6.NU [)<IU'K]JV01'J50Q3 ( &[US
M;^IKB1DI4=H:[M*<F_;Q4:>N7:M3A)"4=LIB2:1K(T9)NBNW[J.KL@NFBGVE
M#HL7!P 2HJ"4,1(;^T1$IV]65W7J2,2U\]8QM^4D-D4YFG2)"3DG4-&L+>=S
M,IEK3V0F&*[1!)Z*!U7*)TB@)R&* :G8^6?&VI[&KVIIW<] 9W^R)V!5M $L
M+!V>)3K,2RG),]M>LU5XZE%4C9!$[09=5EY\90"-N]/[7 V&'Y#Z1F-?0VTP
MV=4(2A3UCE:;&V*X2[:D-5+G!V29ITU35D[>>%<M;9%VNNOXY:.5(1V1VS53
M['4@X'LD=^Z+B$;HXE-SZI8(ZX6:-MA'=[#J+<*,Z?RKF"CVMO[V7*-;=/YQ
MFJR03>=R=9XD9$@"H42@%<MA^(]Q*UA0-+[0LUXM[NC[_P!3V#>VM9BGZ<W'
M?U7NFZG!4RS6K9-AB:/1+!-4RJ5N"V#$.'KB7;LNX*\ #!VBG*4)&U'S'T'O
M'9]\T]KJ?N#^\ZXJT)>+*A/ZEVS2*ZI2K/*2L/5[?6KO=:37Z7=*U:'L$]]S
M7L/(/F[]%FNJ@8Z21SE"+]V^)MP7X^DJZNQ^15&(A<ZO<KE6G5/7>;$92D!1
M+-6J1/.$7U#:V)F5T:\W&-A&C8R@.7THY%! AS(N.Z"PE4Y'Z/N,=#R$=LNJ
M1JT[7K1;HZ"M,NSJ%K4JE*F):!M=G5J=E5B[$WKL#)P;I-R^.V*U2!$3F4 G
M0<"4Z[9*[;X.+L]2GH6T5J<9I2$+8:[*,9N#EV"X=47T7+1B[EA(,U@#VJJ2
MAR&_(.! /+W]1,U_;K27SX:YP+,8# 8# 8%1K)SAX\TW?TCQKMTW=ZML>'I[
MC8<Q)6+4FTX3543K]HS(X=7B4W=)4]MI^.J3=ZJ2./(+39&Q9@Y8\3^>"".!
MNVS.5W''4%?DK+?]S4"(C8B"IMKD4FUB83<NUJ&P+9 T>HW-2!@UI&;]Y<Q9
MK.Q;EEP;C')@MWAUBI%.<H;E';PTM,2=?A8C;^KI28MD$>T5:)CK_4WTG9:R
MFS>R*EBK[!M+*NIF")'QKE<7;8BC<$6ZAQ/V2&$ T0O+KC.>;;PB>[M=+)NM
M93>XDK0C9HU;7WZ.:Y=HG7,W8U=DI+GH2",==IQM'*(GD2N <*=.[Z%,(!OJ
MF[M,)3S*JJ[=U@G:))E R<=6U+]5"3S^.M2B*-7D&4.:6"1=,K(JX3*P533,
MF\,<H)"<1#J$<[JY=Z#T)6ZG9[Q;Y&6;7V;G*_1H;5E,NVZ[A<9*J1TM,7$*
MU2M0UZ[6N894J(@7KF9=(LS-HQ-L8'"B9Q(0P251]S:GV2I%M:+L2H664F*1
M6]E,J_'SC$;4%"N#%G(UBV/JFLLC98J$FV<@B9!9TU1*85 +Y#>3 ^EIVU0*
M7?=7:RLD[[G7;<[VW1^MX;W/DW/OA=T6L.;E:$O/FC->.C/<RN-%''5VJ@57
ML]A,3J"!1"&G/./B.WC(R53W_K>00FMVJ<<H=I$3[>7F97=+7:4+I>4HD; Q
MWG,V_D8'8UB9,9%5%N=JP2<$=+JIM![_  +68# 8# 8%<9SZW6K_ +..^/G-
MXY8'/']\Y@=!.%OU.^*7V;](?-I6<"S&!6+AI]6G5_\ X*P_WPL.!9W 8# 8
M# K%R7_SGCG]IW6W^J;?@6=P& P& P&!6/4_UB.6'^EM,?->SP+.8# 8# 8$
M;;E_5!M;_=M>?[KRF!YM&_J4T_\ [K=?_P!TXC X [2\.WQ-76PKF^:[YCM@
MU'=_)20M2]3A.07);5]&UO2FVI^<3*,LUC>P=F2V%!M5IS:&MDA@J\\EFAYR
MK-#'*2-33!@'MI'AT>)'/S6VI*V\FK%&M&NRIR*\WMV\=VM%>6^NX78F@IZ+
M87-E1K-+1/&RDSU<UQ;$&;RE$"?[%V=(/FOFZ2J+T-I>^$'R4L+.B6;9?)UU
MN7:6N]H:#MU4>W7;O(IC3H"J4#0-RU?=HF)@V5ED6(VM&[70LNPG';-U+6%O
M#HI3#HJCYX< RT3X77.1)TRC)7FI)%KJ57TS7)^2@=H;]A)BXUBF*<5&UBUD
M%=C9QA6=>0-;9Z<NCB'LD *%CFU[JHE)"@0\@J]#$3/A)<Q)J*GF[CFU>DY-
MK!WJKZZ=,]^<HHM"M5U34W(ZO:C92B<7=6GNV[H^U;MKJ><O7973YZG2@(LL
MN E36#;TO#!YHSM\VE(;'YM72TT6^[Q-?E8F-VYN>H.)F@FC.0XQ=84C:8I6
M5M?.JFMLRIPZ3:'EUHZ7B:H19R5)4K9LB%U/#QX@;/XCQ6]T-KWF%V=:=S;!
MUSLV6OS&QWN6FK%:HSCKIS5NPGMEC+AWK*/>2FP=>2<HV<L53&>LY-(KA-$[
M<B8!8"0^N/4?LS[$^=+5^!9C 8# 8# 8# 8# 8# 8# 8# K/Q#_45$?V^WC\
M^>R,#V<K-*2^_M,2- KDU'5^TQ][TUM*H24T@Z=0/OOT9N2A;KJT?86[+J[5
MKTU/:_;LGW=%.J1JX.<A#'*4HARRLO@4Z:>P^RDHS;.PI1S8JO;Z[2:_-,Z+
M782&CYFI\T(*%A+-::72(Z]6H&[_ )M6%1Y./W+V=<HQ[$IU5!*Y!R&$TAX+
MDFA!S-PY ;ACV>]YO;9-K(2.EZCKLVOZU)Q&Z./VYH%1G!3FI:G7I5ZO+\?6
MC=X"=>BV0M)9PF#<ZR97BH68X;>$WJ[AOL:.VA!;@VMLJSLS;/4=J7M*F$;S
M+G:5!XY:XF7TF2OUN),=ZA \9814HIBFF=X\>F[!43-T&X5V9> !QE2*+>1V
MMMN29)Z?>:B8I RUS'KQ;1G$7VI4FP,#L:<FQ(_K5(O[A@^:J-E&-B62\XD4
ME?.7R3H)@NG@V:6V0VE7=YVA>96XS];KE>E[E$4K3%-<IDA(#F' OO>[!T_7
M,+7ZQ&SR?,R<4<M&S<"K&B(\RYUU3/5G88N5\$SCH^MA;''W[8=<C7]EAY6R
MU6!B-:,X>0@(%SQUG8^N5A8:0I(:T>'N'&B$D'4S7U6$N[(\>(*+B ,E&015
ML+P+-<'U=+5C6NU[9(V"'UY76VO8S8K:D-H(VY:=H^@\?H"]7*Z5[7+Z_2%'
M<4#6\<+NE*"_IQY05GBD4N4X-BAMO"CPJ+IH/D+K+?NVK3KF:E:'2>0\M*1F
MNR/6$;:]]\@>1NZ-K1UW?U]O2*)5&26C=6;QM-1@WS)BT5D4+;(]6$:@W;H*
MAJLIX'5<V6CO%WM3?UQ@Y7:^W>2%FBVFHZQK>"BHK5^_.2=VWK+4^UR,E01M
M.Q)J21FHLIW<N\=#"/F*B<:<&2RZ+@)$5\#KC.I^CJ2+>=DM;CJS<K??]3O#
M)M16L\?:4#K33VMJ)+V<J=3\PN<-1VNFF;MK%2J3N/55?NR*I&3%$$0VK;GA
M0PO([BH;CCMO<MQJ)K+OWDUO_8;W4J4(,//2O)NU[KGYVI-D+O S+E*&J+3<
M9BQK@I4%#O(U-=PFHFJJW,'AG?!CT7(3[2ZP>QKM6KU'7*]7]I8B5'4=B9OK
M7?\ D-?^0$J_M]6M-#F*Y?$(YSLR5A(]&8;NRLV(MW!!!ZV3<8'UWKX-VF=X
MZ3XD:,D]E65E7.(O'BT<:*M(3^MM'[/>6>BV^G:LI<K8)&,V;KJSUNN[%:1V
MIV2L?,P[)DLP6=..Z(!#E(4+=U?A%K. H?)G7TE9]B6N.Y2U>)H%ZL4]9 5O
MD90(+CY4N.T16H*Y(-$I8IV5?KCR:*]<"NZ&Q3LB]$W:7[(!2V&\$[0+91]+
MV78MWMELFH]A'3\VI3M/5N*>(P5ZXBVJMC$TJJ:^AZA6#1T%PUKT0X\Q:)!(
M$E99TN!G#E(R ?*7\$O1,O%;)K!]N;5:5#;=$N5/O4.VA-2K2SE[8I_<LW"S
ME=NLEKR0N%):UHN[Y-$\5#O&4;+@U;B^36(K(IOPZ-<5N.-5XH:0J^D:?*/Y
MR+K\G<[ \FY-I'1[N8L>P;K8+_:I,\=$H-HY@F\L=F='323*(E((=X=543JG
M#'\O?U$S7]NM)?/AKG LQ@,!@,!@<^N7/AW:TY@3UDLMRO-]JTG.:IH>LFA*
MLM#$81BFL^0=-Y)U&R';OHUPXDUT[Y163=ZS56!H\C#*I=$U3$7(%<*_X+.B
M*O7Y6C0^RKREKB?@M1MIVG.J5I214?V;5 Z+9I3*%QD-:.;S#U2RP7'^':NZ
MDRD6]:(JZ>KD:=I5(J >.8\#OBU8$K0TEK9L@K2US$P\=*0I:/ 3$/!SK7FV
MRD*E5YV/J)7\! "VYRV I$41[!0AHTIBF)YV1R'U-X+^J%GKBW.MV;&4V>XG
M8^[J6II2M,1-/#8$#?=4W6NSQ-+Q6OF>J4X-@WT[$L'$*6-*Q>F.XD5.DJHF
M]2"E5N\"#8T!8[?":-V'K=KJ>*U)?(K3KC9,@]<[2C=XW;CSJ?0\9LV;L]>U
M'[IU9OK>6UDRMT*QB)1>%;2<4S:,8B+3.9TW#K%,^'K6B:DXLT76&Y-EZ+V)
MQ'IS^EZUW7K>/H#ZSNXRW4II2]I!9:SL6HWJDS:FQQ9IS#I99B9VWGFZ#U)8
M#$4(L&DT3PNJ5K3?0<@ZAOG= W1H[=3L<^M:>N[C85;C:*1IS6&SK-:[S,TD
M]QO1=A:^TJP:GC91VO&1<@_=OV2"*Y([W/"3]F<0MH[;9<:;=-<H+52>0''*
M9V%-QVV:+KG5[QC9%-DU>9I4W'2=%NM8L-93:-JQ*$1150006[] %O)VS$P*
MQ./!KUBIL1GL9KO#8C"21W07=+QJC0M'. =2['E?Z:4#$,I)[K=S+5IK&[RD
MY4SAU%K,WTG /4(IVJJWCV@D#KQ6HZ4AZY 1,Y8'EMFHN$BHZ8M4@QBHM_9I
M1DQ0;2%@?1L$SCH2.>3+M([E5!FW0:HG4$B29$P*4 S6 P& P*XSGUNM7_9Q
MWQ\YO'+ YX_OG,#H)PM^IWQ2^S?I#YM*S@68P.<7%G?#^NZ'HD&EH/D)8$XL
M+,S+-U^FUEU"2@)7&PE!]$NG5W9.',>X_P I)0Z*1CD$!$I1'H 6"])&3]6O
MDW\!JC](. ])&3]6ODW\!JC](. ])&3]6ODW\!JC](. ])&3]6ODW\!JC](.
M ])&3]6ODW\!JC](.!7+D/R#D7SG0 FX[<DFGF?([7KTH.*-5>KHR,5; !JA
MW=]/U<*=OJ'7H'0!\N!8WTD9/U:^3?P&J/T@X#TD9/U:^3?P&J/T@X#TD9/U
M:^3?P&J/T@X#TD9/U:^3?P&J/T@X#TD9/U:^3?P&J/T@X#TD9/U:^3?P&J/T
M@X%<]7\@Y%OOKD^\#CMR37,_E=1"9JE1JKW[/S;6S1$"N>U?2D RP!VR@41]
MJ(8%C/21D_5KY-_ :H_2#@/21D_5KY-_ :H_2#@/21D_5KY-_ :H_2#@/21D
M_5KY-_ :H_2#@/21D_5KY-_ :H_2#@1]MOD5).=5;-;&XX<EVX.->W1$5U:-
M4^Z1!6MR1!54[-_,;L)]KJ/0!'H&!YM,<BI)KI[5#8O''DLX!OK6B( X1HU3
M%%<$JO%)@JD)[^4PIJ=GJ7J #T' DKTD9/U:^3?P&J/T@X#TD9/U:^3?P&J/
MT@X#TD9/U:^3?P&J/T@X#TD9/U:^3?P&J/T@X#TD9/U:^3?P&J/T@X#TD9/U
M:^3?P&J/T@X#TD9/U:^3?P&J/T@X$=4O8CG8',"%6<:WV;KT8WC9>TRDV- Q
M,+[J YVAK0PFB#1=AG0<^:=UT7 _==CO$^G:[0]D+P8# 8# 8# 8# 8# 8#
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MW>W$[';,=$4^ER\Q!/-D65U!PE,F)2*D-#0J#:M%<S8VR:+.V+D;7(M@HG%
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ME-;6.NL[ ^DIDLP\FWIUS"#=0X* $(<+_"2Y=<,T[Y=M?<B.*M9W$SXO\?\
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M\"%Z)L79==VWO:Z2/%3D4$-L-_KIQ7C(IZ.5<F3K%);P,IYVW+N_MM3%D$Q
M@&_RR>V#R8$T>D#;?55Y*?U/2/TWX#T@;;ZJO)3^IZ1^F_ >D#;?55Y*?U/2
M/TWX#T@;;ZJO)3^IZ1^F_ >D#;?55Y*?U/2/TWX&G;#W+>[/K^\UJ,XJ\CQD
MK#3K-!QX+-]()(B^EH1\P: JJ;> %23%=P7M&'R%#RC@?'6>X;[4];Z^JTKQ
M5Y'!*5JD52 D@;M](+H!(0\"PCG@(K%W?V5D@<MC 4P>0P>4,#=_2!MOJJ\E
M/ZGI'Z;\!Z0-M]57DI_4](_3?@/2!MOJJ\E/ZGI'Z;\!Z0-M]57DI_4](_3?
M@/2!MOJJ\E/ZGI'Z;\!Z0-M]57DI_4](_3?@/2!MOJJ\E/ZGI'Z;\#6Z2]N]
M^Y(,-A2&GMD:UJM?TA::8K(;"/K] \E8)^^4F;9,XIG3[]<7JQ4HZON3K*+)
MH)$]H4#&,;H 6XP& P& P& P& P& P& P& P.=G&MKRB4U40],GM M:L;9&\
MQA&]EJ6Q7\^DQ_3CL;NRRSN,NT='KO>O7MF1023$?\DH!@3SYES)_.;C+\!]
MI_2'@/,N9/YS<9?@/M/Z0\!YES)_.;C+\!]I_2'@/,N9/YS<9?@/M/Z0\!YE
MS)_.;C+\!]I_2'@/,N9/YS<9?@/M/Z0\!YES)_.;C+\!]I_2'@/,N9/YS<9?
M@/M/Z0\!YES)_.;C+\!]I_2'@/,N9/YS<9?@/M/Z0\!YES)_.;C+\!]I_2'@
M/,N9/YS<9?@/M/Z0\!YES)_.;C+\!]I_2'@/,N9/YS<9?@/M/Z0\!YES)_.;
MC+\!]I_2'@/,N9/YS<9?@/M/Z0\!YES)_.;C+\!]I_2'@/,N9/YS<9?@/M/Z
M0\"NW*EGRX+I67&5L7&U5E[]M-]LC6E[215%8=SZ_!H(J&ORW1(KOL"H %[0
MI@( ("(" 6)\RYD_G-QE^ ^T_I"P'F7,G\YN,OP'VG](> \RYD_G-QE^ ^T_
MI#P'F7,G\YN,OP'VG](> \RYD_G-QE^ ^T_I#P'F7,G\YN,OP'VG](> \RYD
M_G-QE^ ^T_I#P'F7,G\YN,OP'VG](> \RYD_G-QE^ ^T_I#P'F7,G\YN,OP'
MVG](> \RYD_G-QE^ ^T_I#P'F7,G\YN,OP'VG](> \RYD_G-QE^ ^T_I#P'F
M7,G\YN,OP'VG](> \RYD_G-QE^ ^T_I#P'F7,G\YN,OP'VG](> \RYD_G-QE
M^ ^T_I#P'F7,G\YN,OP'VG](> \RYD_G-QE^ ^T_I#P(_JZ.Y4>7%"_2S):N
MD>UQRW?[B#KJ#MT,LD(;,X[^>^Z_OFL<\BX3-_)=QW )&*(*=L3 ).@4]_?.
M8'03A;]3OBE]F_2'S:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@5GXA_J*B/[?;Q^?/9&!9C 8# YB;$\
M6'CAKK7N_-D/ZGNV1AN/&Y=BZ2MT<77R5:L,Y8=5\=%>3URLU3A[[.5%R\U\
MTUP@8&TR\\Q;/G0IG;]XQ7;O%0EZM<_M .>/M9Y);(G&FG]>W*[KZ\JZLU<=
M8[44L-J*XE6[&(K\OQPO>ZZE89264@WA463"2<O2J-5$U44U2]C Q%,\2WAW
M<I5**)MB)@2S>WUM+:]F9HR1ZSM2R>\O5UYBY:AV6#7F8-U6;+&;@A&\4Y?+
ML5)&0<>;H)G4%,#AMM=\0;A?;-.W??\ 7N1&OY/3VN9&GQ5RO*3F12CH>0V&
MTJC_ %ZU\T<QR,M(GV UO4.:"%HW7+,>Z2 ,Q6,H 8&D;6\3GAOJBH6:V.]I
MM[@K5-:U/;TI6*3'NY*R$U]<G]7;Q$P9&3)#Q;.0+%V]E++13IVWF"1"GG8-
M12$@F#,N/$OX%LV[5T^Y1ZLCD'5&MNQ^U)RKN-.RJ=$&\A;G$PB^8-UH*8@_
MT86458EZ5O+"6O21B-C%8N12#PM_$^X$.ZY>;8WY+T96#UH@T<WQP5G:0=UE
MNZL5BJ2JTC$&KX3!4HBR5&39R8D;G"(69*@]\W O7 UZ)\4_AC+6&[PX;+&,
MC->SNPZM8;5-1B\9#O+'KN<T=7'$726"X^^G9?OHFN0=>;0RU=CI1!\NL*8'
M*=9F#D)!Y!^(%Q>XVZPI&U;Q?TY>(VC!,+/JN#IK0\]:=C5Z0?U".+.UJ+$[
M1(D&U<WV'(X?/EF;-!61;('5!PX024##1?B3\-5HU@[L^ZZG0)!]K:T[<+"V
MN2: N%"ITI)1<[*M9F!6FZI-/FQXPZH1L?(.Y,R1R"#?J8 P/+__ +0>!!B/
MC(<DZ:\5BZM(W2591\9<)*4B:Y$;"F]3R3V6B&%;<RD6NTV36I*%,U713=^?
MQ[E,$A%NKV ]"OB<\!4;9&T@>4NKU+',+5!"+;-Y"1=L'QKVQUS)U95O.M8U
M:!.UD8S;]5<G7\Y[EJWL4<HX,D1V@)PO=@,!@5GY>_J)FO[=:2^?#7.!9C 8
M# 8%0^8G,F@\,*GKFTWNLV2U_I2V:GJJKQM>L6IJ>FG8!H%^V4L\G;;NW96I
M]>5^(1K6N)  5=S"2B[PR#=$BBBQ0P(9U-XK_"[:M>A[(OL1WJ]G9[#2Z[5&
M6VHKWIS$^I=]2:,W!'S)8M!U+.(*K1D5R(K$4^E97S".;SKTC3OC=^T4<AEY
M?Q1.'D'Q.8<RY2^RT=J.?+M!"FL)6J3<-L"\3.HVMY?VVOUFD2S9E+.)!"/U
MU*.@57!NR09H"Y=+MT .H0/I->*+PMK\I5JY)[4.G<+)?-0ZX=TYM7)Y[/5&
MP[M8V%[2W5O*U8JQT954S5.3;R$TDX<14>[8K(*N 5()<"?-,<M^-_(<D:II
M+;=8V4G+*6E)FI61D728*4UK2Y&=*\448(DC!+$;%@I!IYR*/NE&RS9XS[]J
MJ5; KW5O%(X=3\;NB9F[])Z]A]*<@5N.,C(7FNR#0M_NBC644@9[4[.!"P25
M^HUSD:S/1\+(-4 &1?UV2332_P"[@8X:]L?Q;>$]&9S+RM[-:[D][;+S^PM]
M1NH*P*QJ2]#C=EQ*39>6FH".L#N9I,RTDDD8Q=ZJ@R<I.'!44%"*&"P%\YGZ
M5UGOU3CS=E[=7["PX^;$Y+S]YDZC+,-2UW6VLI^DU^QIO-@ODVT3*6HJU\:.
M/<R+!^X;-2B=WYL*[,KH/7I_EI1]Z<48?EYKJD;<EZ18:19KS :^-1CDW3+H
M5AY-QZU9::]3D5ERW64?P2B#6-4<IJ=^H1-843=L"!4C7?C!\:MA6V!J!*)O
MNN.GSFUURS2DC1(&R0]&V754N0CTNJ9!36]SO,C=KA:(?BW='L*M4&UCA9)%
M@V33?><OVC=4-BU3XKW'3<FUN*FGJE5]J,[5RYTG^GRB#;F6NJ<C6*.NZOC*
M-87*.L.R6-E<W20=:VEB^X]>83SUJ1N*KHJ")5%"!TZP& P&!7&<^MUJ_P"S
MCOCYS>.6!SQ_?.8'03A;]3OBE]F_2'S:5G LQ@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@5GXA_J*B/[?;Q^?/
M9&!9C 8# I=L?@%QIVN\W(]N]8L$HIOG](I]B)IW*R,VSUUM/3>JM!6]_%MF
MS]-*$?N=5Z<AXQNJW AFI#/#I=D[QP8X93E-Q#KO)NIZ?II+O:M/QNI-Z5+=
MS.2U4J>K69P\JL%<8<L-!S\.\BW526?J6XRQWS<%C]$C)&2.18^!7%KX-O!&
M,DM:OX.@W6 ;:FMD)=:5 Q6U;\2MQ]AK2>I$Z^^6A7<V[:.5HH-)P714P=^X
M!-<C@ZR;A0@A,<;X='%^%T]L71D16[,QH.T:;I"AVIK[\IQ^^7K_ !WH%.UI
MJQNBZE7#](0B:I0XU%XFNFNVEC)J"^2<%76*<-#@?"CXA5>M.Z17HS;,3092
MH4BK3U :;QVD6DV60UZC48^K[ LE;-93QLUL:/@*+%19)-<AQ2C6::**:8%*
M(!A[5X/_  7N5LO-TG-=6-6=V7$;:BKTNA?;0@6QJ;EL>WK-:)ET8K\7+:<C
MGF][0C&+ME$09-9 B8%/YHS%N&1VQX3'#+="%B0NU7OZ@6N7OLQ.FA]JWJ%"
M05V=M78NY+RR<H,I@C1S%SMUVM-J^;JIG3:IN$O-^Y4:-%40_;KPH.(;EP+Y
M.,V@PDV,@>?ITK';<N[.1UM;U'?'Z44NVO'*<GVJW:5)SC)4GYER]XF=RU<@
M9,4GKE)0)*W)X?/'?>\#JN V"7:3Q/4M'=ZSAYECN+8S.U6O7DG+Z]LLU3]G
M6L; O8-DQ,]:]45V5?&EW#IR[?QA3J*F*LY(L%7MD>"IQ%M47..Z42[4?81M
M;S5 HEME+K=[Q"T!S*-7Z3>TQM/>VV'*>6C'KI%ZAYJ_CQ1D&:+Q Z#P#N#A
MF-:^$%H&"TG>-7;8MVR-M6G;=HB[EM_9:-QN5+D[K.U[?V[^1%=(,:2VV1R2
M(CKAO^P(+H23^75E&JJ8OE7"J22B82/"^%%PR@*RQJ,;3+@G!QT06#:ME=DW
M-=0L82,XI0Y4%'"LL9940C^%M )VS")Q&-<&$1,]="H'2# 8# K/R]_43-?V
MZTE\^&N<"S& P& P(<VUH/56\GVK'NTJJRMY=.;$4VE28V5 '4(C<3T*\:W!
M]+PJY58V=;H5C8<F5)!TFHDDY.DX* +(I'*%:MB^&GQ0VCL&S[.L]6MR=JO=
MH<V#82D%L2XP$7L&&?P.DZ_*ZUN4-%RS>-FM5RZ/'>HKN8,R96RCB,,/D3=O
M4W >6Z>&;Q>O>E*GH.::;-;46B6#;TS3W4%MB[0-PKT9O>.O<%M*CL;C%RC>
M>&A6>L['E8L\8JLHFBR42!(Q%&Z"B8:'%^$%PJAK/:+@QK>R G+;9*;9))RY
MVY?'O=*4>RV2SQ,*S%Y+KJIUMPYNLVS<LCF424BI99B7L-4VJ3<)ZXW<&=&<
M3*HUI&C!O]1K#5&TI'B0OL\]:/SV.$HU88/)5%PL9*4DZ/5]=QL= NERG<Q[
M?S@W;46=N550J5+^"UQ'AFNLV^@4[AQE<TJUZ=GK7/ZDLM@BK7LMII-ELQ*I
M/+%8BS:#TNRQD-JRJ[BW*>=2[DCQT@X[]-T<"A*@>$QPA1UY':JC];S\10H>
M=LEBBH",V#<VZ3"0M>J*3I68[ET:85?'06H.OHQN4JBI^PX34< /?*J',%GM
MQ\5=$<@;#&6'<M"CMAA&:UV!J0:_8U7+VI2=&V;:M5W:UQ<U63*A%2JR]FTQ
M7G3==5,RS4[(>Z,7O#]0B#5GA_:6TQI797&O6DUL^F:!V#KQWKEAKJM[%M42
MIKME8)39,U>[+KVXH29KA6+I>I'9C@[R3;/$W"7F#(4!2.@!Q#7-,^&+Q8T7
M<--7JGLMGR4_HBKQ=3H/OQVW>K5$),ZO"[)J>OI&<KTE+&@9Z>U?1-P6:OUM
MXX;F5BH685;)]030,B&PU'PZN,U)L/'Z?@XS80-N,T3%QVJZ@_VM?I'7S.1K
MJ>P$*G<)VBNYQ2LV&\U)IM6PHL)9RW,[(G)B"AE1;LQ;!>C 8# 8%<9SZW6K
M_LX[X^<WCE@<\?WSF!9WA].\AD^)?%].)U;IAY%I\>M,$CG<COJ\1K]TQ)KF
MN%:N7L<VXWRK>/=KH 4ZB";IR1(XB0%5 #MF"QGO@Y+?LET9]X>_?A?P'O@Y
M+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9
M]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A
M?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y
M+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9
M]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A
M?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y
M+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9
M]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A
M?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y
M+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9
M]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A
M?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y
M+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9]X>_?A?P'O@Y+?LET9
M]X>_?A?P.?\ QWM7B0(:R!+7>A^$4K3"[$W9[@O[ERTWS7[.NV-NO8)U0EXB
M%X5V:+:N$79E$P%%ZL14A2J=$Q,*9 F_WX>*IZNWA]_?-Y&_@.P'OP\53U=O
M#[^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O[YO(W\!V ]^'BJ>KMX
M??WS>1OX#L![\/%4]7;P^_OF\C?P'8#WX>*IZNWA]_?-Y&_@.P'OP\53U=O#
M[^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O[YO(W\!V ]^'BJ>KMX?
M?WS>1OX#L![\/%4]7;P^_OF\C?P'8#WX>*IZNWA]_?-Y&_@.P'OP\53U=O#[
M^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O[YO(W\!V ]^'BJ>KMX??
MWS>1OX#L![\/%4]7;P^_OF\C?P'8$ <GK9XFRNG)4EET'P.81 W+41E741RZ
MY"R[XKLFX*&>+2*Q<\(X1([9S*E12<*><%.@@<ZI"*G(5(X3_P"_#Q4_5V\/
MO[YO(W\!V ]^'BJ>KMX??WS>1OX#L![\/%4]7;P^_OF\C?P'8#WX>*IZNWA]
M_?-Y&_@.P'OP\53U=O#[^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O
M[YO(W\!V ]^'BJ>KMX??WS>1OX#L![\/%4]7;P^_OF\C?P'8#WX>*IZNWA]_
M?-Y&_@.P'OP\53U=O#[^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O[
MYO(W\!V ]^'BJ>KMX??WS>1OX#L![\/%4]7;P^_OF\C?P'8#WX>*IZNWA]_?
M-Y&_@.P'OP\53U=O#[^^;R-_ =@/?AXJGJ[>'W]\WD;^ [ >_#Q5/5V\/O[Y
MO(W\!V!HM9LO.AQRKI"FU]*\2XF13X^;F)7FNO.3VX["U=,C['T$,RXFW]EX
MB5@\>NU73:%:(MVSD%RJKF441[I,JP5,]V=W_LXU5_\ ]?\ O_UU6[_:;_\
0MGZ@O_(O_CO\X_\ A,#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>42
<FILENAME>pg20img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg20img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!SP*R P$1  (1 0,1 ?_$ +T  0 " @,! 0$
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M_0[XI?5OTA\FE9 28
M
M          4Q_P YP!8)PM^AWQ2^K?I#Y-*R DP
M
M                                IC_G. +!.%OT.^*7U;](?)I60$F
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M*'.-[/"+0]V=S319_#-:C)IOC,K(XEF+=19J1F=8RZ1#')@Q<9S@,R
M !X$+;*M9$GBU=LL!/HQ\Y)5A^K"S,=*I,;)"J*(S%>>*,7*Y6TY$K)'(Y:'
MR5P@8N<'(7.,@/? >*ULE=?3<M66,_"O+) -HUY.U]K*,7$W"LYDK@T0[EHE
M%<[^.;2I6:N6RBR9"KX2/V,F[)N@>T
M           IC_G. +!.%OT.^*7U;](?)I60$F
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MC'] !C&,8Z8QC&,?8QX, /T
M 4Q_SG %@G"WZ'?%+ZM^D/DTK("3
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M6:*2)W1$TRDPIT[?8Q@O7IX 58J
M  "F/^<X L$X6_0[XI?5OTA\FE9 28
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M153MK:Z=V9NV2(CA- C[)%RHD+U33QT)@)'
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MC!9H_P -7QO)TH\SSL'PJAA8SWS.E@@-
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M8AR'+G)3$,7/7&<>#. 5R
M!7)R4U=7MJ<F:#6IHK!KF6UL]9DF'\9'3;6-<MXK;DG"R#N"ER*P\VA$3[%L
M[PV>$.@HH@3Q9Q@V"62S+TDS0^->L*=>9+;;B"B[%N";6RYE-E/(MFTF%5#0
M3&KYS&-&>,1L&16LQ;5@MY(FF9RW;$[XRA^T?)4@@
M              !3'_.< 6"<+?H=\4OJWZ0^32L@),
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M.53:(-\)'4:IG.956\GFR3-Y2W$:
M        13G*]+-N7M9N*^$B5N0U$E!(.5%4$B)2U8D[_(2B1S*'(8RQV-S9
MG(F7M&RF14^<8*GG()O.)-Q,Q$ST>WEH.3CYF+=]YEK)13QO(,'6$E3H*Y;O
M&BBK=<J:R1B9R4V<8,7./'@%>B
M*8_YS@"P3A;]#OBE]6_2'R:5D!)@                               &
M@-AZ$A[=)7&TPL@>'N-SK#"IR[V5;)V:'<0\9(1[YLT1AY?*Z,,4Q&:B9S,,
MMRK'7[Y<BZB*.267+J6;,:'TSKDU/WXT;69PVF[G!:V51>RB+F8>1$=)6!A3
MG%E;TMM8'LD]KM?>O8M/)&Z2A.T4N<GQG)NF%NW4\>9X\SS/A/<1H
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M(Q6Q7Z[*NLMTI!%VR,HR0BT6S$C!9-OEH@=$QU3/GS^O^*7@-
M                      "F/^<X L$X6_0[XI?5OTA\FE9 28
M                     !T9-GF0CGS JB267C1PUPHLU1?(DRND9/M*LW&,
MMW:>.U]TF?&2'QX#>#.0$ (S7YXO<VU-9DRTN+ZZZWL#I'-HC7,?3CX7K-,K
M_M?EDJ\H3$/!*)G2*1I')M\=QA7*1"G*8Y@E[I^D/M>4EM5G[.HL%&4M85V[
M6BQ;F$K*;"0G9!_'9:13Q=VX9NSL7"9G6#++]IUE0V%#]>UD-H
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M_"KM8C",LW(U*JEB$75BW"97:ABHG61[LALGSV0$R
M             =-_(L(IJ=[)O6D<R3.BFH[?.$6C5,[A9-LW*HNN=-(AEW"I
M$R8SG[HYL8QX<X =%.R5U:74KZ,]#*SR)53K0B<FR/+I$13:*K'4C2KY>$(B
MD_0,;.2="E63SGI@Y>H>T   "-_*>>Y UO5V)7C56(^W[#1M%=3>0\BYKC1
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M'$?'-8,[-@5I'K$<E(HY?MGA''>.,%(5?!BG*1+&<(IE;#
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ML'"*[WVYL)4C@YL/D<X:)D;]H[DSI15JDLSIF>MN)?"-
M                 "F/^<X L$X6_0[XI?5OTA\FE9 28
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M2PJ#9I.04829A*+*1LC%UZ^K1]=;N+I"N4HW"*Z;LV3F,H9<IRK]E0H3/
M    !T9-1=*-D%6JB:3E-B[4;JK'22137(W4,BHJJL4Z*:9%,8R8Q\9+C'AS
MC. %:%5M1-@2443=%<C^3KZ.B;DU2F-10L)=*W%_]\4B09-E%&IX&'0DHU%S
ME++AFH[RH?)RY43R7*8"7WY>'!<?F/W\;^BBQ><Y_IZ6;QY 8"]O^N6V&TS,
M<9-H-F]>4Q)M9*1U1 .&]=49';+EDF)"S;HT<LS4CTCE.V3PH3*1<EZ= &Z\
M;0+GM8_)]L_!B?UB8J?:,7[6,X)(&Q]T7PX^W@!Y>H9<DX]VI(DBIF(PILA9
M++6>C5HN0R9&H5$N5#-5E5,]R;KCL&QTP;'AZ -PKK)-D5G"YRIHH)*++*'-
M@I$TDB9.H<QC9P4I2D+G.<YSTQ@!#>&]81PZL"--7AMWUR0)?YNV5RI8;,IY
M4\O-T?#7VSL4R$B3&0Q'&?(8*NKV&SC*Q,(J*=K )/4O38U=W_ ;AH#;8'&]
M_"[7A6]YC:S/O$<R;%%C'M%X]Q<C1Z+UM'JR4Y$0[XN4$"F*BHY/@AE/N3XP
M5&G=F^=UO9J5U= :>?22TH@W7854J"SZ6V13K<VEH,M8G#1S]OC5"Y2-'[P]
MB=22+!OB-.EG'?'236#RN,&O=OH;%JUS;6>H.J0PUV2M755G69UFO[:6,QY+
M*T0B%Q19W=*=A\-42OIEZLL]?+QJ?ER>#&(DF9\^;)M_Y?/\+,@:
M                         %,?\YP!8)PM^AWQ2^K?I#Y-*R DP
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MK<&NI(/BD(]?J+1C511\]*FNZ3*[=G-E17HJICMFS]T;QY,LF
M                       %,?\ .< 6"<+?H=\4OJWZ0^32L@),
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M>3EB/%8FP0<DR8%9NZ_/Q$@CA-=!=FV*5QWR'8*H@?&8FRI0 H
M                       IC_G. +!.%OT.^*7U;](?)I60$F
M                      <3$(?I@Y2FQC)38[1<&Z9*;!RYQUQGPE.7&<?:
MSCJ @0GVOWBS/J;)B8X_;![LN,*=$\>S&BNUCJ;[W]WGIG'9_P!_A 3Y
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M1+-H91A%23GR)!0Q<J/#X4RWMSX3Q,VV9RN*$;
M           %,?\ .< 6"<+?H=\4OJWZ0^32L@),
M            Q2]J3J-*MBU7?QL79$J[,*0,G,JI(1,?+D8+FCGLFLNU>H),
M&KK!3JF.BJ7!"YZE-CP *9I+8.SEM]P]M8;AU>SNJ>L=A1BNR<MF?M)<Q;*V
M\>5)>,C4'L*EA68=Q^56S8F6JYC+Y^]Y/CH8!=)4WSB4JU:DWBQ'#N1@(9\Z
M73+V$UW+N.;.%UDR81;X(1153)L8[M/IC/\ 5+XL!D
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MOL=$&;FRN<Z6$<H&QX.W@_4W9Q!)H
M    %,?\YP!8)PM^AWQ2^K?I#Y-*R DP
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MQ?8 9H   #KJ-&JV<F6;-U39P4N3*(IJ9R4G:[)<Y,7.<X+V\],?8ZY^V [
M    #76HD%6NK=>-ER8(LA3:ZDJ3&2FP4Z<6V*8N#%SDN>F<?8\ #8H
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MO'JSD+,UR6S'1D<NR(@]@YQ!C(1RN',N<^"JMR'.7IGKV>SU"10
M                          *8_P"<X L$X6_0[XI?5OTA\FE9 28
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M0076RJJ@Q3(@4W8QGJ&[    :JV[3Z!8:J\L-XH52O#C7T=.VZKYL];A)]S
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M4%,H%RE@J>2I=KLX[.,%\'@\ @]H
M  4Q_P YP!8)PM^AWQ2^K?I#Y-*R DP
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MWO,8,CED^U&CW7=].IL+9<YSUZXZ=G_: FL
M          "F/^<X L$X6_0[XI?5OTA\FE9 28
M         !ANQ)FSUVA7.?I5;S<;?"UB<E*O4RN$FAK-/L8YPYB8$CIPNV0;
MGEGR9$"G.HF0N3]3&+CKG 5_:CV??I";V;MZ6UP_4VI&:RP>U:QR[1C'!K5$
M)P#3%21S%2VQ6$.]9*,5$5E&B[Y#O>IULESUPG>,$]=66Z;ONNJ;<K)4U:)/
MV2!8RTO3%I=O/KUE^Z2[;B&7FF;5FTDEF)_N#JI)%3,;&>SUQTSF#/@
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M52F/*9YBY_[KP8C958JB6%3%7P=0A<E"Q<
M         %,?\YP!8)PM^AWQ2^K?I#Y-*R DP
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M3,ERHQ455-@G0AL9SU\&?  GV
M"F/^<X L$X6_0[XI?5OTA\FE9 28
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M;*>6UE:D0\J0S=3&.P0C]L?)#9\)TU"YQTZYQ@+&0
M                4Q_SG %@G"WZ'?%+ZM^D/DTK("3
M                #4\_I+7%DF9&P2D%D\O++H.I%XB]>(G=.&[)O'(K&(5;
MNTSE8LT4\]C!<&PD7.<9SCJ Q[S;-2^'/L&\QG/AZXEG^,XSG/7KC.%O!GJ
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M+MSS"Z>'"B9R%.10W94QA0IL8"Q,
M   %,?\ .< 6"<+?H=\4OJWZ0^32L@),
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M5 ?Q<FCVO)7Y6M9CXE[AJ<Y2Y6*S>-3)J9QX"J>#[ "7
M                    *8_YS@"P3A;]#OBE]6_2'R:5D!)@
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MV0'74U%JA4^5%=8Z\44-G.3**4NMG.;.?'G)C1N39SD!\_R.ZB_19KCQ]?\
MP/6?'TZ=?[K\?3 #WJ_1Z54UG;BJU"KUE=^F@D^7KT!$PJSU)L94S9)VI&M&
MQW*;<RY\D*?)L%R<W3IUR RD                                   %
M,?\ .< 6"<+?H=\4OJWZ0^32L@),
M
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M4UJ?MU;,]APE>8MY>ODF$H)TYBWM;M5H:G692+A(JJ2QD5.RJ4Q<&QUS@-\
M
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M ,JE; 2<
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M4<-#*F4=NG3HW:ZJK*J=HY@VX C&O],R+^K'/_*I6P$G
M                                                         %,?
M\YP!8)PM^AWQ2^K?I#Y-*R DP C/PW^B_I7\2VG_ #3L!)@      1GY%?W]
MQB^LQ6?DVVJ DP       ",^G_SZ\M_Q\U9\AM" 28      &I-_?F(W7_I)
ML?\ R=,@/:U+^:K6?^GU,_RY&@-@@        (QK_3,B_JQS_P JE; 2<
M
M          4Q_P YP!8)PM^AWQ2^K?I#Y-*R DP C/PW^B_I7\2VG_-.P$F
M'D2<_ PJ\4UF9N(B7,[($B8-O)R3-@O,RBB9U4XV*2=+)*2,@=),QL(HX.ID
MI<YQCIC(#S&E[I$@X;M&%RJKUT[S*E:MFEAB'+AR:"2;+3A6Z*+PZBV89%ZB
M=W@N,^3E5)E3LX,7J'K0LY"V2,:3==F(N>AGY#J,9>%D&DI&/4TU3HG4:/V*
MR[1R0BR1B9R0YL8,7./'C(#U $9^17]_<8OK,5GY-MJ@),  #%'5\HS%282>
MW.J,U:\Z9,9]-U8HANI!OI) SJ.9S!%7A#1CI^V)E1%-;!#JIXR8N,XQU ?N
M;U2"]SVKC52^4616FM^MAB,=_;T#'(O54>KS[[9$3IFP9B7JZ+DN<9)X &5
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M:.D=TV%35[.9<SB*L/.-#KNF[5_V'9SIA_3<7'9*4OC[.,8_Z,= 'Z C&O\
M3,B_JQS_ ,JE; 2<                   !&;B%C&-%0^,8QC'M^WCX,>#'
MY]-D ),@                       C/R]_,3-?CUI+_JWAKG. $F
M                   $<9SZ76KOMXXX[YZ9^SCKLWCAU\/^WI@!7C_.< 6"
M<+?H=\4OJWZ0^32L@), (S\-_HOZ5_$MI_S3L!)@      1GY%?W]QB^LQ6?
MDVVJ DP       ",^G_SZ\M_Q\U9\AM" 28      &I-_?F(W7_I)L?_ "=,
M@/:U+^:K6?\ I]3/\N1H#8(        ",:_TS(OZL<_\JE; 2<
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M/Q^WC\N>R $F                        1GY>_F)FOQZTE\N&N0$F
M                     $<9SZ76K_JX[X^4WCD KQ_G. +!.%OT.^*7U;](
M?)I60$F $9^&_P!%_2OXEM/^:=@),      ",_(K^_N,7UF*S\FVU0$F
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M'(!\5W"#5(RSE=%NB7)"F574(BD4RARI)E,HH8I,944/@I<=?";.,8\.0'V
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M+)J(9VC ^7&EC6:#A>X.53NNXPAA3M8RIV^ST)U"<0
M (S\0_S%1'X_;Q^7/9 #$N>M-N]]XQ6RMT.&F[.]/>-&3-MJ-;,IB?NNI*MO
M?6MHW;28=-%=NJ]?6_3\/.1Q6A#=M]ASEMC&<JX 4M63@UZT^+V)M[D&KM"%
M?[,C:O,)UN]JW/\ *S-2\A2Z?ZR%Q2YS5FIGVKHUAKF,1F>16O4XFJ-7#I5!
M>.?%,Y7+VL/PQ76'%WUD/(V#:;8GU=OTV,J.ZZQ,:[H>\MS6JC[T?:YU[R;X
MM;,2J4SLA[J.M;!<U1W4:-<NXQ-Q37#V0\G,JT73.W>Y"9/"3B7ZQ*O;[H6V
MN:.P:Y;V%+CN3T7$(Q^T9N\S55B]Y4KAVDVK\%*2-7AWS^$;[,TW<9!MERM@
M\>RD6A4$T"J&9,PC1JK@IZY;5]4@:'4>4:=<K]0XW6;7]?)-[DD=@)NMA82V
M4U?OY>4M&OI.84G+Y9YF'GH.R'0</JDR2(P,5=)HJTD0VG-<'?61%N-BW1J_
M;\OK+8MATWKC5Z4)/\C9#9)W,56:]ZP A4]F6AQJ"":7VW4ZP[LULXBI<S$R
M[16/>]'#LS;+F2#(7/$WUM,/9:O%UOE$^FJ1#[!3?5^7M^W3O9JN1S]UQVG;
M3/;58?DK6-O2I/V<#LB#C*HHXCDXL\VR737*7N%H<-#K\4O6T<=]!,X2D;:D
MTXK4?&*D5%C!:IO4I;U)&KT_0.O*5.:0UMJ8FIW<RTWB^W-"SU@8[41>/GZ4
M5((-DXM<Z9&B(;AX#1WK&+#R"U*;<5EY$UW0A:QO_=&P:[NAO-.I>.?L.0'(
M#6_%?37MXGZ?37UE;VW0>PXBSV!FLR:3#![0H=:30:*RAD5@U[9-&^N3V:VY
M0/=:[+MFO8^T;IY U:DH[-WI+5R96J,?REV"OH^_ZA@H'6:#G4]7I6H8]BS6
M9GEGJ=UB9%N[.;)FI&S@/<LW CUI%IV'IW>4KR31DMC:]W#+6FR5U[LIRVK;
MK2BVG](U^R:@U:XB-?LD]6S^X+K!6[$E84FSMPP1=-3(E*F?L-0V3L?0'K&)
M[@K%Z\XCV#.E=FON47*^[U7-NO4UK:RZTT;:MH\A+)QR@5T6<'9DY2-A23]5
M4>0+[[RTARX;'0=8:Y9J!PMO%3UJBLQ:9F/Y#V&QU>\7BWS]YUNSWUFB2*M/
M+R:V/.ZYI>GKPCJ2<SIDL;H.Q5]*76;-W.9$T,M'',;OB.\!H+EIZJGE)N'B
MIZNC3<1":\N%PXU\'ME<<=H'=7?7K)C$[7NFLN/=1@KO69?;?'S<K1_"P<UK
M.644E(J*@K4V3514CW;4ZJI $^N/W F\Z6D>:6W:I'Z3U?R@W;JZG:KU/LNE
M0+I_7FDC4]'P[ESM*_LI=DXG[+8+1RIL]DF)1247EI.1@8Z(3=.5E4LEP%<>
MRO5,<WN3!H>6Y!;(D9=K 4F=I=)J-BY(V"\62GQ5FW-P=L>PX^P[#9:SJK:[
M-]D06IMH/RF-'I&91\Q#PA^VU2RDT#?+#AYZUFFUVYU'6^YJU53'U'MF!TQ,
M0NU4*S0-7V.PW;?4TP;6/44?I608[!M]E;6^J+,+-Y9'GK66*W1-?+4Z,P%M
M7#2E;WU[QTH=4Y)W)U>MNQ[BW+S<T_F$+)(MH63NE@DZ57).SH,8_-FD:I2W
MD?&KR"I5G#I1KDZSEVKD[M8.SR]_,3-?CUI+Y<-<@),      "DWF[ZO7;NQ
M>25UY3\5X/3E"W(]X[TNCP^TUF<; ;56NL=ORDRFQS0]M;UQQ(UJSW'B]&S5
M.CK.1XF_88?)MRJMD/\ B$0TY:>#WK,MHT&S:OW/NAU?RV6B\<FC>]H;Z+5H
M. -0+9QNLUT@S:HAM(D:RVXF-KU_<)I'8*4JQP\1DV;4S$Q>J34,D7XB>MV;
MO7$C5>82T5,UY*;IFNEK;L%2VU/%/>Q/.B+A[3LJL*:W-B[WN-/<M)+F?..^
M<97KSY;[LY%RR(85YD_K.5+)^5%+8RS1^VJ3NBQU3D>2#^:WBTTP]WEI2^VK
M3GG+IZIC2*6NVL:99'S*T^PY7,4RDVT(19/!,2+8(SW%#URVLMA6&%G+CR5V
ME<=3Z7GK[F[:P@+7*Z,V%:ZEQ]U%(Z;TVRJ;35$7"7N9LW)-E+1=IL$8^1E)
M6+FGSEW%1K%BF9F%D.^^&G)#;.A>%:>Q:OJ_F+<]01%NF.1O'WD5>W=2UEMG
M96T];/8<]K)8H>AWZ%66T;=IIX2OM'D(NBG"N55&RR,BU9J&#NZ-T/ZR/4&_
MXJ?F[=2+7HVMU*%JZ.L(3;]G+K5:EXUWI"DUN@4:GW>B3]MJ]BT]<J_<+$M<
M)2=E):WQSMJQ=_?77_<X;5WI6^5FQK;P;Y,:ZT'7E[AI6R[NE-BZ+NVZFM(?
M-HO9&L;%KF"68W5I1[1$2CILX7;OE6RK) Q$5NSUPJGDN0K^?< _6)*W* 8*
MW![/ZFC^:BO)-.K37*JPK1+-HTY_PO*<[NQ0[_54J^O+&1T<@QJ<- &?,&5;
MLD&[DDLG1E"X(']$-:=SLA7(!_:(5K6[*^A(IW8JZQF,6%C SKEB@M+0K.?Q
M'Q.)QK%OSJ()O/)&WE)$\*=TGVNQ@/;     1QG/I=:O^KCOCY3>.0"O'^<X
M L$X6_0[XI?5OTA\FE9 28 1GX;_ $7]*_B6T_YIV DP K G?6KZAJ<)N2PV
M_0',"L16@MC0^N=K/7^DD'[&J*R=+-L5W;'\M7[?-0J-5@J4YC'KKMN22BIY
MV+:-&3I\]2:Y#>FA>>/'OD6UY S5"G)1E3>-EDG:YL*_VIK&PE+4Q5W-G962
M;B98LN\61AX-W39'#G$FC&O$VZ23OR?+)TT<+AJG1/K4.+/(_8VD=7ZM/LB2
MLV^-:R6V:PE,TKVMGKM-:3>S8"+>7F%FI5G;*^M8WNH)WR8I8YP1IA!N61,Q
M5>LDW 60@(S\BO[^XQ?68K/R;;5 28 1LY7<K-2\-=0O-S[D>2B-:3L5:I\5
M&P2,8M.6.UVV2)&P<#$YG9:OU]LX<'[Q91>0D&+)!N@HHJL3!?"&F)3UE?%B
M#_+X:=G;O!H<:-":RY#[8<S.NK7%)Q]2VZVLCBCUBMIOF"#J\;&DE*V9IF'A
MTWJA9-XVC\',_.=LF&3W7G;J2BU/C+?9*H[FDJ/RESJS-1M]?UI)2]<HJ>Z)
M[7%3UKC:LJBZ(UJS^TVS:T-'-H]OE_)JJ'<KD;&9L'SEN&R..7*?3W*N/VQ,
MZ7F9*Q06G=TV[0UEGG40[C(B6N])B*Q,SCRG/'6,$M%/.WMC8K.7;XRRD.R=
M1L=5#NUE D6 C/I_\^O+?\?-6?(;0@$F $>N1O)_5/%FMTFS[6=6-)IL3:VM
MM,5)G5ZK-VI^_N^T[=$TVN$>EB6JK. @6K^6(L^DY%9HQ;-T\X[PRYT$%0PV
MN<T=17RV\L*#K&/OFT;KPX]KS+:5<I%7P\=3EGLM>F[ RI6M7TK(P\+=;2RS
M .(]ZDDZ2;,I@AV*RY'"+@B(1]TGZU_CCO?;6BM(U>I;GK^Q]_TB[;(JL!?*
MO4JLXAJ/2+ALBBJV6?2<7U=R^BK+8=436(A6#3FBO6:!'OW#-4B^0LY :DW]
M^8C=?^DFQ_\ )TR ]K4OYJM9_P"GU,_RY&@-@@.E)2+*(CG\M(KE:Q\6R=2+
M]R8JARMV3)!1RZ7,1(AU3E202,;."ER;/3P8SD!7K1/6D<5]DJZ2;T\VWY1Y
MR!8\CY?7,;C2VP49=U$<79784+L)U+PZL,65A968D-92A("#61Q8I?LD[$>3
M/>X2#U6?K&M2R'&NZ\F66K.1SJ&UOL"UZRV#K!#4ZBFW:1;*)E1Q=D[7!8G/
M:M 0M0A43OY23=324<P2(=!==-^0S/ 9QI+G+I[?>WW^F:; ;:B)W.I87>-1
ML5[UK.4JH[+UC+GJ[56TT)]-^3R[Z.B96XL6*JCUBP3=.\N"L3.RLWAD F4
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M/V\?ESV0 DP                       ",_+W\Q,U^/6DOEPUR DP
M                    CC.?2ZU?]7'?'RF\<@%>/\YP!8)PM^AWQ2^K?I#Y
M-*R DP C/PW^B_I7\2VG_-.P$F %?.T/5N:4V=58FI&OF]J&SB^4MLYBKO\
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M16P=BZ?@E;/96-MGK+7M9SCW-4AKE)S3,QUI5%N5X<KIP4Q\X7/U"RL
M      $9^(?YBHC\?MX_+GL@!)@        !XT?8J_+2<]"Q4[#2<S57;)A9
MXF/DV3R3KCZ2C&DW',YY@V74=0[N0AGZ#M!-P1,ZK59-4N,D.4V0\J2V!0X:
MQ,*C,7:HQ5LE3Q2<76)*R0S&Q22D]BQ&@TV$*Z>I23P\R6H2V6F$TC9<8BW?
M=]KR9;L CK_1)>R2--B;M492X0_LA[+52.LD,]LD7[$IUY:4]D8)L]5E&7L:
MC;8HSCO4B]R63:9/TPY1[89<          (S\O?S$S7X]:2^7#7("3
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MQG!LYP&P^[YF?VWC'_AFU/PL =WS,_MO&/\ PS:GX6 .[YF?VWC'_AFU/PL
M=WS,_MO&/_#-J?A8 [OF9_;>,?\ AFU/PL =WS,_MO&/_#-J?A8!KRJ:YY@U
M6Y[1N2,]QH=N-H3E;FWC)2#VFB2*/6Z9!TU%LBOB?5\L(Y0@RKY-E-+)#*Y)
MT-C&#9#8?=\S/[;QC_PS:GX6 .[YF?VWC'_AFU/PL =WS,_MO&/_  S:GX6
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MSVSF.?/0I0$FP                   1GXA_F*B/Q^WC\N>R $F
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MXSGTNM7_ %<=\?*;QR 5X_SG %@G"WZ'?%+ZM^D/DTK("3
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M^AWQ2^K?I#Y-*R DP
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MY]+K5_U<=\?*;QR 5X_SG %@G"WZ'?%+ZM^D/DTK("3
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M/K77E:9R.S4"ZF@=H67DPZH5/KJ[6^D?R=,K]:WC I/BKNTW)7E)8*-<X[#
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MG$ _>(Z7_1%SP_AM<^_V<0#]XCI?]$7/#^&US[_9Q /WB.E_T1<\/X;7/O\
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AMJ__ )O_ +8?S"[V_P#4O[)^;?\ OW_[M_O#_P"I ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>43
<FILENAME>pg21img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg21img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!K *R P$1  (1 0,1 ?_$ +@  0 " P # 0$
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M0UI\60#T+>'?JI<;_,AK3XL@'H6\._52XW^9#6GQ9 /0MX=^JEQO\R&M/BR
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M0UI\60#T+>'?JI<;_,AK3XL@'H6\._52XW^9#6GQ9 /0MX=^JEQO\R&M/BR
M>A;P[]5+C?YD-:?%D ]"WAWZJ7&_S(:T^+(!Z%O#OU4N-_F0UI\60#T+>'?J
MI<;_ #(:T^+(!Z%O#OU4N-_F0UI\60#T+>'?JI<;_,AK3XL@'H6\._52XW^9
M#6GQ9 /0MX=^JEQO\R&M/BR >A;P[]5+C?YD-:?%D ]"WAWZJ7&_S(:T^+(#
MD;Z,W&[U?=(__B]>2/V*J+_\I_U7_P#N+_Y<_P#W'_\ 9?\ X8#KEPM^AWQ2
M_!OTA\VE9 68
M
M     <8_VS@#H)PM^AWQ2_!OTA\VE9 68
M
M                          <8_P!LX Z"<+?H=\4OP;](?-I60%F
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MM"C-*LR:,Q'*Q]B5D4#NH].">IN3-I=1\V3,HCAN93*J9<F+UQC.0&?
M  !CH^8B)<CA2*E8V33:/W<4[4CWS9Z1K*,%,I/HUP9LJH5%^R5+DJJ)NBB9
ML=#8QD!D0&/1EHIS(OHAO)QZ\M&(M'$E%HO&RLC'H/\ "N6"[YD10SEHB]PW
M4RB90I2J=@W9SGID!D                                         '
M&/\ ;. .@G"WZ'?%+\&_2'S:5D!9@
M       ?P/<;YOCQJGVD_'E;6S#5'(W:UQ]IEN&-G:/;M8[/X]>V3XY3^R;%
ML!*^V/D+=*-<+-1=^<6=?0KI9RJ2SE:QKVON6N4,(JX721";)SG5M?DOP5Y^
M,=[<ZI>V<AK[P&]J"ZWO[,]+C=6&\3Q*E-2.;;5:05;:%0KD'>M,DK]71;-B
MIW]_.9OZTEW\<= Z1,9#<+1SD]H1PQT-R*UC5-^RVX2T#@9[*?>%)O-FU;J"
M$?<8*[R'O[K3V])RLLZ]1V%?D:'KZC5O$BQ<6]M/YA52>/R:[QL@\[\-[TWS
M@]H#OR;X8Z,KG-TK*G[YYK\[M',N3NL(?C;NF^6[1^D.*T?N"HIS%PC-*L>/
M%GV+3M@-I"*+:*A#%KTFV,D?*:SE!<I@COC-[4[GC6=-:OW_ ,A.3ESV5#;Y
M]C[S Y93U?K?'73LF^TWM?C=MBIZPI5YU13(*,U^YM\@]A;#[XST;9)XT(Z?
M857QF.8$(@@%3=E\W^57(GB1R?K^T><5J4USQ@]H5[)^T1G(:NSO&>\OHS3F
M]7<7+W=Y?]EZ?T_4-&VRH:UV(Q+-H^*12\7'RL4:'?OIEJW6[T+@^F[M77>U
M=VTHO)BL\*N+VUO;#<OZ%NCGY2M3<?V+V#A=?<+=";%T6SL=EG-:2>I'%FY"
MW&0<97ML[%/7TDVCTV#-PB3*)4PZT\F.9F_J%[#K'+S0^WY+;6UE=8:D?&Y/
M2?&F4U?(XI-HVA4:9L;DZIQBLQ)5:%Q4]:2<C:DXU9-:,.FV*]PCF/SA$!P/
MINV,J<E^5EOI._*US=KMQ]LW[!6CQG)&YZUTS:T-FU1U6%:RZLL&E6J RUHA
M:JQEFI&L[95HN/7(Y99>,E$5S&/D)UTQ[8+FI=>2F^?D;W#8N0T+:N(_M,-I
M:DX\;'JV@8Z[4_>G%JSO6VE*$GIC3%8-M#43Y9FR.TQ6;A<[-9K4P)B34;QA
MG+8@"(9;VNG,>M:IY:RFE/:)/^5*VM/9/:"Y1P]\EM)Z,@U]:<K-A\GJ+1-I
MTM5A6-5P,=*M*9#S+F-]Z7S9TO"$=98O3*R3,Z^ GGGQ[0[F7PDWO5-'0'/'
M8^Q-C:"0X>6#:,?M37G$35%3WG$<EM^R;:[/X*H-->2VT]TP-9UZ^]Z%U:EF
MDQE!;1:2\A*2DDXR4X2$UY7^T<V9R;AJY%<YKMKNB;8]L_SM]G%%T^!TCQXD
MVNO=#Z?J%PV!3[=6)BS:OEIJ2VS#$JIV$?)RB[^+3:J)G=1[U5-8[@+\\9^<
M?,BV^P+L_,Y)BEO7F71M-<I58)0M+:MU-@7+1^U-L:YJ]GD=?TUI%LY&36@Z
M2VDWL7%H-BR+E-1)N1+OB%*'!'FCRCWWRCX.\Z-*5OGI/\Z.,<#I7V=>W[/R
M7A]7:4KI*[OG<G*FC4?97#V;-0M=0=0DJ[FN2K2Y>\JK7-CKRC!**E'2[91V
MW7#N5[7#3<C2==>Q0T7JVYGU[(U#VH?$S7E7V+6=>ZU8.*L6"TAO.%4MT)K:
M+J4=IZ)D_%FRBS6/1@4ZZS=*DP6/RU3PUR%"6OM(.6Q*#QXU?O[G@]XN:E)S
M+]I[QQW9[1I_JK2N+.\5X?6LL1QMH-F4M&OI'0= M&VFB[]=X\]X&YIKR=RQ
M882=+JG.&&B_;,<QJ;JO65^Y1[2C-&2FY?8H\R-PZ@0G-8P%/0W#S5U;O&8J
M?'Z_4BN6&MOIM6][,TTWB;2G2DC*Q_B\QWGO?W."]@/63VJ7,NL\KN$;2^\E
M7-IH6SM>>S&/8](:<3X]--KO[#R2U12I+;#O8?'3:NI:WM/=L!LBZ6!R^3MN
MG[CB-H,8WRFYC3.$ET,A.'L_?:.<[-Y>TR:ZCVEM:IX8S&Z.;E#W=P[FY/4I
M)O0^M=(2,@QTC;*%3J9K1MO2FR)U&L8:2F;_ &-U!W9G.Y6A2)J()ID#9O:P
M^U(WOPUV][3+7,9O]EJB6KOL]^/NVN#%6EJE17TM.[EEMF[)K>W+!KMK/5.5
M?['>1<2QC32K-U[YL(AFV,[,@W2(X6R&F[SYQ<^*MR(Y7WZM<I)>)U7Q@]H[
M[,OCO6N/Y=4Z>>4ZZZXY74;0:>X(B[VY[1U]D*9/(;&7?1"T;+,',>Z46[2B
MZ9VR;0*F4_9EN+SUX)V"S;Y-QLU>P]N;[9[4DIBDT?3^OM>6ZQQ#Q2,UA$W=
M M 3B+5LK=WCSBGJ2LGES-O\2JKADNE+FR]R'0_VOG._<''WF\RT@PY\9X+:
M=4]FIN;D?"V,NOM,VU2X\C]?[/\ >G7-++([6HMOR1.XM2Y:J1;;*;F:(W][
MV&4G[M); <]''-[=.LMC<R>2>Q['<.,_(3D5Q5]@!5[]9JA5]7Q^=4;&WO7]
MSN[\UL,WR%46U'H2IY6\=8O+/:F<RA4/&"9/'/G1")@)IXM<]/:!\LHSV;&D
M"<PI?7\[O?E'[4W06W]Z4.@Z%OERLE$XL4=:XZ>F6;V;U"SUL:UX8%0*G-L:
MQ$,Y-LX*\/'=I0A,!WC]CGR,V]RR]FEQ2W]ON;:V;<%YIUF;WNRLX..K2=CE
MZ;L>Z4,E@5@8ANSB(M]-,*NBZ<I-$46V'"I^Z333R4F Z8@
M                        #C'^V< =!.%OT.^*7X-^D/FTK("S
M                               QY(F*3DE9A.,CR2Z[<C1>5(S;%DEF
MJ><93;*OL)X=*-R9QC."9-DN.G@P \8AXC"T@XQ%QV'$N1-*57PQ;86DTT4\
MHI)R"N$NV](DB;)"X4R;!2YZ8\ #W>][#JKGQ)IU6:E9+9\61ZJLB8/@C17/
M8_C&I,*&QA//4F,&SX/#D!ZFT1%,D6+9G&1[1O&$,G&MVS)L@C'D.3*9R,4D
MDB)M"'3-DN<)X+C.,]/< ?HD7&)E3*G',2%2;K-$BD:-RE2:N#8,NV3P5/&"
M-US8QDY,="FSCPXR ^3%<KQ6*D86"AL1JK1!@K'XBV.&*C%MDV6S)1IA#N#M
M&^39[">2Y(3KGIC #W.(2&=M',>ZB(MRP>*%6=LG#!HLT=*D[KL*N6RB1D5U
M"=P3H8Q<YQV"_P & 'WF22.D9 Z:9T3IY2,B8A3)&2,7L&3,GG&2&3,3/3.,
MXZ9QX 'P(0D,V220;1,8W0;^)]PB@P:I)(^]Y>PP[I--(I$_$2>!'IC'=8\!
M>@#7+7KJF76KVZG3T&W/!WJ&L<%9BQ2SJORCUC;8A:"GU6\_ +QD]%RKZ+7R
MGX\T<H/4LX*=-4AR$-@*<<5/9M<=N(]TMVR:;*;HV?L6W:_J^H3WKD1N:\;Q
MLM=T[2YF4L57U14G]XD7Y8*CQ5@F7+[*!"&<.7:G>N%ECE+G 7L<P\0]<8=O
M(J.=NBM%&&'+EBV7<88JJIKJL\+*I&4PT462(<R?7L9,7&<XZXP ]I8Z/*8A
MRL&13INE'I#E:H8,1XL0R:SLAL$ZE=*D-G!E,?7FQG.,Y >YNW;M$BH-4$6R
M!,GR1%ND1%(N5#F4/DJ:92D+DZALFSTQX<YSGW0'Q(PL,V:KLF\3&-V3ERH]
M<M$6#5)JX>*JE75=KMR)%25<JKEP<RAL9.8^,9SGJ ^U9NW<91RN@BOENL5P
MAE9(BF4%R8,4BZ.3E-E-8I3YQ@Q>AL8SGP@/C<0T.\9K1[N)C73!RMERX8N&
M+5=FX<96*XRNLV42,BJME<N#]LQ<F[>,&Z]?" ]CJ,C7IVJKV/8NU6)E3LE'
M31!P=F== [9<S4ZJ9S-S+-E#)GR3IDQ#9+GP9S@!ZC0L.9XQD#1,89_%H*-8
MQ\9@UR\CFJI,)JMF+G*7?-$%2%P4Q$S%*;&.F< /<G&QR+YS*(L&24D]200>
M2*;5 CYV@V[7BR+EV5/#A=)OVL]@IC9P3KGIT ?EU%1;Y9-R]C6#QPB@Y:HN
M'3-NX62:O,$*\;)JJIG.1!T5,N%"8S@I\%QVL9Z8 ?HT;''[W)V#(V5UD'"^
M3-4#=\X;8)ALNKU3SWBS?"9>P;/4Q.SCIG'3 #UJP\0OA(J\7'+%1D,2J)56
M+93"4I@QCXDDL'2SA.0P<^<]]CHIUSG/7P@(%E>*VFISD_$\O9:!>/\ =$+H
MJ4XZ,)!U*.5ZX764OL*%V@Z9*U=7MQ*LP2X5]JND^R3QA(A.P7.,9 3T[B(F
M03>(OXN.>I2"22+])VR;.4WR*!LF02>$62.5RDB;/4I3X-@N?< >Q.-CDE"K
M),&2:Q%EG!%4VJ!%".'"947"Y3E3P8JRZ),$.;&>T8N,8SG., />W;MVB)&[
M5!%L@GUPF@W2(BBG@QLG-@B292D+U,;.<],>[D![@
M                  !QC_;. .@G"WZ'?%+\&_2'S:5D!9@
M                                                      &$L=DK
M]0A7]CM,S'5^ BDBKR<S+NT6$9'H'530*N]>N#$0;(]\L4O;.;!<9-CKD!C6
ME^H[ZRNZ8RN%9=6Y@=RF]JZ$Y&JV!JHS9Q<B[3<1!'.7Z2C6/FV:ZF,IXR1%
MVB?/0JA,Y#;0                                         !QC_;.
M.@G"WZ'?%+\&_2'S:5D!9@
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M>@W=DEW\T[PSA+1=*X5?#N17<K$7>LH!LHX3(8J'?]HR::>#Y* N$
M                              XQ_MG '03A;]#OBE^#?I#YM*R LP
M                             #G[Q^G^1^[H*5N:N]H*%CXRUO8/,"UU
M+ /V[I+WA@IU)1&54F&SMNB@>P81*0Q%E,D;X,93)CYZ!8E>E;\ZXRUWA %Q
MUQVBNM4QRW7'3PXQE"Q-LXZY\/\ H ?HM0W_ (QC!MRU0V>GA-\EJ)>N?X<%
MQ9\XQU_Z0'[+4M^8-USN"IFQ_P"Z;6">,?\ M+9RY_[0&5CZ]NINNH=_LFH2
M"!NUE-'Y/5VID\YP;!2Y40M.,G(7)L9^IG/9QX?#D![5XS>)5%<LKEK$Z1LD
MRD61U_9E5$^A<8/@QV6PV13X,;'7'UO7'7W0O-XXAGY?-F.Y ]?K;?IWI_\
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M4N\^RK1;#N,T%"DD,JF,^EW= UWXO'(8;)KX,X4Z]<?^'IX>H#H?CP^'^$
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M2E,DZ:8*N3&.R4Q<9 =.BXZ8QC.>N<8QC.<_5Z8]WZON@/(
M                          *6<3H26A+1R6<2L8YC&SW==U<LUW2)&Z+M
M&1O]_L;9=!3'0BQ5HBQLULFZYSC*_9-T4P<I1JZ8
M                #C'^V< =!.%OT.^*7X-^D/FTK("S
M               A"[\A]7Z\OU:UO9I9\A9+.SE7S<K**>R3&*1BHU:6+FP.
M62:V8;WU8M'!F1E28(X,V5+@V#$S@!"7!C#"$UI+TTSUNM-Q]CD)==!&*EXX
MZD(IW57A95=629H-W;F4Q4U5%,-U%R-\]$>\/V,*',_/U/J+N T
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MO;C[R+R<S9,F3=S;]"7K6<5N>CR/71D$7D:1..5*E_LA?%^[SD+&@
M                                T?9%[8ZTIDW=I.(GYUA!($<NXVL,
MV\A-*HG632,HU:.7K!-4J'>=M3^,QDJ9<FZ9Z .;53.I;+Q1482JW9?7USLM
M^7RI+-U'^MJN>>M-W0CVSJ'55R6M62/9$[UJ9%X@W=8,5OW2AC)E*9OSOZ=
MM-:;K^DJNM5J].6ZP-W<D[F7TC<9HDL_<RD@IE>0=I-V;.+A(G#YR8RJB+!F
MU;Y5,8V$\9R+;;VTEL0                                  !QC_;.
M.@G"WZ'?%+\&_2'S:5D!9@                              4HY>:Q/.
MH:WO5,6)7-A4S84'.H2D/JR:OLW:8>-3D73NH.'579G?Q""CA0KUHL_5)%^^
M39##CJ4V<9)9J)>*4'>#P6B;/"V:Y-JJRCW459*(A$N%*B[)(Q6,I3R\LE*L
M&23MB=)(ATUVC[W<&0[DQC'R5TQ
M      !K%RCH^4K,NVE'-C:1Z;11Z[6J4M/0MBPBPQXX<D7(5ATSG4W"N$.S
MV&RA5%<9R3'7M=,A4[6#:G4<SVN8CE;9(YGXZSTA!Z_8*O$H-Y-RDTC)2$Q*
MS;GQ.:@5["^5<%>JE=G(4F/XQ17&!JSC8DOGJZ39RW>((NFBZ+IJX3(LW<-U
M"+(+I'Q@Q%454\F343.7/7!L9SC.!E7N
M       !QC_;. .@G"WZ'?%+\&_2'S:5D!9@
M      47W+OS8M;W70Z?K]_"OHUTZLD?8**>DW*9N4PC'0!G[^RE2)$QA8RK
M4]UEJNI*,G4@D_1<'9-VJ[Y1MC!+OB3>,D$:$J\FG N(T^O%I#"E2\3B9*.S
M(9,V;XDIAN6508/6,<NY+W*3$Z"A6F4<I)K93)@N+?X^)\S%FQ&@
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M62(YZN9#+5KAPI]<5%,O@$5;,
M    $6;8V2]UC"1\RSHMMO97<D=H];5./7D%H9BC'/I%S,2*;9!TYPS(5EA$
MF$TE#J.%DR=,8SDQ0BG4-3KLW<]N2$[78B6=0VT&<O7W<I&-'RT._-4XQL=_
M$+NT53L7ADS&(=1')39QGIG/U %J"E*7&"EQ@I<>Y@N,8QC_ *,8\& 'D
M                                '&/]LX Z"<+?H=\4OP;](?-I60%F
M                              !'&R=H5'5\8Q?VV14CD9E]F(B\H(Y<
M.',D=HY=E0;(8SC*RY6K157!,=3&PGG!<&-TQD*V<8-L4QOXMJ,SI?%S>KN)
MU%F5#HVS'>3T8ZPXRX64(HH98C-7.<$(?!#EZ'R7J7J%V@
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M5J*[9+N$&E?2GG2-/QXQ7HMFN[5K:1",73\V5C'PNIVU$S_ZABXSDH"X0
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MZ-(R:Z93-4UH%X_-*&(\;(]T4JA#$R7&,=G!5RP
M               '&/\ ;. .@G"WZ'?%+\&_2'S:5D!9@
M             !ZEE2H(JKGPH8B*2BIRHI*KJF*F7)S8201(HLLIG&/K2$*8
MQL^#&,Y 45V/R^D(G8=&IVO:;&[)A[Y#2I&T='3;N$V$:<15;-#1[^%L<5%1
M5%0C#*K9<+3KALD8S=9+M).4B-UR6Y-RW]-LX6SNPI/5ZK#8E'?4V0CI)QF-
M)EFZ1BEHWOEXU)JV?2BK>4F'Z!HK+A9UABV8+(O$3-%'"><J8U<\)OJX8RH
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MA??Q2&D*_,OGDB<B5B60KB$@T=)]WXR^JV2.'N29*FV>%RFF9<A^TF$J@
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M6+@\V CUXLZ?O6R3)TJ^DCIR?>Y6?NT4%7F5"J8[?7)@6;G/:V0*
M                          #C'^V< =!.%OT.^*7X-^D/FTK("S
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MTLTC-.XKL(9EY.785.CLEY5^GDIW1$8MJDBYR=,F#%+@YHTG<
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M-LE551<)INE3GRFX50PJDBU(;*&(VG@
M      '&/]LX Z"<+?H=\4OP;](?-I60%F
M    !4;F'%7J0HD&ZHDILI@^B9TS^1:ZY0(IB7BTF#G+R+M:Q[36R,:X[1[1
M%5SI2::)LX/EJ?IC. C+1NJG=IGM/[DKZE/:Q]21O$#/.Y")N&+D_076=,21
MT-TL;&G$CE'9LF4<.HAP[*5/JV<8(J8!T&
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MEO%VJJZ:B+A1LTKE::-C.$UD&RQ%\-T"X-@R9#8SCIDN,^ !<H
M                          !QC_;. .@G"WZ'?%+\&_2'S:5D!9@
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MTX]^2R/O&622QETVQS1,&8J95CY,93JEDILYSG/AST 6\
M                      <8_P!LX Z"<+?H=\4OP;](?-I60%F
M                    'C/7IGITZ],].ON=?J=?] "H>T+M:)UBFVBU)J#C
MD)M"ORD@Q4RFV7?I3169W;6#:(K7>8BBD/W+]MXFLW4;+9-V<9)A8N\GSQ],
M7ZWKI'6@N,=GHRFS:_)3]M1U_>KNPV0A($M4O"V1I=&<]#V=\6NP.$G*%7I$
MT^06259$5:K9)EPFY3=>,%=%Q,C7/J[U/K+:F5F%JS.1F99K!L4F"$E8I):8
MG'B:639*O*2CCHN_>&[7URI_KC?5\(*V0
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M;.>N7,VY<9+];T3SB+AF^4\=,Y_U<H?5Z9ZY 6@
M                <8_VS@#H)PM^AWQ2_!OTA\VE9 68
M             >ATW*[:N&IE5T2N4%4#+-5U&SI+"R9D\J-W"62JH+DP;J0Y
M<X,4V,9P K;(0.P8^P6E5M"IUVJLX1-/-TC++[[66QDPX<J/'_O,X9X<-I>.
MC$R'44.KU<J9,FGC."IGS9]9,9_C&5J.W++;:U%3%1I+RW-\6^RU63?'EX^&
MQB-K"\W&K6(AI!-J5=RI,PY6BC,B?7"RO:*IE+&%#1I8/'7.,9SCIG.,=<?P
M9_@_Z@'D                           'C/N9_P"C("A-DJ^I;-*RU9AF
M=(1LM O%TN5YF[% P_CL9;9M2;>5/$[(345W<W!.I.X-\G+U52.B4B)52Y3-
MC%L_UTEWQH>NM(U=I<D(^W4C4F+C:9/Q_8<2DQKRW21A)NLSK,M<K!W+]&,1
M*T9+/ETD&^2$;RN,Y/VN\,'U)+GSS";9SVOC'T;5+Y')HJGZ]=MT391-F/K]
M<712.3P91SELT.1,Y,?^'P9P)^E9/&OJ$7_5I%0Q[F/!6H;'N>Y[C+Z@"$;O
MBM5\UP9MZCV3L&2,K'EA:36G4NDFW+'F7-5VQFW;DRJ9.IV^V@KCME.7M?ZI
M<V3?9$MSRU(M'=1,HUC8EQ"NU7*< R?'EI2*9,%)#J1L151=JS32;-GAEUL]
MZFF1,A5"F[)"XZ8$)OJ0\P4/G&,9C6?3&<9Q_$D\&2YZXSUQCKUQG *UVS0M
M<3@IE,[",364AY/N2&31*J<Z;%8V,HEST/DZ?NX[/A+GPXZ -8THW1:TQLW;
MHIMT$FM4*FBD0J::>,ZZI1S8*0N,%+U.;.<_5SG.<Y\.1;=$O"
M                          #C'^V< =!.%OT.^*7X-^D/FTK("S
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MKX^\22FE9Y.;C9.)C3,3E9(-NJN,N5%WR1D<%R1!\BJE_%9[6"F3R;&<=KH
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M4G1DB+*MED\J(K9-CH3)CES+;>UDDZB2!%
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MUNP)EW&R,BUB'&'+LZ31CEHDS1PW;F<9:E-F//W?>=CO#$SX39 3<
M                              XQ_MG '03A;]#OBE^#?I#YM*R LP
M                           \9Q@V,E-C!BFQG!BYQC.,XSCIG&<9\&<9
MP K]>M31+!K?+]#V2UPEKQ6Y5:$D$IM4\74L-(DW;)!01\$B4$G.6^<JG635
M6QA0Y2*$3[)"ZGUG'B6;^VFZ.U[.2U'U=8)W:.P)U_3V;F,;G?2*;<D^A'.F
M,>F\M!6*+7-C?.,0JBQEW65<J'?+&SC.,(X2RJV@
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MLYQCLG=IQ.%<EQX"Y/T\/0!.X
M #C'^V< =!.%OT.^*7X-^D/FTK("S
MIAS!C+U(P;)6J(;1<1T96K>\F4*/(P\;6W9G)(J(0;W0SVUQ,D\9MF<FZ>E;
MMXR3*JFS5P;*!N[RH&N(.ME)S7%4]$MMIB:&=E$-[S5(35TA9H2P(.DI))52
M=O**B$92&[4S8RBBBI5SF.F0O1,RQ3*6YX+Y"
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MM(CY- ^3IHR"6Q+(F_0P;IV>V@[*<AL$,<F#%S@ISXZ&R%K0
M                        '&/]LX Z"<+?H=\4OP;](?-I60%F
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M&/\ ;. .@G"WZ'?%+\&_2'S:5D!9@
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MK("S
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MV[=$F/<(DBD4B:9<=?<QC& 'T
M  .,?[9P!T$X6_0[XI?@WZ0^;2L@+,
M
M                       .,?[9P!T$X6_0[XI?@WZ0^;2L@+,
M
M                                            .,?[9P!T$X6_0[XI
M?@WZ0^;2L@+,
M
M     .,?[9P!T$X6_0[XI?@WZ0^;2L@+,
M
M                          .,?[9P!>+BM;ZG1N$G%BPW6T5VGP#?CKH=
MNO.6F;C:_#H.'FNJNV9H+2<LY:,DUG;A0J:93'P90YL%+C.<] $E>DWQM]83
M1_G8H7P^ >DWQM]831_G8H7P^ >DWQM]831_G8H7P^ >DWQM]831_G8H7P^
M>DWQM]831_G8H7P^ >DWQM]831_G8H7P^ \8Y.\:\YSC'(71V<EZ=K&-LT+J
M7M8ZEZX]_P#KCKCW 'GTF^-OK":/\[%"^'P#TF^-OK":/\[%"^'P#TF^-OK"
M:/\ .Q0OA\ ])OC;ZPFC_.Q0OA\ ])OC;ZPFC_.Q0OA\!XSR<XV8QG.>0FCL
M8QC.<YSMBA8QC&,=<YSGW_\ !C& #')SC9G&,XY":.SC.,9QG&V*%G&<9QUQ
MG&??_P .,X >?2;XV^L)H_SL4+X? /2;XV^L)H_SL4+X? /2;XV^L)H_SL4+
MX? /2;XV^L)H_P [%"^'P#TF^-OK":/\[%"^'P'C/)WC7C.,9Y"Z.QDW7LXS
MMFA=3=G'7/3'O_USTQX<@//I-\;?6$T?YV*%\/@'I-\;?6$T?YV*%\/@'I-\
M;?6$T?YV*%\/@'I-\;?6$T?YV*%\/@'I-\;?6$T?YV*%\/@'I-\;?6$T?YV*
M%\/@'I-\;?6$T?YV*%\/@'I-\;?6$T?YV*%\/@)9@;! VJ'C[#6)N(L<!+-\
M.HN<@9)G,0\DU,8Q2N8^3CUG#)XW,8F<8.F<Q<YQGP@,N
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M2IIID+CIC&,8QC "S@
M                                XQ_MG $T47Z'WLSOY9P]^:\@#IH
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M/\0][?/QLH!9<
M                           <8_VS@":*+]#[V9W\LX>_->0!TT
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MI$<4?]Y[H^;)P LV          *T<1?L&QG^(>]OGXV4 LN
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M<Q<_-MI9T5RZ.DU+A!,H=V@ !6CB+]@V,_Q#WM\_&R@%EP
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M?V^WC\^>R %F                        5GY>_8)FO[=:2^?#7("S
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MR _>,XSC&<9QG&<8SC.,]<9QGPXSC./!G&< *T\1?L&QG^(>]OGXV4 LN
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MZM)LK<YOL?R%B.,LO/J1<SB+39:]C=F2^$RRZZJ2;Y!NXPR(Y<H*-L!TB
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MI.SV&:F)#ND"NY*8GIARX5R1-)(F5.PDFFD4A"AHW+W[!,U_;K27SX:Y 68
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MA(J#2F++*NIVQRJ<2P08$DK!./C'>S,V^*WPJ[=K9RJX7.90^<F-D!FP
M%<9SZ76K_P ''?'SF\<@'/']LX DF.G\5?@_[."?S#6"PXC7'#=3,-5HP\S/
MON^URU:]B.C"*(F='2[_ +P^,&QV4B&-]3H MOZ3:?V@N3GFB=?"X!Z3:?V@
MN3GFB=?"X!Z3:?V@N3GFB=?"X!Z3:?V@N3GFB=?"X!Z3:?V@N3GFB=?"X!Z3
M:?V@N3GFB=?"X"N>L^1:;?D#R?>?(?R-7P\7TKT;-]5.E7C7N]>K8SAXA[Z8
MRADWNX\.>N %C/2;3^T%R<\T3KX7 /2;3^T%R<\T3KX7 /2;3^T%R<\T3KX7
M /2;3^T%R<\T3KX7 /2;3^T%R<\T3KX7 1GNGDDF[TWMQM\A/)1MW^K]@)^,
M.]3ND&R7:J4OCMKK>^IL)IX^KGIX 'V:EY)IM=5:Q;?(1R5<=SKND)]\VU,Z
M5;J]FLQ>.VBI[ZE[9,_4ST 2!Z3:?V@N3GFB=?"X!Z3:?V@N3GFB=?"X!Z3:
M?V@N3GFB=?"X!Z3:?V@N3GFB=?"X!Z3:?V@N3GFB=?"X"NFSN1:;G?G%YY\A
MW(U#Q*1W*;Q9QJITD[==O6JY>RS0]],Y7,7KUSTSCIC "Q?I-I_:"Y.>:)U\
M+@'I-I_:"Y.>:)U\+@'I-I_:"Y.>:)U\+@'I-I_:"Y.>:)U\+@'I-I_:"Y.>
M:)U\+@'I-I_:"Y.>:)U\+@'I-I_:"Y.>:)U\+@/..32><XQ\@?)O'7.,=<ZB
M=8QCKGIUSGWV\&, /AX627OQQVK$OAA)Q>)2Y[JD,1DTTS'S$?XYN_8SCQ*4
M8F.IEG(->\["R63&RFH7)>N>@"U(                    "L_$/[!41_;[
M>/SY[( 68                       !6?E[]@F:_MUI+Y\-<@+,
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M\59/&<+9-A/N<=GIVC=0J!^V< =!.%OT.^*7X-^D/FTK("S
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MSZ76K_P<=\?.;QR <\?VS@#H)PM^AWQ2_!OTA\VE9 68
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MQJQG#LV18YK&H59D1HW8$:Z?9$9I(X+V2-R,^/U)2*7'@*G5XXN/ W)T"TP
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M#:(*L6>EQ$U,Q+22>,:G=)*JS%LKR.7::J?O38)6C0[ATCDN2*JQJ!LXZIX
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M=.UGIV?2P[/3KX.G;^NZ=/X?" _/[R;^I]_*N /WDW]3[^5< ?O)OZGW\JX
M_>3?U/OY5P!^\F_J??RK@#]Y-_4^_E7 '[R;^I]_*N /WDW]3[^5< ?O)OZG
MW\JX _>3?U/OY5P!^\F_J??RK@#]Y-_4^_E7 '[R;^I]_*N /WDW]3[^5< ?
MO)OZGW\JX _>3?U/OY5P!^\F_J??RK@#]Y-_4^_E7 /&J/\ G3^E+7O2'_Y;
MGOWZ/VU/(;Y-/2,]ZO>WY2-)>5GE)[\_[9X_XQ[U^(^+_P 5W?C'>?7=V AK
9_P#[=^]3_P#Q:O\ _;_V0/BC_P#U@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>44
<FILENAME>pg22img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg22img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!N *R P$1  (1 0,1 ?_$ *@  0 " P # 0$
M       ("04&!P$"! ,* 0$! 0$                  0(#$   !@(! 00%
M!0P( P0)!0$  @,$!08!!P@1$I<8"2$3%-98,16W.'A!42+5%E9V%S>8&=EQ
M(Y0UME=WUV$RM(&1)#;PH4)28C-D)3G2@U4FI@H1 0$!  (" @(" P$
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MG]DM!_\ +?YO_P#E_P#N3_Z7_P"1_P#" MUX6_4[XI?9OTA]&E9 28
M
M                                               4Q_SG %@G"WZG
M?%+[-^D/HTK("3
M
M       "F/\ G. +!.%OU.^*7V;](?1I60$F
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M_.< 6"<+?J=\4OLWZ0^C2L@),
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MU[H#,+1.,6L:7<=@4R<I+^UZ4L<S^LR/6JQF498Y)U)-6S)4G_@UE$E%%PL
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MLFZT9G.2,'%LHZ.82<M#UILX<X0012.NH<Y2%P;& %FH
M                      IC_G. +!.%OU.^*7V;](?1I60$F
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MC.2FQG&<X-C&?Z0'DQ"&R0QB%,9/.3$,8N,Y)DQ<D-DF<XZESDALXST^YGH
M]<I)9.17*:>5$BF*FIDA<G3*?IVRD/G':(4_9QUQCY>@#SA-/!S*X3)A0Y2E
M.I@I<'.4G:[!3'QCM&*3M9Z8S\G7(#SDA#&*<Q"&.3!BE/DN,F*4_3MX*;..
MN,'[..O3Y>@#STQ]['IZ9_[OD_[@'J9-,_9[:9#]@^%"=HI3=E3'7HH7KC/9
M/CKZ,X](#A+OC3I]]R8BN7;JNNE=[0ND)?CO'VC,Y-8CTM4SEZB-D24">L8?
M8KBSM6W039P5\=MEXF4GJRJ83,8N0[L=--0IB*$(H0^.AR'*4Q38^\8IL9P;
M'](#V[.,9ZXQCKG/7.>F.N<],8Z_T],= 'GIT]&/1@
M                     %,?\YP!8)PM^IWQ2^S?I#Z-*R DP
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MORL;.0LD@5S'2\0^;248_;'SG!7#)^S56:ND#9QG&#D,8N<X^4!DP
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M;"VZ5:MS>G\+)"IR"F,XQ]W./^ ":0
M         *8_YS@"P3A;]3OBE]F_2'T:5D!)@
M     !6%+:QSK7E#HC.65!B%[7(;)M;N,UK434V%-+2DQJQ.?D)!!63DW,M*
MRKIJD=1THJ3UN<>E(G3TA*KC=4<4Z+NT>UU;-:GB5[25W'PDTO3%UY@ZD:UP
M]LY/R'>R$4A\ZK8Q@R:BOKT\I=DQ"=,8 23
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MJ+D;&J5J1-:8=1KY15\Q4?*D,?"2YLKE+G&%/P^U@!U<
M                      4Q_P YP!8)PM^IWQ2^S?I#Z-*R DP
M                    @UOE<B/+'BL4ZI4_:(G8:*9#%Q_6J_E%K)3!$S_+
ME3U:9C=G_P!TN<_< 3E
M0_MNL:I%;^UY+P<.DUDILMGL%E?K+.WZDHK^4%84RFMAZZ732(9=T8R9$RE3
M3*3LE+@N"XPP2_*4I<="XP7&/DQC'3&/N8Z8Q][ #R
M                    *8_YS@"P3A;]3OBE]F_2'T:5D!)@
M               '+MNV)Q T]XBQEU*[)S/_ -LC;$M7K%.0T2N?HLN>:<5L
MR#BOMW3%-5%*06<-D6S@Y#^LR;!2'=\"OBA>(R6MN@DJ_;(#9F*VY.WG;==Y
M6&E9^"I#U-TM)V>Q5,[*O64Q[M!'01KTBB[^<U"HIG=D616<JC=SUF7MGFW?
M"U@8:                                        1QV"_RSWWIUOE(Q
MB2D%;615,&[)$U4I.M/\=<=,X.<Z30_3'HSTQG/R8R D<
M                        "F/^<X L$X6_4[XI?9OTA]&E9 28
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MN2/S8HMF5T1$V3>JR<R7;.9,V0LRXTW40
M          %,?\YP!8)PM^IWQ2^S?I#Z-*R DP
M     #QG^CKZ<9_[?^T!41/T&>CD7=6B;9L*F'DMAF<5C8,G2[BSF67Y3S4-
M(L4FM9C)9M8I4B;SUK!Z[8O$#N6Q\G/[+A/H LAT4X>N=.:U6DI&9EY$U0AB
MOI2P,W\=,R#Q)J1)R\?L)59Q)LE7"Q,FPDX4463+G!3F,;&39#JX
M                               (#[2)6(7>\Y9*W+RCRR5JK02U]U0I
ME*(@9VN74T_'/KBQD+(\0K#Y(L>T/F<:LDR/5L,4#G<I9QV5K.TO3(<7GE-+
M;YKUT^TQ>I:N-?8(>%N36P4B4A6JJ3Z87J3Y*-A%;S)P+Z0;H2,R9)Q@R*C;
M)#)^N6*:^UUGU]9OVYU.@9;
M%,?\YP!8)PM^IWQ2^S?I#Z-*R DP                           #G.UK
M=.TRCSTQ4:ZI<;@W8]NOU1J]A6CV47RZ:MG+Q,L[,P#)TR@6KHSYVEAVBHJW
M0.FD;UIT\9LY$%9;:.[K([U-=GFGF4W<(J15I*#"HVXZ]&4V2^DSGDE+2V>N
M6,Q$U6-@(G!FLDDE**Q\DJY*HBY0;X,X694BRU/M^K)ZW!"J]@OK,$-DY,'Z
M8[>"&,4AC$P;Y,Y+C.<?<P(KW
M    !2ORDV/G>UM0C:AIJ1MUAJZE[H:=6FF+$TW)/TJ'=)5-ZDR=PLNF=U6)
M1I\X-V!DGB;H[5,Y>ACDS@+#])Z7H[)2 W=)0$<^W!9:57F<O<#MTDW;5KB"
MCF2\5%-44T&L,U.BS227332(JIALB1<RAFZ9BA)D
M                  4Q_P YP!8)PM^IWQ2^S?I#Z-*R DP
M              "$','8-?:MHC7L?1'.QMCLVJ6T&[.+;1R,_0:77WZJ,SL>
MLR]AD*[ _E%%':*$;LLRS1=VF57&,+="MG%ERZS[SVOKGI_TX=IOD!3G-ST;
M&TR@PVR+7-1DEK:=N#%6,IM]IT8C8\3+9M8J++1-7LT3"1%;PXD<)2,:1T4J
M>2X<*K.L*/%NW6I,F+4!
M!!/8FJ6EAW9KAS:+M(6.GM9*QFM4F\M#6MRL78T*5.L(*FM%M=QM6?1'MT?8
M<O3*.GA%%$&ID\Y4PMC UG&^4WG$S*N\@'L%'GJZJ2T"@F9A&JM\+^SG0CE#
M,>K91P7!W3?!T,]E;&3D6Q^&4QL&P;.5;
M            *8_YS@"P3A;]3OBE]F_2'T:5D!)@
M       &JW&D5+8,%(5JYP+"PP<HR>1SZ/D$S&3692*!FK]OA5,Z;A%-XU.9
M)7U9RY.F;)<]2YSC(1@8ZHHNE;5IBETAC+M8Y2XRK]-=_,+SLB_>OXBZR+S,
M]+S;QQ.2#=JB?L-"X.H5N4A"8P5,N0$R0
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M:$)6H:+K\,U4=*M8F&8MHV-;'>NEGSLS=DS31;(>T/'*BAL$+C&3GSG[H#,
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MB/:4L.,%-AUAF8GOOM]9./GPM\QGKCJ#;R
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M9R+CYB&=)/8F2:(O(YVA@V$'+-<F#H+HX,4F?5*)YQDN>F.N,@,D
M                              *8_P"<X L$X6_4[XI?9OTA]&E9 28
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M,P81IW!GL_(R;WJHUC4<&+A3!3'P93.,J'.8UMM[)).FYB*
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M$9KE(HV242(4A9TE:"@                                    "F/\
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ML2956R1GDY<^JQVS]"=/PL_* S
M     IC_ )S@"P3A;]3OBE]F_2'T:5D!)@
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M)FNR39=JU>T]->/59.E/9NR611PB5)EE,Z1HS+;?PFJ#0
M                      IC_G. +!.%OU.^*7V;](?1I60$F
M                 5Y<L[I.0FP:OK^LV6?>R6S8M!N^UJ<M7DF=D;E?XB8Y
M"H(SZC8L!*O%%7!7SAPX08Y;E]?^&JW[. ^;C]Q<TG+2!+LV6UM=F]#N,O&1
MDWKN<G9)*VV>LV\]H:VW:BSF7=,9#8E:L+G.4D"86Q'*X4,DY,W<E:-@L6
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MGR"KR8RQJ]7F%EB196:J")DTR83R[;]AVX)EW?"P %
M                   %,?\ .< 6"<+?J=\4OLWZ0^C2L@),
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MZ;.7L"N[DM)_.K)0[5PZ04.W<93*KE-14A#YP7!S?+D)]
M                         IC_ )S@"P3A;]3OBE]F_2'T:5D!)@
M                     'J<Y$RF.H8I"%QU,<^<%*7&/ER8V>F,8Q]_("(3
MVUU4O(].Q'LM>)!,*:P3>SAYB.)$-#%8W(QDW,F9SABB<F%"YS@Q\&Q@WW@$
MNT5D7**3ANJDN@NF19%=%0JJ*R2A<'3524)DQ%$U"9QG!L9SC.,]< /T
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M"I.,MY5_IUR=N@>"A8)DNBF:/)GKZG)RFR;!C9]&,7.-$V!
M                          %,?\YP!8)PM^IWQ2^S?I#Z-*R DP
M                     #\'+ILS04=/'"#1LB7MK.'*J:""1>N,=I194Q4T
MR]<].N<XP CL^V50FVP*G-GM,2>)L\H^J\!*-GN';"3L)FS>*S%(G9X<)F=H
MR3=1NID_8]0L0Q#Y+GK@+P.J5O9U"MT_-U6N6:/D['6RN5)Z$2]H1DHI)K8)
MJK'7>-'*""R3=6=KKU!%3IV%_9\G3R=/)3F#?
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M',)2<.VRHJ=S)*Q[9L54[AZX6<&)C&$RK+',4N.UD8:;$
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MS]\\E9$K/$>F;HZE))=U(/%%,DZG464.<^<=<YSG "2(
M                       *8_YS@"P3A;]3OBE]F_2'T:5D!)@
M                  $<MQ0-MCG;:>USKE&]V&QO8F,E'A[<RK4G5",)!DNQ
ML3!_.-7S9O#L$2*G>-VW514Z:64VRQU%38LN74]NGM56T!KZ6V--1]+GB6F8
M(E+V=*+2F) EDFF!#IF-7XC!G2"2*Z3A-7&4<=<Y7[.>F"8QB]S4EMN5WB(D
M%9-D1VLR<1YE#*XPV=IK(N"D(J<B:BB3A%NLGE9,N#]DQ,9+UZ9ZC+3)@
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M:Q2R2^&3)-HDHNC&TTN$\]@I?6>HQ@W9^X7!L]/N@.[@
M                       IC_G. +!.%OU.^*7V;](?1I60$F
M                  8N;6(WB))<\@G%%39KFS)*G(FDQS@F>RZ5.?&2%31-
MT,;.?1TP"5$Q&=1?7:V5]TL\F[E)1CAY&QL3\WHOL.*>E"PS]18LTLS1)$NG
MTNW,4N#8741/V^P7)>I=2W.B6WOM*RNN_:X2).J5J@\^:HT[UBU<).$V#E5F
MD95K@Z3AT7)$5,&*7/K#X-@O7!C?*,JS8
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MS5XQE<14FP?,L.SL<*85DSY1;.DS96(=3&"@+!,9ZXQG[^.OH_\ 3 #R
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M5@W;X]2NT;X91Z),D,0W;*94Y>F,8QG(2H
M             !3'_.< 6"<+?J=\4OLWZ0^C2L@),
M         BEN*7?U&PQ+V396RV2,W:8Y+7*$)7CR\5&D(RRXFZY+,X&/5EDD
MW24>LXR^7PL4O4F,*I^KPF;7K=_7PS>.7Q47=:%1A;Z^V9>BV/$<YC+>T/B#
M9P"L)"VR7- $JF'[J2:1$J\@+&U61PAC"#Q!N=(A\.#F366GM,N++LU)2FV^
M OM8A;C5WQ9* L#(K^+>DQDN'#8QSI]KLY])3%43,7.,_)G&1%;,
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MVBTUVFOTH* 1:(M9%C*3#K+M=*&8VQRWQV,9,NH18A2JFQG/:SOVGI-RN?\
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MKLYRY.H?.%<&Z8ZYR DXD1)-,A$2)D2QC\ J12E3P7/I_!*7&"XQGK]P!^@
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MF6TS:4F2#0L?V.C%S#)M7A,')@R9G1DS&,<IA%3Q
M                   !3'_.< 6"<+?J=\4OLWZ0^C2L@),
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MC"!4,MTDTRM.R4QTR%R9,F3YQC/R@)J@
M           IC_G. +!.%OU.^*7V;](?1I60$F
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MWXM,:]#RDQ3VZ,W ;;:RAR4Z2<5U9VW]5;WS1VT<+1YLHJ^LQD^,?A%(;J7
M=RA'/,]N@_/98[CI*N,>IS%H0*VP81$V/PO:,/W$BYG3X-G'3L93)G&.F>N
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MD/HTK("3
M         "O:E:!Y:ZQ824%0-OZYCJZ]DOG1".EH1S,*,G9F;-B\4;.G5;.Y
M3;/RL"*^S'.J5L<QBD4,7ID!O"5"YO92-EQO;695^R?L%;T9KE'M>CU>,G5K
MW;QC/IZY[.>GWL@,I^3'-,N.R78VGU/07\-6*D,'ZX+C!L]E.HE)^$;T_P#
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MVTYMJB%=4=YC6<A)*/WTR@T;//7+-62;U_ZM'!G#A0Y$^V<V,F[!0DL
M                                  "F/^<X L$X6_4[XI?9OTA]&E9
M28
M        'C!<8^3'R?T_?Z_]_4!Y
M             4Q_SG %@G"WZG?%+[-^D/HTK("3
M
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M9>6%>-AFXI4! %<,GL?)_P!8FY*MDJB13$,7&38R$L0
M                                                       %,?\
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M)Q,@FBO@J[==,BJ*I3$-CK@!T4!&-?ZYD7]F.?\ I4K8"3@
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MN0$0U28Q4)!P[-&/BHJ-9H%(BU8L&3<B229<8*4A<8P S@",:_US(O[,<_\
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MZ-[K*5^)0#PB\5OAOT;W64K\2@'A%XK?#?HWNLI7XE /"+Q6^&_1O=92OQ*
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MK7]H16*F#P#M"-O/"9BC&+F;D.M&2C@ZZ*2^4R-PMPW]^PC=?^DFQ_\ !TR
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M(D9)N8V0OI+GM%*;'R&QC/I_XXZ@/(",:_US(O[,<_\ 2I6P$G
M          1GXA_L*B/T^WC].>R $F          !I\-KR@5RRV6Z5ZCT^!N
M-TRSS<;9#5F%B[+;,QQ#)Q^;+.L62$I.Y8IFR5'VI57U1<YP7I@!N
M     (S\O?V$S7Z=:2^G#7("3    /15)-9-1%9,BR*Q#I*I*D*HFJFH7)#I
MJ$/C)3D.7.<9QG&<9QD!B*[6Z[3X**J]2@86KUF"9(QL)7:[%L82"AHYL7L-
MV$5$1B#:/CF3<GH(DBF1,F/1C& &)@=>T"K3]HM=8H]/KEIN[AL\NEE@:S"Q
M$_;W;(JA&;JT3$>R;R,^X:$6/A([M14R>#YP7..N0&X -/2U[0$;LYV4C1Z>
MEL9Y#IUUW?TJS"IW9U7TE$UDH)S:B,L3J\.FJD4Q6IE\H8,7&<%ZXP W !I\
M[KV@VF?J]KLU'I]BM-(<.7E+LL[6867GZ@[>D(F\=5>9D&3B1@'#M-(I53M%
M$C*8+C!LYQC #<     'XN6S=XW79O$$731TBJV=-7*1%V[ENN0R2Z"Z"I3)
M+(K)&R4Y#8R4Q<YQG'0!CX& @JK"Q5:K$+$URNP3!K%0<! QS.'A8:+8HE;L
MHV*BH]%NQCF#- A2)(HID33)C&"XQC'0!A<:\H!;L;99:-3R['/#8KA[_BLP
MN+L>OX5*MB"-:L,OGTT-A8N#^RY7]1VL8SV>H#<  !'&<^MUJ_[..^/I-XY
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MCJ%,5MI:*\E5TL1J;"1(Y:HL>J"1")F.4P2V  $8U_KF1?V8Y_Z5*V DX
M                ",_$/]A41^GV\?ISV0 DP
M",_+W]A,U^G6DOIPUR DP                         CC.?6ZU?\ 9QWQ
M])O'(!7C_.< 6"<+?J=\4OLWZ0^C2L@), (S\-_JOZ5_0MI_U3L!)@
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M?2;QR 5X_P YP!8)PM^IWQ2^S?I#Z-*R DP C/PW^J_I7]"VG_5.P$F
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M_2I6P$G                    1GXA_L*B/T^WC].>R $F
M           1GY>_L)FOTZTE].&N0$F            .F/EZ>G_TR
M      CC.?6ZU?\ 9QWQ])O'(!7C_.< 6"<+?J=\4OLWZ0^C2L@), (S\-_J
MOZ5_0MI_U3L!)@      1GY%?W]QB^TQ6?HVVH DP       ",^G_P!NO+?]
M/-6?0=0@$F      !R3?W["-U_Z2;'_P=,@,UJ7]E6L_]/J9_AR- 9.Q4&EV
MV5I<Y9:Q#3<QKJS.;E19&19).'=5M3RM6"G.I^%5.7M,I1Q5K5),#*E_"RV>
MJD^0V0'I4M?4BB)V9&FU:%K:5SML_?+6G$LDFI+!<K4JFO8[+*E)CH[EII9$
MIG"INIE,EQU ;?DA#8[)B%,7&2YQC)<9QC),X,3/3..G4AL8SC[V< &"$P;)
M\$+@YBE*8^"X[62DR;)"Y-TZY*3)\YQC[G7/WP'GIC[V 'C!"%,8Q2EP8^<&
M.;!<8,?."X)C)LXQU-G!<8QZ?N8 ,$*7)C8*7!C=.T;&,8R;LXZ%[6<8ZY[.
M/D^\ C*O]<R+^S'/_2I6P$G                    1GXA_L*B/T^WC].>R
M $F                        1GY>_L)FOTZTE].&N0$F
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ME)C>+EB28R4Y=(W3\6RD-MR7),J#J0D(*S$BUDG;1BFP3,@Z21#^A\
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M+C)C9P4N/ER;.,8QU]'ISGT?* \$.10N#IF*<F>O0Q#8,7/3/3/0V,YQGIG
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@DU3_ /F#_*+]HE0_\O\ _P#.?WQ_='_U/_R?_B ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>45
<FILENAME>pg23img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg23img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!H@*R P$1  (1 0,1 ?_$ *T  0 " P # 0$
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M&:P^*X!YFG$#T4^-OD,UA\5P#S-.('HI\;?(9K#XK@'F:<0/13XV^0S6'Q7
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M>BGQM\AFL/BN >9IQ ]%/C;Y#-8?%<!4)YL/&KT>=&?_ %@?@S^R6@_^6_\
M#_\ Y?\ ^B?_  O_ ('_ -T!;KPM^IWQ2^S?I#YM*R DP
M
M                                      IC_C. +!.%OU.^*7V;](?-
MI60$F
M                                                          %,
M?\9P!8)PM^IWQ2^S?I#YM*R DP
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M=.UNKR$6_M<"SD6-FN295JA77C)P_3<M9VU)&P:-:'*5P^+G&42'P W<
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M1@XQE'1S"3EH>M-G#G"#=%(ZZASE(7!L8 6:@
M              "F/^,X L$X6_4[XI?9OTA\VE9 28
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MV '2TU"*ID52.51-0A5$U"&P8AR'Q@Q#D-CK@Q3%SUQG'@S@!Y@
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M7)N[223*5-,G7.<],8QCP@(<:XJT''\[MFNX.%90:%>U(ZK^4&3-)NB\]O\
MY$)[+M+*>,%2(15B<AR%QC!U>T<WZ6<YR$^P
M         !3'_&< 6"<+?J=\4OLWZ0^;2L@),
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MM-BVKN)V!8M8PT(_H]:;,VS)S8;=*66NH'*SPF3)$C=39QGL& 6C
M                          "F/^,X L$X6_4[XI?9OTA\VE9 28
M                            $,.%$N20IVR8W],[BK[=N-<=K=,]R9VW
M71D73=,_7/:6CW$H9NN7/0Z:R1B9Q^C@!,\
M  '+YK2VK;$XM[F=I<3+'OV8W-T2?^-.6=FS#),48G,NP4<&8N\QJ<8AA#M)
M_P"Z[O\ 1Z=3=0WF!@8:KPT97J]&M8B$AV:+",C62>$FK-H@7LIHI$\.>F,>
M'.<YR8QLYSG.<YSD!EP        &/E8J/G(Q_#RS1)]&2;1=B_9KXSE)RU<I
MF2614[.2FP4Y#9QUQG&<?DSU 0WXTU6F5;:?("M4V);QD#"2=7:I1F%3.DF<
M@VE[V==1+QI9RYP<^5"F[U0V3F-U\/Z/@";
M          IC_C. +!.%OU.^*7V;](?-I60$F
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M7;UE%K0< [911U6K5BT(A%).>X12101213)@I2%+C& $T
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MJ&)RP+/K&DU-(NY _9;XP9- N2&,8DWRM6!0
M              :'LO8M?U33I&[V<K]2(C7,0R41C$6[B0</)R78P<8U9H.7
M3))9PZDI%),I.\QDV3="]<],9"OO0L[2[M+-FLIJ:7V#4[SMJW6^NST_7D))
MEJ:0F8^;54-/8<-WK:OOIO*2R&2E7(;M.4T_T^U@!9T@@@V120;))H((IE31
M22(5--),N,8*1,A<8*0N,8]C #W
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M7D)+L94=8C5)-2..MAIAR\\73.4AG"INUD9:=[
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MXZ"C(J-AZZQRGG#)DFF;#5+/=X.8N,="SAT8%
M         4Q_QG %@G"WZG?%+[-^D/FTK("3
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M-+"YG(PZBICO5?TD2JIEQE8^"A:*
M  *8_P",X L$X6_4[XI?9OTA\VE9 28
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MBRR;6-L;U"4[N4F(^&3.P06K2J#M1->1*?)3J(X[!<_I8!.60V.39\E',F=
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M,>B[+WK8KE:*=O6)CK-C$4Z$4SDN#]DV"GP8N,MMM
M              4Q_P 9P!8)PM^IWQ2^S?I#YM*R DP
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M SMK%HMV)7"+)--,YR$+WN2=O..T;(BMX
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MI'*HFHF?&#$.FH3)B'(8N>N,XSG&< KV
M     *8_XS@"P3A;]3OBE]F_2'S:5D!)@
M    '/-BZYBMC1T<TDG#A!>#D<S41VO^/A#RJ;-RU:YL58=']I;5%H'<=[XL
M[)GLJ$*HBHBL4JI0J!V9Q=V#Q9IT]OMK<ZA.VVK9LT'48YE#6*#2KU:EF)%X
M7-<=UV:@&L9(LG[-SW,6JP=PD<F\SEDDBYPJZ7"RN+UAMJ4N.N;Z]W[8V%:A
MH" Q8]8Q=7B$X6Y/FC&Q)F>S4Q).Y28:+O"SK0SDK,R!%EXU,^<=D_8*$E@
M                              :A9*#3K=X[\(X!E*'DH5Q7'ZRO?(N'
M< Z,HHYAUW+95!<\:NHL8QD>UV,GZ&Z=<8S@/"AZ\H^KZ^2J:\JT+3JVF^D9
M,D- LDF##$C+.U'\F^RBEC&#.G[Q8RBI\]3'/G.<@(P[JM%]6Y :2U\SFJ"W
MU]*6VH3$C%*(6%39*TS#-K]9LK,U$$5JXE7%B55LF;O\D6Q_O^F>N4@$T
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MH::J&&JJ=,JY%&I?8;*%@V)3H8\.? B;&2^SGV &Y@
M               "F/\ C. +!.%OU.^*7V;](?-I60$F
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MI-VR2*>3Y+@I<FR4F.O3&,=0&1
M%,?\9P!8)PM^IWQ2^S?I#YM*R DP
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M,?\ &< 6"<+?J=\4OLWZ0^;2L@),
MXKMU9\])'0T6U?)2+1->T)2>#QS&/<LXO!F\E H3"SC$DQEWK=U@Q<-DNITL
M9P90I<FZ;].V?9I]&C*1<'3Z.BI-]WZ,=&N;"4L)G+AR]<)&,Y8+VN<2E9%=
M$J"B6%V/?X-@A\]KJ10Q,3VEF_C4EEX\I%QD:SAV+>-CTSI,VI3$024<.'1B
M%,H=3)<KNE5USXP<^>G:-GLX\&.F,8P,MR8^\
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M.^C/L1NKRL&GCBBF]M1E<%[_ "W[ABG:FZ[YWVBXSE7Q9LB8W=__ *G3I^4
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MLE@EN69JAB5J7D*"\?M2O9Z @#RDJ11_6X!')%<JN2++Y50RFGGIE/)K^UF
M  @QO;>,Z[V%'ZYX_0$;L;=VO%I*<F*O.,G#&$B(UY6NF9(T_(/8&,<+D1DD
MVV46;M5R5P[33.0A#'.4-+;WO:MKY9ZL2O%?=:^J:<187-'8.F^47]OQDM@8
MR)I^/4?/E862:-VR*Z*62IYPB<V<F.4Y0%C8
M           *8_XS@"P3A;]3OBE]F_2'S:5D!)@
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MWVU69C:K,_G7S14S.:<,7M=8N3E95^'25DW:'B[-))(Q<=3%R?M',5/D
M                               %,?\ &< 6"<+?J=\4OLWZ0^;2L@),
M
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M5X3*!T,9P4AL9(F8YC%Q@YLF =F
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M
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MG8(Z;G[ERG@JI<%P?LX#KX",:_US(O[,<_\ .I6P$G
M  0DU<YY.[=JBU]:;QU_4F,G<MEQ<;7$]%*3?M5$U/9-MJ$0W5EW.U&2TBZS
M&0*)EULHI846,<Q2$+G!"AT/Y/N4?I)T/[NQ/I= /D^Y1^DG0_N[$^ET ^3[
ME'Z2=#^[L3Z70#Y/N4?I)T/[NQ/I= /D^Y1^DG0_N[$^ET ^3[E'Z2=#^[L3
MZ70#Y/N4?I)T/[NQ/I= /D^Y1^DG0_N[$^ET ^3[E'Z2=#^[L3Z70#Y/N4?I
M)T/[NQ/I= /D^Y1^DG0_N[$^ET ^3[E'Z2=#^[L3Z70#Y/N4?I)T/[NQ/I=
M/D^Y1^DG0_N[$^ET ^3[E'Z2=#^[L3Z70#Y/N4?I)T/[NQ/I= /D^Y1^DG0_
MN[$^ET ^3[E'Z2=#^[L3Z70'*]TFY7ZLUZ_NC#D#KF6=-+!0H4C)[Q[41;&3
MN&P*O3G2YSM]O%6[QFTGE%D\8SC&54RX-U+UQD.JYU]RCZYZ<DZ'C'7P8SQV
M)G/3\G7/RN8ZY ?GR?<H_23H?W=B?2Z ?)]RC]).A_=V)]+H!\GW*/TDZ']W
M8GTN@'R?<H_23H?W=B?2Z ?)]RC]).A_=V)]+H!\GW*/TDZ']W8GTN@'R?<H
M_23H?W=B?2Z ?)]RC]).A_=V)]+H!\GW*/TDZ']W8GTN@'R?<H_23H?W=B?2
MZ ?)]RC]).A_=V)]+H!\GW*/TDZ']W8GTN@'R?<H_23H?W=B?2Z ?)]RC]).
MA_=V)]+H!\GW*/TDZ']W8GTN@'R?<H_23H?W=B?2Z ?)]RC]).A_=V)]+H!\
MGW*/TDZ']W8GTN@,?39C==6WS ZUV)L6I;#KMJU%L"\M58?6:M#E(>:I-RU?
M (I^-$O%H;R$?(L;\ME1,R*9R*-T\E/TR8N0@7_&< 6"<+?J=\4OLWZ0^;2L
M@), (S\-_JOZ5_4MI_S3L!))=N@Y3RDY11<)9SC.4UTR*IYSCV,Y(H4Q<YQ_
MV /S+5MD_>9;H9/A+"&#Y13R?"..UT1[79Z]UCMYZ%]CPY_. &;-C'(H9N@9
M1/"A2',DGDY"K&*=;!#9+VBX5.7&3=/Y6<8SD!HFS]4Z\W-19S6NSJK'6VD6
M0C(LQ OLNFR+@\9),9F,=(NXYPRD6#^,EHQLZ;.6ZR2[=P@FHF<IB%S@/OUW
MKNC:EI%8UMK6K0]*HE-BF\)6*M -",HF'C&W:R1NV0)UR8RBAS**JGR95=8Y
ME%#&4.8V0XUR*_Z]QB^TQ6?FVVJ DL8A#XZ'*4^,=<XP8N#8QUQDN?!G&?9*
M;./^S(#TF:-3J)+';-SJH&.=!4R*9E$3JI=RJ=(^2Y,F91'] V<9QG)?!GP
M/S+-H;O.TU;&[Y'#=7J@EGO6Y2G(5!3J7]-'!%#8P7/4O0V<=/#D![.X1[!$
M^Y2[M,G83)W9.P0F"X+V"%Z=DI.SCITQX.@#U'9,E"N"J-&IRNSD4=%.W2,5
MRHF5,B9W&#$SA8Y"I%QC)NN<8+CI[& 'TX*4O7LEQCM9[1NF,8[1NF,=K/3V
M<],8\/\ L 1HT_\ MUY;_KYJSYC:$ DP \,IIYSG.2$SG.2FSG)2YSDQ/Y!L
MYZ=<Y)^3/Y 'J3:-42E(BV;I$)C&"D313(4N"Y+DN"E*7&,8+DA<XZ>QTQ^8
M!Y&;-SJY7.@B9;*.6^5C)$,KEN8V#F0RIDN3Y1R?'7)>O9Z^'H ]P#DF_OV$
M;K_TDV/_ ).F0&:U+^RK6?\ I]3/\N1H#H(#TG;-U%4UU$$3KH]<)+'2(95+
MKUZ]VH8N3DZ]<^QG #S[M/L93[!.[-VL&)V<=@V#YSD^,EZ=,]O)L]?S]0'@
M1LW2(FFF@BFFD1-)),B1"$231QG"*:9"EP4A$L9S@N,=,%_( ]9V3)3"V#M&
MI\.$"-7&#MTC87:IX4P1LMC),]Z@3"I^A#=2X[6?!X<@/IQC&,8QC&,8QCIC
M&/!C&,>QC&/R8P _0$8U_KF1?V8Y_P"=2M@).                    C/Q
M#_85$?K]O'Y\]D ), *$JAZ]*OV.J<B+8IQ7V-)HZ1T?NS>\+!4"VL[-8KA6
M-&;@7T_:V<PA;:IK:%K*Z3S!)IP\C']EC(V#(NJ[<I.2M6KP+--N\WM :&QK
M!':T_.P;_:%7S=VC6#IEPNR%1HS62I<!,7_84A4H*5:T;7T'9]B0L<YFI3+5
MD1S()_I=@BYD@K<U1Z]#75]O,;$WG0=[T9K9:+F++,;5VB^L<9&1-60L?*6-
M@)!*+::T<H2,E)UKB39Y=VV\?21:%3RU0</7""Y2!.&+]9AQ,?;$TOJ.5LU^
MH^SM\%1-1Z)LC3VTM>V9N63GIRLU52UQ=MJD4XJC6^SM:?-X%P\PFWEC-\F0
M4,0Q#&#5J=ZT7CK+[6O^F+NE<]:WFJ\B)CCK4R35-N4E6]I6&.VCJ73R4C2;
ME'UG%5D3I7C=]:0E&*;M5Q"(2:;AYDB!55$@YL7UQ?&=2\L8IJE-RFMI.$E9
MMCL6'C+<^EU\HU'4$]68%#6.:4WM\K:[[8-Q,(:(CHW#]PX=E+VL$,L5,H8V
MG>N;XVR,!8[+L*M[)UZTAY*Q1D?7&E V5?MCO5:K:^8,;.*S.OZMKY28JR<=
M2^&-GL#DCC)UF*!%&SLB"Z*?C(2WU+SUXS[QV=.:GUI;++/V"&J=ZO#>9/KC
M8,71;36=83]+J>Q9"CWN4K3.KW,]+ME^C8N00CG+A=%\=1+L9RDIV0X; ^N
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M).                    C/Q#_85$?K]O'Y\]D ),
M      C/R]_83-?KUI+Y\-<@),                         (XSGUNM7_
M &<=\?.;QR 5X_QG %@G"WZG?%+[-^D/FTK("3 ",_#?ZK^E?U+:?\T[ 28
M     $9^17_7N,7VF*S\VVU0$F        1GT_\ MUY;_KYJSYC:$ DP
M  .2;^_81NO_ $DV/_DZ9 9K4O[*M9_Z?4S_ "Y&@.@@    -&NVK]:;*S7\
M[&UY1K_FI32%DJN;M4H"U9K-B:]/%9ZOYG8]_P"TTTVZ8[MTV[M<G3P&P WD
M  1C7^N9%_9CG_G4K8"3@                   (S\0_P!A41^OV\?GSV0
MRG*/=KSC[IR2V)$5YO:K&ZNFI-:5" ?/U(J,D+MNS;=(TU3?;F32;NE6$$SL
MU\:N'RI$S'*T24[&,G[. %6$UZ[G747LV6P\UI:JYQ^A*DRNS?8LZUBI.VWN
ML,(WGF^M5AJ-.JMLEG,)#YSPH=%BTY_$;,K'=G*ZCFI#(K ,[/\ KE85*ZPU
M5JO'K8CN5)LZEZ=O=%M4_JJ!M5,M5CY!:%TQ/6#X7PFSK7JZ9K-98[T9NR$;
MRF3O'1.[,LU1(JL0.J\:/6LZXY=;PHNLM-T2RHU^9C^1.+5+6]S622J$KJ"K
M\7+Y27E+<4^T6ZFVBJ;&I/)9J\3>XDR=R=M@G9[.<GR'"=<>OHX^S=.KLQM#
M2V\]=6A]I4FX[1"PT/6]A5VIFF8BY6FBT5Q<8.QMVJEAOE3IQW3)XX;LH=LN
M[0;/W;)<QTTPZ39_6]5?6FU[I4]LZ VM4:+5]94FS/+!&R6I;?-T_8\O&\RY
MNPZOOK6J;5FH):36C^'LFG$.ZZ\G&)G;DJ<DO'XR4V RR/KE>/\ WOB$IJ;?
M];FH653;[.B)N$UF9UI^M2UDTE4:C>KB:'VG+-[#7[9/<AZJF@TJQ[#.-4W3
M@[M@W\6S@X<]HWKO=**ZCHM]V?J_9L/*S]"HIIEQ2FU0G*8MOZXZ-H6_L<?J
MJXF[K!7!6;Q1=C1JZ-@EHJ,I^#*F26F$EDSDP$C-'^M)TAO/<%1T+$:^W'4]
MK7*P[(A(ZL6R)H:I48W3EJWIKW;%S4FJCL&UP3RF4#96AGE>?/6;ESUDYZ#*
MD11*0PJD')]E>NIXV:K^5G%GUMNQ(VLY[;5>A"E3T\BKMQ[H?<DOI#;WR:M7
MFWVSY9>H6N)RX(RET8F3E8Q3QF/:NBHN<(!I=H]=OJ.,VOI&L0NG]KKZNVSN
MEQQ];;*G&-.BD;%LZ:UIJ;8E+CZ*SQ?%<Q\ @AN"+1GYBW8K$2P.8R39P[<%
MRD [+L7UJFKM \7E.16]*=84G$)OC?O'ZTTS6KVL3,L6Q<<KOMFL[!M%79W:
MQT=Y:*TWK^HWLUW+'#J12:KD*9#.$UE4PQ,EZX+2*%KG:'%:<W[+6X]TLVO]
M7,O:S549'[HL5+W!L72=Q6I\M,;9CF%>A:Q:M82;A=>T*5\[J/*F9FFY<*%;
MY"._('UN&\-=\>^$NZ-9:!KESE^37"79?,RZU8S;9UH)5HW6E T==WM/BW%!
MK\L]B(R2SMQ1NK8Y5#VOBRM"*+IGPIV<!+#2_.79=DL_,"Y;=K&G8?B[QCU3
M4MJ%V9JRT7Z[6I4EKUD;?3BGS4-)4N&B)6<J.C)&$FGR\.X<MW"E@9HML'-W
MV$@A?OOUV6QH.>;5GCYQ%L]AGH6B24_LF&VS;]9P<C3[)9;IQ#J.H(Q-Q3-H
MV"LS,38(GF/6I^0782;U9NW5(P.FV<X>JL D)7O7&Z?CM>WBY[(H>P?$M/4V
MW6?<=NI<;3252KS,5:-R0]0H$57K-LIGL>U6Z\1NEY%9NI$1DG#M#G3R^?M$
M\JF0"Q?C5R!JW*#3M;W-3Z]=*G$S\A;(5>L[!A$X"V0<Y2+=.4BQQTDS;/9.
M.<I(SU><>+.V;ITS>M<IKHJG34QD!K_+W]A,U^O6DOGPUR DP      *@N4_
MK#MK\2>4,Y3]@4;7$YQOA=2TG::,E3E;=);[G76QMNU+CE3*##U^24A]>DGI
MC<]U8FR]=R3:/;0N3G5,54O4!@;AZXVBR.I+CLG1VCML7,]48Z6SV;TC2->M
MG=SVI.Z$6?:A+6YF^H;+SL6"H._(R1PZ+"9JBCKJCF8P7&5,AE7WKK>,D)EP
M\M.M.056K<#$RZ^P+5)UC7KZ+US9X:*Y5R;F@6!G7-GSD],V917AI=FQ%X)I
M+0V%D61C/BHO"*E#X,^N"J&-P(ZQ4T7LQM,8C$::XUHN]URKMP_(N?VAJ"ET
M75;.18[#=Z*4AK+4]P,)TTX>XD8-$L9;K*$>E.UP'Y%^O#XH398:9BJ-O1SK
MZ4:/5G^RCU[7S2N5=S5-;:WV_MAM98=WLM&],F>G-;;3CI6<E4HA>$500>9C
MGK_Q;J<.F[>]8%:'-"XES/'6FT*+F^83+9%NU_9.5UKD-6:TK^O-8T.0V0I,
M6*1I[.X2*DSL6K(-WL$S3,GE.'5=23G.,1ZK-4-PT5ZRC4&Z=J5?3:,'+,IZ
MR,)2*9;(KD]3[OH6R[1IFJ=4[@V50=>7R+G6MNM$36*?N*'=,+,\K437Y]%3
M.6+@ZG81.'<-M\C\ZVWSQ,U*VC8.2@>2$YN2)D[4ZF?%LUM/5^JI;8C1>,(F
M11E)'E7<9XJKA11/"2>3'+U-CH KU<^N)25EV-,9<<+K&78_+6/T+-*3%MUR
MYI=;U@]YZGX.1NV968C[@G8'4C;['"S+B/AHN+DUF+F.SB0.@P5:OW077(K(
MN44G#=5)PW<))K(+HJ$51615)@Z2J2I,F(HDH0V,E-C.<9QGK@![0    $<9
MSZW6K_LX[X^<WCD KQ_C. +!.%OU.^*7V;](?-I60$F $9^&_P!5_2OZEM/^
M:=@),      ",_(K_KW&+[3%9^;;:H"3        (SZ?_;KRW_7S5GS&T(!)
M@      <DW]^PC=?^DFQ_P#)TR S6I?V5:S_ -/J9_ER- =!         1C7
M^N9%_9CG_G4K8"3@                   (S\0_V%1'Z_;Q^?/9 #JFUM64
MO=5!GM:;!C592JV'VJ5=H-7SN+?M)& FHZRUV:B91@J@^BYJO6.':/V3E$Y5
M&[MLFH7/4N '-Y+B)QAD$;]EOH74]?E]G&L3FZVZHT*KU&\S$S:8>Y0,S:37
M:NQ<;:&]P<1FQ)XA)9-T602S,O3$5*9RMDX<QT=ZNSA]H35Z^I*SI:G6NL/Y
M=Y.S+C:$#!;"F9N2=S]7LY3/WD_%KMTF+">H\([:LVJ+=DV=Q#1PFD5PB54!
MW?7W';C_ *E=MW^K-&Z?UJ_:9E\M7U"UK3*@\;9GVT$SG?%W5?A8]='VZ9U>
M,1=]DV/&$HUJ13M%;HX(&"8<3N+<6Z.^C>-VAX]XI6;92E'3+4=!;.%*=?'T
MO)W>J'51@"'-6[?(V!^O)L<Y\6?*OG!EB'RLIV@^Z/XP\:XJ :52,X]Z085A
MA&QL,RKK/5-$;PC6(AFUR91$8A%I0)623"+9[%L*3=+!,)HISTB4F,8>N<*A
M]<AQPX]2LS7;%)Z(TY(6"H6<]UJDX]UE2W,O6KBI$P,">UP4DM"G>1-C/"52
M*:9>H'(YRVC&B?;[#9#! T"^\*.+&P:Q;ZR_TAKJMGNNHUM$2=IH-2K]$O3+
M4BC%&.0H,'<JS&Q\]#U1@S;))H1J*V&!$DBI91,ECL9#4>._ 'C=Q@LM6M^K
M:_849ZE:QN&IZJZL-HDIU"!K>RMIN]U;4=Q4<N9.-CYS9^RED)&9<(HIE4Q'
MLVZ!$&S<B(#-US@9P\KK/8C0_'34-I-MG9=HVWL:0OE JEXE[C=[5>[-L=>0
MGY:S1$D_E6L':;A(*1#==11&)1<&1:E23ZER'5C<=N/QXPL*?1>G3PQ?;7LQ
M)M94HT;CV]A8:MS?1B:$RUQ[<UZN1[!W^C_Q#)@W04[22*92AK"/$OCBMK:#
MU)9]/4+9%#KUHMEYCX7:U9AMFI_#>]S=HL=SN+@]U9365K+9YFZRRSQWG&%5
M<2"Y.N$U,D 9R=XS\<;1%/(.RZ TK8(61\8]L(F:U;1Y..?>-W/.QW?CC)[!
MK-W/C>PC9G5>V4W>3.<O3=7.<J /BNW%3B_LN"HE6V-QPT-?JSJV-]IM95VZ
M:AU]:(+74/XK&,<Q%%B)NO/H^I1>64(R1RW8)MT<I-$2=GLI)X*'5HRF4^%)
M9$H>J5J*2N,@>6MR<;!1;$EJE5(.*K)Y.QD:M4BSD@>MP3*/RLY[U3+%F@AU
M[I),A0YE7>,/&NH0C&M53CWI&MUZ,(_3C8*"U518J(8)RMFK5UDTV4<Q@D&C
M5.0N-+AI98I"%PK)1#)R;JLU0.F!SQAXV/9="P/./FD74XVJMJHS>8<:JHJT
MFA2KT]FY*ZU%)ZI!&<IUFWR-EDEY-C@V&S]:1='7(<SA;)PZ32:-2]:U:&HV
MNZC6:'2ZXV,S@*C3H*,K5:A&AUUG2C:*@X9JSC8]%5TX45,5)(N#**&/GJ8V
M<Y#B'+W]A,U^O6DOGPUR DP      .<W73^I=DEF";$U?KR]EL-8S29[X8TR
MN64TS3<RR$_\$Y0TS&O#/ZWB>:I/L,5<F;8>)$6P3O2E-@-23XO\:DIA"PI<
M>]()SS6HUO7[::+JFBEE&]$ILA$2M0IB#_$%XRC5:M*5]@YCH\IL-62[%N=$
MA#()9*&93T%HE%99PCI74J3AQ(FF'"Z>N*<FLO+'Q>,'E%E2PV#JR)\;-LG5
M<V<JY^$,G^E_Q[KO0U9'B5Q7;4M37#?C7H1#7ZL(]K*E(1U#0$ZH>NR5E97.
M0@30!*^6+S#OKA&-I95MW7<J2;=)T8N5TR'P$9ME>JIX=[3V+>=G3U1L\38+
M[IU[HAZTI]PDZG 5[6DM2(G5\Y7Z3#PV&R%2:3&L(@M?.BSRFU;1SASEHDW<
MN%7!@F#;=!:-V!KF$U!L'3VL=@ZJK:$ W@=<WZC5J[4J)3JK,L=6LLJW:(V5
MB45H)B7"313"7>($ZX(;'7(#YE^.G'YS:9>\N=&:?<72?AJU79VVKZUIBUDF
M8"FR$'+5&$E9M2%-)2$55Y2L1CF/;JJ'29KQK4Z12&;(Y(&K2O$#BU9-<TS4
M=SX^Z@V'K?7CE\^I%0V7K^L['AZQ(RAWYY.2AFUVC9W#"2D,RCG"RZ?95.1<
MY,Y[!LE ?2XXD\57<O'6!WQIT"ZG8BPR=NB9ASI[7SB3B[7-.(5W+V:.?+5X
M[EE8)1Y7(]9P\2,5PLLQ0.<^3)$R4.X0<'"5B$AZU6H>+KU<KT5'P<! 0<>T
MB86#A(EHBPBH>'BV"2#&-BXQBW31;MT4R)(I$*0A<%QC #*     (XSGUNM7
M_9QWQ\YO'(!7C_&< 6"<+?J=\4OLWZ0^;2L@), (S\-_JOZ5_4MI_P T[ 28
M      $9^17_ %[C%]IBL_-MM4!)@       $9]/_MUY;_KYJSYC:$ DP
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M1?V8Y_YU*V DX                   ",_$/]A41^OV\?GSV0 DP
M                ",_+W]A,U^O6DOGPUR DP
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M.IN&^$D\ML]L+DP        $9^7O["9K]>M)?/AKD!)@
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MRTSG/3& &_\ P(I?^$*O_<$3_9 #X$4O_"%7_N")_L@!\"*7_A"K_P!P1/\
M9 #X$4O_  A5_P"X(G^R 'P(I?\ A"K_ -P1/]D /@12_P#"%7_N")_L@!\"
M*7_A"K_W!$_V0!'EK#1$/S*CR1,5&Q9%N,<YWI(YBU9%5[O:M>RGWA6R26#]
MC*ING7KT[6>GLY 2N                   !&?B'^PJ(_7[>/SY[( 28
M      :\YJ-4>R+R7>5BO.Y:1C74-(2CF%C5Y%]#ODFZ+V*>/56QG+F-=HM$
MB*H',9)0J1,&+G!<= \6-/J,85J2-JU<CR,<)89$8PD8T*SPAX[W&&I6[5/#
M?"/MFY['8Z=GQA3I_P"(;J'JCJ/2H=%JVB:A5XMNR,F=FWCJ_$LD6AT7#%VD
M=JDV:))MS).XQLJ7),8R51ND;'A3+G <90XD<=F^^V/)Q'6D>3=L7"X@(FW8
MFK1EE#L/:)U5^^AJ8:<S1(B8-6G[B/S(MHQ*0,R<+(96RDJH4P2.
M 1GY>?L)FOUZTE\^&N0$F                         $<9SZW6K_LX[X^
M<WCD KQ_C. +!.%OU.^*7V;](?-I60$F $9^&_U7]*_J6T_YIV DP _F<Y%\
M4/6&05)OEIXRW#ERVO-VYK;$1UYK6<Y(;,V+6:9K*JU.;H6E-F3]BNG(^!G:
MS1IK8+1U>'D0F>;KB[6;9,)BO+MHYNFD$X+11^9U/J?K/ZK'V+DAL2?WG=;
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ME:\XUOJUI9(JYNTX.OYEIM=%PY\?5,1P0+G  !&-?ZYD7]F.?^=2M@).
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M1QUQ^;/0GAQX 'Y[71_]!9_U9'^8 >UT?_06?]61_F 'M='_ -!9_P!61_F
M'M='_P!!9_U9'^8 >UT?_06?]61_F 'M='_T%G_5D?Y@#]RP89QC&633.,>#
M&,MD>F.N>N>F.QX.N<@/SVNC_P"@L_ZLC_, /:Z/_H+/^K(_S #VNC_Z"S_J
MR/\ , /:Z/\ Z"S_ *LC_, /:Z/_ *"S_JR/\P Q'L,9QG#%GC./#C.&R.,X
MSCV,XSV #,>PSX<L6><Y\.<Y;(^'_P#( >UT?_06?]61_F 'M='_ -!9_P!6
M1_F 'M='_P!!9_U9'^8 >UT?_06?]61_F 'M='_T%G_5D?Y@![71_P#06?\
M5D?Y@![71_\ 06?]61_F /<DW00[6$$$4<&Z9-A),B?:Z=>G:[!<=>G4!&#E
M_P NM8\)-2,=X;DC+DXUL;9>K];62?I\7%2J5#SM>ZQ- A+S<BRL[ ECZ%"V
M.=9DE';<SITW27*9-LMGJ4!'SD%ZU7B_QKV7O[5M_;;0DYWC;J73>S]BO:/3
M&UM8+3W(C83C6FBM&U9DPG,6:P;TVI/M\K14,2/(T-'Y\95>I)E4[ =YT3S
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MIX_R=IQ2V>Y-6FS.33E_3U+$LW1RE*I1$N0KM%0S+"9^U@+*P
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M/\9P!8)PM^IWQ2^S?I#YM*R DP
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MY?\ 8/OF >:]"?ODY->7_8/OF >:]"?ODY->7_8/OF >:]"?ODY->7_8/OF
M>:]"?ODY->7_ &#[Y@'FO0G[Y.37E_V#[Y@'FO0G[Y.37E_V#[Y@,'8^'-%M
M\0M V;9_)":AG#J*?+1[S?\ L;N#O(.68ST0XZHRZ2I5&$Q&-W!,X-C]-+&#
M=2YR7(9S/%^$SG.?EDY->'/7P;^V#C'_ '8Q)XQ@ \UZ$_?)R:\O^P??, \U
MZ$_?)R:\O^P??, \UZ$_?)R:\O\ L'WS /->A/WR<FO+_L'WS /->A/WR<FO
M+_L'WS /->A/WR<FO+_L'WS /->A/WR<FO+_ +!]\P#S7H3]\G)KR_[!]\P#
MS7H3]\G)KR_[!]\P#S7H3]\G)KR_[!]\P#S7H3]\G)KR_P"P??, \UZ$_?)R
M:\O^P??, \UZ$_?)R:\O^P??, \UZ$_?)R:\O^P??, \UZ$_?)R:\O\ L'WS
M /->A/WR<FO+_L'WS /->A/WR<FO+_L'WS /->A/WR<FO+_L'WS ;+0N/M2H
M-T^4!&S[1M]I3J\G36+[8FR[7=T8JOS<M!S<PTBV$V_78LU9.1K3 ZJQ4^]S
MAL0N#8+VL9"MC^,X L$X6_4[XI?9OTA\VE9 28
M
M                               4Q_QG %@G"WZG?%+[-^D/FTK("3
M
M                                                   "F/\ C. +
M!.%OU.^*7V;](?-I60$F
M
M             %,?\9P!8)PM^IWQ2^S?I#YM*R DP
M
M                                  IC_C. +!.%OU.^*7V;](?-I60$
MF
M                                                      %,?\9P
M!PSC!]6OCY_]7C]B>K?_ ";_ .4?_),)_P"5O_XY_0?_ (7L .Y_C. 'XS@!
M^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C.
M'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X
M ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS
M@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C
M. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^
M,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. 'XS@!^,X ?C. *
/R?Q/O_JI?^G_ /H0#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>46
<FILENAME>pg24img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg24img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!N@*R P$1  (1 0,1 ?_$ +T  0 " @(# 0
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MJ=\4OT;](>;2L@+,
M
M         -,?[9P!L$X6_4[XI?HWZ0\VE9 68
M
M                              :8_P!LX V"<+?J=\4OT;](>;2L@+,
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MGH-E-X=&A7DQ$(N#R$8UERLELM5%DR$<81/W>3=DW0.\
M                         :8_VS@#8)PM^IWQ2_1OTAYM*R LP
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M*2BZASE(7!L8 ;-0                                     !IC_;.
M-@G"WZG?%+]&_2'FTK("S
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M?HWZ0\VE9 68
M
M     :8_VS@#8)PM^IWQ2_1OTAYM*R LP
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M &P3A;]3OBE^C?I#S:5D!9@
M              &'7>\P.OXEE,V%1=)E(6*N5=L=ND57.9:US+2!ADU.VHD1
M)!:3?)$.IDV"IX-VC="XSG 0R?EAJ<K&A2*:MB<M=B1OOK$&;0:IS1K1&Q0E
M7D,S^#+DPQ5BY6?0PN1/*YL(]I4N#DR3)PLN      /&<XQCKG.,8Q[N<^#&
M/[^0'S[]#_SR7_I"?_> \X61-G!2JIY-GW"X.7.<_P![&,]<@/H       "H
M6F&*S;D7R7<F7(=)[8(-4B*::O\ %9)4J>EG*JIL%3RJ;N_"4O7H7IGKX>F
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M>BY>;BGTHI(-3'C;/(R,XQ;L<NS-DDE3)$(1'HBDDCA-,H3\
M              -,?[9P!L$X6_4[XI?HWZ0\VE9 68
M                       0SR)[WR$[;RCDQ524&RJ)G)C.3$,E&+J84QC&
M,_XOL]?\ #FZ+-VM2T?[HANS$F3[1#8,4W=/7:?:P;'@SG/8\/\ = 2R
M               "L.XX]@XW=QG>/$V^%F]EN9(Y91-(ZV7F:LJN9N@8W54F
M3MD3GSV?!T3\/V %G@       5 U6P78\I>0IUT^QB30KTDW-@^#%5:YK]09
M)G[)<_<*879JESUQUZ8Q]@!;\        !KXY6:ZI]"9:^M%)K<#57DWR&CK
MC<G,0Q38+V*;DZ-;ZVK).S-R%*>07Q($RH?.,=OH8QNIS9SD-@X
M                  -,?[9P!L$X6_4[XI?HWZ0\VE9 68
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MPBB"4PU8O&[I:+6<E4.W0?IH*',U75(D8V"'Z&Z8Z] '<
M           #3'^V< ;!.%OU.^*7Z-^D/-I60%F
M                    &O7FOK20M,_0+U&)[3.YU[7=@OU"5;%7)KM1B[K,
MBV?'OCJ3:O;"@LS16[UJFPPW*XR7)5%LEQE/(=5Q\M6QZ3"\9:5%'IA]6ST=
ML!M87;Z7:-[VK8L7^QEB6L76E%,N9*%4;JY,JZ;8)XJJ3JMG)#8* V/8SUQC
M/V\8SX?[OA >0                 !5_D#.5VHV[2-VM1LH0E-GK_87SU%@
MZDWC)JQUO8#N5F4?'MGDF]<9;]HN$6R2BRF<]DI<YSC L$VZ\V!5=ITR!O\
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M?[9P!L$X6_4[XI?HWZ0\VE9 68
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MW%/,(\_IUAE$V#/M&2SPB_3LER2.D]7(G3_@_P 9G)I$OV?N>GN>$!>0
M    !3/>>O)II!6J<(C5#I6.U1!SDJ],;03Y!-5Z[:1\W=9Q]-/D9YPRR^2P
MN]43:)-L=5.QG&,8#ZWUU4MQ837]>8516Q0^;Q)76QNGS&?L"TZ[KYYIE[X1
MK>-CLJQU=BX1I'1[Q*$.9'.6I#+G*J;)SYP;."I(
M      &F/]LX V"<+?J=\4OT;](>;2L@+,
M              Q*^6QC1J=8K=(F5*S@8MP^4R@T5?+9.7&$VY$V:)B*.#*.
M5"%[.#%Z]?=QCP@-=MDWUR8G:%5F\15&*TPI M87:;A:G9Q69F3D96"1EGE)
MDD;:Y78,U8%:3:M"/DR9,]*D?.3)GQG 7QT^T;,:''MF/C.6&).QKL#O"JE7
M59O;%*/D5<]ZFD?*:F'.<DSV<8R3IT\'A 2<                   "AO-&
M6<Q5PXEX;J&)A]R#J;);!5%$NVDXF(-$Y<Y3.3M8["N>I<]<9QX,XZ9R OD
M      "D*_8S[0"N9(L4QB<>=J%61P;PI&-9] F1R8O@SG*A,&SC/A\&!=XP
M7>$        %3=X1FPJ9-I;#UY5J_>64_AS&;3;W68?*%KU#BX!X]60JR+N2
M;1T'$6!Q&D:R:B>%2M%'!7OB3TV%4\A&5&V;)%VY%:AUW-0RC B_O\>>LB3M
M)K:*^C'L'LA5HN0388<V:X5"-=)J%QA5HBYCG2;TIU\I.TDK?/U[9G,GX7_$
M:                         &F/]LX V"<+?J=\4OT;](>;2L@+,
M                                  BS=L2G.:GOD6JIE)-S .<F4P7)
M\X\7.FZQCLX,7.<&RCTSX?<R K'IOC_K;:VG8JRVUI,/5-GP52=7>-3F72$5
M,2E!7;1]5EB-T^BT=(0Z$(F1)1JHADQ3GR?!C9QDH6OU5K&I:9UY5-741L_9
MU"EQF(B!:R<K(SC]!D5=9S@CF5E7#J0>GPJX-T,JH;.,=,8\&,8 2
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M 5[@                        -,?[9P!L$X6_4[XI?HWZ0\VE9 68
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M9P!L$X6_4[XI?HWZ0\VE9 68
M   !33D_J8UTFZO=FM,Q,O:17K.9:S/[6WBH>#BGS-=*0[R!*0TA+RS5!4SE
MH<AT44\D-WF5/N4CA"'#>,M"E\:6Q.V;5F*I)TRS0ZU;G*S*1VL*\=C9HX\2
MK6+&ZEEF-BG';LL@HN=L@9N3O5$<91707\8&?MLZ
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MJ+I-4)LY55>QWALN[+-/3]KN\8+]R=SG&.GV, )S
M           !QW;E)DU<O%NWW+5!9PKW29E5.[03,J?":2>#**J9*3/0I<9,
M;/@Q@!"#KDII]G+4.#<V1PG);)913ZIM_>2:4R[2EY%O%-TGQDF)\0SMN_=I
M)N4G?<G;94QWF"XZ] G<    !1?1VN3T'D]M5?.;ZNA9==1\N@]O3BMN"G57
MV-;G#IG64Z^LH=C LB.4<$*[P5TKVRF/G.2^ .?S8D:_+:L;QR$U'.)JK[,U
MW/+QK*1:+R4<YCI?QQDH_8)JG<(I9.4N>RH4N#XSCP^$!-FD=7K:SB;#WTM
M2.;=/'M.&]9H4'KV+CS/V34BJ9XN!671E)-RJEE5U(N#&=NU#?QALX*3!0FT
M                          :8_P!LX V"<+?J=\4OT;](>;2L@+,
M                                   AG>;V#D=3;;JZ\NQ2D)'5U^1.
MP*\;8D\-5:K*$<.$61S]\;"")\FSGLY*7'ASX 63;C'N*UHBK=HRG2D3.15@
M035L<>M(PSA)U'G<,+/+HF(BNADR*I2I=C)3DR9-0AL')DQ#%-DBPX
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MXS%QN<9ZXRP9YQG[>,MT^F?\(#G@                         #3'^V<
M;!.%OU.^*7Z-^D/-I60%F                                      !
MA=VMD+68XK:0G5(:5G49-E7L,(Y2<FW$@VC7+U1>)@4&KY>55C4$<K'+E$Z.
M.F,*=,&QU#6+6&-RY&2KRU;%;T^-A2VMI7Z]K"S.6=+;;X0:0[0\S-VIO6YJ
MQ2M>.S:R9'6(%RD]6<IKX:R2ZK=1)JRN8Q+Y_P#2?IL$TEHRHZ-@'456U91]
M(3&6*U@F):07>.9-Q'(*-(TO=&R1N1*(C3IL&ZIB'?*,6K<CIPY.B501M-0
M               ".[9MO6=%E48.WW>O5Z8<-&;]&-DGZ:#P[.1=/F4>Y[CP
MG*B_>1CA)$V<8PJH@H4O7)#8P&>,W;9^T;/F:Q'#1ZW1=-7"6>TDNV<)E506
M3-CP&352/@Q<_9QD!R          !53DVQ/)O-2Q1(N8F_?:P;!C#PU>6A6\
MY*D=Z=O^,Q\6O9#%KZ+MWDF"%,\SXOC&<]OP>#(2WIN#6K6OX>#6@WU;)'N)
M=-I!R1XE1[',#R[Y5BBX4@EEX<QS-CE/U;F[OH;'@+GJ7 5<V[JQ[/0&TD5^
M+='V5,OKRXG(:$Q8C5^*V+ MVL?.P\S.3)WR&(6Z8N48B5Q@Z"R1,-D71>T;
M)2D"ZE4R^S5ZWF4BL04GF A\R,)AY[XXAGV8YOXW%8D.T?Q[$<X[2.%NN>][
M':ZYZ@(LGW?=\B]8LNSG/C>I]NK]O!L8P7Q*RZD)V3%Z9R;)O'?!GKCITS[O
M7P!.0   *-<[9YCG5"L R;R-AGX*=IVR9BN5IBM/6"/HU6L[)6;M#N&C^\D"
MQ#/.<%[92'.IT4RF0Y45LIA9ZD;#J=I0(SK\DG*M(R'KBJL^Q[+BKN59EK@[
M)C%V!,V8V5?82*4ZB:!U,IE53[6<&-C "1P
M!IC_ &S@#8)PM^IWQ2_1OTAYM*R LP
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M &S@#8)PM^IWQ2_1OTAYM*R LP
M    .BLKJ68PKY]"D9J/6297>47J+UPFNT;*$6?HHHQW5V=XJR(H5#!"G_CL
MEZE-CKC(:FCUS2W+>5MTPZ6CF\3*&,K&2JDC+1?O'9[2G&5^'<VFP3I20%IL
MB3B,9X4J9TWQ2KM46KQ,Y4C,BV_7./\ 9SDWU^FQ76?'_6NK7+:9@*_'DMB<
M*6 =6=%HG'.7,47#+&(UM&,.YAH:(3][4.Z9,T$6K?">,)$+CK@1TZ3:
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ML&;->1<E3(X?K-FZ:*KUP1+!4BKNCDRH?!<8+@QL]/  YX
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MV&46-B+[Z78)M8J7F44"]AZY9-VK-1Q@W=)%+CPFTV@
M       -,?[9P!L$X6_4[XI?HWZ0\VE9 68
M              !TEE-V:Y8#=.O9A)4W3/V>C!?/3P^ !6SA:\R_T)!/#)]R
M=U8+@Y40Q@_\2=Q8G[@R7:.4N5,)][TP;&.AL>' MF"UP@
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M2Y4U]3#Y+G.,Y+DU<C3=,YQG.,YQU^P D$
M:8_VS@#8)PM^IWQ2_1OTAYM*R LP
M       #$;A6*O8H]-S9*Y!3ZM=45G8)6:B(^55A)EFW5RVEXA1^W7-&RC?K
MGNW".2*D^P; "JG"FHU/R<.+@G!PSFQ*[%VVNQL:\6U5GV#"QW)Y*/XMI,+M
M_?!LP<+F+E1%)3""ABXSTSTQD!=D
M!U\M')R\7)1*KF09)2;!Y'J/(E^YBY1JF\;J-SN8V39*)/(Y^@53M(KI&*HD
MIC!BYP;&,@(#F.-=5EX9Q65K+=EZW*0:D%88^8L3ZQR5B0/9EK8FO)VR<6>V
MXZJ<JN;&2E?%2.W_ (DY,I]2Y"$Y_3VS:[;+W>-<TV(E]CH2U6_$:\652!PY
MFXE.O,*Q9',[(+N73IO*LH9PNV9JF;Y,N@B;"Q,Y[HY@L(C1]C6FHQZ5RN[I
MG+/&,8YG*XVB:LM"^^C)5N]49>/HPI9+$<Y=MBX4[M;*I$S&*13.<84 9;K"
MC$H4 ZC<,(&+6DY9Q./HZL(+(0;:0>M62#S+'#HA7BN'*[3*QU%LF5.=3.39
MR ZKR#:@,I)+*T*$<J2UG?71\=YAV]R:V2;-['2%B;^-N5L,99Y'2*[=19#N
MSF05,GU[&>@#J-LR=5;Z]LU+C)*&1?Q,3"(XK3!TS/(1<4G*P;9M_P"QT5#.
M6S1!!RC@N<IX*4AR9]PQ>H97IMGF/U#JI@8QCY8ZWHS/)C9QDQLMJQ%HY,;.
M,8QDV<DZYZ8 20                          -,?[9P!L$X6_4[XI?HWZ
M0\VE9 68                                      'C.<8QG.<],8\.
M<Y]S& $<[ O<!6&7O;('<K/IIDX*W:,44UW*;!4Q&#N8.BJLAW\=%*O$S.NY
M[Y=-,W;PD8N,YQ<J;(I9QIW$E2M=6:GL:?:;:XI;5Y8VS^#CW"K&R*RTC)JM
M(*'51:KH&D#P,5X^0Q39;J$722*?"IRDS,L/M+<G:^%.LJ]LAS2Z\!-5D_OE
M+L"Q-A:X9RQ4HN3=1R3Y9M@RA4V\HFVPX0Z&-VD%"9Z]<],%94
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MKQ>.1,LWP=1$JZ63IX*913*F;=:Q+8@
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MI\?F(J57B<G[S,7782.RITR7MY91C9MD^2FQ@Q<F[KKTSC&< ,B
M                 &F/]LX V"<+?J=\4OT;](>;2L@+,
M                       ![O\ W^G_ '<>$!76^5=]%O6+VJKLE8Z-/AL6
MN*GB6D) JN5BN%"ND<JHJJ1<OXQT<-"D^[3^[Q@Q\)X'3SZX^MDQBR[OX?"L
M8LVP*I$XBMH-(61:KH2B:\0V2E\K,W:R;M-NGE.2C4'D%EL91H@59%91/!>U
ME0RI,&&+VU.ED,=>F.U[OV>GV/[GV/<$5Y
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M8_AEZ=<]<@)'C%T56;8J:R*IR-6W>X3/@V2Y,B3..V7^&3M8\..N,9 =@
M                       -,?[9P!L$X6_4[XI?HWZ0\VE9 68
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M<@                         #3'^V< ;!.%OU.^*7Z-^D/-I60%F
M                                   =1-R<9%,%%9608QJ+G.&*"L@[
M;LTEWCO&4FS-$[E1(BKIRH;!4T\9R<YL],8SD/X$8Z&[.-=1F,=V4N%C$(1+
M.<HD*1LT3*FEU*3/9+@O3IT\&>HD$RB@
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MW239TLHAA<B9D5,D5Q)).AL2+[F/[N.OV?L^'P=?#T%'D
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M=%2!B<IK$+DI5,88H%[92YP7."YSCP> 161@
M #3'^V< ;!.%OU.^*7Z-^D/-I60%F
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M*1A,&U#4;].3UE17R2BRJ;BM19B*.,XRL8I&Q$\=O)<YQG.,$Z8\/N8P*)$
M                         &F/]LX V"<+?J=\4OT;](>;2L@+,
M                                  (*SQ>XTY=.GV>/>D<O7KAP[>.\
MZKHV7#IT[<*NW;E=;,%WBJ[IVN=50^<Y,=0YC9SG.<YR'9^COH#HGCR':ASA
M+!BI8SK:G9PF4W\(I,9AL]C!OLXP 8X\: QGKC1VH,9S[N?)K3.N?[^?>7KD
M![^CWH/\B&HOFVIOX& =PQTYJ*+6;N8S5FN8YPT_S5=C2:TT6;>#./\ >ZJ$
M8F='P9S_  <X 9>RKT!&F4/'0<.P,MT[XS*-9-3*]G'0O>901)D_9Q[G7KT#
M1S_$F?\ P1M_Z!+_ ,@ \39_\$;?^@2_\D \3:?\%;>'P?XA+_R0''S$1)LG
M,:+CC&4[/;-EDVSD_9SC)>WG*74W9R7'3K[G0!%FP-(U;8C^&=23R7B&D2PE
MV2D975F<0WE%))Y!R#1\^<HLC2&'D$^@DU6F4E4RXRJJ50IRGR4!'U>XHU.$
MW,UWHZO&S)RVE@Y"$DH&1L_8UM+8DXB"BWDHKKIHT;UEC+G7@\.RKM443)K.
M%2EZ)9*F4+(YA(7/NQ$7G^_'M/\ ) 'O'"_Z'B__ (>T_P B >\D+GW8B+^\
M&G^2 />2%_T1%_\ P]I_D@#,)"Y]V(B\_P!^/:?Y+^X >\<)G_\ !XO[7_)[
M3_(@'O'"_P"AXO\ ^'M/\B \XA(;'N1$9C^\P:?Y(!ZG@H13L]Y#11^QGJ3M
MQ[0W8STR7J7M(Y[.>F>G@^P ZTU)II\YR>I5@^<Y-G.30,4;.<FQG!LYSEIG
MKDV,YZ_;ZAV._;M&K,F4VC9NU3SV.I&Z*:!,]VF1%/J5(I<9["*928^T4N,8
M\&, .0 T.3.C<Z_W#KG7T=IBPTV'O1]FRZ,)-[#K#Z9V!*RMRI,I8)%Y::NI
M(MJZM)3%K6.;MH$PT.Z/E!/.,&SD-QNEZ[(5.B-J_(U[%6-'S=H(Q@RS6;$1
MI#JV.36AC$FSJ*+R!'$8HDI@ZO97Q@_94(0^,EP$K (^V:PAYJKXKLQ=Y#7_
M .,4Y6XV*G8:=:UZ<7FDIQA*QT%#OG>#X7=SZD;EH=L0IU7+955,N.INN KR
M[U+JK9%CKE:C=^6]Q+:GE+(J\I%(VP5LZ<'<2<8[G(S9$5'/7,O*9B)PR"A"
M.,MSLC*I)YQV,D+D+C8QTQT\/^'/7/\ V\^$!Y 5TY3T5Y?-([-C&]NF:FW+
MK:^8>*P32(4?/2&A#.R(XD)%DZ>,$<>(&(?#4Z)U,*_=&^X+T"MMMX\^)<8Z
M6Y+N#:J?DZU)6FT8MB?CF1I1FC(42SN4[2Y1BTS3"3L]:,T4[[M%*Q?.4RE\
M).R%P="F[6F]<&Z%+VJM'&Z$_@8P8ALXP3PY^XQC/@_N )<
M             &F/]LX V"<+?J=\4OT;](>;2L@+,
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M-TXJ:>Q[&50E?%6K=\WFHYND[2,1(J9"K=C[OLY.8DF)%3UYR\[E3ON0M/\
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M;)7R 4<,\N4^^;8=H$>F5:Y<HX[:?>8+WA/NB]<>$!]_3&XJ^L'J;X:0O\Z
M/3&XJ^L'J;X:0O\ .@#TQN*OK!ZF^&D+_.@#TQN*OK!ZF^&D+_.@#TQN*OK!
MZF^&D+_.@'S5YE\4$$E5U^1&H4$$$E%UUU[Q!(H(((D,HLNNLH[*FBBBF7)C
MG-G!2EQG.<XQ@!Y3YE<45DTUD>0^HED5DR+(K(WB#51615+A1)9%5-V9-5)5
M,V#%,7.2F+G&<9SC(#W],;BKZP>IOAI"_P Z /3&XJ^L'J;X:0O\Z /3&XJ^
ML'J;X:0O\Z /3&XJ^L'J;X:0O\Z /3&XJ^L'J;X:0O\ .@'P4YG\3$EFS97D
M9IU)R\RMAFV5OD FX>9;)]\YPS0.]*JZRV1^[4PG@W=D^Z-TQX0'W],;BKZP
M>IOAI"_SH ],;BKZP>IOAI"_SH ],;BKZP>IOAI"_P Z /3&XJ^L'J;X:0O\
MZ /3&XJ^L'J;X:0O\Z /3&XJ^L'J;X:0O\Z /3&XJ^L'J;X:0O\ .@#',7BM
MGP8Y!:FSG/@QC%TA?#_ZT G"HW"J7^MQ5PH]CA+=5)UN=U#6.N2328A91NFN
MJV458R+%5=JX*DY0.F?LFSV%"&+GH8N<8#(P
M                                                 !IC_;. )HHO
MU/O9G?RSA[YKR -F@       *QZJ^L;RL_E&DO-XL LX      (KWK\B.X_S
M5["_JE+@.9IOY(=5?FWH_P#5B+ 20      *R;7^L1Q1_P!9[H\V3@!9L
M       5HXB_(;&?G#WMY^-E ++@
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M+\AL9^</>WGXV4 LN
M                               -,?[9P!-%%^I][,[^6</?->0!LT
M     !6/57UC>5G\HTCYO%@%G      !%>]?D1W'^:O87]4I<!S--_)#JK\V
M]&_JQ%@)(      %9-K_ %B.*/\ K/='FR< +-@         "M'$7Y#8S\X>
M]O/QLH!9<
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MQ@.8   "M'$7Y#8S\X>]O/QLH!9<
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MJTO)7*U:^29M?QK@5K69G=*2BO9Z[-*TQ*03CG#7!,E?G1PHHDEDZA TPRG
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M4\C"+.',KE5=Y+MHYTY2;F#>P  *T<1?D-C/SA[V\_&R@%EP
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M!N-7T%@'D:VYZW.YO@-QJ^@L \C6W/6YW-\!N-7T%@'D:VYZW.YO@-QJ^@L
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MMR9%S&WEX1=)R9P0QBIF)@F2Y[040_;. )HHOU/O9G?RSA[YKR -F@
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MWRZ2"+Y93O,)ALI  %<9SZW6K_T<=\><WCD UX_MG $T47ZGWLSOY9P]\UY
M&S0       %8]5?6-Y6?RC2/F\6 6<      $5[U^1'<?YJ]A?U2EP',TW\D
M.JOS;T;^K$6 D@      5DVO]8CBC_K/='FR< +-@   Q5Q>J4TL+*HN;=64
M+5(ORQ;"M*SD82>=R1X&4M)(]"(,YP_4>J5J$>2!4L)]LS)HLMC&4TSFP&5
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M-XY ->/[9P!-%%^I][,[^6</?->0!LT       !6/57UC>5G\HTCYO%@%G
M    !%>]?D1W'^:O87]4I<!S--_)#JK\V]&_JQ%@)(      %9-K_6(XH_ZS
MW1YLG #KN:^B+UR6XX7C2VO+K!T*>N+ZEX<SEBB)*9BG%=A+M7K#:(!9")DH
MUVU4LD#%.&*;G.'22!U\&5;.$\&2,&@RS^R4]H$A3MX,8O>BUFMM;T[K;4>K
M;HG?M@15WWV6(XEZ-TO8T9Y\\W"W@J%K7RDUR6M+ILY13LCF?BD5D9#!')7
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M$2BHWR5MXP<Z_<X+WALGZY 0EQ%^0V,_.'O;S\;* 67
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M77=;MS"2JD8K)Q"[G>.QUEHR15A9&7AU'S%0^4E3-7;EODY<Y354)T-D+3@
M                   *S\0_D*B/Z?;Q\^>R 'UY:[GL.A-)25]J,5$S%LD+
M]I35U60L&'N:XQL>\MU:^TK"3UD][UFSPU>K4E?TY!X1-9$ZJ#8R95"&/@V
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M9UE88N*M<.5 \I NGS!15MB18E<IY4)@V>SVL>$!+P"L>JOK&\K/Y1I'S>+
M+. (>G>0FBZQM%AI*Q[=UW [<DZ=)[!8ZZE[9#1UM<4B%(^6E+06'=NTG189
MDVBW:QUC%P7N&;E7'5-NL8@>M>Y#:)MB>G%:SM[7<Z3D-"2UDT3[UVR&>&V]
M7H&!0M$W.ZZ31=F4ML1$UQTB]<.66%D46RR:AC8*<F<A%E@YZ\+:JRV'(6'E
M%I&)9ZFO41K+9*[O8-?+BF[!GWL]&0M0FRE>&4;3LG*526:(H=,G.[B7R&/X
MUFY(D%L4%T7*"+ENH19!PDFN@J3/:(JBJ3"B:A#8\&2'(;&<9^UD!&&]?D1W
M'^:O87]4I<!S--_)#JK\V]&_JQ%@)( 5[V?RRXS:65NZ&U]ZZOH+G6D/2+#L
M-I9+?$,'E(@]ES,K7M?2UI9G<Y<P;"YS<&\;1JCDB97:C53">3=C.<!Y>\L>
M,T=%Z,FI#?&JF,3R:6B6_'N1>76#;--RJ3S.-?0OD[66>$+9TI5O-,>X.V[9
M%3OFR9<Y.X1*<,BTSR#T;R*@YRRZ'VUK_;]?K5D?5"?F=>6F(M4;$66.0;.G
M,.^=Q#ITB@[\2?(.$^N>RLV7363R=)0A\A,("LFU_K$<4?\ 6>Z/-DX 6;
M&$WO96OM81\)*[&NM8H\=9;A5-?5UY:9IA"H3UZO4TUKM-I\,9^NA[YV2SSC
MU)JR9H]M=PJ;H0N>F>@82YY)\?64):+*[W5K%M7J5M>-T3;9M:ZP"<57MTS$
MS6ZY&:IE'YGV&S78#ZPW"+8)Q)C>.F>/D4>[[P^"@.?LK?VD--NT6&V-M:]U
MR^<TR\;%;L;E;(6OO'%#UHE#J[!N"#62=MUU:Y326)AB1=E+E%J9\@4YL&63
MP8,LU_L*C;7I=<V-K2VU^]T.WQJ4Q6+;5I1I,P,W&K&.0KJ/D62BK=<I%DSI
MJ%QGM)*D,0^"G*8N S$  5HXB_(;&?G#WMY^-E ++@
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M158N<**$:HX-G.$B=D,N9,F48R:1T<T:Q\?'M6[)@P9-TFK)DR:I$0:M&C5
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M7+1R1;"?3J7 ;2P       5GXA_(5$?T^WCY\]D +,
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M06F&$JK),GBBK!,J7=@-X(        "L_+WY"9K^G6DO/AKD!9@
M               !7&<^MUJ_]''?'G-XY ->/[9P!L$X6_4[XI?HWZ0\VE9
M68
M !6?B'\A41_3[>/GSV0 LP             B+&@-(%W ;D#C4VO\;O/#?B^;
M:WXJP_X]YB,,BQGBGXR>*^^6.L43#/*F%.]RSQAOVNYQV $N@        *S\
MO/D)FOZ=:2\^&N0%F                         %<9SZW.K_T<=\><WCD
M UX_MG &P3A;]3OBE^C?I#S:5D!9@
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M05S[YF_PJ >AKQB_)!7/OF;_  J >AKQB_)!7/OF;_"H!Z&O&+\D%<^^9O\
M"H!Z&O&+\D%<^^9O\*@'H:\8OR05S[YF_P *@'H:\8OR05S[YF_PJ >AKQB_
M)!7/OF;_  J >AKQB_)!7/OF;_"H"/:MI?5^I>7E$4US3HVJGG.-V[$Y8T>H
M^4R])'[/X]G9%5\<=N>F&YGJN<=GI_#SUZ^ !4#]LX V"<+?J=\4OT;](>;2
ML@+,
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M^3<7HGA)^-&I]'2%(UXLU2L5WV+N"]V6/L5JPV@V[2MOFAL)(HJ8BPYFR?:
M<ZZ)[.&A[2\GD5+<G+]/<L]?6NT1FH-K9@M2VO5L3OMYJN,+JJ(J]NM#NWW>
MP4*$@(99\V/ .))ZFJL=RFN@BZ#"'7M1>=DI>ST:M<=W[&OZWW'QGK]NO%AU
M#M-M,7NHVF6O])VS4,QJD(A%0MJF[;7H)Q'3K9)",8,;(V4RW4:*(/U0OCP%
MYR;QY04^#M>]=.0^A5GGE47<UI6&VDI.R+"E5[2T]E:/]]JVE&0CFB36Q9>M
M3K=^YPYDY.(*O')%[+]DP#715_:K\X=>5J^6#>FCYBC8W;R1U;-<79#?.K+'
M!URD<9M[--JLH:NR,=HM*X7.Z6759-41DK(MI)M&6M;\<3$<,F[5EA8@=WL/
MVA_M*;KJ]S?:]QML6@G+M[8JY5ZI$4ZS7C8,9-0_'#6NW964V)"W#63N,6B"
MW&^+0$*5AXFHJ[C'&7?:5*9DF&QWE#N+F/J3DY JZFIRVY].O.'7)&WP&CZ=
M1VK>S6?D50KOH"-H1+5MNQ3[.$BXR6A]A2/B,2AF+4,TCY-P8\BL1L@U"+>)
MG+[;6P/9QVZY<@K5?-><N]8:1V-<]O/G7'%V:^U+*]NW37];;#K?'B%RY9V@
M\ZQUDX<P5=;NG;A_EHFDXRIE?"BP4AXH<Q?:*[4W-QSJKN[W&9@]D5F8=0K/
M8W&)>,KLAKN7@>8TT_V5R&N$%K/4[*,W1QXNU&U34YV&K4E58.:<S3O$>U>$
M?M)5$,YT#RI]H7+;T]FA7=M3UVFZYM71RBO(>EU_1JU'E+)LMW/[V9S.U+;*
M2W'^QTJGZWU[&4*O8=P,?>JM/-E["Q4RE))N$2.0_1.     KC.?6ZU?^CCO
MCSF\<@&O']LX V"<+?J=\4OT;](>;2L@+,
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M 'Z\P _7F 'Z\P _7F 'Z\P _7F 'Z\P _7F 'Z\P _7F 'Z\P _7F 'Z\P
M_7F 'Z\P _7F 'Z\P _7F 'Z\P![%_A%_P"G+_A8_A?P?=_\+_<_; ?G_9_Y
MW;/^M3_*=N+Y!/D>^5R\?[#?\2_X7_SGXR YW[X( ?O@@!^^" '[X( ?O@@!
M^^" '[X( ?O@@!^^" '[X( ?O@@!^^" '[X( ?O@@!^^" '[X( ?O@@!^^"
M(XVU_L!*_P#6RO\ EBC?*7_L7\H%5_Y2_P"=/]#_ //?B8"2U?\ &J?]<'_Q
MA_X?\/\ A9_A_P"[^W_= ?/]\$ /WP0 _?! #]\$ /WP0 _?! #]\$ /WP0
M_?! #]\$ /WP0 _?! #]\$ /WP0 _?! #]\$ /WP0 _?! %C.&OUD'O_ %D?
GY"KA]9;_ &K^4/6?R;_\P_Z=_P",>]P"1/UK'_2<?]G_ /K@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>47
<FILENAME>pg25img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg25img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!N@*R P$1  (1 0,1 ?_$ ,X  0 " @,! 0$
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MO_\ A_\ [D_Z+_J/^3@;=>%OU.^*7V;](?1I6<"S& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&!IC_;.8&P3A;]
M3OBE]F_2'T:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@:8_VSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8$>Q^V]4RU[E-6Q6S=>R>SH-H#^
M:US'W2MO+W#L1*F<'LI4&TDI8(]H)%2CWBK<A.A@'KX0P,PF9J'KD3)3]AEH
MV!@H5BZDYB:F7[6+B8F-9(G</9"2DGRJ#-@Q:-TS'565.1-,A1,80 .N!VF;
MQI(-&K]@Z;/F#YL@\9/6:Z3EH\:.4BK-G35RB8Z+ALX1.4Y#D,)3E$! 1 <#
ML8# XU5D6Z9E5U4T4B]GM*JG*FF7M& A>T<X@4.T8P 'A\(C@>-"VBM616;0
MKMB@IY>LS3BMV-&%EF$HK7["T0;.G<#-IL7"YXJ::MGJ*BC5<$UR)JD,)0 Q
M1$/=P,(?[-UO%2+R(D]@TB.EHZ=K=7D(M_;(%G(L+-<DP6J%=>,G#]-RUG;4
MD8#1K0Y2N'Q1ZHD.&!F^ P& P&!XUBL=>J$'*VBV3T-5ZU!,5Y.<L5BE&,)!
MPT:U(*CF0E9:27;,(YBW3#M**K*$3('A$0# \5ML?7CR&I]C:7RF.J]L)Q%M
M*!.MK1!KPUX=S;1:0A6M/E$GQF5F<2[!NHNU(R.N9PB0QTP,4!$ S/ 8# 8#
M 8&/0EMJEE2>+5RS5Z?1CYV3J[]6$FHV528V:$451F:Z\48N5RMIV(61.1TT
M.)7#<Q# <A1 <#(<#Q&EFKC^=EZNQL$(]LU?:QCZ>KK258.)V$930.30SR7B
M$5SR$:UEBLEA;*+)D(N"1^P)NR;H'MX# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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MMIUH9WRRO(%C6'UAD:?LFZT=E.2,'&,HZ.82<M#UILNY!!NBD==0YRD*!@#
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M!@,!@,!@,!@,!@,#3'^V<P-@G"WZG?%+[-^D/HTK.!9C 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8'X(@4!$P@ !X1$1Z '^<1\ 8' +MH'@%TW ?=\*R8>Y[O\
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M&]Y%4R/< 5[L4H)$+V@,(D39PC,O;'ITZCU\&!W67$>L1JBRK':N]$#+AT4
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M# 8# 8# 8# 8# 8# 8# 8&F/]LY@;!.%OU.^*7V;](?1I6<"S& P& P& P&
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M P& P& P& P& P& P& P& P&!IC_ &SF!L$X6_4[XI?9OTA]&E9P+,8# 8#
M8# 8# 8# 8# 8# 8# 8# 8&$7:CM;A'+I(R<G6; 1G(-X:VP*_B\U!+R#!U'
MF=M@/VV;WN$GASIHNDUD"+=E4I 5(0Y0UIVWB+>M?5K:NV@V*RC[&V82D<U@
MT(IG.P4WJXE;"+4C[?(*QL%/R^Q/*C]^[;3_ 'P.VB!T6I#=R!RB29QU9SKG
M2MSW_P ?=;H26VUJ*YHCC>.O8*9H-(BXN9;1L%8+!J*J/VKJ4EIHK%U&1E7,
MX=(I@+-]XV9(4D^Y14(5L<C&BC"-CV*SH[U9DQ:-%7JB::2CM1L@FB=THDD
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MU6@(-8&Y%HN)9-%TV2KI9@BND@0%T(Y1Z)G@QJ"O4C<%1%0$"E P]0',JR/
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MG#386N69%P-T[SH1-Z8HAU[/OOOX$\X# _.H=.O4.GW_ +G@]W_1@?N!J?Y
M:Y:2^VYISK'6=EK&UK=)%&6&=6<.X;=<15Y!D$B2M*C<)2,UV<(.0<JEG@A#
M,Q6,U3DQ3,#=(P35JO:$3-;AD+N33EJUH2]*.*656=25D;A;[*RG8UJL1[4V
MLXH2AIU]F1>0EE2,G1%XXJ#ERZ0[M%)8DN5]L*8# 8# 8# 8# 8# 8# 8# 8
M# 8# 8# 8# TQ_MG,#8)PM^IWQ2^S?I#Z-*S@68P& P& P& P& P& P& P&
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M# 8# 8&F/]LY@;!.%OU.^*7V;](?1I6<"S& P& P& P& P& P& P& P& P&
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M)E9 0P##F%IX0_\ 9A[K^![W RQ)))!))!!)-%!%,B2**1"II)))E B:229
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M .H=!^]X/!_HZA@?N P& P& P& P& P& P& P& P& P& P& P& P& P& P&
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MN0BA557;J-I*9 33(F7M"4A2D+VC"8W0H  =HQA$QAZ![H^$<#[P& P& P&
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MXL,":MP,.XE*6J[.+6=%JE%KMB'D$'+D!05!P9)0@6F4?\L"& C:G\>3HE*
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M%0[11XJTCVP&*W;&?O7,B[!$IC&$A%7KM13L]>R7M="@!0  BO;P& P& P&
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MB^4SUMOC<;3/;,9Z7IV0Z>YTSA]KY,Q)B=GUA3 8# 8# 8# 8# 8# 8# 8#
M8# 8# 8# TQ_MG,#8)PM^IWQ2^S?I#Z-*S@68P& P& P& P& P& P& P& P&
M P& P,;MD,]G8-XQC))>(E!("L;((+N4 1>I#VT"NQ:*HKKQZI@[+A(#!WB0
MB " ]! (*L\;/:TJD5+*(HS\J_\ (]2FG5?CVD:$7.V"3;UZM62%3D7J@QC*
M)=2R+-P<#JKBT*13L&%/L@MSU9\<=9W=!E([INK36%M@.]90*\##R4\5M-P[
M(MG26DX9T14T-(Q<BM$^4H<%EU !ZHJD'1L4P"8RHFIV6HP& 'P (^$>GW ]
MW_@_RX# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# I;M6HVA&Q3;JQRRD
M_2+?/58B57EYORG$Q@,-DZO+&@E6E8(&*J3TP.#B*KH1:G*/8*H*PBF%I!U_
M0Q,<XTFHB=0#E.<:W#"8Y5 $%"G-XEU,50!$# /N@/AP/E77E 7[??T>GK H
M<BJ@*UJ&4!15,XJ)J' [(0.HFH(F*8>H@(]0\.!^)Z\H*('*A2*DW!00$_B]
M=B&_;$ $ $XHM""80 1]W[^!XMQKC"'J%GDZG0Z].V>.K\N]KD&LS;M6\O.-
M8]=6)C5W*3995N@]>D33.<I#F*0PB!1$.@A'<\]6:1#61CM7'<R#>!5<23!K
M3'KU^I.-G,8@YA8E,Z3%FKXP=R<K=PHL5JH'\:*A44E3E"9T*A5@_CR5Z,05
M63)WG8;(E,( '4"'%,.P82=>G@ZA][ ZSW7U)D3HJOZO#NU&XB9 Z[-,YDA$
M#%$2"/N#T./^G QB0T3IR5>A(R6MZF]? B5N#IQ$H*+ @4W:*EVS!U[!3>$
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M# 8# 8# TQ_MG,#8)PM^IWQ2^S?I#Z-*S@68P& P& P& P& P& P& P& P&
MP& P&!B%Y\;"NKF9JD14)(P"JZASE3*6/1L,4K*#VC(.0$WDPBW9+V.IA]Z
ME$>T =BE0K2N4^K0#!=5RQAJ_$1C-PL)3++M63!!N@LJ8B:1!.HD0!$0*4.H
M^X&!D^ P& P& P& P& P& P& P& P& P& P& P& P& P& P(]GZW5&JJ+QU%
MM3O)RR1)%G*Z:KHZSY608.6W4%3*@FFFZBD%"%  334)VR@4PB(AZ\7:DY2P
M3$ 6&G&@Q)"G++.V1"0TF *%16*P>)+K""S=4W04UBI*&+[\@&+U' RO 8#
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MW#,T1^[X?NX'K8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# PNZ2
M1Z=8$45%O'+I7(\.[['\4+IR<H+'[:2O\6GV?#T[)OO&# \"ON;BKL"42D:,
MVK]8\B/SM+ VDX62-+/D[!W+)-Z"(-IB/>.8XJCON 37:E35+VE@7 R10E/
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M&$@^Z/9\'7PYOCDNV+ZQUX9+OX[3.MEGW9E^Y.4PRBD7!WDNNU\73,$L4SI
MRCEJ,6F05%&JY! 4444A$P@4!/U.;H(]?!O7?::V:_#\7K]KR>YG']/VFN_E
M?R7QN)?/M+,=<WXW%Q,O;A$DD8B/(A(.95OXLF=O(O%2K.7;=0.\0456*FGW
MINZ.  80[1@ !-U-U$>5^?=YO<W;;W&]WTG'OY7.LF)+.EDGIU]/Z/5R.!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@:8_VSF!L$X6_4[XI?9OTA]&E9P+,8#
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MSG4.FF4#G4/VSF/[IA$_9+VO?#[O0/!F-KY;6O-R[SDY+O)B7T_C/XNSD<S
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MO+9<HMB/06$>'G(ECW(^Y(J:E:BJ'9$PF0#Y3%.\*4 \/N#U$ Z82W""9G>
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MQR4G*Y!3!+Q=H]Q+1L;*J-YJU[_:2#=-^Q0="RDHI+?[8C"3;F5[*Q Z FH
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M!@,!@,!@,!@:8_VSF!L$X6_4[XI?9OTA]&E9P+,8# 8# 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8&F/]LY@;!.%OU.^*7V;](?1I6<"S&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
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MQB+5LSRAMA*PI5>.XGGY8[/V#'.$=-O-)/@U;2T5!<U,;FE<Y5DF9W'1S@H
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M7:+O<[R,0O.:\;N9<(U_=YZPR3)N_<MRJJ(IK%1%7J?L]HQA$+<8# 8# 8#
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M#6*[)REUW_"S57ND;9UX>4J+2HV:90G[+4HBOMX-@FYK\[)LT!51E5),R+=
MC9N9%KVD3!*=,X<\3M=1%1@*%QMTA382@N2O:3%5K650AF-4>$O-=V:1W -V
M$2@G&.B;$J$5-@HD!3A*1K5R ]Z@D8H5^'V6/#%7?R/(%UJ^/>2+.@*ZXB]7
MN(ZL#I>)KR]3-1W";&B)5Q+M)+5995MXDNZ6B2*+'<ILR.Q!< L3+\0^+$_/
M.;1-\=M,2UB>L=C1KV:D-<51U)/F&WG=E?[0:OG:T699XE?7MTF590%1/XX>
M8?"IU%VX[P(3W%[-CBINS:NH]NV:F+P<]I^\M=D1412@@JW7+5<X^TZ[N<=/
MW1JA +R<A*L[#J>O*&=,W;!TZ;1B3-TJNR 6XA9JQZ!T=<'<N_MFH=;V5[8+
ME7=ASKN=IE?E7$Q>ZC6V].K%ODE7K!8[VQ050:IQ39VH)EDHTOBH&[@1((12
MWX'<*FJ=32;\4N/R1*(UDF-.Z:II@FK;27E%IN2;Q*AH@5&B;J6<JKB!1\"B
MJ@EZ=L_4,QN'$_C%L&1U1,7KC[INX2NBDXY#3,C9-<U29>ZO;1"D4M$LZ,X?
MQ:ZM<8QCF"8K-T&HIHHKLFZI"@H@D8@?%*XE\7];W%QL/7_'O3=*O;JR2-Q<
M7"KZZJL)9%;3+MKLSDY\9F.C&[\)5ZTV384E%@.!Q3FWQ>O1TL!PXR\2N,S9
M+7)8G0^I(%QIQU9)'3SZ%UU3F3G54O;9=>R3\Q0">1%&==D9&TKC+*F12["D
MH4KHY3+% X!BVH.$/&?2^O-8ZZK^KZY8F>I/*+FHV>]Q$-:;JE.S>VHW?=AM
M#BPNHU)1.?GMWPS.VN%&J;9$LZT;N44DC-T 3"/X#V;_ !<JG*6G<MJO4WM<
MV!KVK&JM%J\ >%A-;5-N>IV*C*2$)6XJ!:/VCE2JVZ3;&:^/#%"H]4<^*>-]
MEP4+XX# KC.?6ZU?]G'?'TF\<L#7C^V<P-@G"WZG?%+[-^D/HTK.!9C K/PW
M^J_I7^I;3_M3O JO[5?DKMOC%I_1MDU%;X'7[O87*"BZKN]UL9]<L8ZMT&<H
M&T[')/AL&W7;+6M675G*G'(%?2ZA6P=\*)?XY9+ URP'MK=L-N-<+'W35OC'
M)9_I-:ZEEH!): -8FB'&CD9NE?;=3U]*5JTQDA3$;?HQM6F[M)\[A9AW,$?-
M%0;F09*!W=@>ULY,5B3A-:MJ35&5J-R+VA#/[1- _B[-=M0PG)CEWJZ&B-/Z
MT&ES$3:UJ%2] PXVNQ.9AF$:[L,:H#)R5X &"58SVPFW(J(C36+C#&#%R$;#
MUN%V/8=I3<#&)V^.6X01MVONZ(Z+TJ[9ZMU'$>F461<24:I.N$$*L_ 62:9R
M*(AM4X5<D3\N^,.J>1:M2;4979<=/O5*JRL"UJ911X&WV&IG!E8G,!5G,LS>
MF@?&$E5(YFIW:H 9(I@$,#N<BO\ O[C%]IBL_1MM7 ASV@O)S8?%*CZ=V)0J
MZ2VLWNV;<RV#5P9J*O+%1:;Q:Y);F5@(N43:OQK,E-VS5<2T3D1;N01!82=T
MH*@%$*%*>V.VC%[/UAJ2]<4F-2D[YL*S:SG;+6]LRMY;0,T:H:KN%)>5.M?)
M%#W*Y-EXO;K()9V:*;1$2Z8.BNG:34 =@%>9#VW.^8%YJU^?1C&6AH#0"=RV
MG4'L^NUVI:K)/Z9X@W>!VI;(=IKQI"::T)'S?(>56\OMW,H$DRK4J<&30&9T
MTPFSE_[13F(GQKX=;UXYTJKZJ7W-K#D3M_:,!;D4MF/XQGJ+5J]CI]=K$A$P
MCV"FJ_<II8'R3X31SIVP(V*F*!EERD#)[%[9JSQ$[LF"+QTK,(WJ>Q7E))=+
M]N"P5>@Z?2C;]NVC$:\Q)YGIN=6X_P!YO">ER256AVB%E3EVUHB>V[;IK)KK
MA?'@[RZV/S :;8MEDT"ZT11J18:%4JHRN%KE'FU9N?L.F]<[;MZ%SH;BC0,;
M1V]2-LUG$(]U+2B[UXS=F52: 0A3A+6G_P ^O+?^OFK/H-H6!9C T;<E.?'+
M33W*#;M!K.KF,[H/7N_^!]3DMFD1;+O*K1]T-4Y';T)^2#1C)6^[R,JV2%-H
M_C$5CQ)G =$5CI]V<*BJ^V"Y><C:Q6I3CGKFCZK?6.38:_<*SJ\OL&OIO[!R
MVX":PB=F5FR.=>Q[Q5N&JN4TL'DZ1A"D;OF2SI<I_$Q:F"V_/CVHFZM"V3E!
MI72&EZ[+;*UEI^Z2^OK#9K)8GME7L4=QPF=[L-T.=2Q6O'C&6XVP;^._(]>>
M)/ JM?A3B3,BIG%? W145"SM:136UVD6LQ<V]5KR%NEV)$DV4I9THAFG/R+-
M-&.AT4VKZ5*JJF4C1J4"&  13#WA0P[?WYB-U_[I-C_['3.!$.S+[:]5<#=@
M[0H::*MYUOQ&M=]IB3F//+-U+73]-O[#74UXI,04DT3R\<B!VY1 RQ1$@>$<
M#1;Q[YX>T#Y#UN KU0WY24;E+\E.,.L:O<8[3.JMOU2SP>X=.R&VMT1UHNFK
M[NUUS$N=,UC6UH?)L6'8GF;E6.8RX%,_;*E"]_.KVFVT>.6R=N:0U;HR*LUS
MK6D)ZWTB;LUKG&D]/VIWI'>6TX>^UO6,50Y<MUT'K.4T\E$7.:)-LG$?*S+5
MJ5L)CI&<!376'M,^<FJ+#L >3,-0[^QARJ4^NK1:JFOM65=W#![/>LRNWMS[
M"1U >>J5%83'+27G9N0:,7;./C(MPDFR*5L#C O[Q=]IM/<C>6KSC.IQ_6K4
M.RT[!;,-M"-OBTO&/U937VHKVG.05:LM*H=HE].V9?:JD37K,+5!21?P3H%F
M+43]A$*&:@]NK?H?0$1<=Z:5J]DL<3KJ?F;'?J/>IF.I[[9#+0O(/;U5TO9(
MQWJYO^0.]K7.Z,;Q"E705EO%6]HBW:#EVHL#0X>W9?:X\AJ1+;N</=?UY2O,
MU+!5=?R>R7KF@TC7=J9[GY^UYG.7K8,#0+,L_C9JN<::S 5N,&)[V6L4RR06
M>)F?"M@91I_VMG(,L!2"7/C^KL=V_7H$GLFQ#-NJ!(P,'9Y[@EJV1;:\I,7K
M:=:VB9"Z\MGDRDRDY:.*1A".D#/1'NQ3"\_L\O:#27.21W'&2NKZ_K=UJR"T
MG9!;P.P9:\NDB;I@;;8"TB[-9C7>OEJCL[6@UD8RQQJ02+=K+=\BFY."0B(6
M6U3]8OE=_P!>TI]&P8%G,!@,!@,!@,!@,!@,!@,!@5GXA_F*B/Z_;Q^G/9&!
M9C 8# 8# 8# 8# 8# 8# 8# 8# 8%9^7OYB9K^O6DOIPUS@68P& P& P& P&
M P& P& P& P& P& P*XSGUNM7_9QWQ])O'+ UX_MG,#8)PM^IWQ2^S?I#Z-*
MS@68P*S\-_JOZ5_J6T_[4[P+,8# 8&"[*UE0-Q4F;UQM&I0MXHUC(S)-5JP-
M"O(U\:-D6DO&+F3$2G1>1<LP0=-5TS$6;.4$U4S%4(4P!W:)0Z7J^G5S7NNJ
MM!4FCU"*:P=8JE:C6T1!P<4S+V6[*.CV::2""1>HF-T#M'.8QC")C"(A"G(K
M_O[C%]IBL_1MM7 LQ@?G0!$!$ $0]P>GA#J'0>GWNH8'[T#[WN^ ?\H?>_\
M/@,#\Z!X? 'A\(^#W?<]W[_N8'[@5GT_^?7EO_7S5GT&T+ LQ@,!TZ>Y@.@=
M>O3P^YU^[T^]UP&!$F_OS$;K_P!TFQ_]CIG ]K4OYJM9_P"[ZF?[.1N!(. Z
M?=^[[G7_ #].O^GI@!#KX!\(#X! ?NX#H'7KT\/N=?N]/O=<!T#[WW>O_#]_
M_/@,!@0QISCMHOCTTLS'2&J:1JYK<IDL_:$J;!-(<)N420\5:*OCMR HHWC6
MHBDT;@(-F:1A(@FF41 0PK5/UB^5W_7M*?1L&!9S 8# 8# 8# 8# 8# 8# 8
M%9^(?YBHC^OV\?ISV1@<G+;<]BT+I&2OM0BXF6MLA?M*:NJR5A*]-6V%BWEN
MO7VE8:P60(]9J\/7ZS(7].1>$360.L@U,F51,QP, :;E_;F+*;=N0)ZG*WTI
M2X<)5.&@W<+?]Y3H5Z%]H;+VQC8H.'NL7'ZKM+]/A@T\4@)%NYDHX7QO&Q,1
MR!V >A*>VYGI&8B"TW3M&*U8;/HVK]@(RVWJE.T6(2FN2G'#3%KV#7=Y5:16
MJ\Y 1<-O@AF:(QB29WB0JKN4BHF:+!.7#WVMC7FQOBA:]UMKMC6J;(L>2Z5I
M>2LV6R/)EYJ^G<1=BZKGZ18XPT6P2K]JJ/)57RFDZC53IO&A2MEU$"=^X"M^
MK_\ _H$@)*FP3S:7&JTM;@GQ[EMUWDFLKC7K'6(*33CMC6*%K+%S-'BW2L E
M!:^4;S\XN=-*N3"PMW3<4&[IRW"49CVS$Q2M@V9>VZ/@+#IB-U)09\]DU/M^
MB;$<5O:TQ"\[)Z:JQ+= R[RJ[)J<VGPW4:,I"-2CUX=P[,#] RPJ-68>RI[;
M6J1<Q!U6V<<KG5;<-P+7+I!+[%H,BYBHZ7G./D'5G.MTTEVJVZ[D]+R7KK^1
MK<05)]&1Z#U05%CE8IOPCBC^W;@FFL:=-;,TD^E[FXT=1K;:AH-OJ44W6VM9
M=!:]WX_!O0+)//KG2N.#>"V&V:&V/*K*P[*10<-U@,5$JZH6GXU^U<J_(O<>
MN-&L=)VBOW'94AN!Q"RC"ZU6\49>@Z!OV[=1;=V5%W*M%/%SE8K.V=4Q$*B*
M'0[W\N(9P3LI'6[L( VI[=_5NJW6_HZ3TP_>R6G+=M6GUUBCMRBJ.[S*Z8W=
M9-+7./FXV+:S,YK">FUJTM,5=A*,U%;#&).%"&0(U64 /"M?MOGK/:&E @..
ML\WT+L?=#W1SN^S\["KR#B<D-2Z;V5'7F9<1$HI%:;U/KT=RQZ5HGILC]#J4
MQ&I/]6HL$X[H]K/$<7^(_I"[AH#:T6F'Y'\E./$O4J?.)U1*S*<9K[NN!MUQ
MH9+$6;7DO'J=IQ:31CE5"E*Y<&05=HI)'< &*VKVTM<KTY:ZX;CW8&"REXL]
M%U-:+5M37=7HMR6I/(+8_'BUV.]V:4<HLM20#.SZY578B_,Z4E#O6S1/NW"I
M.T$#<GO:U\D]6\8?9][JHT-I&/M'*3A!M'E9?V-NAZ\M7RVK7VK-#WV/I544
MV%RIX\LX>NS<AM)\BNHWEK582-T$18Q<@<JO4+L:%YF;UL<MS(VIM!36%MXR
M<<=1TF_0[;3^I=DU_;Q[M8]+L.25GUF8UUV9-M[Z]ING[;6BD<! U9U(S,T*
M!V3(S55$0U\;=]M?R7LSN,;<7="ZD33BJ)-2-XD;OL>*VC5UK?8=F\*Z%KS\
M@[SK6R0U9L\)7X?F3&.K$@F?QI&=:K18F;D:'=N@L%&>VSK%7JES?;#U>YFY
M#5>KMD[!NSB%M=$I%HLTC4KAO:%@X356FK#;YRWWR!&+T>\-.SL>\=-()13O
M5TNX1>F9!M3XD\BV7*W0E.WBQITO0D[0]N$2XK,Q(,)@S.2H]TL-%E7$7.QH
M)LYZNR4G7%7$<\!)LJNR53,LW;+]XW3#@Y>_F)FOZ]:2^G#7.!9C 8# 8# T
MO\RN>V^>'G)BUMIMSK.Z<=*WH>B[=;T.(U5:F.W9"P;%WS2>,-<J<AMQ7<+N
MGU^KM;]>FU@DY\]07,QAT569&*Z_8<G",+9[:IQ9==7&:TKI%E&7>"J&@;!"
M5?;VS=>QUNG;!MNS<=%I2O1^J8RU,KK+T="D;\038WEDJO!>6FYR+)@W(4ZX
M9&Z]MY4(15=Y9>,>T6=<J\;-L]ER<#;*79I:K[#A(?F=(*4>NUQLJS=7=LZ>
M\'[.W3E4U62 $D(]8Z92G<E;!BI?;8'4NR30NH:T$ C7S5)ZS0VM3Y.GGW;,
M[LTOKNK2;7DS&R3C5)=$H5K;J1YB:&/,Z8SS=6,*DHZ2(BX#GB/;U:IFG\0Z
M:\?]@LZ@YI3R^S\C+W>A,KQ6:E3]/:ZWUM:[.=8(.WMAE-94S5^PA?1UD:**
MQME/#/RL3=@C=5P$W;_]H?<XG3O#S8E+E--\5:]RU97VW%W=R^;/Y[5.L:G5
M];RNRM>P-E85N_:K0_+;=\,DU<1R*]@:#'L49#HB^>()-E ]?0WM7==;2W?
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M'3.![6I?S5:S_P!WU,_V<C<"0<!@,!@,!@,!@5CU3]8OE=_U[2GT;!@6<P&
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M[CGZ]3K2SZ'E#S<0]5@HM1W%S*D<G$'EXYR=J*S&4/$I%:BX2,546Y03[78
M"X&%WW16H=F5*T4BY4& ?UZY4=;6MA3CD%:W*NZ$L?O!JK:R5A:'LD3#HK?Q
MB*3-V@""O0Z?9. #@8!IKAYQQX_3D79-2ZX3K$["428UM$R;BT76S.8^H6:_
M/]I6YDU&VV2=*E)7?8<B:8GI( \ISKU%N=^X<>*M@2#-JEQ\TE1HVUQ%9U?3
MF,=>KU8MEW%NYAV\Q^4EZM5RF=@S5CEUIH)!=X\4N5@>/VY3&%)BJN8&Q$2
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M8B#*X\4[X(>*D$BKMFW7N4%B@<A2F !P.VC5:PW6!PA7(%!P5R#TJZ,/'IK
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ME*2T*BIPWJM)2O5IJE&C869U?N>VN]1R#R=X*LK3<MA6F N$5 W:I,(_D?L
M4"QZ,*0@Z\<+&>*$1?IH!@#GVB7M8X2GT5U)\':],VBUV/5J\B\BM1\A(VOP
M$3=->V29>:\E()&4MMK8V=S>:V6/4M @K#ULD@@G(1RJ@HJ.0D-/EQ[3FP;=
MTW"SFFXS6>K9KD_1F5RFX#COMVR/V6C)'=O,C2TC4K<_D;',-T)*9C-2:^LY
MK0P;QK.(9VY!PX1&,.5=8-\6!6/5/UB^5W_7M*?1L&!9S 8# 8# 8# 8# 8#
M 8# 8%9^(?YBHC^OV\?ISV1@68P& P& P& P& P& P& P& P& P&!6?E[^8F
M:_KUI+Z<-<X%F,!@,!@,!@,!@,!@,!@,!@,!@,!@,"N,Y];K5_V<=\?2;QRP
M->/[9S V"<+?J=\4OLWZ0^C2LX%F,"J_#N7B4>,.EDUI..24+3&Q3$4>MB'*
M8KQZ0P&*94! 2G*(#]X0Z8%E/+D+_3$7^,&G\]@/+D+_ $Q%_C!I_/8#RY"_
MTQ%_C!I_/8#RY"_TQ%_C!I_/8#RY"_TQ%_C!I_/8%:^0\O%*3O&,4Y./.!>3
M-7 PD>MC 43ZWVJ! $05'H)A#P??P+*>7(7^F(O\8-/Y[ >7(7^F(O\ &#3^
M>P'ER%_IB+_&#3^>P'ER%_IB+_&#3^>P'ER%_IB+_&#3^>P'ER%_IB+_ !@T
M_GL"M>HI>*)O3EJ8\G'$*:]:J,4QGK8H&*?1M#$A@$50 0, "(??# LIY<A?
MZ8B_Q@T_GL!Y<A?Z8B_Q@T_GL!Y<A?Z8B_Q@T_GL!Y<A?Z8B_P 8-/Y[ >7(
M7^F(O\8-/Y[ B;?<Q$*:*W41.5C5#CJ/9(@4CYJ8P@6F31C"!2JB/0I0$1^\
M 8'M:GF8<FK-9E/*QI#!KVEB)3/FI1Z#6XPP#T%4!\(#U#_)@9_Y<A?Z8B_Q
M@T_GL#P&L?KQDC"MF3*F-&];=NI"NH-6T&W1@7[U!^U>O85)(A"1;MVUE72:
MJB )G43<JE,(@H<!#W_+D+_3$7^,&G\]@/+D+_3$7^,&G\]@/+D+_3$7^,&G
M\]@/+D+_ $Q%_C!I_/8#RY"_TQ%_C!I_/8#RY"_TQ%_C!I_/8%<M1KH..1'*
MU1NLDNF+[2?11%0BI!ZZT(</?$,8O42& ?\ ,(#]W M#@,!@,!@,!@,!@,!@
M,!@,"L_$/\Q41_7[>/TY[(P+,8# 8# 8# 8&ACD#[2_DWQSY6<N];,=*);RU
M]KN*8V?6=9AXN\1%Y@:U <2XC<UNN2CN!UK,UVUZO+?V#J#>NS2JDPSFIEFV
M1;'3*5,X87;_ &HW)F?V I:M0Z6O5AU;7+],MX^IUVJN90V[Z#1IOVD,(U4J
MLA.:W;6*NS.WD>-U'?(.BN':#=*7:$:H&!T*KX,7TO[3KFQ<K?.+_)K5]D,[
M?L]O1=9I03&[5S1T;&73:/L^M60=@4N,EI5CM"=AJ6;D)<)A=ZJ@@5=*+>(&
M143;).VH3MQG]K-M?=W)7CGH:\\=J_JDVYXINTGF$I9K^M>X.;:<9++OR8N,
M&PD=:Q%5DM8N[)7UZLP!U)M9P7;%TNLT*0"D -YN P& P& P&!6?E[^8F:_K
MUI+Z<-<X%F,!@,!@,!@,!@,!@,!@,!@,!@,!@,"N,Y];K5_V<=\?2;QRP->/
M[9S V"<+?J=\4OLWZ0^C2LX%F,#7]Q.XW<=K!QSU+.3^A-+3<U+5<LC*S$OJ
MVC24I)R#R0?.';Z0D'L$L[>O'3A0QU%5#F.<YA,81$1' L/Z*W&#U<-"^9_7
MOQ=P'HK<8/5PT+YG]>_%W >BMQ@]7#0OF?U[\7<!Z*W&#U<-"^9_7OQ=P'HK
M<8/5PT+YG]>_%W KCR!XR<;64YQK(SX^:/:$>\D*TT>$;:GH2!7;4==;06%L
MY*E %!=N*R)#"0W4O:* ].H!@6.]%;C!ZN&A?,_KWXNX#T5N,'JX:%\S^O?B
M[@/16XP>KAH7S/Z]^+N ]%;C!ZN&A?,_KWXNX#T5N,'JX:%\S^O?B[@/16XP
M>KAH7S/Z]^+N!7'4W&3C:YW=RL:N>/FCW#5A>-7HL6RVIZ$J@R25TG1G"B31
M$\ 9-NFHNJ<Y@(  )S"(^$1P+'>BMQ@]7#0OF?U[\7<!Z*W&#U<-"^9_7OQ=
MP'HK<8/5PT+YG]>_%W >BMQ@]7#0OF?U[\7<!Z*W&#U<-"^9_7OQ=P(JWKQ?
MXT,](;E=M..^BVKIMJG8B[=RWU)0$%T%DZA,'35163KY5$E4S  E,40$!]S
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MBN!Z<7[6[F9:-9;:VE4..>N;!3=8B2F1=G@*CR$L"6R=F2O+/?O'F%=UBN#
M0;^(HL;5M')S<YY6=M'L0XL;!!<2%,4ZH9=&^U!Y\3B]>M+'A+#1U DH^ES4
MM 3#'=1=C,&AZ_P4E[]$H&)2T88\P#_EY.,HH5D4BIFU])G<IF,1PDU#^@?
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M?_O/QG [O[X!@/WP# ?O@& _? ,!^^ 8#]\ P'[X!@/WP# ?O@& _? ,!^^
M8#]\ P'[X!@/WP# ?O@& _? ,!^^ 8#]\ P(YVS_ . 97_YL?_OBC_G*_P#!
MGYP*K_WC_P"]/Z(_]]^)X$E*_P"M4_\ G _]8?\ A_P_X0_P_P#E_?\ \N!Q
M_O@& _? ,!^^ 8#]\ P'[X!@/WP# ?O@& _? ,!^^ 8#]\ P'[X!@/WP# ?O
M@& _? ,!^^ 8#]\ P'[X!@/WP# L=PS^L@^_^9%_,5</K*_^*_SAZS_-Q_[A
7_IW_ *1Y.P)&_6L?_$X_\O\ _;F!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>48
<FILENAME>pg26img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg26img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!S0*R P$1  (1 0,1 ?_$ ,<  0 " @,! 0$
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M'S-.('LI\;?B,UAZKX#YFG$#V4^-OQ&:P]5\!\S3B![*?&WXC-8>J^ ^9IQ
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MS<%3D147,0G0@%  V*8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M9JCN$?U?4>L:V^K4M8)^N/8"A56'=U^=ML:A#6J:A'$=$MEHJ6LT.V3:2#E
M4UGK9,J2QCD*!0#+:I4:I1*_'5.CUBO4VK1!5R1-:JD+&UVOQ9'3I=\Z)'0T
M0V9QS(KE\Z564!),H'54,<>IC"(AD. P& P& P& P& P& P& P& P& P& P&
M P& P& P& P&!IC^^<P-@G"WZ'?%+]V_2'R:5G LQ@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@:8_OG,#8)PM^
MAWQ2_=OTA\FE9P+,8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8'3?R,?%-%G\H^9QK!N!17>OW2
M#-H@!SE3(*SEP=-%,#*' H=HP=1$ ]W ZSN=A(\R1'\Q%,CK@W,@1W(-&QEB
MNW!&C4R15EB"H#EVJ5),0Z]M0P%#J(@&!ZN P& P& P'7R]/P^[@,!@,!@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,#3']\Y@;!.%OT.^*7[M^D/DTK.!9C 8# 8
M# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8
M# 8# 8$8[CN<Q0->R]FK[6,>3:,C58>+1F@?#$@]M-N@JJBXD"QO^_G:LS37
M?'*D)3&!/IVB]>T 5DJ^Y.4UW@V5IJ>N:5*5J7!VI"R*L>M'JOFS5XYC_.SL
M7>SR.FJ;APS.<A%2D4!(Q>T ".!ZY[US0$G]'JN@ I_"H@(D#^(0+M0#".!\
M0O7-GLAUU7KKM]?+_0J=@0ZA[G_-/J ]/X<#]].N:_XW_*S777K^*/<*=!+_
M  &#X4^H#@1[>[SR2M HZIN^M=0O3WR/D5&U,?CVY.P1,*HT7E7+5L.S%?\
M=8U1PW[U<R?=IJ*IE[0'.0!O"<SJB(YMR;)NHF"K:^G[Q7P0CU6+<C9JYAAH
M=H"42(T9'MZ(0KF"4F$V('1.0QVZB:@=M4 6"$LO"TXWSF;Y>FIZ%TZ!TZFZ
M=![(=0'ILD>O4WX?P9>/B<OP+YS/Z%[6IJ#Y>T)NAA\@=1[  'PDCU'ITZB/
M3_1D+GT?#TZYK_B_\K-=^Z/;_P!W4\H=?Q0+_P U/(/3W>OX<*^R=ZYG]HO>
MZKH EZ#VN[1$IO<#H!>UM(P>[_V8'WC-P[^C+A"06P:54(%A++1"B?<M'@.'
MK%[=*E3Y &;]G=+ W;/V![<BX*1=N!%2$,4# /N$F?7&5RL*X_S_ /9_EP.6
M P& P& P& P& P& P& P& P& P& P& P&!IC^^<P-@G"WZ'?%+]V_2'R:5G
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MW7>!Q0O0CW?;!'TLA06ZCTZ)B'O;W8*>7R_C= _AP/Q3?^[$R%,'$Z]+")B
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MBU:NU',9%KH*$C2H "B9<-+/X# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M# 8# 8# 8# 8&F/[YS V"<+?H=\4OW;](?)I6<"S& P& P& P& P& P& P&
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M<"JFRZ+4INFJQCD2<MU3IJJ-U")K)G,1=(I3JHG*4PB55,AP$Q1\H ("(>7
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M# 8# 8# 8# 8# 8# 8# 8# 8# 8&F/[YS V"<+?H=\4OW;](?)I6<"S& P&
MP& P& P& P& P& P& P&!5;DN0 )37!"@#@MNU,@14I>J@(+<EM!BNF _P#D
M'!,!'\'D ?P9<9%J<@8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M8# A!;1-25M8W86T&O:491]*15CDZ-1IBS09W[]W*':Q-FDH!><9LVSY^N=
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M-@B*I!RUEGWI(Z$@V#F3E'RB:RI6K%HF95PL*+=-9PL)$RCT(F0YSCY"E$1
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M+L?<2^HM?KI02T'7YBO%GT@<ZI8L4K0TJS:M,HI_!MI:0;H),FO^]%.<S_\
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M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,#3']\Y@;!.%OT.^*7[M^D/DTK.!9C
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MH=\4OW;](?)I6<"S& P& P& P& P& P& P& P& P/PQ@* F,(%*4!$1$>@
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M*$-"UUM'1]:GD+*G).@?V.1?%?22T1%2Y7,*$B1$ 4[UL;O3"@;LAT +!X#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# IU;78OMK[.B6UCUE .
M8V.H;WSRX&5])HQR]A9-%O)UARVDV2T,IYD1P3SGLG,!_( "7M!@>3+;BUJ>
M.V=%0,#JY[>HUQ:I6DL58B/5@+@>#5B+)!+R4DF0J(24W9)4RA5 4ZE616>
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M .GX,Z;3_CT_'G_3\GL\VFO]IX?+KK9F[RWTMEF,?*SH]S.;QF P& P& P&
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MFH8D@$0>6C"2H]UTC#/VI9 >_3661Z,A5!R/?(ME#E_%_&*F80\A1Z&GIX#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# B"7MB5)E-BV.7;F7C&
MGH0@U1CFAC2;A9\FJR$AS*@BF\[#ER40!,ZADTP-^+U_%$)#K4ZG98*.G4F$
ME&)22)ETF4NW*TD$DP6423,NW(JL"8+D3!0GXW44SE$0 1$ #W,!@?A@$2B
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M# 8# 8# 8# 8# 8# 8# 8# TQ_?.8&P3A;]#OBE^[?I#Y-*S@68P& P& P&
MP& P& P& P& P&!CEFJL1;62<?,IN5&B:X+&3:O'+(7!!*9-9FZ4:J)'<1SM
M(PD7;F$4EB] , ] Z!7+?-72B8N +7WRM>BV#E6R^]$:RCC1ZCR@P+I_%MRM
MG39=)NQ?-4A:.B)%(H*(E.D=)9--4HG%SZ)3^!N"4MT+>WTU/REJ@VL2R:R\
MDC5EW"C6+1<HJI*&)6$A;#,"\4.[.U%NH8QQ*D9)/H3 ET/( !Y1Z?A'W?\
MI_CP& P& P& P& P& P& P& P& P& P& P& P& P& P& P&!"R:(S=WV3%$C
MH*3/'/M7O!;S2*CANF4B*KT[P4_Z0!?LTT3*M1 " "Q"B(X&9Z[8V^.JC1I>
MCPI[(22L9UPKJJRT*C&+V67<5QJP,O&Q*Q"-*VJT2,0R("FH0Q.VKV>].&;8
M# QVV,9J2K4XQKCQ*/GG44]0AWJZ[EJ@UDU$#%9.5G#1)=PFB@X[)C=A,XB
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M$/P (9K./'-/W6O99/["7,[OO;<9Y_3KSC\'M9EXS 8# 8# 8# 8# 8# 8#
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MV$76\YE$*C[P1\!"V%Q.HPM70E#,E%PE95RK(*)(D6,)R*KN4T@ !*01#/\
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M8I@L>VEC1,,E3GTD6,>)MUF[\S%&WBY*W,D[2$PB4!3[TO; HF#J&<&Y&OB
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M=E&BV>T./#FI5R%GH(S.!I-BJP(NH%L8&L@V8!$6MY(PDFLRZ=VX\[;I$31
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MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
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MZIH1THY5L4+%N"BFX=,P600. E.8H^3 D? 8%:.(OZC8S_$/>WR\;*P++X#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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MM@=C4Z>U#+0K6Q1>R(.>83-.D8-XL1NVE&,[&K.F+IHHY4!/M$.;LJ=2CT,
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MPO[I2^!W--_JAU5_AO1O[L1>!)& P& P&!63:_TB.*/_ !/='R9.,"S> P&
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M#B[/4YV&L];G&:,C"V&O2C&:@YB/<%[3=]%RT:NY82#-<OE(JDH<A@]P1P(
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M]DBQW ;@,!@,!@,!@,"L_+W]1,U_;K27RX:YP+,8# 8# 8# 8# 8# 8# 8#
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M:1HT:1[1JP8-6[)BR;HM&;-HBFV:-&C9,J+=JU;HE(BW;MT2 0A" !2%
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M'T>];NE4E2&(4X ?M$.4P .!+?P1<@/:UM/Q0Z>]6\!\$7(#VM;3\4.GO5O
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M1O&M04)7(OEG;B1E?AXR#CBKZET\LN#&)9(,&O?K>C) 57%!N43F I0$W40
M \@!ZWP1<@/:UM/Q0Z>]6\!\$7(#VM;3\4.GO5O ?!%R ]K6T_%#I[U;P'P1
M<@/:UM/Q0Z>]6\!\$7(#VM;3\4.GO5O P^;XT[@L%KH]SD>6-T--Z]6L:]=,
MCJO3R30%+3"F@93S]OZ+F%T!6!Q%( ,GV%/*/:#\7 S#X(N0'M:VGXH=/>K>
M ^"+D![6MI^*'3WJW@/@BY >UK:?BAT]ZMX#X(N0'M:VGXH=/>K> ^"+D![6
MMI^*'3WJW@/@BY >UK:?BAT]ZMX#X(N0'M:VGXH=/>K>!^AJ/?X" _.TM ^7
MW!U#I[H/\0]*V ]!P),TYK1+4.NX.@IV&4MBD6ZL4F^LDTVBV4E,R]KL\S;I
MI\NRA&4?%,R*R\ZOW:*")")) 4OE$!,(2=@,!@,!@,!@,!@,!@,!@,!@,"L_
M$/\ 45$?V^WC\N>R,"S& P&!I\6\:_BF2B<@K^C3=WNH[CCL&\Z\NL6A7:&,
MV^?Z[H.Y=CVF1CFQMCE:PJ457-%S1W<=/K0L['=_'*/F#9O(M5E M-6.?V@'
MG'NM\E=C3;?3^NK?=7.OZRM.7#5^TU)^SIN95LQBX"7XW7[=U1L$C+J0;P$&
M;&2<OBJ-E$ED4EBBG@>;3O$HX>W&50BB;8B8()W<+G2FO9B9.@K6]IV9.D:P
MOD?*T6QP3B;A7%8L<5MZ%;Q3I^NP-(R"_FR"9U!3!0,MKW/_ (:6K3UXW]7^
M0="D]/ZW?U6,NEW17DB1\,_O;.KOZ(V\S7CDI>1/>FMVB30@M&ZY9<9! K05
MC' ,#!MJ^)KPYU34+3;'>TVMO5J.L:GN.6J]+9KO[*77=RD*JUAYGN)7WEBF
MT@$9<6,JK%.7:$P2(4\[\U%(2F,'LK^)5P/:I,UGG*#5S$CVBVW9!/?"4>,#
MM:E1#W8EM=2R;Q@@I"2\*.M+&*D4\!"6,2OR1B-C%8NA2#H(>)WP+<UN\VU#
MDM1E('6J+%Q>W)6EH\ZK*#^QV"HBM(Q(P 3 )1=DJDBSDC$0.$2LS4![YN!>
MN!C\;XIG#.1G[Y$FV5[VQ6MY_8=4LMMEH\[*$=V37<SI"ONHNE,>]4M.R1L\
MQR K[:&6KT=)H/UU13*<IU6A7(9_R#\0'B]QMUA1]JWF_I2T-M*#C[+JN$I[
M?W\L^QZ_(OZ?'%G*S&'59(A"-%[[$ X>O5F;1%21;(F4!PX014#RHWQ(N&ZC
M!BXM&ZJG09)]K6T[=+"6N29@N6@4Z6DHB=EVTS KSE4F7C96,.H$='R#N3,B
M=,P-^IP# Z9_$\X&%1?+$Y(TUT:,JLG=91I'QEODI.+K4/?YC5<F_DXB/K;F
M4CEF>Q:](0QVJR)'?G[!RF"0B@KV [:WB9<"T+7&4D_*'6)K'-+5!"*;(/Y!
MRQ?&OC+7DE556\XVC58$[22C=M5=P9?SGN6R%@CU%S)$=(F.%Z,!@,"L_+W]
M1,U_;K27RX:YP+,8# 8# J'S%YE4#A=4==VN^UFS6P-H;+)JRKQE;L.I*>4E
M@&@WW9*SN<MN[]F:DUU7XA&MZYD !1W,I*+NS(((IJ**E  AS5/BN<+MHP4-
M8'&QE]8-;18Z96ZHTVO'$JTI8%KOJ71^WX^8(Q;.Y<\'5HV)Y"UF+?2TJ+".
M;SCTC7OC NS4<AZ\OXH'#^#XFL.9DK>Y:.U'8$]I)TQC*5B7A[]>9?4#>^.[
M? UBERJ+.2<2"#'6\JY!5?S=B@S0%PZ7;H =0@?29\4'A? 2=9KLEM4"6^PW
M_3^MGE/;P4N[GJC8]X,)Z0I3FVE0:FCH^K)!5I)"2F47#F+CG;%9NLN58@DP
M)YTQRVXX<B$HU;26VZQLE&65M2+-6M>^+E/O*6WIKZ?*[.JP0+'=B*V%!OVG
MG I!)1LJV>,_.&JI5A"OM6\47A[/QFZYN;OLEKZ%T?OU?CM*R5VK[Y!*]V\[
M635@9_536O\ I#(WNCW)_6YQA#/VR(&D'U?D4DTOZ #'#PMB^+/PKH[*:?5W
M9;;<):RP"1L:.IG4%/*1J+FC1>R(=)LO,3=?C[ [FZ5-M))%&,7>J(LG";AP
M"*!R*&">[YS-TKK3?JO'JZKVV L3#CWL3DS/WB2J4LQU17M:ZRGJ7 6,CR_/
M4V\7*6HBMX:N/>R+!^X:M"]X[!L*[(KH.[IOEC1=\<4X;EWKJG;7E*-8J-:+
MW T-2CJAN66;U9S.,EZRTUZV?NG7IM*/X%1NUC#KD6%PHFDMW)^V! J3KGQ?
M>-^Q+E6*26@[[K,A+NK16[2_DZ36K+%ZZV77%>00M-43AM:7B^2-SNEP8\7;
MJYA5*8VM$._+&HH ^*[>M&RH>QJGQ9>..X]I<3]15*K[6:6KE]IU_O&A%M['
M7-*)5:8TD[I$-V5VBK1LJ+M2MQD7^OY0I(: CIZ0;)M3J.DVZ2:IR!M P& P
M&!7&<^EUJ_\ =QWQ\IO'+ UX_?.8&P3A;]#OBE^[?I#Y-*S@68P& P& P& P
M& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P*S\
M0_U%1']OMX_+GLC LQ@,!@:S(GPC>%$.UV:Q1IUY>,-J4[86N9EA+;3O4LS@
M=>[(+.%F*52T'\RN6KP45Z73GO8"'].Q+.OB$5$BP%($Z<IN(%;Y-U'3U*+=
M+/J&+U)O6G;O92.K55JO97#RHPUNBDX>#L$*_B'E2<OU+698S] %CAW0IF24
M*J?H%=F_@Y<%8^3UI(0U$NL&WU);8:[TJ"C-HW@M=8V.NH:E0@)%Q$.Y=VV=
M.8LFE8+HL;HX<E37(Y4637.3 F!AX=/&")TWLC1,36[)'T#:E+TG0;:U+;I=
MZ^<5[CU0*;K35S=%Q*J/T#A$U2AQJ+Q-PDNVEA24\]27(LJ0X8#7O"BXA5.N
MO*778W;,50Y:CT:E6#7[;=^SO0>SK:Z+4FM4O%FK*EB/&3M_C(:CQ<<E(N2*
M @P:$3122$I3 'E6GP@.#-PMMTNDUKRQJ3.Q87;,-=_-[W9$&UB-N.Q[=LUE
MF728.S*MIR,>;VM",6NW.B#-M(E3[)_-69D [^U_"7X9;F:V5I=*K>Q3M\I>
M92PC";/N<($H;96U-A;BN[!X@RDR-'<5.7/:,RIYNJFH1LFNEYOW*K5JJB')
MWX3W$-RX<OT8W9\9*I2(S]4F8G:]QCY77%O%SQ_DANFO'J+X%*Y9QG.,M3?B
ML'>I&<M7 "F*3QPD<)+W+X?''C?$!JBO[!#:3Q'4-*<ZVAY9CM_832SVW7[^
M7UY9)6H[0M)YUQ/[*BIFUZGKLL\-+N'+ES(1A5#JB"SDJP5AV3X*W$>V1<\\
MIA+I2MA'U?.ZXH5LE[E=;O!Z\5F6T@FG:(JG.K7" :48/7B3U,K60CP3?M$7
M:)D'@'<'#U=;>$#H&$TC==6[;MFP]LVW;-DC+?N#9S:V6^ER=VG8+?>ZN0\&
M0(X;9:724,SN6^Y]%PWD9"74DVJJ8O5EU4DE$PDF&\*/AE!5MA4XZDVLD+&Q
M*<&T05V%;%UB1R,9Q6ATD3N59$RZIR1_#*A$[9A$X^]S@1$1>N14#8_@,!@5
MGY>_J)FO[=:2^7#7.!9C 8# 8$-[<T%JG>CW5KS:=596\FG=B#M.DQLJ .H5
M&X^@UUUV1]+PZY58Z<;(5O8$D5-!RFHDFY.FN4 513,4*U[&\-3BGM+85BV=
M9ZU<$;1=K8O9=@# ;#MU>B=A13R#TI!26NKI#14FWCYO6$H3CQ47#B%,0K<[
MF+,("!'3Q-P'3N7AE\7KSI*I: F&FS&M#H=BW!-TYQ!;3N$#;J_&;Y87^$VG
M1F5NC'[>;4H-GK.S):+-&K*JD18J(E2,11L@HF&!L/" X51EGM-P:UO8WO[;
MK+2++)NW.UKH^%%2@66PVB$A61GLBX53KBCJY331PS4,JF>+E5F1.PV2:)MP
MGKC;P8T=Q+J;6D:.4V#5*RV2M29XLU]FWS9^:R0M'K$<ZE4ESBE*2-$JVO(V
M.K[I<IW$<V!P;MJ+.W*JH5/FO!=XC13'6S+0K:U<:EZ9;].6.USVI[#8(>U[
M*1TFWV;Z+2%BL3:<9/?A.5DMJRBZ]O6\[EUR.G""W?).#@4)3+X3?"1#7D=J
MMAKF>C*)$3ECL,7!L+Y;DBLI"TZII.EI@4WJDHJ_416H.O8QN4JBIQ!=([CJ
M*RJAS!9[</%;1&_[%&V'<E!C-A>]VM;_ *D- 6,RSZIRE%V9:=772U1,U6U#
M^]DJ=>R:;K[ENLJ0RK4[,>[$O>'ZA$FI> VG-'Z:V+QRUA.;,INAKWKYUKV+
MU[7K_8XP^N6T_);(F+S9]>VQ)^:U5JZ7B3V4X5=R3=TFNB9@R,AW9T .(8AI
MKPO^*^C+AI:\U!KM*3G-"5B,JE 3N.VKM9X,K&KQ.R*UKM]8*X_DO>&PS6J:
M?N"SPM9=N6YEHF+FED4Q'L(&1#)ZOX=?&JH6+0$_"L-BD:<:6#5OK&ENMK7Q
MWKI*4B'FP7U7MMCH:\T:LV2YT];:UA"-DW+<SI(DD(',IYLS\W"]& P& P*X
MSGTNM7_NX[X^4WCE@:\?OG,"SO#V=Y#I\2N+Z<5J[3#V,3X]:9)'/)#?5XC'
M[I@775=*T<O8YMQPEF[!VNW IE$$W3DB1Q$I55  #B%C/2#DM^R71GUA[]]E
M_ >D');]DNC/K#W[[+^ ](.2W[)=&?6'OWV7\!Z0<EOV2Z,^L/?OLOX#T@Y+
M?LET9]8>_?9?P'I!R6_9+HSZP]^^R_@/2#DM^R71GUA[]]E_ >D');]DNC/K
M#W[[+^ ](.2W[)=&?6'OWV7\!Z0<EOV2Z,^L/?OLOX#T@Y+?LET9]8>_?9?P
M'I!R6_9+HSZP]^^R_@/2#DM^R71GUA[]]E_ >D');]DNC/K#W[[+^ ](.2W[
M)=&?6'OWV7\!Z0<EOV2Z,^L/?OLOX#T@Y+?LET9]8>_?9?P'I!R6_9+HSZP]
M^^R_@/2#DM^R71GUA[]]E_ >D');]DNC/K#W[[+^ ](.2W[)=&?6'OWV7\!Z
M0<EOV2Z,^L/?OLOX#T@Y+?LET9]8>_?9?P'I!R6_9+HSZP]^^R_@/2#DM^R7
M1GUA[]]E_ >D');]DNC/K#W[[+^ ](.2W[)=&?6'OWV7\!Z0<EOV2Z,^L/?O
MLOX#T@Y+?LET9]8>_?9?P'I!R6_9+HSZP]^^R_@/2#DM^R71GUA[]]E_ >D'
M);]DNC/K#W[[+^ ](.2W[)=&?6'OWV7\!Z0<EOV2Z,^L/?OLOX#T@Y+?LET9
M]8>_?9?P'I!R6_9+HSZP]^^R_@/2#DM^R71GUA[]]E_ >D');]DNC/K#W[[+
M^ ](.2W[)=&?6'OWV7\!Z0<EOV2Z,^L/?OLOX#T@Y+?LET9]8>_?9?P'I!R6
M_9+HSZP]^^R_@/2#DM^R71GUA[]]E_ >D');]DNC/K#W[[+^ "P<EOPZET9T
M_#TY#WX?^SYL =<"AO&^W^(8WU6BA1>/7#&8JJ>PMVA$R=LYC[OK=@=I&W;L
M,ZIY&#A^"MJCHY1-P8Z92I2+H#D("@F()Q3($Z^FOB=>S1P/^O%R"^[UP'IK
MXG7LT<#_ *\7(+[O7 >FOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 >F
MOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 >FOB=>S1P/^O%R"^[UP'IK
MXG7LT<#_ *\7(+[O7 >FOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 >F
MOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 >FOB=>S1P/^O%R"^[UP'IK
MXG7LT<#_ *\7(+[O7 >FOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 >F
MOB=>S1P/^O%R"^[UP'IKXG7LT<#_ *\7(+[O7 KYRCN/B/*Z7F4[#QSX1L8P
M;EI\3.H;FCO>6?$=DW)0%(Y,&#W@3"H*MG,@5-)<_G)#((G,J4JIB BH%A!N
MOB<=1[/&C@@ =1Z /.+D"(@'X.HAX>@ (]/X@P/STU\3KV:.!_UXN07W>N ]
M-?$Z]FC@?]>+D%]WK@/37Q.O9HX'_7BY!?=ZX#TU\3KV:.!_UXN07W>N ]-?
M$Z]FC@?]>+D%]WK@/37Q.O9HX'_7BY!?=ZX#TU\3KV:.!_UXN07W>N ]-?$Z
M]FC@?]>+D%]WK@/37Q.O9HX'_7BY!?=ZX#TU\3KV:.!_UXN07W>N ]-?$Z]F
MC@?]>+D%]WK@/37Q.O9HX'_7BY!?=ZX#TU\3KV:.!_UXN07W>N ]-?$Z]FC@
M?]>+D%]WK@/37Q.O9HX'_7BY!?=ZX#TU\3KV:.!_UXN07W>N ]-?$Z]FC@?]
M>+D%]WK@/37Q.O9HX'_7BY!?=ZX$<0-HYNNN5]&/LS1O%:"?)<=]S%@&]%Y5
M[;MC5\W4V5H(9A:8>S_#:EK12S0Y&A6R:*#PK@%53'40[HA5@J-[\;N_9WJO
?_P#.#[[]<MM_]X?_ .F_J(_^IO\ V[_U_P#[)@?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>49
<FILENAME>pg27img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg27img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!O0*R P$1  (1 0,1 ?_$ *H  0 " @,! 0$
M       '" 8) P0% 0(* 0$! 0                   0(0   & @$! P4+
M"08"!@<%"0$" P0%!@ '"!$2$PDA%!98F#$5EM87E[<8.'C805$B578W5]?9
M83(C5K9W<3610E(S)+2!H6)39#8*\,'1)3F"0V/3-)0F)R@1 0$!  ,! 0$
M P$        !$2$Q00)A48&QX1+_V@ , P$  A$#$0 _ /ZV^'_$;BC,\3.,
M,O+\8N/4K+2O'S34E)RDEI;6[Z1D9!]KNNNGK]^]=5I5R\>O'*IE%55#&.HH
M83&$1$1P+%_4TX@>JGQM^8S6'Q7P'U-.('JI\;?F,UA\5\!]33B!ZJ?&WYC-
M8?%? ?4TX@>JGQM^8S6'Q7P'U-.('JI\;?F,UA\5\!]33B!ZJ?&WYC-8?%?
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M8?%? ?4TX@>JGQM^8S6'Q7P'U-.('JI\;?F,UA\5\!]33B!ZJ?&WYC-8?%?
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M8?%? ?4TX@>JGQM^8S6'Q7P'U-.('JI\;?F,UA\5\!]33B!ZJ?&WYC-8?%?
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M!@,!@,!@,!@,!@,!@,#3'_6<P-@G"W['?%+[M^D/HTK.!9C 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# _ )I@H*H)D!4Q0(90"E[P2%$1 @GZ=
MH2@(B(!UZ8'T"$*8YRD(4ZG9[PX% #'[ ="]LP!U-V0\@=?<P/T(=?(/E ?(
M(#^7 _)"$3*4B92D(0 *0A"@4I2AY *4I0 "@ ?D# _6!Q=RCW?==TEW78!/
MN^[)W?=A[A.QT[/8#\W3I@?LY"*%$BA"*$-_>(<H'*;H("'4I@$!Z"&!^A#K
MY!\H#Y! ?RX'PI2D*4A"E*0I0*4I0 I2E*'0I2E#H %  \@8&,W&F5F_U"V4
M*W124O4[S7IRJVJ(%=VR++0-DBW,--L5'D:NSD&QGT:[42%9!5)=/M=HARF
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MS& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
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MR[6V&Y%X_?)IEZN3]X<P 7J(@ !C9F8C/34;9I>R1#;8 F0  OG%/*X6Z%Z
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M# 8# 8# 8&F/^LY@;!.%OV.^*7W;](?1I6<"S& P& P& P& P& P& P& P&
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MP9HQ>.R%3.=JT<."D64522.9!$ZA2JJH-W:R:9A+T,8B2I@#R@0P^00K9/\
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M$I)03Y5@GT*5\Q1\[;B=J8BHDEEZ7K*/:*!@ZAU !Z#[H=?R#[OE#"ON P&
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MURKNF[MDR2238/TSJG"11.J4JJHV=-@F P& P& P& P& P& P& P& P& P&
MP& P& P& P& P-,?]9S V"<+?L=\4ONWZ0^C2LX%F,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,"L',AR5#CML) 2@<\BQ;QZ!!'R&<*NDE4.OD$1[*B &\GE\F!91
M@W,T8LVAC=HS5JW;F, ]0,**)$Q-U$I1'M"7K[@8';P& P& P& P& P& P&
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M# 8# 8# 8# 8# 8# 8# 8&F/^LY@;!.%OV.^*7W;](?1I6<"S& P& P& P&
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MD$$&J*+9LBDW;MTDT$&Z"9$D4$4B@1)%%),"D323(4 *4H   '0,#EP& P&
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M!@,!@,!@,!@,!@,!@:8_ZSF!L$X6_8[XI?=OTA]&E9P+,8# 8# 8# 8# 8#
M8# 8# 8# 8# 8%/N9$8:0K.H5^V@5*'W?!2SDC@>B:Z25%V(T*W .R8#G6</
M" !?)U'\N!<' 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# #Y0Z?_ (?_ ']0
MP(2/HZ-*55)CL/;\2U4>.WB;*+V%)M6C07KE5THV9IBFH*#)-58033 1 A>@
M!Y P/ :<:*DUFCSZERV?(2:RAU7:\E;BO!?G4CU8HPR)E(SO7_\ ^5KG;AWI
MCB"!A3_NCTP7EE43I6 @%%3U^PW" (X5:+.FT))QT8U=G8M4&+/SI!I$)$<
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M0MDG2G9(5-._7U_ZS)F,S9QXN?F6C 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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MRE=+$.[!("H H"!03 +%:FD5IG6&OIEP94[B8I]?EUSKD*FN964C&SY0RZ9
M B:PF<#VBE\A3=0#R8$A8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8
M# 8&F/\ K.8&P3A;]COBE]V_2'T:5G LQ@,!@,!@,!@,!@,!@,!@,!@,!@,!
M@5+WHZ9,=\<4G,@J"2"MKO<0W 1[0K2TO66_O:B5(![9NHL5#&-TZ$ OE]W
MMI@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@!]P?R?V^Y_Z\#5QK].QKLN*C
MJGZFI<OK&Y:IK]FVE;YZ'.^M#J<G(UJ,<843,W+NRNU.T8SA<CLJK1=R1=QW
MJ ' &# J#LS<TK7MYGG='5]A?ZE*P4)K>M(ZOC8)J]=%2LKRQOXN0D'O=7!F
MR;Q)4W"Y 21;K)F(7MG4*3 MWQPAV^S*+8)?9=53:6PET?L)V-%TX;IQDBC
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M (1.IQ)"% G0.R!2ATZ?DP)1P& P& P& P& P& P& P& P& P& P& P& P&
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M'$,UJ\?'PSPK2342$3//.3E "*%7 A3I!9[ 8# 8# 8# 8# 8# 8# 8# 8#
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M P& P& P& P& P& P& P& P&!IC_ *SF!L$X6_8[XI?=OTA]&E9P+,8# 8#
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M!@,!@,!@,!@:8_ZSF!L$X6_8[XI?=OTA]&E9P+,8# 8# 8# 8# 8# 8# 8#
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MVK+1TY<HA\]EHIF#"/?,9R8B%VK3M/3F21-&/6O=]Z,@L"AB]#*%-V3B)2E
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M&F/^LY@;!.%OV.^*7W;](?1I6<"S& P& P& P& P& P& P& P& P& P& P&
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MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP& P*Q[3T%(W[9U5V1'3\;%/:@ZJ<U"BY8/7#QC8JA'[5AF;L.P]"-?1SV(V
MT_26;K-Q,4Z::A#@(= %ZX[>[*TO?CPJ)8W<\;$BGVQ543H]?='7$X@8 ,#Q
M@NF0J7N%[( (A_>$1\N"=<]OU&4+=[<BAY/>CJ36*4O<H)4NC,&RAQZ]L%U2
M5=PN4@=>I>R'7R>7KCCV:7OCIX<S4.3 NP&!VA ^9]GR^^+:OH+]OMG#R)H:
MM?%[(I=D?^\Z]KJ'N!U%_HF^W49W+5?**WM(MG.KZ5N9(>393L6:US+I L9.
MQBIQ8R;-*)TB4>_*4_:'M'[ &\G9,'EPF($M>M^0-9V%KM[/:UXW3<W*/FI(
M"[FF7+KT5=Z^AI.0A',^]E=6Q\VSC(J.=NRHN6H/#$44ZK 'Z!P%W.+E=*M<
ME>7USVR;640YTC'*FGKW6D91TUO#B&]_->KL&TS%*2JU-CNZ=OEG2WO>FNDW
M6?(,UETDQ1 BARSKGM?%-AR,2;@FK8]>NG0@43."5Q\FD4Q@ZF(5$9LACD3$
M>@&$2B8 ]P,;QDG/]W_A_E^6K'D85<AGUBH2C8H@*A&E4< NIT$.I"&6M9$R
M=L.OZ0B/9_,.)F\]#UW/RUIE!1NM7G E$O5M[TMD14#J(GZ+GLIBI]0#H'Z(
M].N$N^(I=H\F(6>LLY5*-29"0M0P!GSR:F6C5LW)"1BS-)!-JRD2N5U!,OT$
MYE0#]$>R4 'IA6#S- Y)[(N="F-C5^H-(6!5;M7,=6)=NW;-P-L#7-W4L$FJ
M_>2KY^O$HZ\\V:MFA4^]/(',H8 3*.!?7 8# 8# 8# 8# 8# 8# 8# 8# 8#
M 8# 8# 8# 8# 8# 8&F/^LY@;!.%OV.^*7W;](?1I6<"S& P& P& P& P& P
M& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P.LZ
M9M'R*C9ZU;/&ZR9TE6[I!)PBJDJ7L*I*)*E.0Z:A!Z&*("!@\@X'3)!0A'Y9
M4D-%$E"&='))%CVA9 IWJ3=!Z<KP$0<@=VBS2(J/:ZJ%2(!NH%#H'JX# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8&F/^LY@;!.%OV.
M^*7W;](?1I6<"S& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
M P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
M P& P& P& P& P& P& P&!IC_K.8&P3A;]COBE]V_2'T:5G LQ@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@:8_
MZSF!L$X6_8[XI?=OTA]&E9P+,8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8&F/^LY@;!.%OV.^*7W;](?1I6<"S
M& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P
M& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P
M& P& P&!IC_K.8&P3A;]COBE]V_2'T:5G LQ@4DT_(\J=O:TJ.S";FU!64KI
M'*3:%>3X^V&8+#-7#UT5I'#*J[[8*2*C5JF0AUQ01[TX"8$R (% ))]">57K
M!ZC]FR=_$+@/0GE5ZP>H_9LG?Q"X#T)Y5>L'J/V;)W\0N ]">57K!ZC]FR=_
M$+@/0GE5ZP>H_9LG?Q"X$6[+?<LZ#(:I9-]WZ;D@V-M2)UXZ4<<=+$W&+:2-
M7M]@4DVQ4N01P<.DU:T1(I#]"=E4PCY0# E+T)Y5>L'J/V;)W\0N ]">57K!
MZC]FR=_$+@/0GE5ZP>H_9LG?Q"X#T)Y5>L'J/V;)W\0N ]">57K!ZC]FR=_$
M+@/0GE5ZP>H_9LG?Q"X$6TM]RSM>P-R4M7=^FV2&KK#4(1F_2XZ6)5>7)9:!
M7KDNX=HGY!%2;':N)LR! ((@*:8"/Z0C@2EZ$\JO6#U'[-D[^(7 >A/*KU@]
M1^S9._B%P'H3RJ]8/4?LV3OXA<!Z$\JO6#U'[-D[^(7 >A/*KU@]1^S9._B%
MP,.V(QY7T?7]ZNJ&]]/2"]0IMHM"#!;CA8$$7JU?A'TLBT663Y"&421<J- (
M<Q0[0%$>GEP.]3X;E;:*C5;,KOK4#-6Q5N#G56B7&^?52:JRT6U?J-TE#\A
M.=-$[@2E$?*(!Y?+@9'Z$\JO6#U'[-D[^(7 >A/*KU@]1^S9._B%P'H3RJ]8
M/4?LV3OXA<!Z$\JO6#U'[-D[^(7 >A/*KU@]1^S9._B%P'H3RJ]8/4?LV3OX
MA<!Z$\JO6#U'[-D[^(7 \RAVC<\)OA?5&RKG1+W$2&HW&PXN2J^MI77TE&2<
M=<F-;<,70/-C7MM)L7C22*H7H1NHDHD/Z1RGZ%"TN P& P& P& P& P& P&
MP& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P& P&
MP&!IC_K.8&P3A;]COBE]V_2'T:5G LQ@5GX;_9?TK^Q;3_S3O P#G1S-A^$F
MN];WF6I@W=?9^Z*SI2#CU[=%T6'C9JS5>[6M&:L-GEF,HA'0[9C1G"0B1LLJ
M===(H%Z"8P! ];\7;BS8N-C'?JLA)UF9>41O:U-6V1K(A+Q\P\TULC?+&L/[
M;7(FR5(OG^LM33DHF^2761*W:E35*D\5(S$/(LOB_<?*VQCFRM:O+VZNMX7/
M3DM5&,)-OXZFLZON+>6FHN_WO8$7 R-$I\-=YGC]8'D-'/WR,S(LVBHMFJQD
M5 P))@O%7X9RB2;)Y?K$TM18.MO%*S&ZJW#8CS-IL1M)-2:YUQ+1>O31^VK^
MTEN1=+;&B*Z+^1$; U.+<I!4%,+F:6W-KGD)K&J;BU+.K677MU;/W5=FG,)/
M5MR[3BY>0@9$CJ!M$9#6"*=,Y>*<(*(NVJ"Q#I" E# CCD5_S[C%]YBL_1MM
M7 ^<F^4U"XIQ6L+)LEO($JFPMCRE#E+$S**S6CQT#IK;F[9^Y33)!)S)R,1$
MU?3S\AV[)%=XHJLGW:9^@A@0'#>*MPDLEHIE"@-H3:^P=A.[C'5.DS6J]NU.
MPKOZ5&04Q)$G8ZS4.,>U-DYB[7%.FSJ12;MUV4D@Y(8R!^\ (I4\9KB P>:L
M3FIBP,86\:N>;%N%U:U>YR%$U[*IT#1]_C-:MK5Z)-8W96Q)MKR!KC5.'KPO
M91LY?H$=M6YUBD ._P F_%LTGHC5W'G;^OZ5>>1%'Y&P6UKG59[7S%Y&Q4-2
M-,TQQ;;O,61[,Q(&@I9LL1..2C7Z;);SP%RK'1\V5# F.0\3?AFPDK'"$V58
MY>?@;(XJT97:WJ'<5FL&R)&.GKO5IQWI2%@:'(26[Z_6+#K2PM9:4J:<Q&QA
MX9T9RNDF4ISA,N@N76@>4,E?H_1%S>[!::U4IR%GM$?3;O'T0SN^TV&V%6V-
M<OTU78VFW*06I=CCI%TA$/GJL>A(-O.BHF63*8./3_[]>6_[>:L^@VA8%F,#
M61MGQ3M$:=Y)3W%JTQ-B^4^+VUQ=U=%,&I#+DLJ7)P2F8VV-.@S701BJ&@18
M\@W65(\<]P)6R:AC$ P1/L;QJ^-L)$,);3M1V7OTLMWT$Q95:I6JMR[/8Q>0
M/&_CZA0[)6K-5V]OKRZDQR:@Y0[U2-40!@42)E5=+H('"P7*KQ->,_$^,W8A
M;GURM=\TE0;%;I>C4V@W>41G+/":P>[B::DB[^2N&UTGM29UHR-8$X-63+)I
M5X#2:C<&9#*8%Y:1/O[52ZA:)6"=U:4LE7@)^2K#\7!G]<?S$2TD7D$],[8Q
MCHSN(<.#-U!5;-U!.F/:23'J0 PS?W[B-U_[2;'_ -'3.![6I?W5:S_V^IG^
MG(W D' U4\M?%1H_$OD]4^-UBU9-VM:<J^C+7*V>,NM4A'S1EOO=5DT?66U9
MJ<^+52VO(&P5L[Z5 7S C>.4 Z9E5 %,0E'47/>.LNN.2>UM\ZFG^-M)XT[3
M?:EGYR8MU6VLRN5GB2P+.7:48FJ5;#)S\DPMUE:5L&#=JJ^<V7OHUNFJZ043
M *M[=\;'3E'V.PU]K?2F[-PD=M]4QTA9F-)N],BZIL#:6X-IZC-KJ\1]BHQI
M^FV/7[[2%K7L*$@U0=LG$8#--LLL9<S4+(1WBH</#:Z<[(L-[G8.#B*SJV5L
M$HTUMM6Q5!*V;:B==RE=U95K_$T0]2O^T$@VI!%<0$2X<3+9-^55=HB1)P*
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M7:.VRA5$U"B)#D$! 1# [8J)@)0$Y $QQ(4!,'4QP PB0H=?*< *(B'N] '
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MQV)%)&19P\6R:,8YN[D9*4EYB0;LV;5LDJX=.ETTDB&4.4HA%8\M..YMN/\
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M?N(W7_M)L?\ T=,X'M:E_=5K/_;ZF?Z<C<"0<!@,!@,!@,"L:_VS(O[L<_\
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MC4X&R4.!>V/9=V8\63S$<^HLI:I:PZQH7G7*^#]YIZ7<N&$J=H[126-U8+R
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M,A!40KS-T(,&J7>]DBYW ;@<!@,!@,!@,"L_+W]Q,U^W6DOIPUS@68P& P&
MP& P& P& P& P& P& P& P*XSGVNM7_=QWQ])O'+ UX_UG,#8)PM^QWQ2^[?
MI#Z-*S@68P*S\-_LOZ5_8MI_YIW@68P/Y>ME>.#OT)#=RE3U]2=106LN7E U
M^RC]W:VNM>VG]6F0T-8M@3$@RU_MS8G'-GLGD=>K? D<0%2K\FJ]) /$BI-9
M-R)5#A>[AKXAVW^1=SY/T>80T*K=JHJ\3T90C3,UK=]7-D'V7RPI#;C#NN8D
M)6_2[_:\#2.-C*ZS"\7!,G[6"L)U@A?-VR+AR$&\9?%7WYM?D3P!U)LFLZWK
M<%R:XJ:HVK='-9JSA^^MFTMHT/D);I-'6Y)+<K2[5G7.O'>C$V[Q_P"BEK8(
MFDRH2DE%+N(_OP_H)P*S\BO^?<8OO,5GZ-MJX%F,"F//[?%KXW<6]A;6H=ZT
M]KR[0I8UO4YO>J*:FO)"?>.RA'5%VL]V'J:!83=U73"*BW4K9(B+;2#M%1PL
M8A>Z4#44]\9'DE<W'(^-U1I"F1$EJ3PODN8U%7W%1N0]"@+WLZOL*A8=I6!C
M-3-(C4'VCJ[!W 6M<;(@$G9I>*<HJOXU!1-P0+0\N/$:V-IO9/!>HZUD]*RD
M?N*>@HWD3"R#F!LFTH^7MK[CY%4FA:TUV?<M LXS<RKO)"3F%FC*TR5?K1D9
M;WH=MA_Q E#PH>;&W^;6J-M6C<==I+"=UOM.+H[:RZT2B@H$^I*ZIUWL&Q04
M ^@=I[FA+"&M[5<7L",LA-D/+-V:#MQ&Q3E55DD&U+ K/I_]^O+?]O-6?0;0
ML"S&!2GGOOC<'&_1D3M#3U=U_//4=V\>Z7=UMA2$\BU@]=;0W;0]96F7K,+
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M4182JL:U=.0*11P5JY,B0PG!)00[ A_-RGXO?*B%3X\A>*SQXA[/:T]L$O\
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M7Y(Q&QBL70I!T$/$ZX%N:U>+<AR6HJL#K5%@XO;DK6S^=UE!_8K!4A6D8@8
M)@J479*I(LY(Q&YPB5F:@/?-P#K@8]&^*9PSD9^^1)ME^]L5K>?V'5;+;)9@
M=E".K'KJ9TA7W472V(JJ6G9(VB8Y 5]M"K5Z.DT)!=44RG*=5H5R&?\ (/Q
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M^3=1T]2B72SZ@BM2;UIV[F<AJU5:KV5P\J,-;XHD/!3\*_B'=2<OU+898S]
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@=ZK_ /U@^^_?+;?_ )A_5O[B/^3?_'?]_P#_  F!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>50
<FILENAME>pg28img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg28img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!LP*R P$1  (1 0,1 ?_$ )P  0$  P # 0$!
M       (!@<) P0% 0(* 0$                     $   !@(!  ,(# H(
M!0$&! <  P0%!@<! @@1$@D3%!47E[<86"'4%I;6-U=WUSAXV%245G8G:)BX
MJ=DQ(K6V*!EIJD$C)-4V47$R,R4F.6&!-1J18S1$9*4*$0$
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M+_QS_P#P?_Z7_P#E@.N7"WZG?%+[-](>;2,@*8
M
M                               <8_YS@#H)PM^IWQ2^S?2'FTC("F
M
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MB!:F6:)G-"9DI:W*-DYIFI*Y&;KG4TG;H,+VQT;8QD!] !Z!+JUJ'!:TIW)
M>ZMI250XMA*Q.:X("%V#<H3EJ+0S92E*68(W[EMOKK@SJ;=7.>C(#WP
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MD@,8FA.D:6M:](8N2J4E)224VJ@W?N199?5TU#I@
M                  .,?\YP!T$X6_4[XI?9OI#S:1D!3
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MV
M                     XQ_SG '03A;]3OBE]F^D/-I&0%,
M                XZ=OG4MRW;V5')F!45'Y!,)H:?3\F<H9%(^;+I'+Z_@U
MW5U,[*86F&D;:&S4\^#,2\W=DUSG9Z)*W18UWR?C38)F[+VZUD,@O(=G<ZNG
M$SK_ )"\QIA$>*=QYX<*N*,UY/X/XYL,L?IK?\(@E3U:Q5PU-4DBJZ&-\Y=(
MZP)G(I C)VZYQ7=-PX#<-..5D**?Y30*259R_>X]_D]S'CE<C16G#-VKJV>'
MCOOR2.D+KPPI]JG^*S8N:DI>83)W1QVD"]V=W\QM8\&DN)IKEA":'^C/L,#I
MT2S\OX^V-TLD'$N,VQ6[5Q(O2T>+$3XCV_<<>+J1A\9Y,QKN+U)1FTA9JWG.
MN6=H?UL:2*5Y>IY7=3]$^N= [U
M                                              XQ_P YP!T$X6_4
M[XI?9OI#S:1D!3
M
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MB2UDK>,:%&<XF(TN^"=#CR2MS.C&QFFN<[8"N@
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M(:SV"A7XV4OJM>\RIN6U.W-/@UU4GGG.C7JF5[&G=V[KN%U@
M                )UY>_55Y'_,?:']S'@!10
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M2M-2RBBB]<:%E%%Z8QH667IC&-=<8QC&,=& 'D
M       3KR]^JKR/^8^T/[F/ "B@
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M96H=-@     !.5,_&URY^>F$?NT4. HT
M          3KR]^JKR/^8^T/[F/ "B@
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MA2FG8U+ZVV2B]M^CJZYS@/>                  $Z\O?JJ\C_F/M#^YCP
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M;*F"WK#?X'QUXYR:N(U+%,WIMGE#I&6[D2^RM+',+FI"ODVB56W]=P;TVN3
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MD1N6,M?,,G0-&,]YM.KSOA"60A4)B"PZE
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M!I:P2U,Q2)#U<KF%Y/8'!P*;'I'C?'=4I^=#R^G'6UQT@,Y
M            3KR]^JKR/^8^T/[F/ "B@&G]^/5!&2F=SDRD*B,FEHQY=$K+
MEQE;PXR2V'%71(G;W2-3=\W9LN<K8'- C)(4HUQIZ=0227H9IMKIKC ;!-BD
M6/<F)Y/C; <\19 YM<9=36=N,<HZV/12 AX;F)=NFRJ:$#L2U)=%)*?<LL_5
M,5C?&V"].@,9K:H*GIII<6"H*QKVJV)W>%4A=F6N89'82U.;^M*((5O3@WQI
MN;4BQU4D)2B]U!FFQNQ96FN=NKKKC ;%
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M+'D%C02L4<E3&)IJ>2YJG,USV38?GLE,68E#N:
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MNZL@Y.Z(E!YI6J4W0O78.C0        "<J9^-KES\],(_=HH<!1H
M                          T8OY.<=6NZF[C>XWC5:*_W=&0X-E,*)S'2
M[-6H5+6X/B961"]E_A_<A0S-*E7IMW#HW3D;F8Z=-<Y ;%D<_@\0>83'93+H
MY'7^RI KBE>LKR\(&YUFTF01UZERYABR!4>4J?'5%%HVO<32$VIAA:-&<=MC
M&A>VV PVM>05&W*^3B,U/;E=V/(:U<\,\^9H9+660N42<=ECFVZIWQ(V*U!R
M+&SHR+DF-]L=SRK0J2,;=U3G::!BO+WZJO(_YC[0_N8\ **
M                     '&/^<X Z"<+?J=\4OLWTAYM(R I@
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MMR<R6X[8Z8Y)P1A46X%D!T6Y>_55Y'_,?:']S'@!10
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M%OU.^*7V;Z0\VD9 4P               "9^7GQ%NWS@49Y]:V 4P
M            "<J9^-KES\],(_=HH<!1H
M           G7E[]57D?\Q]H?W,> %%
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M"!F/3[*']:ZK=M"VLDM(W91$YW,.U.ZH6R
M        )UY>_55Y'_,?:']S'@!10
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MPYJ^%M25$UHU4BF4G6J"TJ8K1.C3[%D%].I6,Y#Z_+SXBW;YP*,\^M; *8
M !.,CX]Z.=XROD''9V\Q2PGWCB=Q[93B6AE>6N+Z:2]ZFS3.T[<ZD&%.SRU/
M;OC.$BGK(CRR,:[ZYQML FE\[+OCVOO.-<B8T\VE6]GM/I O+V^0&S9VU$/U
MC\BXNT1F96FDCSA)':&1F7H?!??B;5$UZM^ZK).5"<[1*FU+#>/'/C*^TW+;
M)M"R+ED-[V_9T=K""/LZ>8G%((07 J;(EV(&S$QJ(IRT!CULZ6 ^.3LY&&;;
M+USEM@DI(D)3)"0K,           $Y4S\;7+GYZ81^[10X"C0
M                          !.O+WZJO(_YC[0_N8\ **
M                     '&/^<X Z"<+?J=\4OLWTAYM(R I@
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M.@P               )RIGXVN7/STPC]VBAP%&@
M                "=>7OU5>1_S'VA_<QX 44
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MU4;Z%[GZMN[ODG&^==<[XTZ<XQT@-Q@)RIGXVN7/STPC]VBAP%&@
M                             "=>7OU5>1_S'VA_<QX 44
M                        .,?\YP!T$X6_4[XI?9OI#S:1D!3
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MEZ8UUQC&,8 ?3 3E3/QM<N?GIA'[M%#@*-
M            $Z\O?JJ\C_F/M#^YCP HH
M       <8_YS@#H)PM^IWQ2^S?2'FTC("F                2KS4<-VGCK
M*G0IL<GHUMF%,+RV=F*3'N[KNDNVNC]&YK)6*D*0UP6[%]S)U-/)+V,VQC;?
M7'3G ?2VY%/^N<X]&'DQGHSG'3K&JTSC/1GHZ<9\:WLXR _/2+?_ %8.3/O9
MK7Z5@#TBW_U8.3/O9K7Z5@#TBW_U8.3/O9K7Z5@#TBW_ -6#DS[V:U^E8 ](
MM_\ 5@Y,^]FM?I6 /2+?_5@Y,^]FM?I6 /2+?_5@Y,^]FM?I6 /2+?\ U8.3
M/O9K7Z5@#TBW_P!6#DS[V:U^E8 ](M_]6#DS[V:U^E8 ](M_]6#DS[V:U^E8
M ](M_P#5@Y,^]FM?I6 /2+?_ %8.3/O9K7Z5@#TBW_U8.3/O9K7Z5@&GZZM:
M=QF?7_(G7BYR0T;;%LB,R>,[DL=8'G'-372]6P=9NK)TM;.Z([1_B2S3!>_1
MML7KJ9C^KOC(#<'I%O\ ZL')GWLUK]*P!Z1;_P"K!R9][-:_2L >D6_^K!R9
M][-:_2L >D6_^K!R9][-:_2L >D6_P#JP<F?>S6OTK 'I%O_ *L')GWLUK]*
MP!Z1;_ZL')GWLUK]*P!Z1;_ZL')GWLUK]*P!Z1;_ .K!R9][-:_2L >D6_\
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MF^D/-I&0%,                F?EY\1;M\X%&>?6M@%,
M           #D1S8OSDM3G(N/RIO=[1B/"VK(/3[]=$JJ-MXKRY9[I[!N-]C
M+SI8\7ME6YW,1 V.*-+;DPR(MZ9>:F<UQZ4U4I0ZI\!\3M/.T>UXI2FIJA@M
MEUA6LX<IOQYGUMR>SUC422V<?ICR3@U3O\<@C4]F$I)!8$Y0+7HS<_3NQ<:C
MS,XN2C!9^S9W8/?J#DY?TAY&50^/UDH7VJ[_ .6W.CB\CI+2(1-"W5G'.+*>
MWO%]8C#*V]N*GSC*)*902PU_U=G)>U'Z2Q-HB2H>\]-E(=@P
M                $Z\O?JJ\C_F/M#^YCP HH
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M*2&%-+GQHCQ[B=%HY)9FFB[<6]NC<A2N+SHA)U6GGX+UZ H$
M                !.O+WZJO(_YC[0_N8\ **
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M/T:@<DD]60AOKI95BNOG(U:18B9@6K7@@]B[@E4)3%FX=WP
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M4?OONI;2TYG6VQMC;(7CR\^(MV^<"C//K6P"F
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M;VVJ%6U:1+NL ;VAVS(&A%&,X:L8;4K/(]LN2333^JE<MLJRL:*<Y-R%)
M                   #33MQVH9^MEFOEZIRM76Z8\C(0LEI.$-854Z;$R1.
MX(T.$DD.1;N99K<C=UA"4WNG=4Q"P\LK;30\W7</BF<4N,QLAK"6&4%4.\FI
M5&2W5(^[5_&<NE=($JLYQ0HXBLRW=V9$S8Y*3%230G.NJ149L<3C0W;;?(9#
M!>/]'5A-9W8]=5'74'GUGJ]E]AS&*Q!C8Y',EAB]4ZGGR!V;T1"QQW5/"]0M
M.Z^^<'K5!J@S&QQF^^P8GR]^JKR/^8^T/[F/ "B@
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MD3O43B]GM:ET,-9VN=*)UNWX>5;DZ;D'.&Z)1HCP'?8
M           !.O+WZJO(_P"8^T/[F/ "B@
M       !QC_G. .@G"WZG?%+[-](>;2,@*8               !,_+SXBW;Y
MP*,\^M; *8                         8O+X/"K!9]H]/HA%YPP;*25FS
M'+X^TR5GV5I\;X3JMFQZ2+465)&#=NIOU.MKUL]&<=.0&,)J1IA$AB#8CJ*L
M$C;7SV=)H$WIH#%"$,(D:DW<]1((@D*:="(T]GGF[;[JT6I)^V^V<YVSG.0&
M7IXE%4:DM:DC,?2K"GIRDA2M.S-Q"DJ0O*4] \/Q9Y:;4W1Z=4*DPE2JQG!Y
MY1FVF^VVNV<9#T]('!BYD;8VD,B>EA'LFD:/G>D=9]9D='"U&%9; ;*,(\/9
MC)HJQ@W"7)^2,&?UL:]/L@,L                             3KR]^JK
MR/\ F/M#^YCP HH                                  <8_YS@#H)PM
M^IWQ2^S?2'FTC("F                :;OZO'^TZJD$,BKFSM$D4N4.?6-=
M(4ZU4QZN4,F\<FB1,ZDMII*_O%>;'\)S-R<]T+U-Z^,;9UZN0PC._,OIST)^
M,F,=/L8RLM3.<8_X=.>\,=.?_P L /SK\S/P?C'^.6I[1 .OS,_!^,?XY:GM
M$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CE
MJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'
M^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!
M^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,
MS\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#
MK\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[
M1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY
M:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ
M_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P
M?C'^.6I[1 .OS,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS
M,_!^,?XY:GM$ Z_,S\'XQ_CEJ>T0#K\S/P?C'^.6I[1 .OS,_!^,?XY:GM$!
M@MGP3E]:E<3NLW17QN96VP(D_P -<7=!M9ZY<UH)(VJ&A8X(D2@A*0K5I$RO
M;<HO<TO3??7&-MM<9SD!:P                                  XQ_S
MG '03A;]3OBE]F^D/-I&0%,
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M#;!:HE/H:49MG3?;.FVN YM?SG '03A;]3OBE]F^D/-I&0%,
M                              #')?,(G7T6D$XGDGC\+A<3:%\@E,ME
M;PWQ^-1QB:T^ZMR>7U\=E"1L:6M E*V,.//-+*+TUSG;;&, ,$H_D!1W)B I
M+3X\VY75V5PN<'!I33>L)<R32-;NS29J4Z-6[JPK%J4AT;]S->[)S-M3B\;Z
MYVUQC;7.0UC >=7"ZU&^XW:M>5O'N>-?'I$YN=YN43MN#OR"IFEE(<5+J\SY
M6W/2A/&F1 2SK,FK56Q:77O0['=.DHS&H9C0/*?C5RK8GV4<9[[J*_8W&'<I
M@D;[4%@1BP6EC>SD13B4TNJ^,.3DF0.)B _0[4DS;7?)>V-NCHR WV
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MNJO^SC?'G-XY .>/\YP!T$X6_4[XI?9OI#S:1D!3
M                       X[]O32US7YV77(&OZ)CTDF4V+?*3FJ^#P]B3R
MR4S2#UQ>%>3R?,#!#5>-DDX<]HG'E2DIB-UWT>LIN\NH9D_!>X3EV;MPS^*0
M'D,RR:DKNGD.Y)<PK18.+5IS?B$DXW6?>K*=Q[9)0YV+R[8:\J>G6R ,:B91
MI?#FF;/4;9CW-,F0$[:;8T*,R'!SB-Q>NQTI?DM7T_H_G+*8ND['K'&*W6>+
M<63JAMSC)(F_DJLD[UPHXH$V2DAD9Y;MRV$25W=37]R7RE^4H&M-@I[//<2F
MP!_HO[$S>XRF3ELU.Z6XG;BBRW%"FWAK9O).@XYQSY#6%"B:LCNME:SJ"L=6
MTNL<HU#K"P:VQYW<8XC5K$A9I>-S"B"\%AW)           !,_$/XBFC\_KQ
M\^=D *8 ?Y_X#V&R9FC-_0VPKQBT^C=K<=.2U Q%$LJJ=/)<747_ &MO<#!8
M[TSVI?\ :D,2R&G):62H9TL':($D5*]<JU6##RT>4@6;RU[/-?R<=N/C@EN/
M$.)IB*'PM5HOA:J3KD&JJ75%+<VO3"]--(UI4W(%H+JC9H;9*>2_%)&=_<",
MHS,&;8-"/F#L)8-#R4WN NK%6/&T-2PUQE]6U>@A4P,2Z&<\-U;@VO;;+<&H
M5INW,AJW+Z^I^I9L"1[9ZV3R^\0SJO>R$>HE>'%>Z%MZQ%E2\<\J]LU93E02
M.IJRTWUE\NEFF]8L26Z) = S9Q[J^\YKW\:^IY,G1E8V)3ZXQIJ'JO'9 ROQ
M]6Q?D+Y%1:'2297R?R&C!:.E';OIPE.]_P#'&\VR'WP[-]QM1EQ5Y#MN/.6U
MB2)2HXJ;<2IT/PHWZ_<C P-)V(,A)BZ)G<>6BU^=6Z ^Y+52[58M-C[VJVB]
M'LCHCDK!BU,J5]=S=336Y,B8BEQ&[FROBI#WX7G'?&X?K9V%K3O#C(/*[V9G
MJ+'YG"[,+:J>4,E>M3S+&GM!2VDZ.1%1:#R4UM<(DG.%"XMB8P]1N5O!4>.Z
M]T4:'(@^_P /NSWY,4OS*O:Q)@[QHFOW"E;PK*'W<>L32:W+9DUPS2EI7')K
M8"(YT68>B*K1UNO;VI"YDH\L[4>D;"3G,K4Y: PBJNPE5P>,L+5*>4!<J?(C
M(7N:0AY:*@,B:&OYR_V-PMGR^60-B(LQR0Q-USGBB[)]-D.2,%;3I=N7C30H
MPI8&\J7[(Q?5%2<S:P](,LEPY85%7=1ZV! :T6P>6M>*WVMW!5E64M/LJ1J+
M4LVR2[1Z9BX%',.KSLG.[GJERIQL2&L&WL-8HIF\9E\UL"JY"VF/,#=9Y 6_
MC[HU09.Q0#EJX\H&RG:;9EEF/7BTHE44]*6(V.*]GPK'5T5:&:%YW0Y##V+L
M$MBCG%'-^6,GL2./56T!5SZVR"(2354^1BG7GC4<^09V-)MGP:XU7)F'CP:4
MWLRA(><RKI.N4Z*CL8,*5!T=Y/=GY >0LJK^6-*B'UZO@?'KD=QP+R76C6_F
M.M?WO6&]=,\=6*B'B.K?<57IQYZ\ID[KWJJRH-++W2;[Y/ :%<.RJ52;AM N
M),MO8Q0V1NQ+TFSNH:(6^[P1-&[HJ+D-5:*GZ^A$RLV:/T9JNLM+R3JF1 ZR
M%_W+T8BR,F:ZFE[)0FV,=A"E3S!8_3?D*@E$8=':F7)YKI#5SVTPMU9ZQ;8.
MD4ULMCRJVW:/K*Q;S8/II%6Y0B/-CB!>I2]V5Z&G9/#VV;L,%$3,H$Z&\GCV
M%11UGU59B99XLW!S[]>8=4G%ROK&=$4?>+/<83B37%)N.*I^<G1R:G->F62=
M1N2?@\DT]<'^@@!,_+WXB7K\^J2\^%<@*8  $.\\N(KYS#KZJ(O&;$;JUD%2
MWS#KR:79V:K"<FUV51.,S>,^Y]6?4]N4;8K+HL*FNQVJQIDJ \O=-KIM@TDP
MPO8.74:["!]B1NZI+S E:_8F@3*D;2R84_MY\?6;;N)AC1%3/'!OC%3F&N.Z
MS5E?37MU-?-=75:\JW#8Q3N'EC/8T6!<=5Y4<C+221.8S5#:;P\U;HW&VK'Z
MXE4YAO,Z'PI:BEFTGCB.2/=<*N4C4^E*"428LMVBA6B8S'6(6)PV=P[X"\HJ
M:Y@<H+0DS['(I%)+5EUUW6UU)E+9,K<L666U=15IQFU[$0.*EQ:I2YU:UI]6
MIN3O*-%WDU)T31KHO3)C%IH?9([(63RU^UF%Y<D6BR)',;/06C>3.R4VHAU:
M6:XI;VXH6BM9$D%56E*? 3"_0KBNGCRXA4M==3S'Y8IZ,)M=6[8(=7]B%?CQ
M9Z>G7&;QA?Q\2TB[U^OY(2!/LZVDZ-CEQG9J%;*G;(?I+\.:*KXN[M6'=OCJ
M@[*)"H4KEY3KN>KU0$!3\M[#39YGS])(SRC?X=$5D.Y00N$P5JA3TD;:?8K[
M?.4#I'HU6/@2SV)O983&D?)/1,\LYJ0Y&_8BK?L7J@S@KO4-:6IV0ER1*\:0
M,H$Z$R:GTUY0VR7<V38*C:+C2QQGD/QLN>4IJ:C6D@.5-4@LMJJ)]2O+HAT6
M9?,O!:%2B1E8/<C LB_.R:;;JOFU>0K=R GL#F=EV2QRXIO:MY4MA\;8T/$_
M7BZ8H10/>P4D"-NB(G&&2Z&3_5J)?XN\EDD:;*$>#2S0DU%V#LP2LE$L.G+Y
M,C:Z</L%PV0-M+N6A1R^PN^VN0)(>O<+B<'J&1.2QA5W)X9-5*II6+^ZJ]$Y
M6ZH_&0KVYNS%EEC*>'9\-Y!-E<J^,%85?5+G+D-6.?C)>V:N)+7DE4.$)FD5
MM.$[M!$OV@.$B^.3%+/H9G106KU:._DV%!P:CCG8KM3Q8$,<N0ETL][5! G+
M9(T4ZY5<ZLB!\AS<1S1WBZ.9/2FTY$2]3!E>>7A:[PJ2@2$=WBB/8E&29OH8
MG#XR7L570AVXVRN8\J9W;[[2[U,Y#:ADI871O<[R5.TRASPQG-:UFLMC3U])
M\U77#+7;HL-V=$;M&2=]3T^F#E!9P?*HSL?)TYU#2!7(NWE:J<MZI([7A"74
MG:QVN;LS+R@XMVS!*Z?Y$2]QYK="(KQZXGL%;KSM$)Z5=NL6N&.ZE[[IU0?'
MXX=E[R#X\<ZN.DN(=(O.J&HF/%GGW1(%N$EFNJ!)QAG- ,])QMDU?71QCU7Q
MY]D:)[1L!Q:IO)6:+7'5RP>I+;R@_P!#   G%\^MU5_V<;X\YO'(!SQ_G. .
M@G"WZG?%+[-](>;2,@*8
M                   !,_$/XBFC\_KQ\^=D *8
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M-KELK*%2BFLAGL=1MY).*-[OHJ0GP$\PW?;/4VU4:8UQTZ[9R&>>%^8/R?\
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M2F&/MC,"]#-V$DQR@$8<U[-(YL4W+EJ1S+BC"ZM:A.L7F$Z)4QI.^IF^N<9
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MXVLJ%F?"G=[=[J0VBRTT\0AKC[?J>]N*N/6'(D2)R4DIS$: I1HJ/.T2;8/
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M&6[7\QA4_8$[94Q[@Y+I%(+C?6*1LDT<ZX<)I#/<GB[7,C#:SKD+8ZZ)4WA
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M0!2(       )P8_K=VC]G"AO.;R/ 4>       ":^'/U6*"^:^*_V<4 I0
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M.S)H=7B5QAZBBV=MCHRIDAYN5FJF%-QKMW+7/=]&[7"C;34K;3;8*?
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MYR;936\EBLB)[]A,_>&XXKOG)!J==OC;3.<:YU"?6KLO.$3'+B)FST^J;7!
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M/)9:7TQ '@OF+^7'&CR66E],0!X+YB_EQQH\EEI?3$ >"^8OY<<:/)9:7TQ
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MFTC("F $W<7?_";"^TCRC_>!L4!2(      F[E?\4"?YY>,W[RM2 *1
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MM(R I@!-W%W_ ,)L+[2/*/\ >!L4!2(      F[E?\4"?YY>,W[RM2 *1
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MSF\<@'/'^<X Z"<+?J=\4OLWTAYM(R I@!-W%W_PFPOM(\H_W@;% 4B
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MH                   $S\0_B*:/S^O'SYV0 I@
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MM S%JBIDAY'UFRPY Q54V6JF>"5D=4-\A?D^QVW>)N^5&#<E!V,
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M<;$:J"BL;[&YVTT#H6         F?E[\1+U^?5)>?"N0%,
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ME'J=C#"TB4HK7.---=<!DX  F6R?K.<8_P V^0']BP$!30
M     )*CO'*R82A5L4&Y/6!'8MO(Y?(&MB,K^FWGP1[LI8]S!:W%.CG!C7!8
ME1N+\<61N?ON=W'73&^V^^,[[!]WQ/WKZV\\\EE&_ ( \3]Z^MO//)91OP"
M/$_>OK;SSR64;\ @#Q/WKZV\\\EE&_ ( \3]Z^MO//)91OP" /$_>OK;SSR6
M4;\ @#Q/WKZV\\\EE&_ ( \3]Z^MO//)91OP" /$_>OK;SSR64;\ @#Q/WKZ
MV\\\EE&_ ( \3]Z^MO//)91OP" /$_>OK;SSR64;\ @#Q/WKZV\\\EE&_ (
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M7UMYYY+*-^ 0!XG[U];>>>2RC?@$ >)^]?6WGGDLHWX! 'B?O7UMYYY+*-^
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M\Z\,>$>Y>#__ .R[_P"X]_?]#WR WAGTX.G/_P![7^G/]'_[>'H_I_X='L=
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MG?P\@#]-_P"N=_#R /TW_KG?P\@#]-_ZYW\/( _3?^N=_#R /TW_ *YW\/(
M_3?^N=_#R /TW_KG?P\@#]-_ZYW\/( _3?\ KG?P\@#]-_ZYW\/( _3?^N=_
M#R /TW_KG?P\@#]-_P"N=_#R /TW_KG?P\@#]-_ZYW\/( _3?^N=_#R /TW_
M *YW\/( _3?^N=_#R /TW_KG?P\@#]-_ZYW\/( _3?\ KG?P\@#]-_ZYW\/(
M _3?^N=_#R /TW_KG?P\@#]-_P"N=_#R /TW_KG?P\@#]-_ZYW\/( _3?^N=
M_#R /TW_ *YW\/( _3?^N=_#R /TW_KG?P\@#]-_ZYW\/( _3?\ KG?P\@#]
M-_ZYW\/( _3?^N=_#R /TW_KG?P\@');]*WZS?\ ]W?]2_\ _4OA+_\ ZD!_
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>51
<FILENAME>pg29img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg29img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!R *R P$1  (1 0,1 ?_$ ,\  0 " @,! 0$
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M 8# 8# 8# 8# 8# 8# TM_XTF!L)[*?U..U#]F[2'Z-*U@6;P& P& P& P&
MP& P& P& P& P& P& P& P& P& P&!3SWA*T.CV*]WHV&\;-UC K=NFW&DUL
MG35=E;9M#7L6^I,PR?WBEUN#7:3$S,5-LX,_*@V7;K&(W-T+(C^=('\;79'W
M UKL%==U%C[2ZCV:[]VU5O=-7K>=0V3[N_;>U;1H>XM-/SU22K%A[Y.UZSNY
MMUK_ +F' 3BLHZ?-; 207:HOX\Z*0N3*MPL]W3=Q&P=_]MNL*-$^\WTOWR7R
M!]Y'[GVTU?8VN=#UZMH:#LVZ+X^D6L5>I#6TLUU'L^(^D<260C(%JNVL<6Q:
MJ-YI=0[ANL4,HV1[USW@6LZTYT%8-WQ"E@KGO:>Z/L=MO>NWUUVQ4&>9ZPTO
MV^T[>&N6"]?WK<=9=IE7V5L&9MJ\7ZW,OV+-Q'0ZQ&:"LDJF(ACET]ZO[T&X
M:M"W0&]M-ZAGM6^Y>OWO%+B>@:RU=NBI[FV+J#NAV%JJ'&!L2\W8X:M4C<U!
MKS%W*I1[R0&,74.E'*(GY7P)BEO>C=Z&FJWWJTW>/=! .[2PH'NO+[HG:=-[
M:-6I/-;7+O[?V-"TZIB*S=-F:_U6%1A?HTHA!VK85B,U@B*>M3"TF!2MU JU
M5^_/NT[GDO=BW;</>C%ZGCM<>^D[HNT^^;%C6VDDJ5M. UQK)_.ZGEMER=.D
MTM$V"RRL6]>UUH,(8]=D'4VA)1I%'3=HJH'MZ,]X=NFGZSTGIZ,[H^WKW7.I
MYVL>]4[B7V_I_1VO9VE;"VCH[OJO-#@]#P]1MJ[.%4>!5WREGLK>&(>XSXK
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M$]E/ZG':A^S=I#]&E:P+-X# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
M8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8# 8#
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M,><!R ^'/I^(?'X_^0,#\='!^KJ./@'AU?)^'X/# ^" "<!\PX?]4#?)$?\
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M'X!_]V #I](<?N?Y/^; < 'CX8#D/'Q#P]/X/A\<#\B<@> F*'(#P B > >
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M9!*-6!-6'DI#RUTW"Y!Z3@4!*/(#X8&>R"IF[)TY(!14;M7*R8& >!,D@HH
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M YMA662J=5>S4/%HS4JFZBF4?&N79V+=RZE91G%I><Z31<JI))"[ZS"5,YA
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ME<6SA2.:O5K#&',XF'3=!TJP8%1,(>8"*@"<0*(<"(X$(S_M(ZG?L[2ZB.W
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MQ>7#>'+85SOP$PI J#U B93_ "B%# BK?,%OS:Q=0$?-]XTZ7I#=6'7E9=_
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MZ@]&!]WS?ZKK1+7=LMSEZVB6>P63/F.CG$HZ.ZE8F4C&X T:D.OY)%W@'54
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MV!8+-ZE7I="'L,YIA"1?V,[JCDA%&MJG6.O$#.7K@IW"* M!8@*JQ3CUCP3
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MW2NE;KG;J"5-P1%7@PIB( < Z>0YYP.A#Z4OC!X9S:MZV"Z17TR@[D:+FZO
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M]%3.E3UMAWB/KW4BHW06C8B6&.1=L"*G.(QSSU85D#!\DR:@"'IP+&\E$/2
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M:$T[/U-Y\VO44R?.:C)D:,?)NE3/':)1./0*!@ 2<E <"T51I<12V;EG#_.
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M-BG3JV4X5XMC7VB32/(^V8@JO$-O66P.O468',B0JOB*9.! /1@6L-I;4!D
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M 8# 8# 8# 8# 8# 8# 8# 8# TM_XTF!L)[*?U..U#]F[2'Z-*U@6;P& P&
MP& P&!4#OR(B;M5VKYK9F['U&"(FD];(NT!,M9X9(.INN0Z:G5U<<<#S^/C
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M=1#3RXLYBNWK0,'LNO66$HJ+U%U*TU1HV5K4<8OS0[:R[ANLY0C)$>M(2"9
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MF<M$?,L-"U^J5R/85B"EZNWL\"D:S0,,M-^7&MAB5"LHZ/C49,.A,QDA4Y,
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MQMG;D.E(E9IQX/DV-ZET"NP8HJ+(M//Z1-Y9#F(3G@!XP+6X# ZK[_Z2>?\
M\JX__<GP-?.G= V.S=L,<UH^Y+;IZR;/5JU^7N5'BX4\W"G;PC&-7AVY)E)^
MR?MW[9D3SEE4P5'X.  . F76O;G;M>QKYFX[A=CW&1D)N(F7MBGH6A(6&3&.
M<LU73.<D8JMLCS",FT:F:',J *)-U1!,0, &P*\=[U+K4S)2E]G%99=]J2AU
M62A(="<:P$(N]M>P/40E7;WYEE9%23B!B"F:H)]*;KGR5/\ 2 8H9_<"=WUQ
MLY*T;6VNV.G6$XRDX:TUK<UOJ&PI:-B&BK^%(Y:Q,<5-JF]D$$$'K0ZQTE&Z
MA^>H Z1",-G7F]:\W/VU;"NVLJ+4;_=[/<J18&\=<W4VTE8 T%6(^*<)3I8)
MHH:0C74N[!LT]7*"O')SEYY -H!1YY#TB4>!'X.0_P"+Q_=XP/U@,!@,!@,!
M@?GI\>>1Y]'P>C_)@!* ^')@_$(X'SH'GD3FY^+G@O\ ]S@?KC\?^4<#[@?G
MI]/B(^//B/H_R<#Q@?0  #@/^? ^X# \"U&.2M6!1/GS$X.7.3CD?EECG(E\
M $.?E ''X<"NNK=$:UD=3:W4(A94@<T&JK=4;L78#5N51U ,E%Q;IMK.1%)/
MS53<%*4"E]  'HP.AJ3LZU_J>)G(AI9=A3*$Q859Y,ZUYM\49F*D='1XMQ)%
MV!%)VH8(\#G6.4#F$W'   8%?]_>[PH4[3-GR.FX*,:;8NSN"EXZ7N,O(2 (
MRD5(INY-P>?EB3<P=U,-">6 K'4(@8 \KR@$1P,B5VQW9ZOK6K:'#]M$))2'
M1'03Z1DMJ.)UJ9A'+13-TY];B8>7=,W2K=T<Z8OG!BE G)CF IAP)MJ5MV/:
M-\1D?=M=M=>IP&K;+)$(G=8VVC*!/6BN,&PD^;&#,K46IX-83]?I!0O'CS@6
MIP(_MI2&M.M.H1Y+8Y<Z8 /AU!4IXHB(<>/!3C@2!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,#2W_C28&PGLI_4X[4/V;M(?HTK6!9O 8# 8# 8# 8%3^]AS'L^
MW>WN99F:2C$9:C&>QJ;P8]:00^G$ )F:$@0JBC!PN( 4BQ2&,F80, "(<8$>
M2>K]C.[Q3I!]7MJKG:MI4K:>@^Y>?&'KR+EN +(R$:O76#9\N] I2(F.DMT<
M<]1<"PNI8MQ&.;BE(QDRRG#3$2,NXF;:I<7,B0D,U)&."RAF[/H20: !!2 A
M># 8PB8!P)K.(AP//'@;_+TCQR/H_P N!6MKJQ:[TH7R&R]K0$]/MGZB<S#7
MF73+%O%'BZ:3IE%KJ*Q@)M>D!*D) 3X#C@.? /2<:O<5.B/C+[-VM)R\1 *.
M',^^NL@*S^0CV1E%9%1D!E&C;UM<@F.@D7RP >DO@'.!Y-4I$G=TK-/R&R-I
M1CU6QR\:Q;1EO<,X=B@T;MD&AFL2BB#<$R*<JB'5U',8>H<#TF&I)F!J2A[7
MN/9D[.1L?(NGUA1M+FML%Q0*NN@L:,2.Y9L4FR $*;E0Q3B03F]/ !'^KV%Q
MVBRL2\QN2^Q$E!.*U&)-*P]K#9$C9S0JK+!(/&[JNOUU'$E(R#A8RHF BG(@
M3P+@9?3M-[)AXU1.X=Q6R+'*A(2*B4FQ;U*(8DB5'2AXINK&NZ_* 9XS9@!%
ME>L"+' 3 4H#Q@>'4I&_W\*1%?SJ6: <FHDU8).7K4/1'!K"X:V\T"Q<.PGZ
MG,M&YDV:?4(-"MR*&,(B7P# S& UGN9K,V4T_P!PUHE*XY&/&HM6U/UHRFX@
MI$E@E$YQ\6F*,I;SUQ(9$R:*'04! P#X#@95K)Q8"2-^@9ZV25P/6+4WC6DK
M*Q\+'OO57M9@IGU19.!C(F/.5LO(FZ#E0*<2F #&'C EO KWO=Y4FCC7GT_F
M74-3'%A?-94Z$O,PR;I^\C3,H!LY<03AL^.FI+.DRE+U^7UF*)@X#P"$5->4
M6-WA785C<+S)UJ>CY)12G0CNT34"S<@V;-FCZ9O;>W'D(4K9TT.<$C%,511V
M!##T@7 \7:-FU]4=EJU<U_EH*DPI:".ST/IW;4$H('KBXNFPNY$TL+V+^<6[
M=MU@@J45DRE W/A@>M=:I%U/;&K1CMB;"0I]D=J-9&HQ*>Q;N>8,Y9&C6IW=
MK:V1P-.C$Y.10=J.5TQZ0;F#D$Q.(!+E;+7*SOY*EP-NG'[T=72D[9:O*W*7
ML8L04LL$WK\PO'RL@\^;C.TCNB)*)@0%2@8.!XP+,=9>.>0^'\?AX#X>GX<"
M%]KSE5,G58R2LT#'N6^Q*6\.V>34<T<IF8RQ'I 407<IJD PIE#Q#Q P?'@>
MY;MQZOH4.$];+W7(F)]9(T];/)MW)"KF;K.BIG!F9RJ B@V.;GCC@/C$.0RF
M'N54GHQA,Q%BAG\;)LFLBQ=H2#84W#)ZD1=HX*!E"G*1=(X&#J !\?$.<"(N
MW1XF]K-^7(L58@[XWLBDHFJ19,Y$-G61,O0HGR02 1/P\1XP+!8# \Z84\F)
ME%N.KRHYZITAZ3=#94W ?CXP(<[9B)M^WK3) ZBE'6]47Z3\]90<1*"X@;X>
M2B<0'\6!GE.V50]@J2R5+M419%8%5LA,$BG/K QRKU-19H1T %*"9G"21A+\
M?2/Q8$5;+9LWLAN)N[:-GB1M(,#'1<MTW"8BF_NZR)C)JD,41353 Y!X\#EY
M#Q#P">XP4RQD:)ND!%BS#D?2(^KI<?A'T!@0)L:,92'<%VY+NFP+FCXW<Z[7
MK*F=$AU:_6$3',F?D!-P<!(/')1 <"Q@  >@ #X? ./^3 ^X# 8# 8# 8# 8
M# 8# 8# 8# \2R$\ROSB?I!2'E""'I$>I@X#@/PX$4]OU8K&KM*:RH45--W#
M"MU");(+.WC(K@WK"'KZWFE2.5,O2N[, <!^2 8$TI.FS@H&;N$%RF#DID52
M*E,'/'@8AC!QR/&!4/0.MW-=VUNG8*/<(?;4?L"4._?U#UPSV/HSPDDX2B&<
M,@6?DV4&S8QS91HHBB@@5TLF94P <!+@7 .0H@80 @'$@E P@'/CZ.1]/'4
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M 8# 8# 8# 8# 8# 8# 8# 8# 8&EO_&DP-A/93^IQVH?LW:0_1I6L"S> P&
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M.N:0,^9A\UFF1K$*:0-&@H"P,!<F9^85KYI0-T!X<A@=[^;37'6"G\W])\P
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M3,!TUT%DR*I+)F+X&34(<! ?^; [. P& P& P& P& P& P& P& P& P& P&
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M[6E[I8;/#7ZN-Z1=ZPI7G+9O6Y6&DE+0+>MPEK,>-=HN2%:G$J8J@?@HB/(
M$*,.[0\;0;95@NE&TYM-A<Y%O1=?GU,WF$T89Q/>8H6=G4:M87$,LRD%731<
M%F8J$,B @!.HO ;&NW[;4A:]IDJ*%DI-SCV^L&4]8INKUA.",UN"CYLW>L&Z
MZ;9L=U'$*H8 $Y2F,8H")2&Y# O/@1OK5)JUKTJ9$Q"(FN%Y<JG\P 3ZU+1*
M'7.=01^3P?GD?@$,#V9B5CI&J6%XPDVCQF6&G$U'\<[1>)HJMV+D'!2J-SK(
M"JW$/$!-R40X$.<".]$F9GK4P9J4I +*Q"*ZG3P54S>BU%%-4X#P &%L0@&$
M/BP)B:N6;E54K9RV<"@?H5!NLBJ9(X?DIK%2,;RA#@1* @ ^G KKHY$32L@K
MU";_ .0:B@<14 1 0MFPU@\ \2$ BW( ///XL"QJ1TO-4(14AC\%*(%,0RH@
M \<G OYPO B ")@XP(HTTF8C;9!C%$O7N38YR\AQU%&7*7GT^(<E\!^(,"9<
M!@8!M=4R&K=DK$,)#)4&X*%.'')#$KTB8I@ ? 1*(<X'7T[_ .4FKQZA/SKN
ME#UF'DQ__EJ,^681])C>D?PC@2/@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!
M@,!@,!@,!@,#PK-86-4@9.Q21'2C&*;^LN$V+91X\4+UD3*DU:)?G'#A110"
MD(' F$>,"(+CW PM%BU9F>H.W_F] R9%58O7$Q,G*=3Q*0$(U1=P<? 0$0((
M .!@>QM_UN1T1?[<O4=F1=9>ZTL+XLG-4.5C"%:2D Z2:J+M')O7D?-4<D*)
M#)>841]'.!Y%0[NM&5^C0,6[F+.@]K-.BFS]E_-SL!($'$-!(%=-"N5JTDR
MR1VQD^H502 P>)@#QP.77_?;H&_P,C8D)6QP3"-FS0)_GJI3_FKNRQD?*BJD
M2+8R8$0!M(D#\X)#\^/3TB41#T*MWB:KN.R)*K0-CCGM8BJDUE7<W\U6]I(M
M[(ZEE&J<(Y9/J\V:)H+1@%<)G!8RIA$?D='RL#+O:HTZ6]*:]<34LSFTD'[D
MSU[5["VK@IQR;%54I+$>.^:CKN"/R^0GYG6J)3@'B4<#F@)^M7W=1)ZJ6]*2
M0K.N%HV5C(\3BW<JS-A%5HH]%0$C$49!&F%, *8!\TP"(?"%A2AP4H!X
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M!^'(Z9YN?^ADUZIBD<X2 E:I5P#X&=3F 68K^K"627;1R2P]!%063.9=4/*
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MGP\/#GT?%Z<!U%]'(?%^#_V8'T! >0#TAZ0]'I^/\> 'CX?1\/(>'[H^C ^
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MH=DG:W+V+:;R3<S%0CMF+_/$I+*6-ZY<2#\UC,U^;F*+!HT.9H)O5O*Z132
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M8B8C@K[1.S%&C[52O!KGLQU"55_(3M9<O-S7V=7?N56Z2;=I;JG+$4@I)JW
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M*=3I P.>H%#>HI"!NDP]08G"4F1)5IMA4NXY]HZX.:OJ6O,[ ]:P=A!U!5F
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M 8# 8# 8# 8# 8# 8# TM_XTF!L)[*?U..U#]F[2'Z-*U@6;P& P& P& P&
MP*W[Z>*L)W1KE&1BXH2[6("SZ9\KU)-F-6L'KY!\\Q4P<*L@4*D(CX'$!^#
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M"]0VV=<[ HM)LVRGU+B),B])K-D95M1^C97#B*6D9A23$(Y_%1B:)3>4IU*
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MYN3>L!(A'&<MG;>3*H4OK*(@0AO-/T^7P   X$NJ")4A$..2EY\2\AP4.1\
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M.(@ CX".!Y<YKNB69XG(V&HUZ:?I%.5-[)1+)VZ("A"I* 1=5$RA043*!3
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MK<Z,@@5R9Y"-XF.=QKU-!PB1$#'6$XG( & ,"UD6J5:.8JE 0*JR:*@!N>H
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M,](H<BH"DJ8QC>8=-(PF+TE$A.LP*%X#@? /'-)_!-U*:;/<S)D8# 8# 8#
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M^4!>  *A/^] UPU_&=T<?HV-DXFO[#)KNU4U22E)?82,M!DEY-@9-N5*-JC
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M3FS46U&<0=GL$=JB<6@75A@)TLK9$".*RX8N6*Y6KU)9<A2)&%-,3E!$"@3
MNC8#UT7&GX&=A'MA93M9=13 R9$%UV#EPTK+-*6=E45(?J19KF$RQ.LZ8\B
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M!AFUF2ZUGUN^<5A6UUE@XMB5ECDVD5(% DE ^KQ)EV$JNBDZ2.^)QP7J$H@
M\8& L;A "XG8E;MIN=?",DW#2"?HT"NNV$OPWZ$+ R/&.5#,45%$@* *@54H
M$ ?BP(SID= 434.N"7OMUGKML2&B*_7YXD?KR*GI9HMZZ!UWI9EXF<',=#B8
M5QZ5C> <)E,;PP)VIBD/*['3DZO1Y:KQ3*D24=*.Y.CN*@5V]<S$.K&MDU'+
M-F9Z9%JW6-T@!@3+\7/&!.<J!QBGX)%\Q463DJ1 #D5%3('(D0H<#R8R@@ >
M'IP-1EBHNZUYZHQ]?FME%UR_=5.6D:&_T#5K9!TBU-56/TCG7<U>7?S])D\U
M!18OJ9"] *=#?@0P+YZAB4D-B;.L!!L+I_/1=&+-R<S 3=<8O92.+.->(F.E
M72[5,GJ_!U0:%32**A0$#"'4(0%M[:U'E=/632BC:PR-KO\ 5KZZC(MA!2RD
M2^CF%RF&[YDO:B1SNOQ<@[(Q6(BFX.!U#"7@AN0 0KGN+MV@=<US1O;;J]]L
M"L579=A=2E_6;R[R2G6I'<M&JN7$<S19'AE;$89-V*XK->@K-H84^@""&!=V
MB:\K-*W\Q@4&]NLLM6]%,%8:[72:)83,XYQ;'$*I!0BZP$<QRI4V(J.2D*1,
MR:Y2E\.0P*_VW6>FDMB=SDCW 4\=PQ#:XT6^5:(<UJ8G7<2:1IIHYW%P:#9P
M[]8-&,W'RR=:8'35$2I%^$/5HB?:T>N4ZP:<UI_-[=5IJ BX.OO*58H>QP<>
MI98YC)-EF+YLHQC0<Q2(F,<3=0-S!X@(X&R<0\/#X!*/[@" C_Q!@0($K0:Q
MLF]SMCEV<-/.E8-@T5DW2R!3Q):_%+'%DB;E$Q5'*!O,,4/E='!O1@5/V)3^
MQE;93J_6>)DY:Y6.58K.;5!62^?-Z3RTN"P*Z_7"SS1A'MR$<@9V)2E*@E\L
MP  8%J(:UZ(CH1_3(78E6(UG/7DG"'TU+*OSJ2K<&CSR7$D^>N0$4B_)#JZ"
MCX](>.![V@"MD]6023 A$XU%_9F\41-0%2!%MK/,-X\Y5"@!% 6:I%/U%^2;
MJY# KGW@R.R)J;U9KO4,QL*K7AS,/[,:S4%C5'KLL&G#3$0]C'!K@BO$H(G5
M7277-P4P$2#I,!C!R$75[0\W>6VW8[;*5FV#L",@:\+&[SP157E9&+=QXN%M
M=JJ5=PM$!'.TXI!5XH"AC+%7Z1*7T8&,4#MXUI?-7:^V&@\I,/:H/5#_ .:N
MBK,2;$@$X-2V=;B(L0RS6:BT47:Z).GR3E33;&* ""Y^ LILJN4+;E3U?$3U
M\E*C"2.K9*RQEVIUG&J65@,.KK]X:1K\^7ET@'J_458$P$ZB!S$'@#B.!A5%
MUWIY77\^]UMW#[,OL16%W)'9IG9ZM@9.I>,;)2/S=,K233UN305*9,RA3*'*
M8AA*!@] !?R*$!C8_@0'_L+3DP>@1]73\0_&'_%@4\WYJZN['N+R1EMO7?3*
MM A:[+O+/0IUC7Y-U"3+BQ1[J(F'[QF].6">+D*)@3!,Q52 (GXY 0A#8VM*
M="=N,A:*[OFV;$J\-&HM8-Q9)2HS<$YE7$^E +V.152@X]1Q(L'BZ@F7%4B8
M&3Y,42%XP(+K':,HYWJ\N)*O?Y653JT3LV+N$1<&T?4IK9<U%$9*S110?(5N
M7ABO&Y) 8HAU&JI5^E1'H H"(_*/-,>\>W;86R>WVB41DC'J6*D 6+N,>E87
M-58R4M*Q$861G%7,6HU9NVJ#TBJZB!2E PJ "/08H"$SMY/1[O'&3%T6_P"=
MC"&W:=-ZRTO5M6QFVXZQ6J04GHALWF'+IHNV%6LV&1;C&61@FG<UF4.[!1ZH
M8AT!544,!@('2)84PVS?C]B(I/BO;VIZRL&I]4Q4#:;(:T3$@X-8'<LH_DY(
M%@D8V,(5%NYF5%I$6Z M1Z"G-R4H\#AQ3%)F)X+,]93<E ?'T"'PAR/3Z!^(
M<(:6MG[QLT1W);TAF5<LP&5EH-G'62PZ5G;166E<J-.=+RD;&RT/*Q9V#]\\
M(J+"4/Y[<P.0 2#TYIC=?:_V=?ZT1.U:MA?:[8G=EU=6I&93.C/*0L>W> >-
M/&>LE8%5;M72+<[-F'JRC4$_+4*0"*%#J* <Y>ZM.33N+>[Z8]^(Z*LJCVQD
M=P6LQS*+(EIE=6;-Q.=8Z#IS8+*L=?A53I(B*9P* !P'I\,RXN>*Z2DQD]%\
MBJDLD4QRLU2K&(0"%*;E4BB7/68W*G2 \?!SFLZ:J9-,\1&L:.PT<)\1J:7^
M>@B82\#U%2Z.@@F\/W S.[>6F3>Y[^4<Y@,!@,!@,!@,!@,!@,!@,!@,!@:6
M_P#&DP-A/93^IQVH?LW:0_1I6L"S> P& P& P& P& P*,=[=NE:,EV^VB%CD
M)9_#[UA'81;EP+1%\T3KT]Z^D=YY:I69469CKBH8H]((\?#@=*L=^.FKSL=A
M$TB\ZOF=9I5R2D[+L!>Y.HF:B9-H!A8Q;:LR4$W"78.115\QTF\Z$03$>D<"
M?^WFSRUSUV%HFHY")>S%MNSPL>TD$95J@R/99$L6HA)()I)O$G<85)8I@*'@
MKP/B&!.1TR*%,4X<E.0R9@^,AO Q?_M@P*XR':EJ*08O(WU>VL64@[;O7:$7
M>+1'E47:M7K%L)#-Y(IT"(M)%9,H)B3Y"@AZ.,#\QW:KK"-D%9-)Y?W#MP"I
M'0O[_9'R+M%P@Q:N4'3=R].@NDY;1J*9^HHF,4OIY'G _+WMBUO)3=CDR3NR
MF+BQ<GE8V*V+9&$.D1>8//E!A$HNP9QG_P!5C&7*= I% ,8?E<>&!)FO]65S
M6Z#U&">61\9^VB&:[JQV"0L#[U2";.&L8@#V145<F*@DZ/R8QC'.)OE&' X-
MMZ^_G)I3VJE4CDQ<2$/(<2S=TZCUCQ$DVDTT723)PU=>6=5L7@4U"F#X!X\,
M"LZ_;1?7N]T=_OWNE7-N:1L:P8B6CV1!XBO'L5(E.04F0L1Y%<Z<<X52(@/"
M/!BB(")"B 29H7026G[1M.U"YA3/]ISC:PRK.!0F&[)*1(>1<.W EEI!Z)C.
MG4FH8 (4@%+P'CP&!EG<?5K3<=)[-KU+N+ZA621ILTG'6>,CF,J_8"@T5<N4
M$64B4[4X2K--1H8PE$Z0+BH3Y1 P-/U!B]L4G9>I#;*WOV_W^XT:PGO*A_I?
M2Z5/QYI'6K2!K].NS0E=2G)F9DXJ5*F@Y32,8A%R 7Q !P+MWI[NO<>L4*!L
M_65)KI;3?*/"OIYO8;4ZI]@C[ H:3C7U>0BW5;MAAC%DD".O/70*98!*!#)_
M* , B-@>R/7.X^W23*:VE,UB>K[:S+M+2F#:.<NXABA3(&)JDH_F)YA%G=R/
MJR"ICJK*IDZCC\CG CN0[N:I!Z8K7<)(Z:OKZU]P]2LOE0]8N1Y=&K-W2)(N
M8G3U.PR+%>MUV)68H%>.BM2="P])0_/!U!:^%U/*:YW7HN>K]PG7%7N9+@6\
MUR97CWA7MC;T!_(UJ28K(PS5XBG'>?()J>8X,=4JZ8"!BIEZ0O5@0'0H75]P
M=7U3YBJ%@F(G8]L86 SR.B).6CY+UT%2(2)E4%G+911IY9TB'$/S0E$,#RMC
MUO0L):]?.+?0VSN=D956)J Q-5E9%DD_41$IAEFL&W-%HM@2<& JSX@I%Y'@
MP#@28^UUK1JU<.'%,I[5!)NL=PX-!Q;=))NFF)UU%52H) 5)-,HF,)AX I1$
M?1@>5HI)-OJ'7B2*J:Z'T<:F;K)+$<)*MSBHHW4073.<BJ!T3E$@@(@)..,#
MS-G1E4L5RU?6;=%1<PQDG5K=M&4MY1VZLA&PJ:J (-U%">LO *H8Q"@!A  $
M?@P(X@ZQVU*S.UZS7ABY6TU03R]YBY&1G7AJLM)-5U62*9I0X,XZ.,#8QDT6
MI_+3X'@I<"*:+5-*L>V"@7';%@>UJ/:A#R5@NWTEL%?E7<N6>719-9N49NQ?
MN4'ZITT%4#B/GD, &* #@60@8&N06W8DU7(DQ83.LI5ZY9M73L[=Z4D[ %C7
MQVCA0Y2&2;*'(F?@!Z3&+\>!,D\J5O!RZYC'*#>+D%@,G_I2^2S64ZTN! ?-
M*!>2\" \A@4(0JNIW$%J;9(;FEM7PSMW78>58RT\^9L]A6<_E+/H!=2RR)':
M#V8>KBF)F)BG4\"D'CPP+'ZT?5%39>TJ_4)AV\1J3:H1-BB%Y&=?)0EF4&:?
M+$($RLL1-5Y'+-S'% 13$"AR/.!3AT:EQ4R_DK/V^;+M$O51>K+RS:T&8T&9
M8R-YG&4*W18/)YG7961,XGNDZ"B!E2@H(F_(#@,9LZ\!=;AKB]MNS782"-.0
MLLH\BY%[%PED5CXN;C(224C:<V/(*6@AD["9TT'UIH504_ > # L<XWC2=5Q
MLO=2: VG#I1K2JL)]1K#5X\K&,;2*;^.3>(NK.15%LU5<%,[#K $#@/5XA@<
M$9OA>#V'O-)+7]@?3#8-<W!6L)SE:3LYJ](U>(KXR[&#)(NG#R-9O6Y/.63Y
M( J?#TC@9[ =QKB3CZ+-S&M)>I1&P9Q&#@3V2RU=C85G:SA5 0&JG=$F%56X
M(BJLD0IE$T0 XAT^&!:3JX( AP'(!QQXAXA\'[F!"$?$K7*[;-3?6.S,T*].
MPL+&M(B5(S:MVRU0@I=<?(]65_/*/9%0W481'T<<8$:6/4NTX^T,W%4W8Z0K
M#Z0KQ'4;>'PRSXT<B^$UJ0C!(R;,E)%_&* 1B)BG(@L7J4*H \ $N+ZF5.9%
M5#85T9^5T=0$1IJP+B7C@5?6:HOQU#Z>@2!^+ R/6$DYEJ/"OG;X9)<QI-N9
M^+=JU.Z!C+/V)%E&[)%NT35,1N'4":9"B;D0 ,",-]U)+8"M&H)IB8KP6U>X
MLC34&X.U?,BMZ?)N^L3)&2.LD90@<DZR@8PASR'@(1?M6L;$UGK)6NZ V)#L
M=GJ/*ZXG;/L^P0\HZ2K5=@5&AU21]B4*@FG)$C4FZ0=/0W\PZI1-T" AY,]4
MM&6&FV/<%"C*#9KV_HT]!%;1EGCV4#(OGQR(6=<J2"A&:DF@\*J/K14@$_24
MH> A@91=",8I7M\U=#PL.;Z0U2=B*\60IL3:V,2ZKE5BY%H1ZI+.$AAHAP@B
M<AU4BG.=04@X  YP(JB+4\B*)L68FFNN%9JBWIC3_F6IZ@(^;"ZFG$6UAOG<
MR QK<A3O' ^N+-O/0;($ YCCZ,#8LS$WJZ('*0BA4$ 4*F'"93BD0QBI%\>E
M,HCP ? &!5?;$&I<;A:Z]'1&M9F?CZ;7GT=7K?!,Y>3MC!_*2Y9%JX6<2K)1
MM"Q@M@Z3"BLD513@1 38%7-NZS4I';U8+#9:'I6L6MW&NFK;6T%3XAO).C&G
MD6!$:M85YY>+^=!9.$G8+&8*(H&4_.EZ2B; X=U3^ZM6MJ1(ZHM:EWJLQ5(N
MA/(N;W%J^E,*S*RBC=DT:H02>KYN,DGL:Q4%,7HN43AT@0 -P40$Z6S?&]NJ
M#-U[#W=I*.TS2HW;]RE&FQKEK^F6*N51KJ:R6&DQ0-(&,DVM<O[BMH+V*QI2
M3KJ;R;END/JS=0QR"8,M+V,LQ;VN#N8B.N;J3X4U>S=K3NM+;BU3>$MU]FZC
M(R\YIVT(6O0T ]F*N^BUZ^^4FG2]&79 \=,W3DYDW!D1$0 "EZC^,1,Q-8<_
M;7?^Q,Y8ICGP;'NW>9LLWKN88R]B&;E("66KT9.K,X1%9))&N0KE!NNA ,F$
M0X&(>OE$>4T2B<B8 83>D9I"/DNWL[;Y#^O97VYB+M=]=6!]MWM.$MEA:;IO
M#FTU9I"$/#_.NI837LDO,K3;UMYA7\%-2;-\@G',.H$NA)4"*IJ&$>H0"KAF
M(B9B-F>26LW]KV!M=TPV-8:RTF$*M"S$-&Q%-D&QT2U4$#JH.9ZNR<DR7<LW
MQR#Y:P$#\H"@;D<M;,PI=.6/_'=,>2?(:(9PL9%1#/J]6B8YE&-3'Z15%NP;
M)M4!5,4I2F,*:8<\  "(^ 9,W3,$3W%?7==-O-#)9LWM#6>JF:(+MU=05:>.
M(%4(Z'BWSL8 %5'I2,D'4/R0$#<AE:M(OE,K-,B9C(%;((%2,HFV%,3=0I@!
M3B"P"4H@IX_]8/PY;JE>Z.J[W)W<B0=)F9 6*7TD%,_04ZGDG$/DCT@8P%^(
M.,G>)F=TWS6LR]C,V)@,!@,!@,!@,!@,!@,!@,!@,!@:6_\ &DP-A/93^IQV
MH?LW:0_1I6L"S> P& P& P& P& P*9=W,DE R?;W9'L/+S$16]Q(3<PA$1"T
MPN5FUK<P03&;I@)2E,=8"E$W!1-X<^.!$3#OE[=F%DGX*3U=.5B CFS4D=,?
M0%JJ>:=N%5$W\42"C6:KIJ#4W(BHH/EJ=?A\.!)^J>Z+1$%3W8SMW:ULZ]JM
M4DG'2L/.,W+-C,V"1?Q::R"<6=%$YF2I?D$,($]&!*B/=CVZ+ME'B>UZV#5(
M>%%U0DFZ9!  'Y0KL$^/ <#ZP[K^W&6,J2/W#2G!T (93_ZI'1!,#J$2*(F5
M22#@QS@ <#XC@1+ ]^VAY:V#6I"8/6#)V*PP*DM87\0PAU4H5 KAC/-G OA.
M\A+$F/\ V-5,H\F#@X%\,"P ]P&C2>68^VM>)>L% Z9E;5#)>87_ #1 5'1>
M?3@=-7N3[?43"17=>KTS  B('N]>+P #P(B(O^ X' [9NX30Y$ <J;FU<FW-
MT\+*WJM)I"!OR?EJ212\&# Z9>Y7MW.J"!-Y:E.L(_)3)L"K'.80_P"B!90>
MH0_!@2!6+Y2;J1=6GVRNVA-MY?K*E?EV$N5#S>?*%<S!=?R@4Z1Z1-P!N!XY
MX' RHQ2*D,0Y2G3.42'(< ,4Q3!P8IBCX" @/ @.!J@M_;72*ELRY6;8+:F(
MQT=&/9C5[R6UK0W+&RDAX"55CH*S7N5@7<\VLL$Y(T1:'];*NJV8H@E\HO&!
M&VG.V.9U1,]O^S;#?F+%M 3=%+9TB;JV;<&4RI9H-<46LM3K:HO!0CHT@Y*Z
M27(H'E"ATI% AS<!--L8ZRV6CW:-W5Y<1K9:2;R9/H_<ZK",;JYB:PVDH-(K
MMRW!^"D%)QXIKB*X !#B!>"C@5V#4U"V?VF5[9NTUGDK?]-1T^RH==UK?X*)
MA$6KF58L$PC!0(<\A R0MDUW:+SS 7.FJ8@ 8Q3 &TDJDA)RO;@\G6B<1-^1
M,R<K%%.+D&<L?6[QJ^8@YZA QF:[\Q>H1^4 >'.!8+ J]J2SZSJ[O9S16Q5.
M%LLEMR]R-C0=2#%C*+N/G51NR6DB+*)*BH$8@F5(3> IE#C K:YU#V.5?;Z+
ML^S["PVE>9*7L#%0N]M@@FHK-$D3/T& M;%\R1T?PS<'*U_-D1'\@"]0 (7(
MKQ]5U^G.:FTO49,02C.7277L-_)99%RE,*O7$BFZE9:4<OEDE!>*%(3JZ$D^
M"% "%*4 ]?1S5DQT]K1E&I((1[2FP+9BBV*4C=)HBQ23;IHE*8Q?+(D4 #@1
MY].!"/=+J.F;IF-65*YV2QTYNU=VF>A[73[;]"K5 3L:PCA8/H.>*8%FSH04
M.F<I -YB)S 8.,"'&>A-()ZOV'6:QW&;5M<9$M+0G;&B^\?GER_E3PC-ZK#3
M[Q8AGY$ !FFH"":B)2@X4 . ..!'.M>V+6<WKG6&S+%O[<>N6EK1J4NXHD1M
M9I!:_D[P4K=B)@@WD8X];?3:\>45D>L2K*B(E /1@7!H&N8>E[R7D27*ZW>R
M3.J31[N3N=C93R\=#P]B8D;,F";%E'HM".)!PJNL/083JF_*X "@%C+.4YZS
M/D3+RH:$DR$*)N/EF8K%+R;C_-,///X,#6-#=N5;A'FNS3?=_M2I/;:C6INF
MZGD;#1Y6MQEBF8%-)9I682TUN;.\+\ZE,X;@8QS(K$$2FXX# N#IFC.*'>ME
M,7USLE^DI*,ILO(V&U_,X3+IVZ4L(%3.G!1<+$(MV[=---(J39/@A0$PF$><
M#4A8U.\&U:?V5?*]O?93+6L=?;\>)@QU'JY\YC4(._.U8^%AU).2^=9-%A*-
MR(QKU=,!<B4 4*5/Y8A)[#87>[KC84@-PKNZ][OK9J21/09*OZOU' 'U\\D)
M2(=NW[QNSM96=A<H"FD0S)P"213%#IY*? E2*[?#=T>VK1;MBV#NLU\M"U+7
M#24K#F3B*+0+9,Q[!1%X\EJ6T">C74N=U&E7$AC^0#1WP >(X$/[1JMCU1M/
M;%BUYOV;@K;!Q=0UM9'>SM>O-SREEI,K68=VBUK\? 1T*EYL1(.BBNH<5 %L
M3H\LI_SHA)NJZTXM%=[=G4I;]?>55[Y$V:-H]:UG9J%9#S\L9&(D9N5C+!9)
M]W!E73(X>*MD@2*":Q2> >D-N8^!>1'T<<B/XP\1]&!7FG51P7>FXKL$HX.P
M=H5.K*099&4%HF^:P45(FDS11E@ATG9VSM-,'"1/6%"?(4-T$(&!7/:/;SW"
M;&V(24LF\M*RM$KMU&SZ]H%LU +Q[!=7F*P3=]/1]LA99U(LG*93$72.F9?R
M_$!X$!"XIX.]2FO[3!SEAC7%KF(ZS1T=,U1!]5$HPDHV=-X=1LLX7GGC*4C/
M/*/KA /^<("A4PXZ1#'>VV"D:SH_74#,2*TO*Q4&+*1EG"XN7$F]0>NTW,@N
MN*:7G.'BI144/T$ZCF$>DO/ !P;5;6AW>=')5:5CXI=*ZR[N<&09$=A(U-O6
MGIY^)9JG26,Q?OD3$!-8I0,' AU%Y$<#6?/:XO-Y]Y18M\(4-E<=,ZVI*FO+
MM&R,@S8V9"::U-\FFX;5F1DTH^PU!X[>@HFZ72ZP.DIY8>'&!&V@ZBW;:E[A
M=PZP92LU3[&:=K6M"I)P4W5:*V@+(]DYMZG"6.8.A$O%C._F\$VR(F#RS"41
M 2@4-D&_-)!N2%I[*0KD_/Q#'74R@S-5KDZH\XPM+GZ,.X8I+)'.V$O'1D@2
M.51=G;* <R(B4Q3!P40@+7G;1/UN@'JTIJ_:#&3B[)\\U>-_G]G[Y4 4;*HO
M(E[/!9IQ-5R=G(K+*'0!%1,2I)AX@!2@&T=N!RI)%.7@P)$ZQ^,_2 &^'\&!
M0G=L#N]'>+^_:#U]K^^W>-IM8IDC]/[:YIS.O5*R+V=Z_DHR1B81_-OGQWT:
MD7U8JQ$2E#S0**@!@5ZW32=C4G2=:L6Y*6T=0VK).+MTQ8G>RWVUK"G.VJX5
MEM/PT:%EK(6%Y!%0<+-F::+Q /+ I3)&*)2$#9I):TUA<:Z6-EM?5&2K\FW;
M.#Q;^LQ143IF\IZ@55L+4ODJI&*41 .#%,'QADQ%5;]++IX48PXU1K&2LCUD
MZH%94.DQBI1 P0$.FF@9JNHBW.V53:@X2<" B!Q+QR'PY,T>EDS1=\;AF-K;
MWZ8Z5UTL[;O)&CT@SE%LHT6;%A&#KE(Q!13(=15,RAB@0H&#D XQ2**=SDL]
MG_:K6F\LAU-!0M>J241 L&4<S:2<^D=NR;(M$P<IS3U-0QTT$42BJ!0 HB("
M/  'P8KI#3Y:9R=_&>)KCG'9_P!L)0$0*41'C@ \1'T>'AX_Y,J\Y S-TX?3
M>R):,>+-T6]^A(TRJ <HK_,-?BFTJ@J8./.23,X,)P ?DJ$X'T"&3$:5=?:8
MXR73$Q71GD Y5&4134FW4AYK=8X)B@B+=8HD3.DX.=,@^JG(0! "@)2G$1'C
MD,4T='=8(LQ3=$4_XT1@@P24[H+B]53%4IM%4>/$O(F#I4O=S64 J8\!U !0
M-X>(@7(>8G5N#0C@QTPZE3!T"'F@KY10$!*4H (])5 #G\''&35>;XYOV0X
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MG'XNIF(!@=0VM=<GY ] I1^? >JJP1N0]/ \L!^' XE]7:S=$!-SKJB.$P
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M2*"FB/!3@8QP .HXJF/R;D>/ . #)BE73=GQS%(B'.W=@=RX0*!0,V?>2IU
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M "#\& Y#_E_< .?$?P>&!\$Y0$"B/B/( ' ^(@'(\?'P&!^N0_X?!^/XL#\
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MU@6;P& P& P& P& P& P& P& P&!PE44,HL04CE*GY?0J(DZ%A.41-T !Q,
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MM<:(+>"J;567;E4#TB!O*DB"(".!TC=F7;(93S1U+"]8<<"$G9"@''HX*6;
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MW#_?.UGZ8GX$.3)N[0L00\?1Q@8+N3MGN3V+BU-/W38 S(S;7YY0LV^-HP+
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MJD]_!& ]LWMA_I?KW^J3W\$8#VS>V'^E^O?ZI/?P1@/;-[8?Z7Z]_JD]_!&
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MK=7O3_5$?OW9D5I%_98FHURHUSYP?:?80BOK32.;(2!#E=$ Y5@4.$G]T?\
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MUNUNEGVJB5Q],M;'0K'3W#^(>M%0)-).BH"Z*B+YV&VKNR_\GD/_ %E[9?\
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M]*.BL#7C_C28&PGLI_4X[4/V;M(?HTK6!9O K'V=_J^5'_:+:GZ6[U@6<P&
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MJ-G6 H^WHT]I@=85C>.L).ZS-#1EZ6\/0K%9-"I66.=M4FY -*J!^<=G!O(
M$ 7#MH]_!_-AMF KW<+'2VPIK=#F9H]J)M&*KC6%B(:+W"ZKEFK[4E67.375
M@=2M,8R=6D#I)-U8E=P$<\*JY%\']*#45Q:MA=% KH6Z(N2E$HE*N*9?.* E
M^2( ISZ/# Y\"L>M_P!:#N=_V5[>_P#PK8V!"WO#=>=XFQ->T./[0;=(5V6C
M[98G5^C:YL*+U/;IMB\UM<XG7+V*OTS4+LP:05*V\_@IN=C!9E/,Q#%9L!ER
MB>/?!KLVAVN>]LV>M]#[SLI&:IU%VI7=G$L6NMV)ZW=;C+&=TO:'MF.KL3"M
M:FVD*'%T[5E&V'$MFC]Z=HX<OT$CB9$Y%2A(/:_VQ^]?;[!U4[[J.Y^>>TBL
M=P%MO^T&5%NM=;%O<)%Z\<)UV,C")U1:1;Z;N^SS-7)JOUQR\:Q:JI$*U2<*
M(G#BV;V]>^14[F=G3FN.Y"J.NV5:Q[#=ZUITE:4*];E(-6JSNYM>L92:)1)U
M:$.;?DVCKIT<I'OJVNXU)T!%G1C$$(3TMV#>\?EMG:,V?W*VR!MLQKK9FH'[
M^5F=EA/VE+5VO.XW;VTV4%)OVK%?Z1S5>I6P6K(JKAV[6<*("B+I5-)-00_H
M3V5_Y=7[_8JU?^!/\##>W#]7C0W_ *,:N_W'@\"9\#3A[P>D^\GD-Y5+8_:=
M9WT%I#7NDM@O+E!UZX>M6"ZVUUK[=[12%8ZJ5K[HL[:D+$]I;NON$5'2ZCAH
MY3(=@8@%D0H74]9>^J?R^@*[].]Q0@VRGV?8R3^V;4AI..U-8X]SV+M15[B;
M4&GF;783"8L1=K2<9KM))D^)"2AF95R^I>6P"S%$[4?>L6RW0D'N3N;N]/UB
MOM=A*[:EJ#N. 7M]R2BZ+W-C.675+MKJV,=:ITO=K=8M8-4*5RI)QJ<'(+$<
MHF.=9^%?-?\ 8_[VW5^D:K4J+L,:_;&5(U)49=TTWI7RWE]LC7O;#&:QK>SK
MGM*5UG9W]_U+3]XQSB<D*L\(=_,5URT:<J T4CUPL+,=I_O7I2TNO.[K+8C6
M;U?;K*[ 4K^R8>"-6ZRPWYNF3UU':D:_0=R]I<9(:.GJRUD&I5UE_/;=!UCK
M-B+B&(0_:_[Z.&D=",E>Z9S,5V%V=0K/M*0DKG69*RJ*2&J>T];9+J5.%0@H
MRRZKC]HUW;K9I64T#\-[!&J-T0(DW4BPR76?9Q[R-AN+M.O>Z-Y7G9M3UEMO
M5NT-F5T=WM67DSDOJ7NUUOMY&.:,*I#M++KN%>VS6[IO .E#%<IMY)5 2NCJ
MG6#?G@,"L/9Q^KU4?]HMJ?I<O6!9[ 8# 8# 8# 8# 8%8-5?K)]UOX]&?[@R
M&!9_ 8'X.H1(HG4.1,A>.3G,!"AR(%#DQA  Y$>/QX'[P/R)R <J8G("ABF.
M5,3 !S$()0.8I>>H2D$X (^@.0^/ _6 P&!Q%71-T=*R1O,,H1/I4(/6=(3
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M7;R,C64>4(\-D^_^SSN/VIV_]E"6Q*=K;O.M^GD+)8^Y+MS[A+PG5]:[DO\
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M?[3VA?\ ?=K@6>P& P& P&!6/6_ZT'<[_LKV]_\ A6QL"SF P& P&!A6RO\
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M/EHI!L+P& P&!6#57ZR7=;^/1G^X,A@6?P/@F ! HB ";GI 1#D>/3P'I'C
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M6BOM<H'U@P'M1=LWWBM%?:Y0/K!@/:B[9OO%:*^UR@?6# >U%VS?>*T5]KE
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%]; __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>52
<FILENAME>pg55img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg55img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@#+0'R P$1  (1 0,1 ?_$ (H   $$ P$! 0
M      @ !@<) P0% @$* 0$                     $  !! $# P,"! 0#
M!@0$ @L! @,$!08 $0<A$@@Q$Q1!(E%A,A5Q(Q8)@9%"H;%2,R07\,%B)=%R
M0QCA\8*B)L)38S22<Z0V$0$                     _]H # ,!  (1 Q$
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MOW)3P 0CNWW.@V>5O#GQ_P ;QUO)*/C.?-%*XW+7 K;1^,\\PAW9[L,AQ+:
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M..(__8/@N#.S+,Y+JI>87-@I,Q%$S:J=-A;W]@OM]Z:TZ3[;!(5L  -M />
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M^E3B GN*A]>XZ#=T"T#?R>]A8U2V-Y9R#$K:N#*L;"5[2G0Q#AM%Z0L[ H2
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M!/300CQ;B,_CK&846^=J,@S'&D2'\$XKI;Z#'7'KX*N^.TF/-FM.%]?OJ/\
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M['B[@YT\EP>+:F]Y/O[JLQO'%T-3$?R*59Y*XU6MR9$AMA4VL@++H#\@DI"
M2KIH'5.K,EM,4&5YPX:_(O@EP0J\=T.O:<3VK@AHI4N2^T2"=_4]=]! G&D?
M'.!.7J6JK;1RS@\RP'++)K-*P*QC,:HI;LYDE+8_Z6;<.3 I7<#WEOUZ:"P=
M;:'H_LH3_(>.RTJ!6AUAY)+B0"4E25()!W]-]!C:B1H<5##,>/$BQU;M-)25
M-([%$I[ ".H(WVVT$.<K<U8OQHS&AS8[][D]HY';I\8JU+>M[!IU90B<MIE*
MU-0FUGJM7VC8[G0"UC?%EQ1\BY%S1S=<N\AY_D4I^1QGQX\&GH>&U$)!-3%J
M*MTO1FKGVW=GGRG<D;[Z">>.,0Y"S.>WFO,+4*.4IDN8Y@(9#L>I;4__ ";6
MRE.=ZW+WV3[94GM0$*([= 3+4?VTQT!*>QH$ $[EKI]J4$!(*1Z>GIH-O0:Z
MG@E1W2L@%0)V!2V -RMSKNE!VZ'00+R!<Q<GM:FDQ%3-EF$"65QYL9SW8="X
M$J4X].=2MQAI;D?N"4+1W'?H1H(8YRNL=XY=P[R"<I:6\R+#K6#C&8Y RX%1
M\3QVQ>;AY+?33!#3KWQ8+JW%!TJ" .F@W^-6&%\^Y?99#8QK:9?U<3(^/I*9
M;BT-XE8L(<B/_ =?4&O=*5$=/0[_ %T'3\N.<L\X*Q/&+[CW!WLZL;K+Z^JL
M6&T+6:Z#(64//*2D*"$M@^I(VT$VW$>?F''NS:I5-=7E-&M8H8*%/5=J(J9;
M BJ"04J3."4*"B=]R/30,&1@5'S9Q0G#<MMK.QDMKC_N<F)<2:JSA6]<X/<[
MW*5Z"M(7+:4HI5N"#L0=!*_'_'./\:X_78OBL5-;25B%%B*VMUPO/NI2'I$I
MQ]3KCCJEI[NA2"3U&@?VRCZGI^7_ .6@&WRGXMQCE_A+.<'R[W31NU_[PMQ@
M+5):DX\M&01R%MD.-I+T  ;;[Z /?#_"T8'D\"XK>1\FR;%,SQIL1,>G.R7Z
M^DEH9+/M5[CG\M,EM2/O02DI'703IQEA'/V/^1G,.2YME2KGA;)W&6\0I5+"
MOVX".V@$!I16PL.;]_X#;01_S5R QPWR.I>16#D.FLF8=CQRV8TA^/.O&$N&
M_P#F3F^]N"RRTH;A9 <]=NF@,?C;+\+Y,Q?',^QY%59MSXCJH=M$;BNK$UL^
MW,CQY32>OWE77IN!H).6E;B5(W/\R,=@HC[7-R?N*>@()V_CH*V_)1FHR[RR
M\>Z*VM/@L8G47F0.-L/KCV'Q[9#4-02ZD'XZ97PU#<;+^W[5 Z &^9N/<!\7
M\XH,WP#E>7F=E-RZPO\ !N+;&<W,E'*>_9N/)L+1^7,-(PT^XIY;B]T$) ]=
M =.,<B91E3W'/*F94&.UN7H08P5BT9]!M';2(N*6%2/>4J;50EO>XIQT*0DM
M[A'IH-',WTY;6YCGW'4'#>5^:*"SAQ)5.T]$L*/%[>N>0U!M2Q)9<^-:P([2
M'-QV*6XGHI(.P!HM^4O)HSSC;QRJ51<SY'LJV4CEG.H*$>Y03.U$QR(U&846
MHOP8TE*5.*#;9 &W<0= 1U+Q[B!M8F25&<43V<89?5%GGN0+?C6EA7XZMB<E
MRB?FG[HD6T>[5% .W<UU^F@<.*\A\B\A\G240,?35\24<V5$5921V2\LE!#H
M9EQ5*5W.0$*'<%)&VP&@'SE[QMY:R?RUX_YFQ3-,A;Q^CG5C5I0HG"'5-4S?
MM?)2U'([)RU?<>H'KH+.T*"DA0)(/U/0G^(V&QT'K0+0+0+087V_=1V?^M"C
MUV_0L*^G\- ,'E,Q*E\:0XT:6]&DRL_PQ](2V#NQ"NV''V=]@0%H3N?RT!(U
MH*:RK!5]PC0PHGU4?83T)VZ[Z#ICT'\!_NT'W0+0<FYN*JC@3;2XL(M;75L9
MR9/FS'D1XT2,@;J>>=60E"!MZ[Z #W\IS/ROOK;$\78D8YP)',JKR#)BA^+;
MYS#!V?B44GN"VH<HI&S[?:2GZZ"1N0,#5QSC6/6F#+9H8N"8BG%:%I]B"\J@
MA=J6X;Z)<]AZ0[)*0$N.*65*623H'%3\F3^.>(XF5<I6K\JY5!<L&V%B+^X6
M#+:2OW8<:,TVIP>R M>P.R#OH&W3<E_UI2KS:-'7=3+>MD/8QB"-TMR3L4,N
M/HW"VRM9V43MTWT$B<=83<2\=QFXY&H:!&65:%N0ZNB8,6MQY3Y"C A**E-.
M16P.I4% J T$NW-DQ2TMK;/)?4U55LRSDIBM]TEUJ RM]YEK<%)6I+9&P'\-
M!7XGSES1[%Y/(L7QPY <P)BVE0Y&0"0V'6J&"Z6GKA%<IM3JT(<0L]^VVP]-
M >&#Y/7YAC>/937B2F'DE8W9P4S64-2T,.@**) 2VCM6G?;;;0/30+0<N6ET
MK?"1WAQI#9;=;*XI;*C[FX3LI;ZDG;;?TVT%0>>4$[#.?;G %NW&+T5=7S\P
MX>I\'JZR5"2XVI$NZL)'[A"EOM785Z[.)(2K06!3+[#N6O'RSNK)+SN+Y-AD
MIRQ;B3%MR68TJ&M#S*9L132FRAU.ZTC8#T((T%/5CP3D>)<,\%WSF0P&>/>,
M.4%3[3%:],>AR')N/;J6]-HFH^1P4Q[*7)ASWF)*HS;@CK0V2X@K^[06;9(G
M%,(Y:XVYLCXO4/5?(>/5N!9+G-K*#]ICL1[:3B5;4O!9VDVEK*#+_P!5 [';
M0&H%!QMM:%DM]J5[IV)<01ND#8GZ:!A\@XVSD./N)4B0Y(KY"+:N09TZO2W.
MB=WM>ZY D1GW60%G=M2NU7U&@'/+O)V+1PZ/&\/JCR!RCD#,B#!H*!#K34!^
M&I467)G.2U/>W%BV""5J60>T$Z!Q<"<)W6'R[?D/E#([#+N3,P3V6<F9(2_4
M5->ZZJ3'H**L6E3=?'KU.>VMT?S'E))*NP@ )JS[+,1PS#[6\S*\K\<HJZ(\
MN?937V3\2.M"T;LEY*@[(6.C8 /W;#05"4T#/?\ MIS9Y!6#]K1XW6V]:KA:
MGR""6;G(<5Q:4MNML9,%T!UFUOX\HK7VA)<[02.F@MFX?SYKD[C;#\Y'O1W[
M^AKILV&X@,+ASW([;DJ+[2AW)6T_NA2?4'IZZ!O<E<R1</N*C#JBM?O,SOU(
M:A0XC:Y,6K+[GMM/VGM[AA"E'ZD;G004_48]QAG$W*;)V;GGD/F%/)335TCW
M9,:OAI23%A5\.'[,:IIF7W3[J%@J7Z[Z"9^(N,[6$F%R%R2ZNZY0N(+9M9"7
M4_M="7.X_ME%"0D)BQHJ3VA1[G#_ *E'0$#'0XA)2O<!)*4[K"RL;[^XHD=P
M4?PWVT&P2 "3T ZD_D-!X+B "2M( 3W$[C8)_P"(G\/ST M<K9CG.0.3,0X7
M?9&0_/9:N,AD-B17U5:$N)L!7J/<Q*L$!024.=Z$;] #H(\Q#)L<\:^.LGNL
M^J!C4VQOWE0VU3G)5YR9:J2M3*H:9"GI")4E>P;81L@(/V@)Z:#%P/QHQ;\3
M\DXAR&6EJY<MKJ\G8S8/JD3ZZCRQ@I@5MHR27([C2'ANV?X:"+,,J^0*6N@Y
M!EU=^^\D<)9)_24]S#&JVN7DF#15M_LK$]=A%E%FIK8+@#BTD=0?30$OY$<4
MVW/6!4U7B><V6(2!+@9 FQH[!EJ--9:6EQQEX*0[[K14KMW!&^@D63F.-\94
M&+4&0W\0Y"]2MU]97+>;_>,GL*JK5(E-P8^Q==6XS&6LE*1]P]=!!WB[B_($
MC+>3^5\NK',5J\[EMLT.%^ZZI,"/"D?R[5QIQ2O;DV+" M?_ *E'0&QH%H.?
M+CMO)>0['0_&>9=;F!>RPZRIE3:VO:V(<"D*V(/J#MH*XZRJG81R=D/'H>$&
MOA2WLQQ&6B3(KT"NLEE4Y(CJ=%:XQ#45I45-$I[>IVT!W8==1L@QZ)<1VE-)
M=;5WQ7?:0^S*8_E/>^XPA"/YX2E8W'5*AH S_N!<>Q+_ (,G90,Z1QE-PB4U
M;R,EE,Q[.O1#F+$*973*-UMR+/;L!* *P@*2 2"-!'OC)D&9<%\<XIC\?&Z;
M.>,I[D1VBN< 84@5)L(AER9TJ%[CJDQE+)/I]= <^+<T\=9#'@/LWS=6[939
M-77UUWVUD^PDQWU-R5Q8<KM><;;?2H=P^T@:"J;^XCE>485SEQ9;<<65=59S
MFF-HI8^9RHC%K"I(%3-EOE3=:^%QY*YBIA3WJ2I+93OH 2Q?C3%>3LLJZKDB
MTO,]Y\L+7)K3&*I9AQ*NK,QR,A+%U84D:$S%:?60ZU&40L]FW7KH#[\:N1W.
M-N1G/%N7C64Y-F=?06\O(^4,J;VQ;!'TTDN5"A5D=YM#8K(SR4I4X%'N ZG0
M07QKREA..KY/XGXSS>(.0LERQY?(W,*H3,+&[FYFO@QZBJAPVHQ(BH6A@.)6
M5**=R=] 0'D[9T'@[@V.V^"53D#+>;[AIG,N4*ND_?[IN<BN@?!J)$F6W+L$
M45X^XX T%@@[^V4*))#DX5S183\-P?/G^,HN)5&7Y-^P97Q_!IW*J^SUG&V5
ME[,EQ)WOVZX+4B0A#:)*W6U^^>[<@; <G#57R=GV0(Y2S.%+X^HTI<A83QC"
M 8@BI:5[;4^_:<[UPY;L=.Z4L%I!)ZI(Z: ,N5,YYE=_N 8S0U=Y<3>.ZZVQ
M^*_21:G)6:^*A]F*Y*6NTB3&J9U*.\D]S92/J-!="GTZ_B?J#]3^  T'K0+0
M+0+0>3MNDD;['U_#H>IT ]^0<JM8QF@-LPN:VYF5&B+['HRZ9C/8MW8;%*5>
MO\-!.T0I^-&5ZMJ1&]G\OY2=CMH-\;[#?UVZ_P =!]T#8R_):W$Z1^XM$2W6
M$/1XS+$&,Y*ER)DIT-1&&&FDK5[CKQ "O1/J= %$[B[F?R$LIT;E2X_I?@VU
MCNQ7.-H\=:<FO&FGTN,/6MXV N"TO8?8%@D: W\<QNGQ2JATM'7Q:RM@LML,
M1XR$H2$-H#:2>T $[#J?4Z#E9KB]7F]#:XO<1DRZV>P6WX[BULJ5)'_41EM.
MIVW"7$ G8Z ,[?%E-W\6AEVE7R-RUB=,K^CL(7(?348?CEVI=&];7+;)VE'X
MC7:/<! *=QH" XQX=J,(LG<BDM^YDU_!CLV8BR9*Z. (W>L1ZIAT^TP5K=((
M &^V@GX)"4]J1L .G^6@X=[(,6JMW0V'RS62Y26WB!%=<8861%>4>@1(4G96
M_P!#H/SY3.;_ "[QKR+Y)?@S^'':[)>-8#V/\/OVDX17<9B919,3V\;@Q"8$
MG,I#32E.H4/<+2D[]-M!?+QA/L;+#,3GV]2BBLYV-UTB?3L)4W$KY"D$KCQT
M*"?N03]X]0=M!(V@6@P+42I8)V:#?W*^J5;G_<- -?/N)5[RL7SMO&4W=OA]
MFU,^2;%RO9;AN)4E]=@T%(9G5[;8W<0YN-O30<K"ZNDS3&+C TJHQA&38S'=
MB?T;)M*QB=6W0*Y$B)+3[;$=#)1V;QSZJV]- #W-T7B[CPU."8=1S\P8XND1
MN/;2+FV19+(I\#1F$4SHV1O.%:DS91KY'Q8OZE(<6D)^S0%=P;C\+.>&;'CW
M*\8E1JG";Q$:A1.><5-M8\>/'N:^[CN/'W@&94@^V3U 0- 2F!7QEPG*]-/,
MJ45"DP&ES5=QL?8 &S+BR2M8202?ST$5\P\SOU-Y!XRP&J:S/D*_[T_MBE)%
M;20B.UR7<R&S_P!,RPM25;D[]P ]=M -N68)A'C)Q_7RLNS1BJRKDS/F(^79
MC/0LV$ZPMI)M8N.8J^=_C0H\OL0 DI]Q*=U_<= ;EOG6,X1B%9>9+<ICPWHL
M1B)*!WERU!AOXS"&OU+E2R0.@]5: 0LQ17<L18_)G.U)*Q[C>NB2$XSQ#>E3
M%MDUU%>+D.SD0P4JL)LU*$&)%V5OU.W701-'MYTUF5S!Y</)Q+CV)9V5AP[Q
M71KL5Y&C&)"THK9.38Y4)4J_NH+24AX%"V]U[_30.#!^;+>BY*A<%8)23,II
M>7,;=Y"XYRN@95\3C7$9: Q<R\Y=O0B,+0Y3(2(]=")=8!'<D)2= 2&19%A'
MBEQZUFG*F9)>G.V%?!OL]LJMQQZ<[*L-VXKJ(+:_CLMAP)21L/KH-BA<QG'^
M5W,KD.6ELCE6%$GXU?AD/5]<VZRVZS7,22#.CHE-N)/:=D['0%?'_2O[0G^:
MO?M[2%$[;J^WZG\^OXZ#8T&)X[,NDN>T.Q7\WH?;Z'[ONZ=- '7(V3\A<KSI
M. <-V:<:K($Z/'R3.UI"FW(R5D38- I (>DNHW"]OTG02=;76&\)XG65;(9A
MR9+K%;6,J"W9%[8/I"/DRG8?>^7)*^XE;G^.@8>7X-D&1X[*M9]52Y;R#7SF
M+KCNHR>N:DU6&6KC?[0F<TZVE7NIC1)*GMG?N[TC0;K'#F05''=DS$R!QWE.
MPBMVLK)&"M,>5DL-?R8WNQC]C-6W)2&DIV [$_AH(:YDRNVXSJ[#E&KN$W^-
MRL$3275;CC"9$]>4M-/HL<AD! *7HR7E=NQ_X=M!K^*GDE0Y5Q)B.,3XMW5Y
M_64Z50L8M('P+[(*E:U)J,M<KHZ0X:J65]R@!L0-!+6*< /R.1(G-W*\^!DG
M)L)J76XX[!5*8QS#::3([D_ME?*"2;>?$_EO.]ON;K4E/VZ JZXG=Y/L-M-A
M9]KVR-TIW_Y;J02$.;[JV'T/7KH.GH%H,>P'<4G?J>Y/KU/KT^AT A^2F"SK
M"\XZS6BQ*#DKM/;FERINSM%U%=7X/=%,3)+%U<=:'I$B-7/.*:0K=KO [NF^
M@V^*[N/B_*.:80]D@GPLB<CY/15BX8;8QF.[&9A-8S"E,I]J26&(:'E*=/ND
M/CZ;:";^1N.\2Y2Q6TPW-Z>/=4-JTEFW@NJ"4/M)!4R2"=E$+ *0>F^@K4XZ
MP'.?$O+,YP_$JV^S.-G<AQ'&-?=6\9G!<+89AN3FDVG\W]T9+:V0T$104G?;
M02)D-[QW$8X_QCS"8Q2-R)DM?<6==D%7,=HZJCCDR'?@U%K-5&E,3 GT4A7<
M2=_705<><\K%<EM^/,TX+S7.,^QW")$:!:79:9G8[A>*VLE<)3_]161,F[EQ
M'XCRBE*U=@V)Z'09O!_"N(7^5N8.2+[-,W7A7#UOB%A5O3[Z+C[&19/\*T$O
M)+UJG?2N56PU+]N&Q)_EO!U2B#VZ"RKEG"LC\QJ=3_$65#CK&U)J6KW)8E>V
MY8WL%V1',Z,W91&R\4N5W>G9M1:(/W:"#KWQ@\?^.>.[V!RO)L;GCJMR6LMN
M.:O&&I>(YY,RZGELLK?2_4I9F63,FQC%2@V5-K2?N]3H&/8<OYK3<VU^=^1,
M)AK"'YJ<.XBX6+-I96J*RFK($J@RIUGVW'Y&4Y#)GJ8>0H?'0F.D@]Q5H)VX
M2M^3N=O++%\NS.EQ^B@<,<;9C47N,4:'7850QR-8TD_"XMA&FI"D7;<+'Y'O
M>R.U)/7Z:"UN0CO>[=FW6UM=L9H[-H0"G[@=MOMVT%;$CR1MU>==MP"UE5A7
M0:N'43TU$G&&?VIT/5D9Y34>\7']QP*4H_Z]]]!: V"$)!"0=NO;^GJ=^GY'
M0>] M M M!X6DGM(*OM)/:#L%_:=DD_AH(WSY]UMFH"*^FLD?NL3W8MDMM+D
M<>ZC>1%[^BWV_5(]21H) 8W6B.LM!L>UOMN#V]  !^6V@VQU /XZ#4EN(;02
MZXTTRE"EON/*"&TM>BOYA("5#UT @0\DY+Y1\@6X%#"9J^&^-83PNKEU25.9
M7F<UOL:K(S9_7!J:\LR$NC[?=40#N- 8H; [B.BU) 4KKL=AZ@;[?70>5$H_
M2"XO_65'8)3Z[DGH.F@B'D7+9+2X6)XU.=A9!D#J!"MV82I<"N]E:2[\EU'<
ME*U]I'Y Z!XX_B-576CV3OP*]>8S:F'3WF01XOL2;-J&LO)2M92"ID/+*@-]
MMSH'GL/38;#T_+0?= V,B=K6:>Z?N%H:IF*V<]9+6A:PU7,L+58K6P %E)9"
MON'^&@_/!R#@WB SR5>W%-SO#Q^EY9BXS X)NJR3;YCD.)<SP<RF..1)4"FB
MS96-T4YT-H/S/9C.[E/?N"-!^@+CF)=5F-T%+D%VF_N*BC@1[.V987%:L)98
M0%2U-!)92MX)W]M*B4?7UT$B:!:!:#AY#6Q+BJG54QE#[%I"F5KK3B/<;4W,
M84TLNHW!+2=_NVT%8^)9TWXVTTCCG.LQPC][X]ND.XZVW)7244'CB<\XJ#7N
MH?2')=BPQZI^JAH#<O<"XRY?PV3->IX5U7YK755TJP@LHAS;J-&4Q84B&YX
M"RVIML(422$CZ#01G@^58GDN29?Q1#F6=?,J*2#'RN2EQ32*!EUPP(-#&O#V
ML2)DAIM)4$$J3WZ!P<HWV383585@O&S$*?D.33/Z=J["Z[UUE3'<3V.6-A+0
M%F0N.E7<"-W%*VV!Z[ \>)>**CC:G[E/2<BS>4TTC(\VNXZ$V]_.0HEXNK"G
M AIDK(0E![=OQT#<\AHG%$S&H)Y2HH^0_LUHN[Q3&W.R18VU_%:<=A)KF4A;
MB7U2$@(('VDC0# S%5"I*GGOR65+1.BS)$7A[BN PY,=B293?QJ6OM*%CN3;
MY$IWL"-@68^Z7'%IZ[!VK#/,N?XTJ,UY[XXKY?,2K29:<5\0X]);GVS+P*$5
M##Z]TL(5+;#:WPZ4H;V("B1H)KXZXGLLJJL0SSG*/%M>46H4V4["@N*-)B:[
M@(<ET58R\R _7U:$);:<<0EP[G=(T$.VF-?]L;"2]7U=Q!K^/,S;RZCA1I&/
M)E9?C.5+4QD$-QZ79QUM5E;;6)>'<0 6P -]M!A\S\IR2CX/R'D"E3B.25-R
MW0(8I\_H9^08YC,"7.0Q9V"V\<AW7OJC125%0'VJ'KH'#R;R12UG%'&TFM@Q
MLEY$]O&9^)X?CQG]EC9.1XS9^1'3%]Z#!2SLI"74H(1MN- <E.IQ5=$4\R8S
MZF&ER(VZU)C2%M(4\PVI:4E3;2R0#H/=I-B5L"583WV8L*&P[(E27W$--LL-
M(*G'%+<*4 !(Z[D;Z"OK-.6\EYQG9/ P"MM)'!V&45P,ZR6%,;HK'-[=,5?P
M,6P&=/<B-MN..]J'I,A3++6Y4A2M 1[%]1X7BV+XS10A4WUO6P8N.4!BNV[]
M=9.Q MM.12*AN;#@J"EI]R4Z[V.'<@Z <)']=3LVI,1K*1&5<O3JVFF\L9?9
M-SV,%P"C6ETHJ,3>,9R([<V;9*R8Q<(+(]TMJ[00.'#L8AXI6?ML.1)F1O?=
M>9E64IR7-<^6LOO!U;B 4A+A^U()^W\/30=Q<V Y\AIIU*EQUH$E#""ZX$D_
M<E2$ J*5 G?;<Z  O(NQHZ'CCE'$9,JEPVA;QQW)JB_FJ1'I(?O./JB-STQ_
M?OBHRF7"H(C*0=_7021XC6_&7*W%''_*N/O8EDF3PL:AXS>Y1C[);B(L:U/M
MSX;'NM-OM(86$[(.VV_IH#(;"%([@"I*U%P=WW;[GN"AOOT_#\-!D  WV &Y
MW.P]3^)_$Z#RYW]BO;*0YM]I7OV[_3NVZ[:!KB^;%ZNI7#G,I0R5)E.;)@NN
M'_2A7<2>N@=#9*D(40 2D$@'<#I]#]1H.%DK<-^IL(]DEA=<_">;EHD2$QFU
MH6E20TIU>S:$NG[221T.@J)YAL_(#CSG_),\P+BR%F>&1C0SL84C*:9IJ!]J
M8UWDMBRU-<G&N3%:;006^T^UH+:<:LOWJDJ;=EV)(8M:^+82'HLCYL)3LEI*
MUM5[H'\QA#NX'IH!S\K<7I.0<,J\)FV&44=GD^1U<3'LHQ'9N?CMI!DM3%/R
M%>XVX8JT1E!7J"#^&@97)GA[5\NXOAV(YMEO]25^,-(8G7UK6QW;B2IM7>M*
MI"WDK!?_ "(Z'0:O.N.>.OCOXS9#@V20J7',)L:.10U]?$;KHEO<W4IDHA*K
M&WW4!^8MY>_>M:6VB=U$;Z"H'PMX*J.=LCR7C#D5J\P.EQN1C=G'QN1"M:#(
MN1,:B">:YZ58M155N0QH?NI]QZ(Z^R.\ J&XT%LW/E_<\#8MQK'XA:D?MN/Y
M1"JIW&&$U3,G)<I9D+_9Z]?RY+C#4>,Q,D-N3E.%* RE922=@0[.=3I];21K
MC(L/9Y(Y;EQ)$RCX_KFVWHV.3E(4XVY&>5_TW;">.SY<*%$I5V!70D&3Q+Q&
MTE<[FCEV0C,>=[FK>AX_CTR5$;_HUAHO_!I<8@SUM.K="G3N^I"3W=-]@#H"
M'\8."ZWAO'KV:F1;3,DY"NI&3Y3)O$,KM&9;BUJ8JGY#3SWNL5R7%);Z[ *.
M@)AUO^:5==O;5^  V&_U.PZ: 0LGY)\=&>;Z_%;I%8.3FYU7&7+:H[EVW:L9
M(9561&K./6.0W(CZ'$=ZB]V)W.Y&V@,AO?L&Z5)/7[5J"E#J?522H'\NOIH/
M>@6@6@6@\K( Z^A*1_F1H!9\@(LNPR/A>N8E.L)DYE,=FI;66Q*9@QV9$=MT
MI(*DM.=0/\] 3T5L1V8[)W4I+0'=U/Z0-]S^)WT'TK7U"3[9;)"@X-PIL#]:
M0D[G?;0#CY+7%O&P>!'K;>IIZJYNX=?D%I/6ZW*BTSRT)=74L(4EYZP4\0D#
MJ.TG02SAE'68Y25$"J*G(S%/%69*T%L3([B?<;F*V'>J6\#NHJ.X'3H-M [U
M/%E*EJ=4M 1[J4!/<^I'X'T 'YZ <\PY?L9M^SQ[QM 3F=Z[(]O*K>N>2JIP
MVN6K92;28V7&UV8!V2ALDD@]P3H)AQ##XF.Q'&RM4MV0KWGGY([GE.+&ZE?>
MISV2-R-DG8?GH'JTD)2$]Q5V]-S^ _2/\!H,N@6@C7E.PK87'.=3+9]4>N_I
M3((DAQ#$A\H2[!DL]X1'8<D*5LKT"2-!^/.DRN.QFLKB_$F)UC%LH#.25,IO
M'Z2'8M75%F-E:17W)Z[%IYB!W)2![A;>[@?L]-P_8)Q#*LY/'V$O7Q!OY&,5
M:K92%H6A<A$9("NY*ME+[2-RGN!V]=!*6@6@6@PO#=/IZ D$?K!&VW;_ !T%
M<OEUXXX_R%E5#F&0+@,X=8_$J\NCR([0>DM, _$65]H<"D.[>A'3??02JUDM
MM6\2R\/X7D5UUE?'T2OQZ'4+>C!YNNDQ$(K7V6VY*W AFO4' 2C<;:"(KR'G
M%#88=C%@VQBU[G..9!D%G=PX8EJ9S?&:QRP@JMI:$MH>#GMM]B"#U.VV@";Q
MYYBSK.W,RX,Y&N7HGD3QGD4CD#%H51(6J7/KX$M;P)38.,L,L6,?_P"D5'M(
MZ#06PWOD5CU+C^+J ,W.\TIUSL;P%MQIW([A;2$("X\=AQYA+3;RAWJ*P #H
M(.R3*H/',R@SOE:O7D?.N5)<D<?<45SIMI-*51'4$LLI!1 B()WD27Q[3;_\
MM"U*(W#[A,^0O-[>_P"0U1;KG/(,>B*@<<H7\ZJPR$Y*<562'8VZD4LY\D!V
M1L@J'Z5$_;H)DXVXXH\(RAVVY$S"%E/*&3.FQC_NDMI5C7=RCVQ<=C*6A34&
M.@!(*4=2"=] 33C>Q<4-ENNI 4VT-BHA23OWG<#8?J_'0"'Y8H:QFIJ.4%7$
M&AI\8?./9VY-K56*[7&<E!@5-1'80 A49O*)D60ZH +2A!/=L-M W>,IN78G
MX_<AIY'>H\\<Q^HN[NIA0XQ10S,1?@KF0:]#2DNI<[$+Z@[JW^N@<_CGP]1T
MC+_),G(9&<9-GXB7J,BD18[3--%]A'L4\*,B6\U&;A-GV@6TH40CKMH"W;*F
M&NU@H+.W:PAQ2D*2E(Z_S' I:S^ VZ?CH!Y\GZ6PRWA?(H-:U82RU-I9<N)
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MB7-T@@Z!JQ>.H?C'PP[CE9;WUQR)R?F2:BZY&A5[$V]=RJ\+LIR\L%J8<:1
MB-QEI0E:/;;*QTT!&<0\(X5Q;'FVU360GLUR6.P]EV7.1D-W.2RE(2IR39/)
M"4!UU9[B&PA&_P#I&@G-"$H2$I':  /4D]  .IW/30?2G<[[J'Y#8 _GZ;[Z
M#XYW=OV=O?N.WN_23]=]MOIOH(XR',*VGS7$<<F=Z9V13)#%9V_H<#-?(F/]
MWXE/LD#;0"A)\8L A^0\#F*OY"<J,DKYRDSL=^;'/[A)M#[B&'V%J]WM4'P
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M<5XR<BXYRK#5B;5\@RJYFWB4-[%_Z-J"S173C$6:MUJ(EX(;*FU^YOOOOH)
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MCRIDN-4U;%=$=L%J?LG%1VDM^]*E_I<<4E)W_$]=!V7CV-J=6Z&O8(*UI3W
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M T!+\59S!PSB9Z!),F\AX<R["Q]EZU$_(LAQ9EP)J;F>)R_EQ7YK/N+W<"0
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M!QZ"1RAS)/>FF^^'1C$H%)0.6HQ^)&J8\5<QN?DT1$I$UUA:D)^,TM7=N-M
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M[_703OP8JC8XTE1Z&*EB71KM8-A828PAQ9-K&0XI4H.I ^6PP^@%1&XV/UT
M>>&N3\A<T6_DA Y$Y I.5851DTFC:H6X\EFBKK0EV75QHTTH8*HK4-KL="=P
M%:"*>$9C' 7D%E/%F2"95XWR)/>8B4'SC80VIML^I/L5Q[4%D-RG2ML$G9HI
MT%@/%=V[B><67&TVIL*N+[+UI5(?B,M4%7%+B_;CU[Z%-(3[Y27'4G<E2M!$
MWE=GW&V$0,ISVMLZB=R1CF'6*GJ^OFI?OFZP^W%>>B5Q>*6&$N/H0IP[=A4#
MH! \;J/*'*#B+E^FCQL+JGY5@G*?VZX9RC-,C9GLR)3./LH!4EMQZ9V+/W
M)/70;ODI(Y YQ\K,7X,OIV/6W&5QA;UO XNE/.Q,E$U,!2ER+UEM8;]UA])6
M?N.R0- 1&#8%R1;,5+=K"AU,_"9C^+\JU$I*OVG)13,,KQ^YQEUQ3BE28U;(
M;:*@!NIO;0-9C",W<QO+%9+7LX_DF)<C/YEP)77DN/0S[U^K=#5Y+GS5+[I,
M&WA2O=:3U*PR>G30%QG>-6W/G$51!QC/D8N;R34/W%OCKS4UMZ.S819%Y5?.
M6E2$HE,MN-#[1U5H!!=_J?B*98\CYY:8&NUX!N),%=@E_P!R^A\06#ZE'WD)
M;!7,752"#V@_?H+*Q&Q[DS!XZU?^X8WEM$A]CWP#\JKNXJ'4I=23L2MAT=?7
M8Z /LTX,XK\7L4@<B\>5M+@5#A=;<UF76RS[3D/$<@94JVLF5)2I;]C&L&8[
MB$['H#^&@#S^W3*8E>1G)DZFSG..4*F_P5BUA<@9:V\S#N(;]K"=:>H&W@@N
MP&$J#05VCJ1H+P= M M M M M!C="E)':0D[@]Y /:/]1 /U(Z: $_-N!2R,
M7P/)94_):^ZPS*%Y+CS&+I*;%_X*6EW'SW@.YFL<@L[/'H.S0>L%R'&)7(F$
M<QXM)::Q3E6A_IO)G(]>7I,W+0VVBE186: =E)<#O0JZ;Z ZF2LM-E:0A90G
MN2%=X2=O3N_U:#)H%H%H%H%H%H%H%H(VY09@OX!F3-E"G3HTFAM(TENKCE=J
MJ([$=;=5#0E)4IQAM1*3^6@_/\KB+BS',:X#RC%<B?EY%)YDCT,&EA8_)<S?
M*<9J<B-\NOM4!D]SV)V,IV8XXX-RUL-]AH/T'7M0,EQ&14K7,1^Y5C;*7DE$
M>;']]A*4]\=8 +J1ONDC05_\!^$W(W#?*UIFC_*[TW'W,QN[N+3LUK;CMS26
M2U&-6W$A"-TF*%?: =MQH)D\C?*?ASAG+\$P#DFO<N+;-8%I:XDU^WIG4[,Z
MH<<89$]Q;:_C2G);8;2>G4_CH)$JKVRR/@&_S#%L<?Q6_O,2R"SKJ=#"8]DB
MX:;F-0GUJ2 73(]I!;)W_EE.@J0\"/,6TXW@8_PKR'32''LAO,GR)C(GK%+\
MY4=JR]J6W+AA7_3>V^O[00"K_#07XPWT.I1]_O=OLI#@'4K+2E$J(]=@K0=+
M0+0+0<+):Z%;T=C66$-N=%FQ7F7(SK)?:<):64>XWL?M[P-]!6'(Y.XT+2;[
M*9M329;Q9F*\/<IHE2N%D/[Y!;=E426FDH0'X*<(CK>25;@L)[M!/?*/E=@&
M"XUQ19/_ /O0YER&HQ.GA)"59#*1;6"8CMFS$ZA4*(MTG?;H!H(3\EUY_DM-
MD>.5V45N$9-25;EEB]I(L$5D68EH)]M9*U)2^MI#@WVW^X'0&OP-66M?PWQ[
M4Y'DS>9Y!6XI5UU]DL23W(NYC#)]^>J3O_.4K?97701'1TAI^>\DQ3):&N?P
MVXBQ\YP25*$9^+1Y''0BME*KF7!LB5+#RWEE/4JW)T$0^3_(=1Q_R?Q]DV%-
M,7_([-BWB5G'@1G+1RH8S#MI49+D$MCOCU]73>_\CM<( [?PT$P\3^,M!@])
ME][DEK(Y*S7D$R9EUD60J]]WV9K#B$182W2K]NBI+G:DM]NZ0-!%'B[QGFW
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M/*=224GJ-] ^5DH*5 +5N0D)3^D;_4CTZ:#PU(8=6MMIU#JV3LX$K2LMJ/\
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M )+</2N#N<<FMF;PN87R )5Q@]&RPS,C8[F00N3"3&K&P9,CVE!0);21N0=
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M+P?+T0,HNYTAOEUR-C4>,^@?TS%N*J,\#"39=OM1[:Y2^5^TM7O.ALE/1)T
M"<L<><U<B\TXCPC?4#$#QHJ+!4ZRQS&Y[\L99#=;6ZVQE6SA)AF64+V)Z$#0
M$7R=DR?$7',#Q#B#$:#&,'GVC4:6_.F)^'#>FRNQ;$1J0OY4AY/N;) W ]!Z
M:!]^4&*HN^.*+,G\UE8?!Q(0\CNIK,/]QCVD$L-2EBW;0E<ENH9<*BX4]0DC
MZ:"JOG++LPF#C+G[!<\30S6_D8\;2=7N1X<G$B_&0NIQFV4DP*IG-6DEYE,@
MA;@BJ(_3H+$? [D+D#/Z7D!O)(=></H\G::P6R@2FY,A<1YMQR6S,D(4J/*D
M^[^IQKH>N@L2T"T"T"T"T"T&!]PH" G?O<6$)(0M823ZD]@/;L/QZ:"!<CS%
MZ1R/)XTD8N\U49+ALAQO,8DR,N4B<X]*BS8BHB7>Y+<6$A+H4/O)5MMH.7P3
MP/1<!4=]35]_97$?)<@E6TARR?*@V]+V*:^(EYSN47AOT2-^F@ #F#BE&&^2
M,N._!K(N%\K08:L6L'(=E=SSG,)Y$B(@I;;<340X<M(4XM.Q6D$$:"UG#G;V
M1B]&WDLJ%891 ALQ,@F5[28\1^UC(3'L)D!GHMJ.\Z%%M*@#VD:"C?\ N7>.
MN8CG3B/D'"+"W.'YB[:T>;X=#4X:^PFN1^QN[?:)#<:2MI26G'3T]M .^@S\
M9\RHXWPRBRZVCN#E3@ZX8Q^WQ]F.W/??XWMI*&'HC5E%#C1:(;!/>O[=M!?%
M4W";>KK[..VD-3XL:2C9U#J=I# >"0IHJW*2=CZ:!AY_RYB_'T%+EE)1*MY)
M2S6T4)29,^PEJV 9:89[WFPASH2H#;;01Y3<=WG)\M&5\FORXU2^8LJLX_\
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M*XGR[BAF3=66,YSC/(- $Y&*!K(!5N.B31R6" )JI"7"0TK]?9H)KY7K7K'
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M:![^(]U!&#V'&_\ W&:Y#R/C6P-5D-FXTXU/C.V"C80XLCW'W5%#$7[4[CT
MT!4SH\2:VXQ-88E(;6TZRTZRA[L<!!:=2E8([TK]"/KH!"YOY(YVQO)XF'<.
MX!76LRTB*,>_N1+?HJQ_8_SICC;["&RT?N*/0?CH*JKKB7*,FYK9=YZY]F<P
M<WV$&RN\4XZPN? I,.Q6!"*&;;'Q*4B4D*?5)0ION[R0T>N@M-\9IW'^0XC
MQ%-?'7<<>3F4&GG.M6LVNEOCNDN-S&6(S4KX\E1!4/M01^.@;W!]1/Y)\C>6
M>;[V?$E4N//_ /;_  &B2XF2[C\VN44WEDB7';C%;EHT5-J:="^WZ'0=[R8\
MF'^,K2@XYXP;@7W-&6/EVBQ62RI^$^RKM0J7:/-.#X337ZMRH;['053\ZQK7
M%,)S9V-SQ99/YA3LUA9;8(K9BFL>KXD]J65<>XJAGY$6-7@+[%(D"3^D:"6?
M$R^N>:>',_X2S:EQ_'.1VHS6>8KC:)<^#,KKJFE,JDHG3_F(")MQ=I#O;&:;
M;4PH]R"-] 9-%Y-7664%9Q5QT(=]SDF#_3.2OO0)-AAW'EK C!N38Y"^P83]
M@TR4GM;0MOW4@#<$[Z".Y$^]I)D;$\)L7UXG2WI?YIOZBE=?O,]M;)+34UC!
MX"I(%53LO(4EQ[O<;4@[% 4DJ($)20<:X[PC([/-[*GEU>!V3E@QBV$Q'H:L
M:QNT(155DNO=FO2;6SDI65OK2ZV'5([DI';H'EPI"-/)O!7IKI6!9BA&38L\
MU\J/);3)($JMDQ+&9*4[+'NE2]B/TGIH*\><K2L\9?,3'^79=!2UR>2\@QS!
M8D^3-FA3M+9/1H=C;(A5:X5>RQ6!Y:G%/(<6.PGN(Z:"W&\Y Q'',3=S6XO*
MUG&XL-<I^Z4M(C&,A/>"P%%2WE.#]*0=SH CYRR7CWRF\9<FY#X^L69E7CLV
MV;:OK"G9<MX9J5(8LX-4AQ*U1G)3LAM*5>J1U(T E>#GC+EN.8/?V#\Q4&IY
M6L$NH1+L(5A_24FNE)LJ=<FNLX3L*4N>]%0EXI2DN,K4$=JB% &!1S$>''DK
M192]2UEQQ]R==7E'<Y(8+F*,4.1RI4A%BI;[:I:1&?L'%J9[DA(;*1W:"_./
M*8G1HLE@LE$F+%>B/(?]SO2\TAV.M"PG9Q*DN;@GZ=3H!J\O.-<$Y.X;R>HS
MM01!HF1D\&8+9%:]665<06;+=0.S49Q8W)24DG;0"L,ZJF?&[C+EK)\@FUN0
M\<Y/BM'C.8.LPY;]XS<W,'%HO\HQ4./,6$6Q]E*T))!6"=AU /WE_P <,(Q2
M^RWR.4+ME?PH.0W^)U$N'6)M)D%EL)91),-]R,)7LA3Z4]'.XIW^N@KZYCY7
MS=6=8_@'&ME!FY,]:5D3D!N%APGXOQU0J0U;U=+B%#7OPV*>*EBT*YU@\M];
MCRE* !&V@,F[X.\<ZS@%VFRG)L-BWF9SGT7>=-AJPFV%I+6Q(DU<.VO_ -XE
M10R^RE*%'JR5;(V!.X&'XW0<9K>.*JCQ?YLB)2!JNE*L929LE3L8!#3HLF&X
MR'&W6T]P 1M]- 2F@6@6@6@6@6@Q.E02"D^B@2G;]0_#?Z:!EV=>G+*S*<<O
M*I3=/;1'JUX+6D*EL2V2RZD$_:"I*NAVZ'0 +D&6Q.+<IQ=>.\;9HVO#[&KP
M2XKX7P?V)6-9'(>;AY!/=<85O4-+C+]\D[QSL>G?H+'*]$<1(SR/8/O,MN]Y
M9:0HAQ 4.K*4)4-CZ@== +WD=P?C'(4_$<XLHDN;>81)=_;W&GY;+;$*4E9D
MI:C0W&DR7EE9V[^[9.^@W."KJ%2V-IQE!@V=;!JX[%YCS?[7+33L4-A(6941
MZ;(<6ERVDW1D+4/4(6!Z:""/[C'%#N4<,V'(E6VX<BXRCIOIK,5*_FY#C;#A
M_<*&(I.ZD//=R/0=1H 0\6<11:5UMQOD5/442,_JV>1L+J[^LD2(5=F! FUS
MY%>Y&+":TI/>A)'<3H+Q>(LFD91@6/S;"<FSN(D3]FO[%J"]6QIN04VT"XE0
MX<A;CS4)^:RM3)425((.@DW_ ,?^/\]!Y5OVJV/:=CU_#\]!I/>\EIQ6P>VB
M/=1T[E;#8?Q.V@KE\&XW(L3(_(:+FO$]3QW2PN8+J3AEG75]NBPRZ!9N2GG\
MALI$V2['>4XITD=B0@;]!MH)ER_R5L\3YMP[B57$6;6;.73)49O.8JFU8U"=
MBL)>#\QQ#80VKVR/M)W_  T$\9KB^$9%"8L\SJJ6SCTBX]O%EV;#;L6-+BJ4
M!(W<!)2SW=4^A^N@%'CKDGQZR'R6R''L)Q2;5\@5U2W7/WT2F168_:,0R/\
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MEP?<P676@M+B2%!20 1OH M\<^5;/C3D*T\0N99MJQD=(VNRXBS"W"F*KE#
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MP_CV1(EYMFUU$GPL[Y)SJBM$2'92KUF2TPY41WXRFO:;;"=OM!T$[<Y7F/\
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MIN3S^/>1(^9\<W#DEJ#'D8_?,SDM4\.HJ/;M(K&(-M>R\IT;*,E).@^\"7V
MX%XG9IS,WP\QDG).28S+Q_/,,XG?:3F-I09-.:J[-^593NYQ4QDS#([M]TJ1
ML.NV@@Z/X\Y%G'+W'='5KJ^/^#HG&[\^'(O?EM\C*9:ANRW:6ZM7%)#UDPK=
M"7FSW(5U!Z:"4Y-52\N<=W=E1O4&0U.5M/6N3/U^1_U# P+D+#7':J4(];?/
M2K.#82J2OA..LL=OWGNVV4- VL?Q+D?R9=X;S?-I-AC6%\0&? >Y$QBV9JW+
M[$>YH/1[Q#ZT&(^V[%;2&3LXK?8:"WCB&IQFTIYLW':9R/3R&TUU;D\R*84V
M\KVP&Y#,J.^E,G=U((]P]%;[Z"O3/GN1,%_N(8JW*R:<KBW*(U3!QS 8]DVF
M*Q,:C,Q5S9,%"RZ&O>;)'=N-M!<8J,B2R\A2$K:D)=;=;<'<@I_3V!*NGM;@
M]"-M!$.580Q5W]1?XYC[\I^89F.6D*#.8K(3-1>L*^?<*:)0AR7 7&0EO_4?
M<.V@</&7']-QMC[.,4"[%Z!&?DS4N6DA;\UQV<\77?<+A*VPA2M@#ZC02?H%
MH%H%H%H%H/*_TG_#_?H,#9ZGK]5'IU/IZ@#J=!JSN]UB0VCW&2ZB1$0ZV@J6
MAU]KL1( 2-]D*/KH(GX:X[RCCO'[&JR;*I>5RI=F]+C/25*5\2.XZI:& M6_
M1*5;?X:!M>1>#1LCQ^#D"JQ=G*QF6F<J&T&T_/AI3L["ENK*2(B%GW2/3=.@
M;G /(%-(M<GP67E$.=?U[L.SJ:J0E4"='HYL",4M08CH;,VJ@RRXV'V^YOO0
M1ON- 4LA"'67&7U;^ZRXRXD([FW \A2-BE0[5=%>AT%3>3\2N<89[D#E0_\
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M$K !)03Z_EH*!.8\&MJ:1R?X^0++^G<IX<S-GREX0<1#[TW>-6]@E?),1H;
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MXOOY.%Y1 Y!\F.07A7.WEY)1=9IEF33W760^PRVMU-2II+B EE"4QT@?I]=
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M;]".HV'Z@=PO?\1H*O\ RBP>BQ'EZ!DEP\(''OD/06'"?*CJFVO9;GWK+D+
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M"^4<JYQI35I@)XGY)9P&.OOW^:R<=J+U4GH2-^^T('\- 16@6@QJ=;0M#:E
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M5:"=_ WF>?R)Q5%PW.$SH'+W$BQQWRA66RD.SOZIH^^-(L&W$JW5%GH;"DD
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M"=/H*ACAR5C5W&P.YRZ-;Q9R*[C[)"J366JZR'(>CIL&TP.QOYQ92W[IV.Y
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M\H^/^4N0[?CG&(]BF%35[BXN1V,=4.JO)$=Q+"X=(E:4_N3+:"5]R" $HWT
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M>]UEM""-VT';?IH+K'VJW)<?]AY#$ZAO*TCVT]J8%I7VL8E+3O0J2VZPZ-U
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M."<=KLILN,,CQN# QW'$1UEC'KV=%I<BFSBE;?P8U743GICBI([@TRI7:-M
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M2/U']/KH!:K,]JZ'/,?LY1;ALY!._H^0EF3W):MU'9IF8A![5R%_Z7%^GXZ
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M0DE"5*W&@M&XYKH=3AF.5M>^F7 AUT)NOL  E-BP(P[) 2 "GN0-_P - _\
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M]-!TM Q<^Q%C-<0O\:FQX;Z;2&^U',UI4IE,G93D)UYI*HY4B-(2E7;W>B=
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M6$)[R$G;U&@LBIF8S,5AF-$^(TS#B,H8+2T?'0AE*!&1W)2CVF0D =O30=@
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M("]AWA(.W703Z.H!_'0+0+0:<MCWDCL&[R4/!DJW+25K;*?YB=^T[_3<'8Z
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MWV1CI0L'H0HZ#H^/7)YY-X]JY]G,JI.5U'=39FU5RFIK$/):_M:DLI+15VO
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MN!"7#*=K(SCH6VD!"%^\2#L!H'AH%H%H%H%H%H%H-&>I:6MD;I)2ZHK2$K4
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M"U*2EYEU.RVU*3]P!&@C[C' Z_ ZNPI*>LC5-:U;SYE;&C+=+2&IJTJ5[GN
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M"$+_ ,.XZ#KHW(*B/N"M@G_A (Z?Y:#+H%H%H%H%H%H.?+,G[/CH#A]P]X4
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M!L-SH+B$H*0%$K*G A*@=TD-HW*W-OHL[_XC01WR-R-4\=TZ+FY>D_'?EB!
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MLHB&WT-OA)* H$;[@C0%]%CT&%XU%B,IB45)20&TQ6UK:@1*Z%!8/MQ&RHI
M2VPA:@E/7H= &<KD+D#RH594/%TZ=@/%]3=_#ON1OC*=GY- CK/_ $^/-+*%
MAJ1V %Y/T.@+O&L,J,4@P?B!UM<&&RV]+=?4N9/0RVEI,B4KMW6\^4=RM]^J
MMM _V5J43W#<E*%=P_3LK<I3_P#,D>O\=!G.^QVVW_/T_P =M!B4X -TK22H
M]J$GT[P?J1H&DPBZF75O'LVHW[$VE@06^B>\NH0)!>4.JQW*.V_IH!.Y-Y'Y
M0X&SVN5&JJB^X4DUQ]B$S9QT9NFX0XZ_/:KXDMQI=LTEIQ!0TT5.D] DZ"2^
M,_)WA?EYRL9QG,J5K*Y;3Q=PBWELT^:5RHRDID*L<7GJCY#$8;4L#W'(Z4$G
MH= 2:5DG<D;H&RT(^X;J(V(/0^GY:#-H%H%H%H%H%H-.0T%+942=@I0*?HH*
M;*"%==B-CH,@82GH2I2 6^U!.R4E"MTE(2$[;?AH-C0+0+0?%#<$;[;_ %]=
M!A#)!W[S_E_^.@SZ!:#AY'!FV--90Z^<NKFR8$MB+9-(#C\%]UE26I#2#L%*
M0O8[;C?05S^4$W.,=\5^9L6R_*XLG+(F$R9U79Q);<>W?AM6<'9^2PA*EH"D
M+V.RM!83B32_Z6Q@+>*W4T-,7W3U+W_M[6Y))Z$E6^_KOH'4!L !Z  =?RZ:
M#RM 64[^B3OMUZ_AU!&VV@TUPA_*]M1;#:BI7MC92]]NFY*@-_J=M]!G,<*0
M4]RD[J"NG7T(.R@KN"O3UZ:#8T"T"T'AQ*5H4E8!2=NA44C<$%.ZAL1]PT%8
MGFSA4<6,1^% I*NJYFJYW&^47;\-U26+.*%V\2?<NMLJ:,5UF!\5MQT%7>L)
M21N- ]?[>F2W+G%,OCG)418]GQE=2:&$(D:PB(GTB>L">EJRCQGRRM*@E)2%
MH(&X4=]!U_,[)^3JS$L4B\;0U2GKC):J%EJU52K1B-CZYH$AQ<;L>CO$H3Z=
M"G;??0#U_<'J(.(-\8^0+5E6U,6A2,7RJ791[9\3\>MFF&I5<S6QHSC+:RM
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MX2HWK.\FION0+KLFY5G\U+3UC/LI2G'IK#T]S9?[1"_2@#M2$#TT B\Q\?\
M&_FOS%CSF-Q?WK'.,56$/+>3:2WL8*83K#[)E8Q128;T>/*B/>TKY:TJ_P!(
M]=!ZL\GC\K7R/$7Q9[Z3BC#WV8O,N=XX\M3M!%D@25X]C4UQQ:WK.Z>($I2E
M@I96LCKH"ARG+^&/#3C:IQY(:CJ>_P#;\4PZ #)R3+[A[[!%A!M/O3IU@\K[
MEGT6KJKIH(4XJXHR?EO-Z+R)Y'_8\EGILE"BHI#JY;&!4+:DENHI6G4MM&Y;
M)/R%%M#B5=.\Z"RAML;)4E25#M^Q12"H#_3NH*V) Z:#TXR'!]VVX2H)5VCO
M0I0*>Y*OIT/IH/+3!;&Q<4I _2C8)2!V!)! ]=U;J_B=!ADL+4RXAIWVWE)6
M&'E)[RPHIV! )&_4_EH&1BN3(E3)^-N,6*K#'5-(ESI45R-$FA]#JRN XKN,
ME*/;V.WXZ"067$O-(=3Z+2%;;$$$^H(4 H$'\1H(1\CJZ?8\+\B,5->NUM'<
M7M684!" OWGG8JT)!!2K?;?T^N@ZW#N-1J+ \30FEATMDY25:K)N-";C.>^B
M&U[C3BNJE=RCU]-!+F@P%U7>I"6R>P@*43LG8ME8()]>O0_AH @\I\\Y)OI]
M/P1Q-19!'O\ .0(5[R-%:]NJP/'Y0+5K=MS"H-.V,2&I:F$;@AP D;:"<>,,
M&X^\=N+ZS!L=1$H\7P^M4_,<E.(:;7*?*Y$ZWG37NU3TJWFEQXJW4KN7MZ #
M0"GDM:_YCO4&8V=]?<?\%<>9-?-9+2R7'J:5F[U,XTF%;,3>G;1K0M8/<.UQ
M"O7;0&%1O8C#IL7A<=RJF/0/H0S3"A#,BI<:2T7'%,/P5/QE.I;0=P5$[Z"2
M70X66AV-]W<R5%W=/<TVZ%.J]#U*!W;?GMH&-A]Q>?U+F5/?NPU[VR[/'&XJ
ME+5_33T=AJ*\^HC9+CLMAT=@WV[=_KH)(+G<T%*0H%2=RD;G8 CZ@;]= VF1
MDAR"8J2J <<,8?$2CK*]_;J3Z'NZ:!SMI*6D@['9(WW3L2-N@.Y/4: #_)3%
M?ZBYIX76YEF-TCD.8M^O@VQ>7+E/LN(4^F(Q_P AKWT%*>\DGIZ#03FK@7B.
M'G];RA'PFD9S]+'[:C(8\6.B8J)*['): ^VA$B0VZZPA1*RK;8:"?4I(4KJ
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M05Q\W<J<6<37%[E_.M#B%_G6%TEEF&!I@T_R[9FDAR(S1-?/]I19L>YWHGN
MT!Z8=DL;+\9I,H@M2X\+(*Z-:,QIS?M2&(LB.'4I4"!U 4- [FRDMH*/TE">
MW^&W3^.@]Z!:!:!:"/.2^.\8Y6Q&]P/,XRK#',@KI4"TAI<5'6J'+9+*TH=1
ML?NZ[[Z#[QAQSB?%&(5>#81!578U3,(:K8CDA<EQIO8)(+CA*B/LZ:"0M M
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MO\FDLK:F6EQ43GZUYI_O2"?@*0IH?@$Z H] M M!X5U(3TZ@['<;@[>H!ZZ
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M02&7O:'>XE'MA?:RI*N_M0$[N.K/3H@ [_PT%8W,OD]Q[GO./!7&F"7XR23
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MF,C8-O.E,=Q.Q[MP=!8) ?8>C,KCNH=86TAQEQ#B74K;5^E8<22E:5?0CH=
M)WF /))S#,6/C6:L9 C-\=.3"R'W*Q5=C'39_'/IWI8*CH"@K42V84%N:VW\
MK]OB(EAM0"56'MI7,4@GT"GBKM_$Z %_-J/BE[8<.XA?X5;9E+R3-X,:H9@W
M\&F@5\MEYEP2+)B4\V[,2G<$=@.^V@/)H*:A---,A2VHR&U)W)#;S3"4H1N1
MLH)4G;?00'PZ>9&K7E>9R^["9JGLGC.\?L,/M^TQC#->XB:Y)6"4HW>^XDD
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MJ- [- M M M M V[NZKJ5+SUC);8 :+S:77F&W)78/NB1&E[+DJ5M^D;G<Z
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MG)G[*XDVTN(]23"VNC:;0/?CM;$DN=.I4#]= ]M!C6ZAO]1V]?R] 5'J>@
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M,788#QQ/WDY+E=_/F-&\R:>'>YQB1!>>=<^FZD_CH.5Q/B=%A?$]=S7RS/Y
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M_,-%B5GR;(G4_-4.WIIN/V=N]/#O)=1,67;> T^XM,>*S!BNL=-ON5H/TYI
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MR;RKY$?Y3R2TI5X=2S)\7A[ LA;DVT6GK*27%BR,BRBMEI5!9JT)E-JDNJ2
MMWVNT]-!+N">,>1>1V?5V"TF1W$+$94.._R%R-3O?(1=PXKC;[N&PG02&<+D
M+;!C1 1'9<2VM([DIT%X?Q\*\2N.,#Q#CSCZ;844BYJ\68KJ*/[K[!G.,QI-
MA:RFT%4EQU]U3BU+)/<3H"NC*"FD+V6A3C;3I97T6R%H&S9'T*-MC^>@RN)"
MD*20% CT([AOZCI]=CH!&\U!RJ]XZYHWPP[>_P#<5T50II&-QV)=G&+-K#5.
M5&@OI4E\F.E8(V/UT$N\.+R <48.[FKLG^IDXU5-Y ]:1D5LA$\Q&OFJDQVT
MMM-2E.]Q6  .[IH -YY\T\]D<N0/'SQNQ1W(N0Q:K@Y';6,;Y6-T=*6V?B6L
MMYH*<*'W5N)[0=Q[>@]^-O&F08!Y1YD]F^7766YM?X57V%[+L[>QF5K=@ZYW
MN56,?(68U?!ADD!DE*BGT&@SYKCES:\GY%#KG:V%6W>72*_+:#(X,EW$\JJV
MTO*@=D%*?<>GPY"&UEQ VW23OH+$\1JFJ.@J:EB/%BIKJYAA,>L;7%JF^U 2
M!&97VK4C;0/%HE3:2222.I*>P[[_ /"0-M![T"T"T&NZ1LI*R$!>R&E;_<I6
MQ41^6W;H(6R+,Z>OYAPW!WJI,BXR+'9MLW/40#\:$\65(*=_0.(W].F@F@#N
M(7^E&R$)2DDD*2L].F@V= M M M M M M!@>25=B>WN&Y5^H)'<D?:%;^H)T
M%,_]P?&ASUR?Q?PW0Y=68SE&)V'_ '#N%RJ&59,SHM0R\^FN>^.4J>0^A)3V
M;^IT!N>)^8M2_&+C7*)=$:<-8BU)-;"0XEEI$90CJ<;B._S8K[Q^[L5]PT$0
M\G1N6^4.6:W"ZZ-^Z\.Y?4Q4VA@RA _;*!Z.EVT8L'"1[N12;+[T#U^(2/RT
M$NV+7"OAEQ<Q P?%Z^DAW=Y#KZ;&J)D-6>79;:O(@1W%M_\ -GR%/=OO$;]J
M/NT$%9-B&5Q9.29CQW:JR?R6Y.,3%$S;YSY,;A2BLD_]3%37-J6B) C1EJ)!
M 6M:A^&@(B%CV/\ C9Q,D8[ <O\ )Z^O<2V);H7<9/D+;6[SUK8DN2%.R)2S
MW/$E#:3L/7;0";PYB?(.7\K2>;<S<J;VNN<4FR.0KRZBF; PAR!)"6>.>/JT
M_955==%;[K6:#[LR6VIT)V5H&*YS-BO-'EGQAB+V,9BKAO"';XXA00(X;Q#(
M\O:ADR;_ "BL4KOLJ"K;[7:IT)4/G)5N!MH"NY^\HL2X N\8Q?%L*1F6<9BZ
MEG&Z2A8;#JB^?;;2I^LC..PZXK![]QLG8[Z"N7RRXZYAY]QO&J7+48-)RNRR
MM^4G"\<N)46GJX,Q8^#!N2Q$^;FEF$*V5.=2VN)LKM2K<Z"0GZOR7Q#C5OQ?
MY!Q#&XM,_P 0/V%,]@=J:$R[&NSRNK*:ID9;[,6?7S*FC_FE]#3CDWVBXOM4
MHC0;WD9PU4S\=\3:3)\I-)R5QC<QL^XQO;7)IEW77K^*L,7&787E,U3!;>9N
MJEDQF'5?>MQ73[M!KXGS)7QO*1&?4T[+#@"L4EUM;AN-2,C;K!D+Z J;$KZ%
MVO%9.#LE) 6ZZV.N@*)%[Y->0M7EDRQQ^7PCQ+(JI\5BH<;:L>3LC9[2(UC!
M?:+D.D7]N_LAQ6_=U]- T/[>L/D'$J?GFDR^RS^\QO%LMJDX:OD%+:,B3 -4
M7K8IFI5["XJY?<H)'7;0%!C7)7$&6<HH=3=MP<ZCQ4LQJ>R<4PZ^P_(7$!B)
M4L(?*RG8=N_70%2RKN:0KM6C??[7/UCJ1]W_ (]-!ET"T"T"T'%O*Z#;0959
M91TRZ^P97$FL.[K9^.\VXVYW-[;$+0H@_P =!^9;+O&7C/B'R3Y*Q*5@$6EN
MZ^]B\Q\/.8W#D1),W&TV;+F1Q7)SA2V75V3JG2T@]W:"=MM]!^C#B#-Z[D#
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M[4A^A3C_ (^Q;C+$Z;#<.IHE/28_#8A0(D)IJ.RXAI/:5E" -U$]3^.^@?\
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M1)>,Z W[S090MN*H..%*BH..K[]U+V.W\-!THK%NEM E28JU ?<M"%I[NI]
M5G;IH/MA%?EPYD5F0AMV3 F,-.K1WAA]YE;3;_8% J0WWDGKH(5X'XJM^(<"
M:PM=[&MU-Y)D=\JW$93"75Y#92;20P&>_<EN1(.Q_ ==]!,3K5Z/^580C_\
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KW:'>[W=V]_\ E'LVW_'0;K7^K?UV3^GOV[-OL]23W;>N@SZ!:!:!:#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>53
<FILENAME>pg56img1_ex4-36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg56img1_ex4-36.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@"=@&% P$1  (1 0,1 ?_$ (0   $$ P$! 0
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M"Q'$U3FZC2(NU7U-G:+0A5VC\&520-(L6<4FP-*?#UIHV;-4))-)X<21R/
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MF9.@)!S+IK8ZO+$E>=MESL&R-=N395PZB9%L84D5U4K6V6537YJF(B9JD4H
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M^X=\H\3=GN0,<MW%ZGAF8BATPJ=S+.,58F"CRNI9\NRY>S0*JHV</B"7O+%
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M5.SEBF8C9 #V+(1'-#GJLU=KBK(UF-!68;6U*/28N#K%J+UP<BBIU4DR%?E
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MK[D>V/ ?W+(EA(T)+2KSVZ#8$(^/9HHQM>BTF;5%$C9HFD3MHDY\C!RT$\$
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M,A.QKZ8C5VP[@;V1B;H<S&Z@ Z TP%#B97M?I"N0>>QNZ)00.AR%+;;B #Q
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M]1DIUJW<U^/52;3,BW_IY"50*;@X73^Q94#'+T$-!*6@6@6@'KR?HTS=L16
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M1G$HF[LBH^2V9,T2O1*4B9MS' >F@*3B<2]P3!N4PG "[$(8 '<#&$/]PD$
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M5!,8"&Z#L'0?70;A3D/^4P&VV'I_Y@W#_B&@]:#&J)@()BAR,7<0* ;B(["
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M1!)R\2(H @)>10,Q-=E*QZ*Z"I'3!\V2,7;]3WK)TB K$73 !$0406WVVW*
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MI,H0>!(.J9#CV2>4*6_F(>2+QB6D')-C2ZZ\%.L'D!#1D6XAI"&5*HF=)#N
M(@1?BOS H,;"S*[)>:7E"Z?UZ\L*N^B:2:/F+ V.6F2D@W: F+FGN"1+89)
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M7+]AGQ/>J#/UY6J/9^ 19HN+%:)Z30"3QVY49M48^5;."KL';%B@HDDHN!=
M7?E_D_)^"/#2V7BJ.HV)RK4JE2UBN45SV&+1FTW\,UFD5',F@T7DHYP4%T/>
MKIH*'!0%#%*(" !$O@/E_/&89VT63,[J;?1LM5*[-TPS*/@XJDQC=P40G8IG
M\<^</I-\#WM*(O#@!>R50GJ(: ZH'.N'[-8%:I 9"K$O94)!Y%GAV<D47OOF
M!Q3<,-E (15XD(;=L#"<P]  1T$(^55_N,0V6KF-<F8UKEQCZ58[R\HUZB'4
M@2W5:)%HE*'>2":H,X2NH1XNP<+*IJ\S\ ^TI3CH"2QT\CY*GT^28&8F:/Z?
M79".+&BU4CDHZ1BFCIN2,6:A[=5CVS%!(4A%/M 3CTVT#]T'A0H&(<IMN)BB
M!@, "40$-A P" @)1#H(?4-!3I8[I1/%_P EZYCZ?E9&"2,:X9+A;=, 68AQ
MI%GF"*V"O629&NMCQT]=+')':,6Z2SE)E#5QL7],3_<!39C\?*'.H269L=1,
MH[R<J:%N2*E?LMA01O:$:D!OAG$26?C(E568K[A=FT<+@':,N4W$X!QT#K\:
M;,]85R7QK9IKY29H:2+N(D%5T/EYRF3)5'\,X,V]^^<*OH8YS1[QQ^598@>G
MIH*^,QP&0C>-/D_DJ=@9RK6$,LV%[#Q60XI?)R 8\G2LH23+72ON2:$%,QJ2
M:[0ADR-(TP=LQ3 '+06\87:HL,08N9-S@H@UQ_4&Z"H-F[+O(I0+ B2PM&AC
MM&IEB !A32$4R".Q1$  =!)'=+OU P=!'<2B ;[[<=__ !?P_#0:Y^+G8$Q$
M0Z 80$Q!( _<4X= $V^W0/30"-Y,8QJ<TV9VJX/SPU),BE6L@"M(.6,.VC#R
M:#RKW!VN@_:DCG%/L107*=,4C.0<]M4XD+QT$&/IRXV*9@7\=<8.GR#NXHX;
M\BK)"18/+"I#0ZR\W0I2$DXLSZ+@8VW1DB""\BJ8$RJR()H&*L4HE PIJ-A\
M-X;MS7'#.O5)I4:?8IF#&08OGU>9/6K9U(D-/HQ3=W,R20.S"=P! 6>+D,82
MB)AT$-T5],^3OB72+&-R;I9!L54CY]O;JG .8U&-R!#%.N#V&K]O3!S'%]PF
M9)-!T0IR@?<P[AH'=B1I9UH>HVR11A(2PH,C5VY0A8]63ETH)!PJO7ZT:<1=
M'*$E45ESD<&(5PDZ4.8W(.@B$X6BX0M/B74O(G=NDF[5\\:1<6V5E+#(+LD%
MW+IE 1)%#/YJ2,DB?@V;D,ITV - .?R4U<;G/)R5EB7DQ'UI2QXYP.=<T4W4
M%C)Q;NN7_($NU*K*14JX?K%9K1BG;1;D.8#)+&^XH1UD2_3F-;]CINRD:M>,
MU6:.LR]HH:+TLA+L6@QJ?:&%G'[N%B\<8\K;_<SI^[226<M2\# HJ/+00$PG
M86T9*JU81S!%V+,5^E+,TC/(2<&"6AZ*]=D9-IW&OBY!'8%;S**?PRY#NCE<
M @LB91PN8XE2$"7O]\QIX>58*GC:F6/(>5[:DM,-:]"INI^\WVPJ.F4:YMM\
ML"J3A=R4KQVF=P=0PJ%0 Q6Z($(4I0CNE>/<9#JCY2><=L@+)?X23FK! LK"
MJE'XZQ+&S0HI5Z-KM?D9"0CV=VBF1S,2NVJG=>BKQXG6$!*$%^1U^Q+F&TT&
MR9D'(N-:Y%JR,+C"GLXV?9Y7R4O:&QFIE35Z(?,91I491AVE'L,D"3R2:=L'
M"I41 N@9?CQ@!7(>2BVFR1D9?5F<=%-&K!_%M6V)L31=(5E8"HRB*C2.>-;/
ME]F9LDLG5MPBJTH*Y5E ='.JH%M-:Q5C6"MTK;GL+!RF4I^ 6C+%<I) CRVR
M\$8C'W+))==9T\B*L=PR*H$>W%%BFL(BFGON(@,66VM;MB4C>,,WB<G"?W)K
M$-DQU2;R6:1QW8JFD#&NV<(JP2HP=785%V4JD\R0%LA(-MS+)K*]= Z,4VFC
M5N14EUHAWCR$R,M*-9V!LR$;&,X:Z*2SL]L9NY+W9QE'DK-/%'";T@F9+MW"
M9DS\#$W"4);&%7Q9BVZ0% QX\N#&>?O9-W3@E3/GLTZG%6K)Y\>[LCMXDP1C
MD=G!$PV(3L "2>^V@%>FY#FVMNH]NN&.YNNW'%%U3\;\E39V\<V5FZ?=3-UZ
M;*5YBQ&16DZJK9B1B:IQ!NH3LK+"8"$,00LS4D6;1)0SQRBV(V146<++F*@W
M110+R6545.((II)%#J(B !H 4G\N7;R%-,N,'V=E0\&U4DZC:\^.""O.3,_4
MWTBREZ?C6O.&"@*,BR#($Y";7$R9>V+=J@NJ)^(:2V;83.7B9%W-@_9*O$+I
MCRNV $9)I($2G87)-;C5Q6=,TD6J;F5(5-V+?B55M[CM*E(H0Q0"P8HE$/M]
M-Q_'U =A]?J AH/6@6@6@$+S:7=I86:I,RJ&4>Y1Q)''*F ")T7]]AFZY1 ?
M]IDC[#H"R8@<&;7N%$I_;H <@[?:8J1"F#IT]0T&WH%H%H%H,7>)RX?<!MQ#
M82B&P!M]W(?MX]0^OUT&70+0?G%\R?(S,Z?E5.8P^8MB-"9R[NO!!UVSP4/)
MIIOFU2E_C8VSQ7)M59"2.BW616GQ2(@B[4( [*%W"UWRASW!8APU%6G(.&9&
M^PMF91C*X5]\FSD:I5E56:;_ -M?)I"*GT4(M!]_3E<$C72 K;&'MD'F ,;P
M?\@\=^0E?LLSC_ R.(H^N*L:TN[BW$"_BGJACF[\ VEHAE&HKJ1@&(J8J15$
MA3.78V^Y0 ?[WX2Y F/)-[:,?YAA(.EV6?BY>QPDY:#3UE>RT!)!-"NQ@ ;L
M21!XUI^FT]H!'#4X]\YU ';0&!Y317CD>O0I\_QRDL=-M(%@(6.E)2+G[6U1
M3:HR4(@:,EH-O+(K'?I%,W?.B-3BL!1#D?[@(_%C^JRE(JKRD(-V=2+ L6$%
M%M_9B2'91B",:$0863Q^BFXB#LQ:+) J?LK(&3$=RCH)'T'PP<BB'X@(==!!
M&97;"HU25R8YCE'XU*/*YEE&;1JN\4@0>=N5,Y,MQ T3&-ESNU@^X4D45-@'
MEH!N2\EY5AC:[NL>5.1N=KK1Z[*4N'4C7<O\U6+&_3*<5W$)(N%Y%[6H=0TD
MX;MSHF;,'35,"\U..@'BFV#+M+\A)6R-W1;75Y:<B9NRU9!)]9+G#4RRL>U(
MQT?#R':6J3:GV-1- \09UM[50SSMJ')MH#(\E\I4MQ@KR!;U]2CY!E\?T_A<
M*!8;%\1"*(R ,W)(&TRR3QBK"HR<>YW,<%TQ #%+N&XZ#5\6KBYCXY;$,Q#M
M8%"M4RG77')(Y8BD4?&5XCP6BXE)<BBK,CZGS+9S'E;)K+F(P2:K&4$5@#0.
M?R6SL?#,)47-<C1M]SLUV@*K"TED3N2MA/*NT4'14C"<B4<T1)]QWJNR*0AU
M$WY1"1,8Y0>6R6NM1L\4S@+O1IEDRF(6/?*RB*<9-L EJY)"^.V;(":3C.2I
MD4Q4]OQXF-R$ T$@6>&A;5"2=?GV+.2A9-HLPE8R5:MG;!XT<IE Z3EF[361
M5V$P"41*;@< ';05.MTR8]RU(8DLUYM<;#2J/]GW+5-@RD[$,=-F<V##.<7;
MB.C4DHR-KLFV>0"*[WN)I+LFA>(=W<0L<PM<U[MC]%6=8OXJT5MW)4NXQDHH
M#J19V6MG+'N5WTF1FT:R#J39&0=G60 S?=P8I3#Q'0?<CY(H^%ZI\S/(JE3*
M",7 5NIPJLA.V%^4.XE!UJOQB1C.GHG,'_;*5-$GW',4- *->C,FNK^]M<TF
M\83N5[HQ86C$4%=72LIB;$=KI_[>;VVR-V[A!!*<0>P7N$'#=,J#1V]4(7NJ
MD,8 ?CK'-@J$O U\;NOD:\!7+DC3[1:DJTE8,=4>-B&;!$:E316;H7:XMY#V
M@+23K87'(_N%$^8 8(O:9@9'K4I6\"(HUFR.$W5CSSG#*,4U;UO'X-U48ZT3
M=JE$9%6.D<BG:D.LPB 6,Q:@ &7%,@<#A!SNLXVGH3&2U[K=G>89LV0:AC&I
M9.NK4%L]9NOV1I=Q'@^N+XI(:1JV'9-)$>V"ACN7*(E'LE1$"Z!J^2,I0+AG
M'!>)_##&S*Y9QPO+K1,3<:LY-$XA\?J^B@[C)U6QKQ[5:!E92+,X$IF*AS+I
MK*#P(HON*03!<[YB'QTPNK%3?D.SM7D!;D;'CI7(M;EZY.Y(=Y$E8>=7;+0<
M=)2)8FOA6UON(L\%%--)N +'$QCE$!2MN0?(2=EUZO+3M4\D[4+*@.:2X".@
M3XXP3$.XLK&<R9;G[1=[1[79&<D8#.)4R9D6*QA3;H=P2KE"2,9IX\8W"_EA
M;Q+6SR"KK['T]EZV+C+MX>BX2FI4["?;>/J:RL_+Q*Z;A$B6YVR3Q4ICB;],
M0-H#\SGY#8P\<(*,J=7C&TKD:]**L\:XMQY#M'DM*6>RFDGB$DK$Q::;"/8R
M3Q!=<[A4$@='26-N8X',4 (QG,NKOXYW;R4RQ9<G.<B4>P*VC(R<;,M(29C<
M>5V965=41NK#.V\5*PC(D,Z!0A3)*G2.=/D8_P!P@>S&,PK%Q<;?(!S2X3".
M?H0C:Q&9*56"JTQ/6MN1Q!6QU)CQ<S,_/$,$:BW3.;]<>Z(B8O4*[LZ8NN.:
M:"ZQWB>Z8EMROS4#.I69E<9:6MCY*B/Y)M"652UNTW"MIL=HH,5%LG+2/*6.
M--,E2JEY@)0 XO'3RPC;!XS2.1LKE=1-UP[6W_\ =>N#W)B>;&K35P9M.N&#
M4JR[UU8XN.%<5D@]N5[WT.0'14 H,3+F2BS=>:YFQ":?DF>8\9(W.EC$)#&R
M]XO6+&X7:HTA9B\00DTV=EK[=^T=MN "=,3<52CQ$0)RR!$>2'CF>8I=A9.F
M]]HJ4Y4YF/2))LFE@6C3.(Q=HT5620DUFLL0R0H.1%(VW%0H[: 5O$RG*XN\
M0,A6V6*6PRDZQD;E/4&DUA-0:E:JO#MXNP5B,ACN 0D9XED@U';P0$B:S\ZA
MRE$INH,7R&GVJ5/Q1(P[=K$I>1[S <<]K*<7'PD^RR-'WJIY 0=V)K'.TV$"
MYE8!M*G=F402+WT2)"8QU"ET%OJ/$3*F*)3")]C'((;&$-]BB "( 8@#L.@S
MZ!:!: 2?,UTQ9XI@7#_O@T1S%AI5T=N05%2(DO\ #"HL"0?>J1!,!.8I=S"
M= $= 5C-5%9 BB!RJ)'(0Z9RFY =,Y"G3. ^FQBCTVZ:#:T"T"T&)<PD05.
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M$M.,;T>)Q??FU53@VKU6=>ODF>,9Z<6E56KB4 DTZ^'2[2Q2(C)BHH!BDW
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M=QW,5/;<0$!!G>.>%[;AHL_(7Z:K=KN%CKE=;6.<C1D2S<HK6&;M)F2:4E'
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M^@)OY[%ZC:^LY6R1.3J[%I(Y'Q]*R:A44'C#)M.]L\-'G4*=T_9G.4I2@ :
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M#,<XT(,FTI%P)U'(PE OS9<#N'3E50 ETDDB DD %"ZQ%<%CK% Q/TC<> &
M5"]3 !E"@/VE/QW+^(:#8T"T"T 8^<ME4J.)*O8$DR+*1F<L$.468I2*RLLX
M#)<$5");DBXZ3>BZ>J\2)]M%4>0]0 .H!+N2(*&S9B2:BF!U5VUQK9E(9VU;
M-EG/?,W%W'*HHR9"-DUD78<0!R!" 8P@80#?8*+,&+C(S&8<!MK19820R)(1
M+5W$2J@QH8:\@:,N*L(V8MHN.8QRK*Y(5]#WKQ%46Z*"A4TS*E.50P7U87OC
M;(M%AISW"*\RR;%@[4BDH@)HVV112L[#&KH(*J^W.G((F5(4XB?LJD$1Z[ $
MM:!:!:!:#X/H/\A_Z:#\_/D76\G9'_R SQ*!<<;-K;1W=2&!K4G8L?1HRM+C
M86K3,G&S58F6PV2Q6%65DWZ@NS LT19D;)@ G* %"XSR!F\@PF'LDSV+'4:U
MNM<@5)B#7GDU58XWPO\ ZQ*H+=AA)JF^1C&JB!2]H3%.<!  Z#H($\783*TL
M[M&5,[EL_P#<N;81A(N*C)Q9?$L739./2EX=GCR*(#86"ZARB,BN\0!\=4 (
M<W$2AH!:Q?Y01$EG.@T*LX'JV/LINK#-6#)\*_AS*6F.B;'9G->D2P,Z<*I)
M(3.R8/WZ#A@YC#-C[-USCU$']_D@\MA\>4,954V$X_+T7:)22L-F/-QB4DQK
MT544FYF*L+$2!FS96QKOW8"BN4ZA(\" <Z*H+%#0&/XGOU9?#56G$T:JWAK
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M8V@EO&>5?#BU7ATYQM/8J+?F4TI6%U6+:-BI1W+RI3/7;&+D'#)NM,>X6$1
MJ(G(*VY V-TT#@\IT_'EU4JHW\A[#$5:OQ-T@I^!D)!86KMO:8<RSAF#%\5(
MZK7W!5!(<R>PJD$2#T';037BZWTF\52&L>-92%GJ))-%U*_,0":"44X02>KH
M."LRMDT6X F]25(<H% Q#D'EU'0208=BB.^W\?\ XVWT#<FK'"UU@>5G9N-A
M8M(HBJ^E)!NS8D[@'% #/'9T2E54*01!,#"8=NF@K-N/EG,9C6BHK%9;2GCN
M:F'477W%:39NLF9^2@Y<C.5?XZCVLR$C2L<0SYLJWE)J8;LBNT1#LJ"F<G?
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M9C>E3>.XH)"5K]JEK;+6!"?D7$NXDCW-R[D+"#M4ZJ14"+K29DRE;]I(B0%
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M.I4*N2=FNMDA*M7XA,KA],SCU%JT9F.<"M0'O')WW"ZXE*BB3=1900(0HF$
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M0$OY@ 0]-!5O;OV%XSSAH:IQU;C;#A)TVRI!QB<.WCYJVXGNDD2O7N(C5P:
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MZ[5] [-%&YVUXI7X5E'UYV4%X>#3D&BT@8-NVL8.&@E#&^+[QFWPJP,[RGD
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ML=(.T0"A?!4+5&W:K0-QACJ#$6F)C9N-Y&)WF[1\S*\(DZ0,<Z3=\W$135*
MFXJ%$!Z@.@>P=0#Z]/KMUZ?PZ==!3ZRS=)/<_P [$2?D/GN7QDIY!FQ1"JAC
M;$D=B9"W&8A).,62U@D:[(VJ81;2(+-D7Z9&QQ[':*911,ZI@M^0_P"RG_\
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MSD> JF.<%6>_V^S2"C@GQUB9R@Y$G891!0W[E:V=!J>(KD @X3$CN4E$D.!
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MAU"3R&T\=V DJT?--00CLH8KLI$75(8%DGC=R24+5D9!.*EWQTC#[QNH.P:
M%O$G$\)FO.P9.M"F/J=+8MN8N7%)Q_DA1<L:K64G,?%I1#-\HO*JP,0J9<B@
MG.5-;D841*F'4'@WS/%RD5Y(W;)'C+9,PY+M>4I.HRM1GJE ,:5C>L4P@GK<
M)8\E>Y?,5&#*NBK/.W:7#O-7:3<1!0H 8(\\6'V/&;M:QI%<5GQX\H)G+_CH
MI$R3IW 1]7L;.3:?VOJD>O(@:0="=$ZT1$N>X#<4'6R7KH"PQ]87C_"5'E*I
M)Q#O.GA-,S=:N-#1. /"T)NN%:ND4VBW D<@TGZM&I'82ZB8F)[<QTS"8XZ"
M2_)&T5?*ZN,F^ '$?>/)RJN:QE#%TM"L8V5;T6K6=9$%)3)"BH"A%T>QUYRY
M2[!U$WCDQ .V(8Z8F* ]R6*<CV^]7OQKK=J9S<Q>+M$YN\K<ZQ;9& @,66&,
M=Q\U3*OB6 8.7*!+>5_!MP54DMG?MB^Y6,8Q2@(/BS8P@I.;BLMTZ+7Q]\F_
MMF.?(&77EXZK6LP/)A ]VG74R]:2<1&R%6ET4[(T=-2@+Y\4$Q.!!$0"$269
MYY$>5%]POY3OK=7L?855BKKBR.KEJC$:YD&(@X8)XLS:&$:9Z^N-GEXQ4%74
M: +D2,)>"0 *1Q :\J5"=L><\<T?QDB<@GI=6LDWD^NS#U.2QABFHI.ZH]M4
MU5I"*D8HLG95K*2PQPRZKDZ[L4!,U!/B=<I0GZ?S=;*3-^,LRGF%_!5Y_;::
MAD"U#+46*+ERES3MS'@QF(YZ122<5?%\H9Q'G6:HM"LBKM2%V QA #]>6.CY
MJR$?(F,HAC CCB-F:^AY42<''@Q;,U]W$C7<<(6=JC'W:%>J$,5:42*9D3?D
MV64]=!!&#LQ8@S3D:9Q-16UA@<<GM-MF&-DKTHT<?W6M<,LSLEBF;!=OTY=F
M"<C,*)$C2F5;+$ Y.0)D(4 $/'6-I#$_^2IO2W,4A"QC;-+6Y03YH=RFE;X+
M)% OKR'.B@==S'>S@GL,^3,<HD>*G#[B]LJ>P?HF9IE22$ *8HF.)C$,/(2"
M/7@!MS#Q+Z@ CN&^@V] M M!PI"-8.)2,DG+(J[J/!P+1V8FXL143$%5"GV^
MP5D]R#^(#H.RF <-R[;&$3!MZ?=]W0?KZZ#)H-5VF=5,I4QV-S#;?CML("4Q
MMS)*AR(4>1>G4P!H !\CL,JREUA[3'7,]+>3,G!R%,G$HJ#DY>K90C7!&*2=
M23L:"D+&OLCUXRD4ZW#=TX5 Y@'8-!+ZF48NM8ANN8:;2G=OE88KO]QU>LN8
MU[-RUAJDDE 6EFJ\0<+QONX$45U5BI*"0"MSCR$>F@EES'47+%09H/V4+;:G
M:V+"Q1X'1*=M)LCBVD8V38& H!L001.FIR PAL/0.@A'KO!]@>NU$F><<G1%
M05(9H-)9EI+N+!@<Y2NHY.8EZG)6LB3I 3$$P2 *I@/Z9B]-@HFS\%T\&O(&
M$F8^^L(NKXHG5;WCNGR#.16G<M8ON#OLVZAQ4T\DE23$Q7'"ADCE<E[[E?8Z
M9TB!PT!?UC&&6_\ )F\89!SJF_Q3X4 ,59<58'C'IH^_Y5>E#N&G\WO(YVO&
M'IJB>QVD2@KR615'N^O(P<[_ "&>'?C=DB:\=8]H1K4[G2';6MUS$F)$*S69
MG)U'2:+MX>GNIIPJS98_KE=FC)KMY5<#$:E462:@HX7)L%>N *)=<Y9NNN&8
MJKP./,RSLQ;,DV?*]<">3L>$J?86Z5"FXAJI.+*OPFI6$C_;HE=(-SKO5"/%
MRB((CH/TXX:Q-3L(8YK&*Z#'I1M4I\4VB8QN'('2I (!W#^25$!5=2T@X,99
M=<YA,HH81Z>F@[=^J1KC !"HV*?J:X.V3QI/UEV1K.,'#!TDY3!!5=!VV5:N
MR)F1<)JD,0Z2@AT-L( TJ)EB%M%[R%CIPSD:Y;<?OF23F'F$V[4;!!RS0CB,
MN-<3*NLH]KDBX2<($5#@(+MU"G*&Q1,$GSK&)FH>5AI=LA(1<G'/&4DP7*0Z
M3M@Y2,W=HG*IL04SIJ"41'IUT%0L'&3^*I/]G$^70OG@[._/TUP#-VY2R9X;
M7D@-UX9D@DFXD;6ZI46'QB[QR.[:79K+%'KOH+;JY9H2TPD/9*W)LIFN6!A'
M2D!-1S@CF.E(>3:)/&#]BZ*)DW+=T@J4Z9BB(&(("'KH'+H%H%H%H%H%H%H/
MA@W 0WV_^0[Z""_(7%;K+>,Y:K1<Y(5::*^B)V(GX8Y6\PS?PLFUDC-6#_N)
M+1PRZ+86RBR9RG(FJ80ZZ =O'W)4,PE;EA-G9'0S+*$=6IC+K286:*K$M(I*
MC*UP[Y"(CHV&F814/D@@53 JBQ#ND(" \M ,["%LF.F?OJ3:*UE]]1 '-U4O
M=/AF+2-L=@00!UGN@/30ZK^%IZ>0XU4)\C1H5NI(OA!#@L9,51"P.XQ[#/\
MA-K-4]./<R$Q!1.0L7/IP7B)H>X-V3>P5%Q,H1SYC(M2-G9R(2C=-T@J9$RS
M<VP&$-!63X_QDOF:^>4V7:9 0D'E_'N1J[9(1_&VZ2FSSUF9UI>.O=)L$9(R
M$C#5Z!NJ*+AN6.*8_P 3W$E@(#G@?0%IE&2H^8\>4[R$A'$8VJ#Z,<8WS/\
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M=P"S.VXKS<Q0;Q:E-8N)8#TZPVUNL5N<[J!K%U[DS'*()KN9%655= <H'WT
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M85*/:UBR/1E'=I?WOQ[S&=&6![(O8AH9Q%/JO8FZ;YP)4S@U3C!3%<B9E#%
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MMO\ M2;CS*$?MVR9O<KE^XASFVT$LXKLN,JHC2\4USOUQ2[UJ9R'2JY(,9Q
MXLW3LTM:8=%*28LU&#^#?2Y!.S6*@X;HJE2%$G$0 )LF(2LS==D8RP0T/)0T
MZE[>Q,I./9F8RY! B GD$U.+5;@)2A^H8X\0 !'?;00R>Q4FZL71JY=(6$QG
MBZ9"*M4HW+7EX$DQ39-H5Y4'@3+=1%@W;M![9U4BD,7< 3.(]= Y<993:Y#D
MK'!GJ4W4F<*L<U90G&*D:YMM<;N31PV9.-!L1.-A7DNBHFT0[AU5VY2K&(F4
MX% !ZQM.UE*8RABSQGL='C751FGMJKB#!<;%C23D9>PRBV1ZE+-6$FHYC;6V
MMJKI64]KVE6*CEN<Y#%$Y#AT:ID:W4OR/-2[?2T:?'Y3BI%X@HWFY6RQTQ=H
M$(TB5A8$9IC'UZ(L,>LY3<JO$&JJ[EBW)W!$Q"Z#3R-CEY1/(2+S'#X]O5[8
M6R+3K24169:))6:;<I!06O[]LD#(J,C)IOF!A37DT%%G* ].R(?J@' \?<*6
M[!%XRWY!>2&6V8R5Q29P$;$)6*8?T:L4YC(NG<6@21LAS2#V:DI)VHN<NX]M
M5;MDY!Q$0Y&4F.7_ "*@W4_/5B*Q]A&+MC-%KC#(=C>P;O*=<9R:;68LN3QK
MAG"S"MNXOW"\/62&4]^<R2[X0Z(IA LH]\FKU<,O2L'XVJT+Q]BL6QQ\2-&;
MJK5N>RK,5&629Q=4RG.%GHRST_'JJ12.@8$13(M$I*$46 JG94"9\-99SEG;
M"=+7FXA'#\:\C9$MC7HS=*)L]C!BW$$*1@R/D'OMTTH]=$&[R=Y&:.";BQ,8
M@][0.^<DDL7UVL6_.^/%V]3G;\RB*OB"C50U[K>/E5).?FFN3[JC&M':LK=G
MB:@'?=DJC=NNJ7LD44!180)C&&17V58JNY CHJR52IS+>80B*K:HI2$LK]J@
M\.S^9FF3L#*Q9G9VXJM&XF(J+<W<'?D!2A/#<YE";B&Q=B\!#?CQZAL F^\1
M+MU$0#?Z:#8T"T"T I9?GY*'S7C Z NGT<UK%N?O:\R>))*2RATP8MSNR+&*
M5DS:*..8O!$J:0A^H8"Z#ITV@Q4PSCBMH./81\<)EFQUR?,,X]20.#UZ-3>O
M@5.9\=T(]UX8HB<=P+]FV@(9I&-&I 3;IIHIE5.KQ;I)I%5.J)CK"X*4G%15
M14XF,/3[AWZ==!OD1*F<QRB8.6XF 1W P_: #UW$.(%V  $ #<>F@POCF(T7
M."O9XI*&,M_N1(4AC'5('$X&.F4!$ $-A$.N@AC N5(/+E*4L]?EW\NP;6.=
MKPOY-DDP7=.8&3<QCE9!%-10@LW2R G1$#"/ 0T$Y:#""! +Q$3FZ  F$VQS
M<3<B\CE IAV]/Y:"NGR+=VC&ERE+7'2/S$)-JPMTJ<&\6K9'#:RTE'>[4:C^
M\68J-I>\54IW8OY RH-771'K]F@R7G(T18:KA_S5H1GBD?2 =PN3X"#DD)-H
MKCB=71AKY'R)XA1)&QV#&$\T+[8R:AT6BHNU"<RCOH!Z\FQJ]$R%5O)S%\E6
M)&F^2K2)QS/WBK.9Y$PY&B'"TAARV2,E#3S2&EJR%C:EC7YE$DW!6JQR"KV3
M*\ DGP_LSJI7:W^/EKA'T=3\C1[W+>*(R1!-LT@G<@Y)&YAQ4SB1=NBPS6JV
M94TA',C**&]D],J7<-A$*ZI:L3'ASY(R,RU<.$4<*6&=O%2AH]5>)@[AB*\C
M[J4CR'%NQ824Y'M'!FSU4"G.5V04TD5#?K:"U?+4W%T[)."/,NLBB&/;) ML
M99@E4C':^[QK>S-I/&MKEC& 3+P]#L;I<1()0.*LR/W[%'0%K>*9)V4M6DZQ
M<I*H/H.>8SKMW"-F+DEIA6J#L%*M*&<D,5.!>^X PG3$! Y2G#?80$'I"6&*
ML#B1;QKUHLXAW(L)YJW7(NO%RY2 ?V#D"CQ2<)I"!_0=PV'0.(Z"9RG =Q[G
M'GO]P'X  !N0VY/I] #0 ;G3&-MQ1D%;RMP#!1[B<1CRM\^4%%)9NIF*FQW!
M1&5:F04%J%XIK0'*K=84%'+I( ;F,)03 H%WCW(M9RC3J_?J5*H3E4M$>A(Q
M,FW+L4Z2P'!1)5/D)TGC)T0S=9(VQDUTSD'J40T'>L%;B;/"RL!--2R,/.1C
MN(DV#DI%D7$>_0.W=)&(J4Y3&,0XCN.X@(!_+04IO5Y'$C=_$S:,W(WCPNGI
M"@OEF$A(.YRV>&F64 95ZVO&[<K!]<']!;ND$O<E.8&$JW=J)@!P-H&+X57^
ME^).?G_C%9KP;+-^R/9XI M@@;/8[#3L>5<\9*6*H(N7LZLE MW$NE("X?*-
MP5D3+R*!W+A<%T@*%_S8!*B4H\MRB8/NY;_F$>G,1/QW'IN.^V@]JHD6+Q/R
MX_4"F$N_X;F+L;8/X"&@QD:(D*4H /V ( 81^_CT "B<-CB  &WKOMZZ#*5(
MA3"<"_<(;;[B.P#MN  (B!=]OIMOH,F@6@6@6@%/R2D6-%CX7)IJFVL"366B
MZ3=9%65>1+Z"QY:)QDC,S+95#HLC7G(IOC;AN (CQ$-!W\=6DD=>+%C0Y(W@
MR@XNSTDL>+WDK6%A*S?#- #="&C7Z,P4YFC%J*B@QW!8X_=L ##;::ZQY9YR
MCL;Y;&]CM5YG<U^.[CXZ.7(UGF#).5O.'V,F[?IQK].[N3N56[-ZJV4.=V)B
M%4*T$= =<.\C,@5,S>7CDFBLO$EBK;5E9)!=[77TK#M5YBJ/G44L8J4E'$?@
MDL!#D'D',NP"4=  V:_'F(Q-7<#4O$$)"M</5NVDB7^([#&.)2@6"S23PTA2
M)BSO&7N;<65>W(4FBTD<)%NDFKW7+<2EYE"2KQE1"*7I5DM-*>T'*..T$)U.
MLOY1+X*2JT^W;1^08JN6-&6B*;8'<60I2HG7%PJCV1500,)]!".._&F^8;Q!
M8[_6)W#RF5X?*.8<TTNQPK6QQ]$ME.R6[=3*T/D$[*/=2KE9TP*T=OU(]H8R
M[B.2*GP YS:"',D,+]8H&EM<%PT/G?,>8['5)Z[Y&9NBRM:J=AH+ME8UIH<G
M3DI$1\+4X-V=)HVKK!D+A--<X"DHJ50#!9IE'.E9PM78AS>E#2=MG6#)A7J;
M73>[LMNLJJ!"+L*\U.9)15D#H3&</# FW9(_>J8I0WT TQBK!VA4?([R8<L[
M5<)X8]Y@O!5)7:W")K;JQIB,"G6HQJ!T+UD5TU3#O39_Z%L4IQ;B1,HJF"07
M+"6@4WWD)Y,SC>%;55NH:CXTK;]>3KU+=]R500DD6;)LV=7?)=FC7Z3=9L)7
M:!%D@(R* &.H<(AR9;+7:Y6N)6.KR:CRWD=&Q-XV,)-NPL^6C,X1=XUL.<[:
MS.Y95+'D>Q4.L$:N!5TUR=LYCG_0,$VG>5O#JT+D;+;MC-YJLR;*BTNEU BH
M@1&0<)KQ5#Q_7U5Q]RVBC?:[E.RBF<I157%(G30<*YWA3$JA<J^1$\K8)^VO
MXR$PEX]4F.1EURV5DX?NHDM=:D(M*6;([E.3!.2DP.E%QS4"[%*F455 E?&C
M2=L5F86C*ZT+$999P:JA,:U6UR4K%4&J69=!9-K+-E09QUAEUE(1$JS\S44T
M'!%4VA^T(G4 D4"D*7B3Z  B F$X_<)AW%0VXG$?Y]-!GT"T"T$(6BC1T_EZ
M L#F9*12/H<M$N*R)$A&8CGDVR666.85"+ W34(!# 'VB(AOH)?CXYE'M6[1
MDB5%JU121;(D_P"TDDB7@D1,FX@3MD#CT_#0;X  ;[!MN(B/\1'U'^>@^Z#$
MLBFNF9)0!$AO4 $0]/\ D(?P'<!^N@T(N#AH1L5E#14;$LR'.J5G&,6K!J55
M0XJ'5*V:)(H J8YA$3 7D(CN(Z#J:!:"&,S8_P#[@4]U&QWQ32U14A'VNER<
MG'_*,8JW02X.XN7=195FYW[=-8!(HB(@58#;&Z: $\:*HXR+G'%,[\\_Q_<J
MW;\CTOX=NQD&U806:J,,B4F.(5,L#7Q8V%-PBSA1:N5D@ 3J''D!=!I>(E 7
MSCX*GQ7=V;EK7T):SPV-KPDG76$W-U5C-*RE7M3%A&,G3*O3$!(O%8DXE0(J
M"K ZQDR"H)- *F392Q5*'CI_$[I)]E>@REHRU3BRLZZ&;1R]CF."*S53K+"*
MM8XKH<NXF3<G1=/"HMT%TB\ [AB& ):SVTHOF1XGXM\J#Q,--N:45R]EU8*+
MEV,<XKSX31UPB!0?JD=.V,,[%181.44SG*)DS!OOH'SX'3E7RE@.\>)MW=N+
M;!5B.=Q-7D)1-J12R8BM9UWU35BV28]J+:T@RH,&*!1.=H@Q0.8PF'<0+7Q.
MO\M.5>VXGN*#EK>\!6ASC"9"0,'N[)7HI@T<TNVL43?KN(J8@%TT0<*!LZ>-
MG(@(\1T'0S37L@46>C\ZXA:2LVZK+)VEDC$482/3;Y;JK@"+.'L45?VR3;(]
M9.F"S%P=0HNTBF:'$"*;Z":\>Y*K.5:=7;W1)A&<JMJC"2L5*%25;E%!8PD,
MT70631<MI%DL!DE452)JIG*('* Z ?<G^1DI1LS0V,(IKCMTU0AJ]9L@2%IN
M+ZO3%8J]CF7\#$RK"'3A'C%^:3F6IT$^3HACJ@8HEVV'012]C7WA?F:4LR:Y
MDO$O-4[\A96QE%U&F LORKA!L6PQ[)(GMXC%U],8"/N  C&R?!42E3774*%B
M+=\@[00<-7"#ILNDBJFY;J$6072<I@HV<-EDC&1716*("42B(" [@.@KT\R8
M*+QO=,=^3:Z*@U1JWD,*9_;I&.A[K"V13*1QYY=9N=,R:-$FY [D1$##R>".
MX;;Z"ASRTQ'!X)GJK-UV+DY;(6++[ X^7<RMF:)51Q LTF[_ ,=\BH0_R1%I
M"5-2S#"-I($?:R"U9$JZ:BB29@#]1?CYE>)R]BFJ6R.<2)GIX]M%6)K--2L;
M#$VJ/:-RS+&PQ(*K+1<@JN<' )J<3"BNF?B '*&@G$/X[;_7;0?= M M M M
M M WK#"L['#2D#*)=V.F63V*?)\0-S:/$#I'Y=/KOH*>;%GVI8#\@L>T"Z3G
M:OE:2:0EO,O,5UDH]HBSWX%C>99Y.N GYYY)5H&Q$H] PG.ZW%N4#;Z Z?(W
MQXDL]-*L=C>%*6XIB4_)U]L:*:R3=*ZKECG5,NAW8+LW\?*U-=LH5(B1P[K9
M^X(<=C;"$&XGR7D:H9AHU5R3$DBI7*-8L\;DII'UE&*BCYIQ^]ADV5\B%(WF
M"T-D"L/C'</' G,*S1NV P#TT!MY"J2&1J/:*7)+R,<TM,%(0KYY%R#N)G&!
MI!,2)K1KQBL"\<Z(J!3 <#@8I=P_AH QB[^AY.4:Y^/%H;VBD2^/(CX',MLF
M*FT8IM)&(?'CUG%(EY-LK6"+3;-L9P@^*'--FX[J0$'8V@D;PQRA7LC8VL%<
MJ97#VGXUMLOC^M2+J'>M&$G7(1R",4WBI9T^EFEG;1I"F:B^15.FOV>0@!A'
M0=/(^:JWAJ0K>#L*8[C+;EFTM7[RKXLJ+*.K]:IT8L[55D;UDEXR19,J;2PD
MG J'5(C[J1<FXHD,8QE"A$!J/5\9R%B/?2(^27EQEZ%L;A%G(K%;H0$!*)"U
M-3:RNNH57&&(&2B@M2KD,FX>C_W!55, : /?(WQ5_L;AO'D/3,POJUGRQY&K
MAXNMXZ2GCV6_U^-L2<['82PY".)62=5NF0#951-9VLH1J5(15>JD[A2: YG!
M[I=LC1#SX )C)!85$$(MP!9?&/C6W=$L HVQVZ%8L=<<CR3ELW1<,40552*A
MT,W3']4%E\K*GQ*.,,<2M^L?D!9IVO7Z6E*8NU7G57$=(QLD[7OTQ(J'&F8K
MG74<5LX9I@8Y6:IR-6YMS& (_?MG> WZYY9^OY6><V1 E5\=Q3EJS:$I\3(A
MN#5JBP3]EB#%%89G[+V0Y)+2Q$Q#994W; "-PYA1>ER;C+V<[A'Y$S=9^VT4
MLSHITZQ0&KQ(A%:1B6'?G7&KP9ED^*YB#[R0.4#N%#?:0H36G76$=>G=G)%1
MA)N<;-X9S--FRQY->$BP,X81[MR4030;H.G:QP3V_P!^^^@DH@ 4.(;!L ?:
M7H!?X 7KMH/>@6@6@@R1@$UO(>&L834;WV^()B'&M*.$?ECHK7&)>!/H,QV7
M!BU52!$ZW4@'.!-N1@T$UMBF(F4IS 8Q2E 3%V!,1 H;B0OYBE$?H.@V- M
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M*%@[%SFPJOW$A@V 7J]U9U)($'SQC%BY9MX&LSTP]*I[V41(J=%N)A(7F83
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ME2<L7Z!4R2M=G(\YG,'98%WMWHV?K\AQ<-'"8@8BI.NY1,40A3QWRM<S/IW
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M?+H(AW).+(T1;\]B'[*"?38 T'%S5-2<-Y$82BX[(D' M)-D_.?'I[H2$G;
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M30$\7Z__ %#H/6@6@6@;"MBB"VU&J^X1^=5@%YP&PF$%0ATWZ$>=7ZAU?+$
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M\D*%(76CO'%?4,VM-4(-B@UDVI'0R"#4I@FZLLW6 S=TUMD2*K)1,VWV*B8
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M>;TS(E4HXXEDR0+RV$>V^7C;22T-9%E*U>&BHV.C@C))L[L:*393D_;BN!A
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MQ(-"MECD. ^W<* /01#0!_@W-J)[]CS*@1_QM?\ )UG_ &\R7&Q[)HRC,?\
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MU#%+N<1'8-!!TLL\6\LZ(BH0 ;1V&;VH0YMA'NR%CJA53")=RI <&!1V$=M
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MFA<@WC)=#8QKYE)XNEV43-F>BS5!\60;%<IK)))*&6:M>V<#$[H%.8@@8"B
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MKERS9SEE@I:%%U5*"FHS%RS29O!^<35(JHFGS*4P/7(<7*>1R].MMP:R5?\
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M#]^YXCZG%TZ'O]>F\98%EV2\A#0=;K,R:6:VW)X-W2Z4EE7@'!J1%16(CB;
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M&$>7(-A#;IN'IUV'8/0!#_709= M M *.+X:79>4?E=,N413C)N.P"E#JGW
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M69% >1Z]:[U#2=>=#S.?BY8M:C'+F+Q-QZ+!]H 'TT!#I%,4NQ^._IL3EP
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M &(<'SE_=U#(><,<5^@05/9H.,,^.<8Z9OJUC)55$CA6QVTL>5"'L&23=SL
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M'Z@ *$5)P$ %,R:J?V*)J)B!@$!'\V@P.3CR 2%$IBI&$5 ( AP 0W3%42F
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MG9R7$ZCU>1M4$=LQ:)")2E;1^XG 1 -!U/+6!A[+@BZ,YN?AJHY2"'E:;:;
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M!4@E4,/(I0<^*\<16,J-"TB)65,TA3/C)*BX=+JD!\^<O5$R+NEG"I"E,Y$
M)S$A0#8   #02$HY,@W4.1%9R9!-0Q4D>*RS@4BF'LIB8Z9/<'VVV,)0W]1T
M#)@Y,U[J2\A.U:=J0OOD6[BOVMI'(2[(K)VY:-W;E-F_EV (NR(D<H_JJ "9
MBF,!1W* <^%G8^F,8NIR$O/3[MDV:@$P\B9)^X=I2CI8&2JSV,CAC3I-C&!(
MW Q022*4QN(=1!AY5RQ.QE@B,98NKB5PRA.F.!UW!W!:AC:*.T47/;+_ ";5
M%4&B*B)1"/C2C[J27XE+VTQ,J4.]BK%K7',*D>PS![[E"58L&5YRM)0[&,G+
MG*)\E4R'28(E1CH5JL8P,V*0^U:I@ =3;F$')5KO3;38KA4J]9BRDY2W#1O9
M(M!)P4]>?/TC+H(J+*MD6XF<)$ W:3,< ZB.P&#02*BV!(0'F)M@]! NW,=Q
M.IZ;\SC_ , Z:#9T&H_8MY-@]C793':2#1RQ=$(HHB<[=VB=!<I%DC$52,9-
M00 Q1 Q1Z@(#H&A1L<U?'52B*15F[QK7H)%1".;/))]*.DTU'1G@]Z1D5W+]
MR8%C=!44,.W30.@YBF,=,J@@ % AN"A._P!P3=14V$#%(F'YM_IH&G=:57+Y
M NZW9& O8=\5 7!4G3EDZ;*LURKLUFBK,Z3AHNU<$ Y52'((#]>N@JU\Q_,V
M33E)7 .")#OS<7$JR^1,I1$ZBDWK,5!G*6TU:I.51)&2=T;L'*9U4S+]MCS#
M<3. (GH.U_C=A$X-Q=8D[BUOUVT3&.#6"RSBCA2S,I5V]G8R7<U!457M5EP9
MS'875?F^5?\ 'W"VR:B1"A;2D3M@)0$XEZ"4##N!0$/RD$?NXA^ ^F@RZ!:!
M:"-HR9FE[Y>8MU!R"$)%M*R>*E%U$P93KAVP=.'J407M$'O1BJ92+\E=N1@V
M -!(:)C"!@-Z ;8H[[[@(;[#T]2CT'UT'LZ93B CO]H#L&^Y>NW42B E$0VZ
M;ATT& [)JH)3*(IG,F<5$S'(0YDU#  &,D8Q1,D)@#KQ$-!L 0H" @4 $ XA
ML !L7??8-OIOH/6@^&'8HCL([ ([!U$=@] #ZB.@'GRB7.Q\=<WO$R&,HSQ=
M>7R::9G"9CJIUU\(IA[8IE.1@Z"&_P!>F@$W_'[C6TXN87QW8K>PFXO*,;BZ
M\8RKAYER^E:CC^.IR4*K#';R$C(R"T3$S*@H@Z%0Z1SFWV 0VT%FR9@.0AR_
ME,4I@]0Z"&X=! !T'O0+0+0+0+0?##L&_3U  W';<1'8 W_$1T&!4W-)4I0[
MA^.W;*80-R$-P 3 )1 !VZ_PT$#Y7CYF?LV%XJ!LCBLNHW(R%UL31J+]-"TU
M"M0<DTGJTHY:)]L4G#^;9*@@X%--7L;]1 - V_*M5FG@^QM7] E<CM'LI56K
MBH0EQ/27[@KJTQ*9G;:SHN6CJ.^#1-[XP (&5(B*8#UT !3TW,)>3%[\<\(W
MU]2<?YY;L4<AWF.:/WCC#.6FU:]Q8X+&ED,RD(!UE2[5I([MVZ>G,BT?ID Y
M%%S%1,%G-+H%"P/C5O6JTD6M5"G0JSA_*+JBJ_E%&;,5Y.RV.6,!Y&6FW8)F
M5<N5U#K+K&'??H&@_-[FKP8=NZYY6>6-@NS&#QV-GC\F8->7B0?,GU]!XTA9
M))VNQD3 _*$XQF'\9'-E5 >.7() 5$B9"!H"W_QD0U6RV?&\ED6N/6#G"==D
M[#X^UB1D4)&+4B;0]!DYMDV1=HBO+7"C*O%HUB^*FBW10DETDR'53,< N6BH
MBL2-TN\M7V'MK*X6@XJ^2,A&ROLIINRC3)1B<8JLJG&/!:,A%,QT ,!!'B?[
MM! /F8!Z7@H35*(,F=>]T1H=O%VU+'SEBP/-M&[F3:2Q(>9,LHR;% OM00Y+
MIB)0.00WT$CWV:B*CEG#4Y,55L^0G&=CQ]#WTJSI[)U"9L+:+EF$*9LFV6 T
M/<$:XJ+E^X42315:H$'[EM!/S-R593@'(@%,8H);&*)%"EW5*8 Z\ $?4_3?
MTW]=!UM!\$ , E,&X& 0$!]! 0V$!_F&@U/9);E,!C@) $H;"  )  2D3,4
MV%-(!'8OIN._KH-CMAMQW$"]-@#8H!MMZ<0 >NV@^ BF!A. ?<._W?[@Y#N.
MQO7;?0<>>CFLA$R+!TAWF;QB[8N4 6.@"S>13.U>(F.D)%"]Y!80Y 8! 1W
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M5BBDW6*DEL4R@  Z YA7.!^V00Y" & G % 1(40+P,4AB& 5 _*(B(<NGTT
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MZWXVT7RBOV.\@.HF0'QVQ4]D9Z#B)(9R":Y^RBE+0SU++,E1'8LB1M;BIJ
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MM4F:)7LPHX*BU,5D*QU0%:RY'R%FHF086$@<JVVD5$+%8+K--(] DK> 1AS
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M[;KUGF]P]0&M)'D8\M-DQ7A,>U6""31KYZ5,&?)&BTW2@*ME7**CH@F0[1S
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MBF;<DL<5'""+ZP7=B+<OQH&326;1:JBI@33..@NR\><HHYGQ;3L@(@#)[)-
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M1*Q;GDB9?.+#DY=91E(6MR]N[QRS=J%@HHIX8/:(MHSN*;(".PGT'>A;SB.
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MH_Q1JG#O8)1ZXAI1HE.12CPDD5^9A/%^41]R26(E(IN"F>B((N"D40*()F*
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M:!RW)TJQ0UFL%6;VB7:3C!G,U>(FXYC&@Y9"A&NT4W,PO)$<(+F%0PI*@ ]
M()1#<0X6/\4VNAX?A<=L[04]GAX5-FI?UX\'LL_FE#=UU/.V[EPHD^DG)C""
MBRQ^0_Z:#O5+%K"A-'C.L%:-EY25E)J:EWZC^4L$F\E7J\DJ=[,OGGR)T@D'
M)C(H@L"#9+=-,O'8 "OZ!Q=Y$Y_GLJ6UAY$4*F/'ME5QK:)#&E+G5%Y2MT91
M^>J-TC.<F2S>N2C%>Q.?>\2)K.CD(<O:*42B%@6"L=6S&5'85NZ7UWDN>:H-
MFSJXR#-=C)S8M2JD*^E&ZKMTF5^J0X%/V^)1 @".XB(Z":= M!J+B0A@$QP
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M==JZ.1>4>NE2+,TT$6X)JJK]PJ12-TQ,7?8=AWW$= ^DB&(7B82CL/V\ $
MO38!W,81'^.@^F(4PAR*!MOJ/TT'/>,$UTQ*"*1P,8HG(<#B4X!OU^PZ9BF
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+T"T"T"T"T"T'_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6840832336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2016 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Tarena International, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001592560<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Common Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">47,160,248<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Common Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">8,895,249<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841535248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">&#165; 810,672<span></span>
</td>
<td class="nump">&#165; 513,938<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedInvestmentsCurrent', window );">Time deposits</a></td>
<td class="nump">416,724<span></span>
</td>
<td class="nump">449,878<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted time deposits</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">150,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net of allowance for doubtful accounts</a></td>
<td class="nump">97,374<span></span>
</td>
<td class="nump">146,999<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">126,088<span></span>
</td>
<td class="nump">66,103<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">1,450,858<span></span>
</td>
<td class="nump">1,326,918<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedInvestmentsNoncurrent', window );">Time deposits</a></td>
<td class="nump">58,667<span></span>
</td>
<td class="nump">114,227<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetNoncurrent', window );">Accounts receivable, net of allowance for doubtful accounts</a></td>
<td class="nump">1,176<span></span>
</td>
<td class="nump">7,771<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">437,337<span></span>
</td>
<td class="nump">127,864<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">3,365<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long term investments</a></td>
<td class="nump">41,760<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">91,849<span></span>
</td>
<td class="nump">53,111<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">2,085,012<span></span>
</td>
<td class="nump">1,653,891<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">4,502<span></span>
</td>
<td class="nump">4,413<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to a related party</a></td>
<td class="nump">79<span></span>
</td>
<td class="nump">879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">91,240<span></span>
</td>
<td class="nump">56,293<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">266,061<span></span>
</td>
<td class="nump">164,524<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">117,867<span></span>
</td>
<td class="nump">79,835<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">479,749<span></span>
</td>
<td class="nump">305,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">7,043<span></span>
</td>
<td class="nump">9,333<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">486,792<span></span>
</td>
<td class="nump">315,277<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonValue', window );">Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</a></td>
<td class="num">(93,761)<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">995,216<span></span>
</td>
<td class="nump">907,018<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">58,204<span></span>
</td>
<td class="nump">30,232<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">638,173<span></span>
</td>
<td class="nump">450,345<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">1,598,220<span></span>
</td>
<td class="nump">1,338,614<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">2,085,012<span></span>
</td>
<td class="nump">1,653,891<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">302<span></span>
</td>
<td class="nump">276<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">&#165; 86<span></span>
</td>
<td class="nump">&#165; 98<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, more than one year from the balance sheet date, for goods or services that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(b)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669686-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(c).Q3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=64834752&amp;loc=SL49117168-202975<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedInvestmentsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the current portion of investments which are not defined as or included in marketable (debt, equity, or other) securities that are pledged or subject to withdrawal restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedInvestmentsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedInvestmentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the noncurrent portion of investments which are not defined as or included in marketable (debt, equity, or other) securities that are pledged or subject to withdrawal restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedInvestmentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841700064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical)<br> &#165; in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">&#165; 810,672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 513,938<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">437,337<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">127,864<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, Fair Value Disclosure</a></td>
<td class="nump">15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long-term Investments</a></td>
<td class="nump">41,760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">91,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">91,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">56,293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">117,867<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">79,835<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">&#165; 7,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 9,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Common Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">860,000,000<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">48,735,228<span></span>
</td>
<td class="nump">48,735,228<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">47,160,248<span></span>
</td>
<td class="nump">47,160,248<span></span>
</td>
<td class="nump">43,988,425<span></span>
</td>
<td class="nump">43,988,425<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury shares | shares</a></td>
<td class="nump">1,574,980<span></span>
</td>
<td class="nump">1,574,980<span></span>
</td>
<td class="nump">926,113<span></span>
</td>
<td class="nump">926,113<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Common Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember', window );">VIE [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">&#165; 630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, Fair Value Disclosure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long-term Investments</a></td>
<td class="nump">35,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">716<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">3,729<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">176<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">&#165; 267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(b)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Trading Securities<br> -URI http://asc.fasb.org/extlink&amp;oid=6526789<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27723805&amp;loc=d3e24584-111560<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884222&amp;loc=d3e22054-111558<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Available-for-Sale Securities<br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841162640">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedStatementOfIncomeCaptionsLineItems', window );"><strong>Condensed Statement of Income Captions [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 1,579,604<span></span>
</td>
<td class="nump">&#165; 1,178,008<span></span>
</td>
<td class="nump">&#165; 836,941<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(449,104)<span></span>
</td>
<td class="num">(333,559)<span></span>
</td>
<td class="num">(240,084)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,130,500<span></span>
</td>
<td class="nump">844,449<span></span>
</td>
<td class="nump">596,857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Selling and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(527,553)<span></span>
</td>
<td class="num">(384,954)<span></span>
</td>
<td class="num">(261,489)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(307,519)<span></span>
</td>
<td class="num">(251,298)<span></span>
</td>
<td class="num">(183,998)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(65,594)<span></span>
</td>
<td class="num">(50,515)<span></span>
</td>
<td class="num">(33,454)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">229,834<span></span>
</td>
<td class="nump">157,682<span></span>
</td>
<td class="nump">117,916<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_InterestIncome', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,974<span></span>
</td>
<td class="nump">42,732<span></span>
</td>
<td class="nump">26,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,960<span></span>
</td>
<td class="nump">11,812<span></span>
</td>
<td class="nump">14,568<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss on foreign currency forward contract</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,898)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency exchange gains (losses)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,760<span></span>
</td>
<td class="num">(29,499)<span></span>
</td>
<td class="nump">7,359<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">260,630<span></span>
</td>
<td class="nump">182,727<span></span>
</td>
<td class="nump">166,645<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18,776)<span></span>
</td>
<td class="num">(3,967)<span></span>
</td>
<td class="num">(14,795)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">241,854<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment', window );">Accretion of convertible redeemable preferred shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,530)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to Class A and Class B ordinary shareholders</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 241,854<span></span>
</td>
<td class="nump">&#165; 178,760<span></span>
</td>
<td class="nump">&#165; 148,320<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per Class A and Class B ordinary share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 4.35<span></span>
</td>
<td class="nump">&#165; 3.32<span></span>
</td>
<td class="nump">&#165; 3.11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per Class A and Class B ordinary share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 4.10<span></span>
</td>
<td class="nump">&#165; 3.04<span></span>
</td>
<td class="nump">&#165; 2.69<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 241,854<span></span>
</td>
<td class="nump">&#165; 178,760<span></span>
</td>
<td class="nump">&#165; 151,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive income (loss)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,972<span></span>
</td>
<td class="nump">34,748<span></span>
</td>
<td class="num">(2,896)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,235<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(235)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 269,826<span></span>
</td>
<td class="nump">&#165; 213,508<span></span>
</td>
<td class="nump">&#165; 148,954<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes share-based compensation expense as follows (note 14):</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_InterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income from nonoperating activities, including investments and tuition fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_InterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedStatementOfIncomeCaptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedStatementOfIncomeCaptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30700-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDerivativeInstrumentsNetPretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=64808268&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e689-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityAccretionToRedemptionValueAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841679856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax', window );">Foreign currency translation adjustment, taxes</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="num">(67,824)<span></span>
</td>
<td class="num">(32,919)<span></span>
</td>
<td class="num">(24,976)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax', window );">Unrealized holding gains on available for sale securities, net of income taxes</a></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of income taxes</a></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember', window );">Cost of revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="num">(4,124)<span></span>
</td>
<td class="num">(664)<span></span>
</td>
<td class="num">(349)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Selling and marketing expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="num">(5,496)<span></span>
</td>
<td class="num">(1,959)<span></span>
</td>
<td class="num">(1,036)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="num">(51,154)<span></span>
</td>
<td class="num">(28,274)<span></span>
</td>
<td class="num">(22,302)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">Research and development expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="num">&#165; (7,050)<span></span>
</td>
<td class="num">&#165; (2,022)<span></span>
</td>
<td class="num">&#165; (1,289)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) before reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e,f)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6853835664">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Series A Convertible Redeemable Preferred Shares [Member]</div></th>
<th class="th"><div>Series B Convertible Redeemable Preferred Shares [Member]</div></th>
<th class="th"><div>Series C Convertible Redeemable Preferred Shares [Member]</div></th>
<th class="th"><div>Class A [Member]</div></th>
<th class="th"><div>Class B [Member]</div></th>
<th class="th"><div>Ordinary Shares [Member]</div></th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class A [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class A [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class A [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class A [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class B [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class B [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class B [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Ordinary Shares [Member] </div>
<div>Class B [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th"><div>Treasury Shares [Member]</div></th>
<th class="th">
<div>Treasury Shares [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Treasury Shares [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Treasury Shares [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th">
<div>Additional Paid-in Capital [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Additional Paid-in Capital [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Additional Paid-in Capital [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th"><div>Accumulated Other Comprehensive Income (loss) [Member]</div></th>
<th class="th">
<div>Accumulated Other Comprehensive Income (loss) [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Accumulated Other Comprehensive Income (loss) [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Accumulated Other Comprehensive Income (loss) [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th"><div>Retained Earnings (Accumulated Deficit) [Member]</div></th>
<th class="th">
<div>Retained Earnings (Accumulated Deficit) [Member] </div>
<div>Series A Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Retained Earnings (Accumulated Deficit) [Member] </div>
<div>Series B Convertible Redeemable Preferred Shares [Member]</div>
</th>
<th class="th">
<div>Retained Earnings (Accumulated Deficit) [Member] </div>
<div>Series C Convertible Redeemable Preferred Shares [Member]</div>
</th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2013</a></td>
<td class="num">&#165; (407,735)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 107<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1,620)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (406,222)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance, shares at Dec. 31, 2013</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,226,558<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">151,850<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (55)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,924,365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,924,365)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares</a></td>
<td class="nump">1,518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,507<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,788,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income taxes</a></td>
<td class="num">(2,896)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,896)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Share-based compensation</a></td>
<td class="nump">24,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount', window );">Accretion of convertible redeemable preferred shares</a></td>
<td class="num">(3,530)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,030)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering', window );">Issuance of Class A ordinary shares, upon initial public offering (&#8220;IPO&#8221;), net of issuance cost of RMB24,801, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Issuance of Class A ordinary shares, upon initial public offering (&#8220;IPO&#8221;), net of issuance cost of RMB24,801</a></td>
<td class="nump">567,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 71<span></span>
</td>
<td class="nump">&#165; 71<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">567,289<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Issuance of Class A ordinary shares in private placement concurrent with the IPO</a></td>
<td class="nump">83,052<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 9<span></span>
</td>
<td class="nump">&#165; 9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement', window );">Issuance of Class A ordinary shares in private placement concurrent with the IPO, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of APIC and retained earnings (note 12(d))</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(526,457)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">526,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,648<span></span>
</td>
<td class="nump">&#165; 107,994<span></span>
</td>
<td class="nump">&#165; 592,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 44<span></span>
</td>
<td class="nump">&#165; 45<span></span>
</td>
<td class="nump">&#165; 68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,604<span></span>
</td>
<td class="nump">&#165; 107,949<span></span>
</td>
<td class="nump">&#165; 592,781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,196,159<span></span>
</td>
<td class="nump">7,319,820<span></span>
</td>
<td class="nump">10,914,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2014</a></td>
<td class="nump">1,119,086<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 146<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">851,662<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,516)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">271,585<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance, shares at Dec. 31, 2014</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,712,758<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,733,024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">178,760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (111)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,158,128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,158,128)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares</a></td>
<td class="nump">22,456<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 19<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,043,652<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income taxes</a></td>
<td class="nump">34,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Share-based compensation</a></td>
<td class="nump">32,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchase of Class A ordinary shares</a></td>
<td class="num">(49,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2015</a></td>
<td class="nump">1,338,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">907,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,232<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">450,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance, shares at Dec. 31, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">241,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">241,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (12)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock', window );">Conversion of Class B ordinary shares to Class A ordinary shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,679,647<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,679,647)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares</a></td>
<td class="nump">20,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,374<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of Class A ordinary shares upon exercise of share options and vesting of non-vested shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,141,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income taxes</a></td>
<td class="nump">22,972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Share-based compensation</a></td>
<td class="nump">67,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Unrealized holding gains on available-for-sale security, net of RMB42 income taxes</a></td>
<td class="nump">5,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="num">(235)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(235)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Dividends</a></td>
<td class="num">(54,026)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(54,026)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchase of Class A ordinary shares</a></td>
<td class="num">(44,406)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(44,406)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2016</a></td>
<td class="nump">&#165; 1,598,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (93,761)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 995,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 58,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 638,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance, shares at Dec. 31, 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,735,228<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,735,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of decrease in additional paid in capital (APIC) resulting from accretion of the preferred stock redemption discount during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AdjustmentsToAdditionalPaidInCapitalPreferredStockAccretionOfRedemptionDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification of previously recognized accumulated deficit amounts in the absence of additional paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued (converted) during the period as a result of the conversion of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedConvertedDuringPeriodSharesConversionOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of stock issued (converted) during the period upon the conversion of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedConvertedDuringPeriodValueConversionOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period in an Initial Public Offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodSharesNewIssuesInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period for private placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period for a private placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period issued in an initial public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66904339&amp;loc=d3e4534-113899<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65896087&amp;loc=d3e11149-113907<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65896087&amp;loc=d3e11178-113907<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Dividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Dividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=64808268&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e689-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredCostMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValueAcquiredCostMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831800400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedStatementOfIncomeCaptionsLineItems', window );"><strong>Condensed Statement of Income Captions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax', window );">Foreign currency translation adjustment, taxes</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Issuance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 24,801<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax', window );">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax</a></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax', window );">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax</a></td>
<td class="nump">&#165; 42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedStatementOfIncomeCaptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedStatementOfIncomeCaptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) before reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e,f)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6849790064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">&#165; 241,854<span></span>
</td>
<td class="nump">&#165; 178,760<span></span>
</td>
<td class="nump">&#165; 151,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">72,757<span></span>
</td>
<td class="nump">54,981<span></span>
</td>
<td class="nump">43,478<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
<td class="nump">33,605<span></span>
</td>
<td class="nump">63,103<span></span>
</td>
<td class="nump">46,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on disposal of property and equipment</a></td>
<td class="nump">297<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="nump">1,102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income tax benefit</a></td>
<td class="num">(18,895)<span></span>
</td>
<td class="num">(21,614)<span></span>
</td>
<td class="num">(4,190)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share based compensation expense</a></td>
<td class="nump">67,824<span></span>
</td>
<td class="nump">32,919<span></span>
</td>
<td class="nump">24,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Other income</a></td>
<td class="nump">29<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ForeignCurrencyTransactionGainLossBeforeTax1', window );">Foreign currency exchange losses (gains), net</a></td>
<td class="num">(3,760)<span></span>
</td>
<td class="nump">29,499<span></span>
</td>
<td class="num">(6,605)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities, net of effects from acquisition of Hanru Hangzhou</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">22,928<span></span>
</td>
<td class="num">(66,901)<span></span>
</td>
<td class="num">(102,974)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
<td class="num">(60,362)<span></span>
</td>
<td class="num">(16,713)<span></span>
</td>
<td class="num">(15,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet', window );">Accrued interest income on time deposits</a></td>
<td class="nump">5,264<span></span>
</td>
<td class="num">(655)<span></span>
</td>
<td class="num">(17,587)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="num">(7,071)<span></span>
</td>
<td class="num">(3,757)<span></span>
</td>
<td class="num">(4,042)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable</a></td>
<td class="num">(248)<span></span>
</td>
<td class="nump">533<span></span>
</td>
<td class="num">(269)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedParties', window );">Amounts due to a related party</a></td>
<td class="num">(800)<span></span>
</td>
<td class="nump">879<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Income taxes payable</a></td>
<td class="nump">34,947<span></span>
</td>
<td class="nump">23,287<span></span>
</td>
<td class="nump">14,641<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">101,439<span></span>
</td>
<td class="nump">46,570<span></span>
</td>
<td class="nump">23,528<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">36,781<span></span>
</td>
<td class="nump">27,362<span></span>
</td>
<td class="nump">11,992<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="num">(2,559)<span></span>
</td>
<td class="num">(1,055)<span></span>
</td>
<td class="nump">8,568<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="nump">524,030<span></span>
</td>
<td class="nump">347,698<span></span>
</td>
<td class="nump">175,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
<td class="num">(381,982)<span></span>
</td>
<td class="num">(99,961)<span></span>
</td>
<td class="num">(48,405)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from disposal of property and equipment</a></td>
<td class="nump">358<span></span>
</td>
<td class="nump">1,040<span></span>
</td>
<td class="nump">227<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireShortTermInvestments', window );">Purchase of short term investments</a></td>
<td class="num">(1,937,000)<span></span>
</td>
<td class="num">(945,000)<span></span>
</td>
<td class="num">(622,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments', window );">Proceeds from maturity of short term investments</a></td>
<td class="nump">1,937,000<span></span>
</td>
<td class="nump">945,000<span></span>
</td>
<td class="nump">622,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLongtermInvestments', window );">Purchase of long-term investments</a></td>
<td class="num">(12,755)<span></span>
</td>
<td class="num">(24,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Payment for acquisition of Hanru Hangzhou</a></td>
<td class="num">(4,360)<span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAcquiredFromAcquisition', window );">Cash acquired from acquisition of Hanru Hangzhou</a></td>
<td class="nump">148<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireTimeDeposits', window );">Purchase of time deposits</a></td>
<td class="num">(421,170)<span></span>
</td>
<td class="num">(639,019)<span></span>
</td>
<td class="num">(708,124)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ProceedsFromMaturityOfDeposits', window );">Proceeds from maturity of time deposits</a></td>
<td class="nump">678,741<span></span>
</td>
<td class="nump">690,250<span></span>
</td>
<td class="nump">22,325<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLoansReceivable', window );">Issuance of loans to employees</a></td>
<td class="num">(18,525)<span></span>
</td>
<td class="num">(1,227)<span></span>
</td>
<td class="num">(3,030)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLoansReceivable', window );">Proceeds from repayment of loans from employees</a></td>
<td class="nump">3,096<span></span>
</td>
<td class="nump">1,608<span></span>
</td>
<td class="nump">2,468<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="num">(156,449)<span></span>
</td>
<td class="num">(72,309)<span></span>
</td>
<td class="num">(734,539)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AmountsReceivedOnRelatedPartyBehalf', window );">Amounts received on behalf of a related party</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,432<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_RepaymentsOnRelatedPartyBehalf', window );">Repayment of amounts received on behalf of a related party</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,432)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Issuance of Class A ordinary shares upon the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">592,161<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Issuance of Class A ordinary shares in private placement concurrent with the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">83,052<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Issuance of Class A ordinary shares in connection with exercise of share options</a></td>
<td class="nump">20,388<span></span>
</td>
<td class="nump">22,456<span></span>
</td>
<td class="nump">1,518<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payment of dividend</a></td>
<td class="num">(54,026)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of treasury shares</a></td>
<td class="num">(44,406)<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payment of IPO costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(21,705)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by (used in) financing activities</a></td>
<td class="num">(78,044)<span></span>
</td>
<td class="num">(26,899)<span></span>
</td>
<td class="nump">655,026<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations', window );">Effect of foreign currency exchange rate changes on cash and cash equivalents</a></td>
<td class="nump">7,197<span></span>
</td>
<td class="nump">4,413<span></span>
</td>
<td class="nump">5,837<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashPeriodIncreaseDecrease', window );">Net increase in cash and cash equivalents</a></td>
<td class="nump">296,734<span></span>
</td>
<td class="nump">252,903<span></span>
</td>
<td class="nump">101,667<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents at beginning of year</a></td>
<td class="nump">513,938<span></span>
</td>
<td class="nump">261,035<span></span>
</td>
<td class="nump">159,368<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">810,672<span></span>
</td>
<td class="nump">513,938<span></span>
</td>
<td class="nump">261,035<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental disclosure of cash flow information:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Income taxes paid</a></td>
<td class="nump">3,096<span></span>
</td>
<td class="nump">2,246<span></span>
</td>
<td class="nump">3,479<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Accrual for purchase of equipment</a></td>
<td class="nump">3,692<span></span>
</td>
<td class="nump">3,685<span></span>
</td>
<td class="nump">1,758<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember', window );">Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">3,648<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember', window );">Series B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">107,994<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember', window );">Series C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 592,849<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AmountsReceivedOnRelatedPartyBehalf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts received on behalf of a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AmountsReceivedOnRelatedPartyBehalf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ForeignCurrencyTransactionGainLossBeforeTax1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ForeignCurrencyTransactionGainLossBeforeTax1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PaymentsToAcquireTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire liquid investments with original maturities of greater than three months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PaymentsToAcquireTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ProceedsFromMaturityOfDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale or maturity of liquid investments with original maturities of greater than three months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ProceedsFromMaturityOfDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_RepaymentsOnRelatedPartyBehalf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Repayment of amounts received on behalf of a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_RepaymentsOnRelatedPartyBehalf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalExpendituresIncurredButNotYetPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAcquiredFromAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAcquiredFromAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash. Cash is the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=63044130<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash balances in continuing operations held in foreign currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due from borrowers for interest payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families; affiliates; or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other obligations or expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in noncurrent operating liabilities classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLoansReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of loan receivable arising from the financing of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireLoansReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLongtermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireLongtermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLoansReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the collection, including prepayments, of loans receivable issued for financing of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfLoansReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from maturities, prepayments, calls and collections of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowElementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowElementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836709632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" align="center"></div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt; FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><strong>1</strong></div> </td> <td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</strong></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i>(a)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Description of business</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify">Tarena International, Inc. (&#8220;Tarena International&#8221;), through its wholly-owned subsidiaries and consolidated variable interest entities or VIEs (collectively referred to hereinafter as the &#8220;Company&#8221;), is principally engaged in providing professional education services including professional information technology (&#8220;IT&#8221;) training courses and non-IT training courses across the People&#8217;s Republic of China (&#8220;PRC&#8221;). To a lesser extent, the Company is also engaged in providing IT and non-IT training courses for children. All of the Company&#8217;s operations are located in the PRC with nearly all of its customers located in the PRC.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="left">&#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i>(b)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Organization</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.49in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify">Tarena International is a holding company that was incorporated in the Cayman Islands on October&#160;8, 2003 by Mr.&#160;Han Shaoyun (&#8220;Mr. Han&#8221;), the founder and chief executive officer of the Company, and five other individuals. Tarena International is the parent company of a number of wholly-owned subsidiaries that are engaged in professional education services. The Company&#8217;s education services in certain locations of the PRC were previously conducted through Beijing Tarena Jinqiao Technology Co., Ltd. (&#8220;Beijing Tarena&#8221;) and Shanghai Tarena Software Technology Co., Ltd. (&#8220;Shanghai Tarena&#8221;)(collectively, the &#8220;Tarena Entities&#8221;), and their subsidiaries, in order to comply with the PRC laws and regulations which restricted foreign investments in companies that were engaged in education services. Tarena Entities and their subsidiaries were principally engaged in providing professional education services including professional IT training courses in those locations and operated 23 learning centers as of December 31, 2011. Pursuant to the VIE Agreements as described below, Tarena International has effective financial control over Tarena Entities and their initial capital funding was provided by Tarena Technologies Inc., (a wholly-owned subsidiary of Tarena International or the &#8220;WOFE&#8221;, formerly known as Beijing Tarena Technology Co., Ltd.). The recognized and unrecognized revenue-producing assets that were held by Tarena Entities and their subsidiaries primarily consisted of property and equipment, operating leases for the learning premises, ICP license, www.tmooc.cn website and assembled workforce in those learning centers. Because of change in PRC laws and regulations in 2012 which encourages foreign investments in education services, the Company began to transfer most of the operations, including related assets and liabilities of Tarena Entities and their subsidiaries to the wholly-owned subsidiaries of Tarena International. As of December 31, 2013, all of the learning center operations of Tarena Entities and their subsidiaries have been transferred to other subsidiaries of Tarena International. As of December 31, 2016 Beijing Tarena invested RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,000</font></font> in five&#160;PRC companies, which are mainly engaged in provision of educational products and services.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.49in" align="justify">Upon the&#160;establishment of Tarena Entities in 2005, the&#160;registered capital of Beijing Tarena and Shanghai Tarena were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000</font></font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,000</font></font>, respectively. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In 2016, Beijing Tarena received additional capital injection of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000</font></font> through its nominee equity holders.</font> All of the equity interests of Tarena Entities are legally held by Mr.&#160;Han and Mr. Li Jianguang (&#8220;Mr. Li&#8221;), a director of Tarena International. Both individuals are nominee equity holders of Tarena Entities and holding their equity interests on behalf of Tarena International. Through a series of contractual agreements and arrangements as amended (the &#8220;VIE Agreements&#8221;), among Tarena International, WOFE, Tarena Entities and their nominee equity holders, the nominee equity holders of Tarena Entities have granted all their legal rights including voting rights and disposition rights of their equity interests in Tarena Entities to Tarena International. The nominee equity holders of Tarena Entities do not participate significantly in income and loss and do not have the power to direct the activities of the Tarena Entities that most significantly impact their economic performance. Accordingly, the Tarena Entities are considered variable interest entities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 810-10-25-38A, Tarena International has a controlling financial interest in Tarena Entities because Tarena International has (i) the power to direct activities of Tarena Entities that most significantly impact the economic performance of Tarena Entities; and (ii)&#160;the obligation to absorb the expected losses and the right to receive expected residual return of Tarena Entities that could potentially be significant to Tarena Entities. Thus, Tarena International is the primary beneficiary of the Tarena Entities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Under the terms of the VIE Agreements, Tarena International has (i)&#160;the right to receive economic benefits that could potentially be significant to Tarena Entities in the form of service fees under the exclusive business cooperation agreements; (ii)&#160;the right to receive all dividends declared by Tarena Entities and the right to all undistributed earnings of Tarena Entities; (iii)&#160;the right to receive the residual benefits of Tarena Entities through its exclusive option to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">100</font></font>% of the equity interests in Tarena Entities, to the extent permitted under PRC law. Accordingly, the financial statements of Tarena Entities are consolidated in Tarena International&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Under the terms of the VIE Agreements, Tarena Entities&#8217; nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to Tarena International. All of the equity (net assets) and net income of Tarena Entities are attributed to Tarena International.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The key terms of the VIE Agreements are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><strong>Loan Agreements:</strong> The WOFE provided RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,000</font></font> loans in aggregate to Tarena Entities&#8217; nominee equity holders for the sole purpose of their contribution of Tarena Entities&#8217; registered capital. The nominee equity holders of Tarena Entities can only repay the loans by transferring all of their legal equity interest in Tarena Entities to the WOFE or its designated representatives pursuant to the exclusive option agreements. The loans shall be interest-free, unless the transfer price exceeds the principal of the loans when each nominee equityholder of Tarena Entities transfers his equity interests in Tarena Entities to Tarena International or its designated representatives. Such excess over the principal of the loan shall be deemed as the interest of the loans to the extent permitted under the PRC law. The terms of the loans expire in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2026</font></font> as amended, which can be extended with the written notice of both the WOFE and Tarena Entities before expiration. In December 2016, the Company wound up Shanghai Tarena and received the repayment<font style="BACKGROUND-COLOR: transparent"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,000</font></font> from Shanghai Tarena&#8217;s nominee equity holders in March 2017.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><strong><font style="BACKGROUND-COLOR: transparent">&#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><strong>Exclusive Option Agreements:</strong> Each of the nominee equity holders irrevocably granted Tarena International, Inc. or its designated representatives an exclusive option to purchase, to the extent permitted under PRC law, all or part of his equity interests in Tarena Entities. In addition, Tarena International has the option to acquire the equity interests of Tarena Entities for a specified price equal to the loan provided by the WOFE to the nominee equity holders. If the lowest price permitted under PRC law is higher than the above price, the lowest price permitted under PRC law shall apply. Without Tarena International&#8217;s prior written consent, the nominee equity holders shall not sell, transfer, mortgage, or otherwise dispose any equity interests in Tarena Entities. These agreements will remain effective until all equity interests held in Tarena Entities by the nominee equity holders are transferred or assigned to Tarena International or its designated representatives.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><strong>Exclusive Business Cooperation Agreements:</strong> The WOFE has the exclusive right to provide, among other things, technical support, business support and related consulting services to Tarena Entities and Tarena Entities agree to accept all the consultation and services provided by the WOFE. Without the WOFE&#8217;s prior written consent, Tarena Entities are prohibited from engaging any third party to provide any of the services under this agreement. In addition, the WOFE exclusively owns all intellectual property rights arising out of or created during the performance of this agreement. Tarena Entities agree to pay a monthly service fee to the WOFE at an amount determined solely by the WOFE after taking into account factors including the complexity and difficulty of the services provided, the time consumed, the seniority of the WOFE employees providing services to Tarena Entities, the value of services provided, the market price of comparable services and the operating conditions of Tarena Entities. Furthermore, to the extent permitted under the PRC law, the WOFE agrees to provide financial support to Tarena Entities. The term of the agreement will remain effective unless the WOFE terminates the agreement in writing or a competent governmental authority rejects the renewal applications by either Tarena Entities or the WOFE to renew its respective business license upon expiration. Tarena Entities are not permitted to terminate this agreement in any event unless required by applicable laws.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><strong>Power of Attorney:</strong> Each nominee equity holder of Tarena Entities appointed the WOFE as the attorney-in-fact to act on all matters pertaining to Tarena Entities and to exercise all of their rights as an equity holder of Tarena Entities, including but not limited to attend shareholders&#8217; meetings, vote on their behalf on all matters of Tarena Entities requiring shareholders&#8217; approval under PRC laws and regulations and the articles of association of Tarena Entities, designate and appoint directors and senior management members. The WOFE may authorize or assign its rights under this appointment to any other person or entity at its sole discretion without prior notice to the nominee equity holders of Tarena Entities. Each power of attorney will remain effective until the nominee equity holder ceases to hold any equity interest in Tarena Entities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><strong>Equity Interest Pledge Agreements:</strong> Pursuant to the equity interest pledge agreement, Tarena Entities&#8217; nominee equity holders pledged all of their equity interests in Tarena Entities to the WOFE to guarantee their performance of the obligations under the contractual arrangements including but not limited to, the service fees due to the WOFE. If Tarena Entities or any of Tarena Entities&#8217; nominee equity holders breaches its contractual obligations under the contractual arrangements, the WOFE, as the pledgee, will be entitled to certain rights and entitlements, including receiving proceeds from the auction or sale of whole or part of the pledged equity interests of Tarena Entities in accordance with legal procedures. The WOFE has the right to receive dividends generated by the pledged equity interests during the term of the pledge. If any event of default as provided in the contractual arrangements occurs, the WOFE, as the pledgee, will be entitled to dispose of the pledged equity interests in accordance with PRC laws and regulations. The equity interest pledge agreements became effective on the date when the agreements were duly executed. The pledge was registered with relevant local administration for industry and commerce in December 2013 and April 2017, respectively, and will remain binding until Tarena Entities and their nominee equity holders discharge all their obligations under the contractual arrangements. The registration of the equity pledge enables the WOFE to enforce the equity pledge against third parties who acquire the equity interests of Tarena Entities in good faith.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Tarena International relies on the VIE Agreements to operate and control the Tarena Entities. However, these contractual arrangements may not be as effective as direct equity ownership in providing Tarena International with control over Tarena Entities. Any failure by Tarena Entities or the nominee equity holders to perform their obligations under the VIE Agreements would have a material adverse effect on the consolidated financial position and consolidated financial performance of the Company. All the VIE Agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed as some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit Tarena International&#8217;s ability to enforce these contractual arrangements. In addition, if the legal structure and the VIE Agreements were found to be in violation of any existing or future PRC laws and regulations, Tarena International may be subject to fines or other legal or administrative sanctions.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">In the opinion of management, based on the legal opinion obtained from the Company&#8217;s PRC legal counsel, the above contractual arrangements are legally binding and enforceable and do not violate current PRC laws and regulations. However, there are uncertainties regarding the interpretation and application of existing and future PRC laws and regulations. Accordingly, Tarena International cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and the VIE Arrangements are found to be in violation of any existing or future PRC laws and regulations, the PRC government could:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">&#160;</div> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 35.3pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 36pt"> <div style="CLEAR:both;CLEAR: both">&#8226;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">revoke the business and operating licenses of the WOFE, its subsidiaries and Tarena Entities;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 35.3pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 36pt"> <div style="CLEAR:both;CLEAR: both">&#8226;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">discontinue or restrict the conduct of any transactions between the WOFE, its subsidiaries and Tarena Entities;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 35.3pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 36pt"> <div style="CLEAR:both;CLEAR: both">&#8226;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">impose fines, confiscate the income from Tarena Entities, or impose other requirements with which the Company may not be able to comply;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 35.3pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 36pt"> <div style="CLEAR:both;CLEAR: both">&#8226;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">require Tarena International to restructure its ownership structure or operations, including terminating the contractual arrangements with Tarena Entities and deregistering the equity pledges of Tarena Entities; and</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 71.3pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 35.3pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 36pt"> <div style="CLEAR:both;CLEAR: both">&#8226;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">restrict or prohibit the use of the proceeds of future offering to finance the Company&#8217;s business and operations in the PRC.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.49in" align="justify">If the imposition of any of these government actions causes Tarena International to lose its right to direct the activities of Tarena Entities or its right to receive substantially all the economic benefits and residual returns from Tarena Entities and Tarena International is not able to restructure its ownership structure and operations in a satisfactory manner, Tarena International would no longer be able to consolidate the financial results of Tarena Entities and their subsidiaries. In the opinion of management, the likelihood of deconsolidation of the Tarena Entities and their subsidiaries is remote based on current facts and circumstances.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The equity interests of Tarena Entities are legally held by Mr. Han and Mr. Li as nominee equity holders on behalf of the Company. Mr. Han and Mr. Li are also directors of Tarena International. Mr.&#160;Han and Mr. Li each <font style="BACKGROUND-COLOR: transparent">holds <font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 58.8</font></font></font>% and <font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12.2</font></font></font>%</font> of the total voting rights as of December 31, 2016, respectively, assuming the exercise of all outstanding options held by Mr. Han&#160;and Mr. Li as of such date. The Company cannot assure that when conflicts of interest arise, either of the nominee equity holders will act in the best interests of the Company or such conflicts will be resolved in the Company&#8217;s favor. Currently, the Company does not have any arrangements to address potential conflicts of interest between the nominee equity holders and the Company, except that Tarena International could exercise the purchase option under the exclusive option agreement with the nominee equity holders to request them to transfer all of their equity&#160;ownership in Tarena Entities to a PRC entity or individual designated by Tarena International. The Company relies on the nominee equity holders, who are bothTarena International&#8217;s directors and who owe a fiduciary duty to Tarena International, to comply with the terms and conditions of the contractual arrangements. Such fiduciary duty requires directors to act in good faith and in the best interests of Tarena International and not to use their positions for personal gains. If the Company cannot resolve any conflict of interest or dispute between the Company and the nominee equity holders of Tarena Entities, the Company would have to rely on legal proceedings, which could result in disruption of the Company&#8217;s business and subject the Company to substantial uncertainty as to the outcome of any such legal proceedings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The Company&#8217;s involvement with Tarena Entities under the VIE Agreements affected the Company&#8217;s consolidated financial position, results of operations and cash flows as indicated below.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The assets and liabilities of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements as of December 31, 2015 and 2016 are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">1,043</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">630</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Amounts due from related parties</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">25,109</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">21,650</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">26,152</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">22,280</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Property and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Long term investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">18,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">35,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Other non-current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">266</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">716</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">44,436</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">57,999</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Income taxes payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3,737</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3,729</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">892</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Amounts due to related parties, including amounts due to WOFE for accrued service fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">39,307</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">46,486</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">43,936</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">50,391</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Other non-current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">267</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">267</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">44,203</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">50,658</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Amounts due from/to related parties represents the amounts due from/to Tarena International and its wholly-owned subsidiaries, which are eliminated upon consolidation.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The financial performance and cash flows of Tarena Entities and their subsidiaries that were included in the accompanying consolidated financial statements for the years ended December 31, 2014, 2015 and 2016 are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="30%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">2,902</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">177</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(14,542)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,415)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(892)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash used in operating activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(4,252)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,201)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,166)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash provided by (used in) investing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">478</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(18,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(11,886)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash provided by financing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">4,124</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">19,755</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">13,639</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">All of the assets of Tarena Entities and their subsidiaries can be used only to settle obligations of Tarena Entities and their subsidiaries. None of the assets of Tarena Entities and their subsidiaries have been pledged or collateralized. The creditors of Tarena Entities and their subsidiaries do not have recourse to the general credit of Tarena International and its wholly-owned subsidiaries. Assets of Tarena Entities and their subsidiaries that can be used only to settle obligations of Tarena Entities and their subsidiaries and liabilities of Tarena Entities and their subsidiaries for which creditors (or beneficial interest holders) do not have recourse to the general credit of Tarena International and its wholly owned subsidiaries have been presented parenthetically alongside each balance sheet caption on the face of the consolidated balance sheets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">During the periods presented, Tarena International and its wholly-owned subsidiaries provided financial support to Tarena Entities that they were not previously contractually required to provide in the form of advances. To the extent Tarena Entities require financial support, pursuant to the exclusive business cooperation agreements, the WOFE may, at its option and to the extent permitted under the PRC law, provide such support to Tarena Entities through loans to Tarena Entities&#8217; nominee equity holders or entrustment loans to Tarena Entities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i>(c)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Basis of presentation</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i>(d)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Significant concentrations and risks</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt"> <i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <i>Revenue concentration</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">A substantial portion of the Company&#8217;s total net revenues are generated from Java, Digital Arts and Web Front&#160;courses. The percentages of the Company&#8217;s total net revenues from Java,&#160;Digital Arts and Web Front&#160;training courses are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Java</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">28.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Digital Arts</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">29.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">32.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">28.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Web Front</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">65.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">65.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">75.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company expects net revenues from these three training courses to continue to represent a substantial portion of its total net revenues in the future. Negative factors that adversely affect net revenues generated by these three training courses will have a material adverse effect on the Company&#8217;s business, financial condition and results of operations. There were no other courses that represented revenues greater than 10% of total revenues.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">A substantial portion of the Company&#8217;s students financed their tuition fees through the loans offered to them <font style="BACKGROUND-COLOR: transparent">by <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Baidu Small Loan Co., Ltd., RenRenDai</font>, Bank</font> of China Consumer Finance Co., Ltd., CreditEase Business Consulting (Beijing) Co., Ltd., and Bank of Beijing Consumer Finance Company during the three-years period ended December 31, 2016. The Company expects students financed by these companies to continue to represent a substantial portion of its total students in the future. The Company believes other companies could provide similar loans to its students on comparable terms. However, negative factors that adversely affect these companies will have a material adverse effect on the Company&#8217;s business, financial condition and results of operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><i>Geographic concentration</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">A substantial portion of the Company&#8217;s total net revenues are derived from its business operations in Beijing and Hangzhou. The percentages of the Company&#8217;s total net revenues generated from its business operations in Beijing and Hangzhou are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Hangzhou</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">33.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">31.9</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Beijing</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">15.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">41.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">45.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">44.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The Company expects revenues derived from its business operations in Beijing and Hangzhou to continue to represent a significant portion of its total net revenues. Negative factors that adversely affect professional education services in Beijing or Hangzhou will have a material adverse effect on the Company&#8217;s business, financial condition and results of operations. There were no other cities that represented revenues greater than 10% of total revenues.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=35735333&amp;loc=d3e288-107754<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 272<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=d3e5614-111684<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825688384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"> <div><b>2</b></div> </td> <td> <div><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(a)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Principles of consolidation</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The consolidated financial statements include the financial statements of Tarena International, its wholly-owned subsidiaries, VIEs in which Tarena International is the primary beneficiary and their wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (b)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Use of estimates</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimated selling price of deliverables in multiple element arrangements, the fair values of share-based compensation awards and available-for-sale investments, the collectability of accounts receivable, the realizability of deferred income tax assets, the accruals for tax uncertainties and other contingencies, the recoverability of the carrying amounts of property and equipment and the useful lives of property and equipment. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM-COLOR: #000000; MARGIN-TOP: 0px; BORDER-TOP-COLOR: #000000; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"><strong><i> (c)</i></strong></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: justify; BORDER-TOP-COLOR: #000000; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"><strong><i>Foreign currency</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">In 2016, the Company changed its reporting currency from United States Dollars (&#8220;USD&#8221;) to Chinese Renminbi (&#8220;RMB&#8221;). Prior years&#8217; comparative financial information have been recasted as if the Company always used RMB as its reporting currency.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The functional currency of Tarena International and Tarena Hong Kong Limited (&#8220;Tarena HK&#8221;) is the USD. The functional currency of Tarena International&#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs is the RMB. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains (losses) in the consolidated statements of comprehensive income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income (loss) within shareholders&#8217; equity (deficit).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People&#8217;s Bank of China (the &#8220;PBOC&#8221;) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM-COLOR: #000000; LINE-HEIGHT: 115%; BORDER-TOP-COLOR: #000000; FONT-FAMILY: Calibri,sans-serif; BORDER-RIGHT-COLOR: #000000; FONT-SIZE: 11pt; BORDER-LEFT-COLOR: #000000" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(d)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Cash, cash equivalents , time deposits and restricted time deposits</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Cash consist of cash on hand and cash in bank, which are unrestricted as to withdrawal. Cash equivalents consist of interest-bearing certificates of deposit with initial term of no more than three months when purchased.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Time deposits, which mature within one year as of the balance sheet date, represent interest-bearing certificates of deposit with an initial term of greater than three months when purchased. Time deposits which mature over one year as of the balance sheet date are included in non-current assets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Time deposits that were pledged as collateral for line of credit with a financial institution in the U.S. with an initial term of greater than three months when purchased as of December 31, 2015 were reported as restricted time deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Cash, time deposits and restricted time deposits maintained at banks consist of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">627,148</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">867,811</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with a financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">52,680</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">152,792</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&#8220;HK SAR&#8221;)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,535</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">HK dollar denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">99</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">547,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">261,913</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">To limit exposure to credit risk relating to bank deposits, the Company primarily places bank deposits only with large financial institutions in the PRC, HK SAR and the U.S. with acceptable credit rating.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> &#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(e)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Short-term investment</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">During the years ended December 31, 2014, 2015 and 2016, the Company invested RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">622,800</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">945,000</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,937,000</font>, respectively, in financial products managed by three financial institutions in the PRC. The terms of the financial products range between 5 days and 91 days. The financial products matured before December 31, 2014, 2015 and 2016, respectively. The Company earned investment income of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,652</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,961</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,676</font>, respectively on the financial products, which was included in other income in the consolidated statements of comprehensive income for the years ended December 31, 2014, 2015 and 2016.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(f)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Accounts receivable</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Accounts receivable primarily represent tuition fees due from students. Accounts receivable which are due over one year as of the balance sheet date are presented as non-current assets. The unearned interest on accounts receivable which are due over one year is reported in the consolidated balance sheets as a direct deduction from the principal amount of accounts receivable. See note 2(j). The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Accounts receivable is considered past due based on its contractual terms. In establishing the allowance, management considers historical losses, the students&#8217; financial condition, the amount of accounts receivables in dispute, the accounts receivables aging and the students&#8217; payment patterns. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Company estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Company takes a write off of the account balances when the Company can demonstrate all means of collection on the outstanding balances have been exhausted.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(g)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Property and equipment</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Property and equipment are recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. The estimated useful life of property and equipment is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; LINE-HEIGHT: 115%; WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; MARGIN-LEFT: 0.5in; FONT-SIZE: 11pt; BORDER-TOP: #000000; BORDER-RIGHT: #000000" border="0" cellspacing="0" cellpadding="0" width="85%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Office buildings</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #000000; BORDER-RIGHT: #000000; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45</font> years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Furniture</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 17.35pt; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5</font>&#160;years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Office equipment</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3</font>&#160;to&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4</font>&#160;years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Leasehold&#160;improvements</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"> Shorter&#160;of&#160;the&#160;lease&#160;term&#160;or&#160;the&#160;estimated&#160;useful&#160;life&#160;of&#160;the&#160;assets</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (h)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i> Goodwill</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> The excess of the purchase price over the fair value of net assets acquired is recorded on the consolidated balance sheets as goodwill. Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">ASC 350-20, <i>Goodwill</i>, permits the Company to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test, using a two-step approach. If this is the case, the two-step goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">If the two-step goodwill impairment test is required, the first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired and the second step is not required. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test measures the amount of the impairment loss, if any, by comparing the implied fair value of goodwill to its carrying amount. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. The implied fair value of goodwill is calculated in the same manner that goodwill is calculated in a business combination, whereby the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit, with the excess purchase price over the amounts assigned to assets and liabilities representing the implied fair value of goodwill.&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> &#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(i)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Long-term investments</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company&#8217;s long-term investments consist of cost method investments, equity method investment and available-for-sale investment.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <i><u>Cost method investments</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">Investments in entities in which the Company does not have an ability to exercise significant influence over the operating and financial matters of the investees and which do not have readily determinable fair value are accounted for using the cost method, under which the Company carries the investments at cost and recognizes as income for any dividend received from distribution of the investees&#8217; earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. No events or circumstances indicating a potential impairment were identified as of or for the year ended December 31, 2015 and 2016. The Company determines that it is not practicable to estimate fair value of cost method investments as of December 31, 2015 and 2016, because the sales prices or bid-and-asked quotations of the equity interests of these entities are not currently available and the cost of obtaining an independent valuation appears excessive considering the materiality of the investments to the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i><u>Equity method investment</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Investment in entity in which the Company has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method.&#160;Under the equity method, the Company initially records its investment at cost, its share of the post-acquisition profits or losses of the investee is recognized in the Company&#8217;s consolidated statements of comprehensive income; and the Company&#8217;s share of post-acquisition movements in equity is recognized in equity in the Company&#8217;s consolidated balance sheets. Unrealized gains on transactions between the Company and an investee in which the Company has recorded an equity investment are eliminated to the extent of the Company&#8217;s interest in the investee. To the extent of the Company&#8217;s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <i><u>Available-for-sale investment</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in" align="justify">For investment in debt security, the Company accounts for it as available-for-sale investment when it is not classified as either trading or held-to-maturity investments. Available-for-sale security is reported at fair value, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive income until realized. Realized gains or losses from the sale of available-for-sale investment are determined on a specific identification basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The Company&#8217;s consolidated statements of comprehensive income reflects the full impairment (that is, the difference between the security&#8217;s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more-likely than-not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale investment that management has no intent to sell and believes that it more likely than-not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the rest of the fair value loss is recognized in accumulated other comprehensive income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">A decline in the market value of any available-for-sale investments below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectibility of the financial product, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (j)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Revenue recognition</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (&#8220;VAT&#8221;) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i>Tuition fees</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Tuition fees are recognized as revenue proportionately as the training courses are delivered, with unearned portion of tuition fees being recorded as deferred revenue. Certain qualified students are allowed to pay their tuition fees on installment for a period of time exceeding one year. When tuition services are sold on installment terms that exceeds one year beyond the point in time that revenue is recognized, the receivable, and therefore the revenue is recorded at the present value of the payments. The difference between the present value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount receivable is the rate at which the students can obtain financing of a similar nature from other sources at the date of the transaction.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><font style="BACKGROUND-COLOR: transparent"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> T</font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">he Company enters into arrangements with certain students that purchase multiple services, including classroom training and extended on-line case studies (&#8220;multiple-element arrangements&#8221;). Each element within the multiple-element arrangements is accounted for as a separate unit of accounting provided the following criteria are met: the delivered services have value to the customer on a standalone basis; and for an arrangement that includes a general right of return relative to the delivered services, delivery or performance of the undelivered service is considered probable and is substantially controlled by the Company. A deliverable has standalone value if the service is sold separately by the Company or another vendor. The Company&#8217;s revenue arrangements do not include a general right of return relative to the delivered services.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The Company treats training contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes and recognizes revenue during the contract period when each deliverable service is provided. The Company allocates the contract price among all the deliverables at the inception of the arrangement on the basis of their relative selling prices according to the selling price hierarchy established by Accounting Standard Update No. 2009-13, <i>Revenue Recognition - Multiple-Deliverable Revenue Arrangements</i>. The Company first uses vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, the Company uses management&#8217;s best estimate of selling price for the deliverables.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i>Certification service revenue</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company provides certification service to students who complete the training course and enroll for the exams. The Company is responsible for the certification service, including organization, proctoring and grading of exams. All certificates are issued by third parties to the students who pass the exam. The Company acts as the principal in providing this service and recognizes revenue on gross basis because the Company is the primary obligor in the arrangement and is responsible for fulfilling the ordered services by the students. Cash received before the students taking the exam, is recorded as deferred revenue, and subsequently recognized as certification service revenue upon completion of the certification service, which occurs when the certificates are provided to the students.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><i>Loan referral service revenue</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">In 2016, pursuant to the agreements between the Company and a number of financial service providers, the Company promotes loan products of these financial service providers to its students, who need financial assistance for the payment of their tuition fees, in exchange for a referral fee at a rate of between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font>% of the principal amount of the loans. The Company does not provide guarantee for the loans, which are between the financial service providers and its students. Loan referral service revenue is recognized upon the initiation of the loans.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>&#160; <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(k)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Cost of revenues</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> Cost of revenues consists of payroll and employee benefits, rent expenses of learning centers, depreciation relating to property and equipment used for operating the learning centers, and other operating costs that are directly attributed to the provision of training services.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (l)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Advertising costs</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Advertising costs are expensed as incurred and included in selling and marketing expenses. Advertising costs were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">102,820</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">151,533</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">201,298</font> for the years ended December&#160;31, 2014, 2015 and 2016, respectively.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>&#160; <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (m)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Operating lease</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company leases premises for learning centers and offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, other lease concessions or contingent rent in the lease agreements. The lease terms of the Company&#8217;s learning centers range between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years. The Company has no legal or contractual asset retirement obligations at the end of the lease term.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Certain learning centers of the Company sublease a portion of the areas to certain students for their living accommodation. Income from subleases is recognized on a straight-line basis over the term of the lease and recognized as reduction of costs of revenues.</div> &#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(n)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Government grant</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company&#8217;s consolidated statements of comprehensive income when the grant becomes receivable. Government grants of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,916</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,851</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,199</font> were recognized and included in other income for the years ended December&#160;31, 2014, 2015 and 2016, respectively.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (o)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Research and development expense</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> Research and development costs are expensed as incurred.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> &#160;&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(p)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Employee benefits</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22.3</font>% to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 53.1</font>% on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2014, 2015 and 2016, the costs of the Company&#8217;s obligations to the defined contribution plans amounted to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51,510</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">69,370</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">85,325</font>, respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (q)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Income taxes</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to an unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (r)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Deferred offering costs</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Deferred offering costs consist principally of legal, printing and registration costs in connection with the IPO. Upon completion of the IPO on April 3, 2014, the deferred offering costs of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,788</font> were recognized as a reduction of&#160;the offering proceeds.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (s)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Share based compensation</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (t)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Commitments and contingencies</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (u)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Earnings per share</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Basic earnings per Class A and Class B ordinary share is computed by dividing net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders by the weighted average number of Class A and Class B ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities, if any, based on participating rights in undistributed earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Tarena International&#8217;s Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series C convertible redeemable preferred shares were participating securities since the holders of these securities participated in dividends on the same basis as Class A and Class B ordinary shareholders.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Diluted earnings per share is calculated by dividing net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders as adjusted for the effect of dilutive Class A and Class B ordinary share equivalents, if any, by the weighted average number of Class A and Class B ordinary and dilutive Class A and Class B ordinary share equivalents outstanding during the year. Class A and Class B ordinary share equivalents include the Class A and Class B ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method) and conversion of convertible redeemable preferred shares (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted earnings per Class A and Class B ordinary share if the impact is anti-dilutive.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (v)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Segment reporting</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company uses the management approach in determining its operating segments. The management approach considers the internal reporting used by the Company&#8217;s chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance of the segments of the Company. Management has determined that the Company has one operating segment, which is the training segment. All of the Company&#8217;s operations and customers are located in the PRC. Consequently, no geographic information is presented.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(w)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Fair value measurements</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company applies the provisions of ASC Topic 820, <i>Fair Value Measurements and Disclosures,</i> for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell 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 Company 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. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.75in; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 3 inputs are unobservable inputs for the asset or liability.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management&#8217;s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The carrying amounts of cash, current&#160;time deposits, restricted time deposits, accounts receivable, loans to employees, accounts payable, amounts due to a related party, accrued expenses and other current liabilities as of December&#160;31, 2015 and 2016 approximate their fair value because of short maturity of these instruments.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The carrying amounts of non-current time deposits as of December&#160;31, 2015 and 2016 approximates their fair value since the interest rates of the time deposits did not differ significantly from the market interest rates for similar types of time deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The fair values of time deposits, restricted time deposits as of December&#160;31, 2015 and 2016 are categorized as Level 2 measurement.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><strong> <i>&#160;</i></strong></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Available-for-sale investment as of December 31, 2016 is valued based on the implied enterprise value indirectly observed in a recent transaction at the reporting date and is categorized as Level 2 measurement.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (x)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Recently issued accounting standards</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">The Financial Reporting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, <i>Revenue from Contracts with Customers</i>, in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In December 2015, the FASB issued ASU No. 2015-14, <i> Revenue from contracts with customers</i>, which deferred the effective date of ASU 2014-09. The new standard is effective for annual reporting periods beginning after December 15, 2017. The Company will apply the new revenue standard beginning January 1, 2018. The Company has set up an implementation team that is currently in the process of analyzing each of the Company&#8217;s revenue streams in accordance with the new revenue standard to determine the impact on the Company&#8217;s consolidated financial statements. The Company plans to continue the evaluation, analysis, and documentation of its adoption of ASU 2014-09 (including those subsequently issued updates that clarify its provisions) in 2017 as the Company works towards the implementation and finalizes its determination of the impact that the adoption will have on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On January 5, 2016, the FASB issued ASU 2016-01 (&#8220;ASU 2016-01&#8221;), <i>Recognition and Measurement of Financial Assets and Financial Liabilities</i>, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On February 25, 2016, the FASB issued ASU No. 2016-02 (&#8220;ASU 2016-02&#8221;), <i>Leases</i>. ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. ASU 2016-02 is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On March 30, 2016, the FASB issued ASU 2016-09 (&#8220;ASU 2016-09&#8221;), <i>Compensation&#160;- Stock Compensation: Improvements to Employee Share-Based Payment Accounting</i>, which relates to accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification in the statement of cash flows; and (d) accounting for forfeitures of share-based payments. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect this standard to have a material impact on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In June 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-13, <i>Financial Instruments-Credit Losses (Topic 326)</i>, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In August 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-15, <i>Statement of Cash Flows &#151; Classification of Certain Cash Receipts and Cash Payments</i>, which clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In November 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i>. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In January 2017, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In January 2017, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2017-04, <i>Simplifying the Test for Goodwill Impairment</i>. The guidance removes Step 2 of a goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18861-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18726-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18743-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18854-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836704336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>ACCOUNTS RECEIVABLE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock', window );">ACCOUNTS RECEIVABLE</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt; FONT-SIZE: 10pt"> <div><strong>3</strong></div> </td> <td style="FONT-SIZE: 10pt"> <div><strong>ACCOUNTS RECEIVABLE</strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Accounts receivable consists of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Accounts receivable:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Gross</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>237,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>214,142</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Unearned interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(15,997)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(15,130)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Total accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>221,627</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>199,012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Less: allowance for doubtful accounts</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(66,857)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(100,462)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>154,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>98,550</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The classification of accounts receivable is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Accounts receivable, net &#150; current portion</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>146,999</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>97,374</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Accounts receivable, net &#150; non-current portion</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,771</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>Total accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>154,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>98,550</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The movements of the allowance for doubtful accounts are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Balance at the beginning of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>14,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>66,857</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Additions charged to bad debt expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>46,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>63,103</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>33,605</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Write-off of bad debt allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(24,694)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(31,593)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Balance at the end of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>35,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>66,857</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>100,462</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.34in; MARGIN: 0in"> The aging analysis of our accounts receivable based on due date is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>As&#160;of&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Aging:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; current</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>104,368</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>78,276</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 1-3 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,005</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>15,306</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 4-6 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>13,373</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,846</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 7-12 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,748</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; greater than one year past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>48,866</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>71,836</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Total accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>221,627</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>199,012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5066-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e603758-122996<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5162-111524<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5074-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825658032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PREPAID EXPENSES AND OTHER CURRENT ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract', window );"><strong>PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock', window );">PREPAID EXPENSES AND OTHER CURRENT ASSETS</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><b>4</b></div> </td> <td> <div><b>PREPAID EXPENSES AND OTHER CURRENT ASSETS</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Prepaid expenses and other current assets consist of the following:&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid expenses and other current assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid rental expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">17,925</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,038</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Interest receivable from time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,485</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,945</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid advertising deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">10,975</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid advertising expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9,991</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,193</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid value-added tax</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">50,587</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Housing loans made to employees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,290</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,968</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Staff advances</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">423</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,838</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,078</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">Total prepaid expenses and other current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">66,103</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">126,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 2%; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both">(a)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,751</font> and were included in other non-current assets.</div> </td> </tr> <tr> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(b)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.</div> </td> </tr> <tr> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(c)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.</div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entire disclosure for asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PrepaidExpensesAndOtherCurrentAssetsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6607376256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>PROPERTY AND EQUIPMENT, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">PROPERTY AND EQUIPMENT, NET</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><strong>5</strong></div> </td> <td> <div><strong>PROPERTY AND EQUIPMENT, NET</strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Property and equipment consists of the following:&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Office buildings</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>281,541</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Furniture</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,510</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,078</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Office equipment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>211,385</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>271,862</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Leasehold improvements</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>53,126</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>64,383</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Total property and equipment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>275,021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>635,864</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Less: accumulated depreciation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(147,157)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(198,527)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Property and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>127,864</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>437,337</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> Depreciation expense for property and equipment was allocated to the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Cost of revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>38,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>48,553</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>61,967</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Selling and marketing expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,253</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,694</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,226</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>General and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,649</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,031</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,455</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Research and development expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>488</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>703</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,109</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>43,478</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>54,981</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>72,757</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13-14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2921-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825706944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM INVESTMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsAbstract', window );"><strong>Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentHoldingsTextBlock', window );">LONG-TERM INVESTMENTS</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><strong>6</strong></div> </td> <td> <div><strong>LONG-TERM INVESTMENTS</strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in"> <strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Long-term investments consisted of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Sino-German Know-How Education Investment Co., Ltd.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Juesheng.com</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Mxsoft.com</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Other cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(d)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="54%"> <div>Total cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>24,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>26,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Equity method investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Hockey global resources investment limited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(e)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Available-for-sale investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(f)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>15,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>24,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>41,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 28pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (a)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,000</font> in cash to acquire&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.86</font>% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (b)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In November 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.50</font>% of the total equity interest of an online shopping platform providing education products.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (c)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In August 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5.71</font>% of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (d)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">As of December 31, 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.43</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.74</font>% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.00</font>% equity interest of an online platform providing vehicle sales and related services.</div> </div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (e)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">790</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 28.5</font>% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (f)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13.9</font>% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock.&#160;In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security.&#160;&#160;The Company recorded the investment as available-for-sale investment and recorded an increase of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000</font> in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentHoldingsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SX 210.12-12C)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611225-123010<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611322-123010<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611282-123010<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611133-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentHoldingsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836684560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock', window );">ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><strong>7</strong></div> </td> <td> <div><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="24%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>VAT and other tax payables</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>29,995</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Accrued payroll and employee benefits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,396</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>59,512</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>24,092</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,360</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>79,835</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>117,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Others mainly represent current deferred income under American Depositary Receipt program, accrual for employee reimbursement, rental expenses and other miscellaneous expenses.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayablesAndAccrualsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PayablesAndAccrualsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836705136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET REVENUES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>NET REVENUES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_NetRevenuesTextBlock', window );">NET REVENUES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8</font></strong> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div>&#160;</div> </div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">NET REVENUES</font></strong> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0in 0.34in"> Net revenues consist of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="36%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Tuition fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>835,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,174,596</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,545,680</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Certification service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,038</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>27,466</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35,980</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Loan referral service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,750</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,873</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,136</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Business taxes and surcharges</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(19,245)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(25,190)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,681)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>Total net revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>836,941</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>1,178,008</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>1,579,604</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> Others mainly represent miscellaneous fees, including franchise fee and guarantee fee (see note 11(a)).</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_NetRevenuesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entire disclosure for total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_NetRevenuesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825710016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyAbstract', window );"><strong>Foreign Currency [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ForeignCurrencyForwardContractDisclosureTextBlock', window );">LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><font style="FONT-SIZE: 10pt"><b>9</b></font></div> </td> <td> <div><font style="FONT-SIZE: 10pt"><b>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</b></font></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company entered into a foreign currency forward contract on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">January 29, 2016</font> to sell its time deposits denominated in RMB for US dollars at a fixed rate at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.7070</font> on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">May 19, 2016</font> with the notional amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">564,095</font>. The Company settled the forward contract on May 19, 2016 and incurred a loss on foreign currency forward contract in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,898</font> for the year ended December 31, 2016.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ForeignCurrencyForwardContractDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contracts negotiated between two parties to purchase and sell a specific quantity of a financial instrument, foreign currency, or commodity at a price specified at origination of the contract, with delivery and settlement at a specified future date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ForeignCurrencyForwardContractDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836733424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAXES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">INCOME TAXES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"><strong>10</strong></div> </td> <td> <div style="CLEAR:both;CLEAR: both"><strong>INCOME TAXES</strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Under the current laws of the Cayman Islands, Tarena International is not subject to tax on its income or capital gains. For the period from its inception on October&#160;22, 2012 to December&#160;31, 2016, Tarena HK did not have any assessable profits arising in or derived from HK SAR. Tarena International&#8217;s PRC subsidiaries and consolidated VIEs and the subsidiaries of the VIEs file separate tax returns in the PRC. Effective from January&#160;1, 2008, the PRC statutory income tax rate is 25% according to the Corporate Income Tax (&#8220;CIT&#8221;) Law which was passed by the National People&#8217;s Congress on March&#160;16, 2007.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Under the CIT Law, entities that qualify as &#8220;Advanced and New Technology Enterprise&#8221; (&#8220;ANTE&#8221;) are entitled to a preferential income tax rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15</font></font></font></font>%. In 2009, the WOFE qualified as an ANTE, which entitled it to the preferential income tax rate of 15% from January&#160;1, 2009 to December&#160;31, 2011. In 2012, the WOFE renewed its ANTE qualification, which entitled it to the preferential income tax rate of 15% from January&#160;1, 2012 to December&#160;31, 2014. In 2015, the WOFE renewed its ANTE qualification, which entitled it to the preferential income tax rate of 15% from January&#160;1, 2015 to December&#160;31, 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Tarena Software Technology (Hangzhou) Co., Ltd. (&#8220;Tarena Hangzhou&#8221;) was established in 2013 and qualified as an eligible software enterprise. As a result of this qualification, it is entitled to a tax holiday of a two-year full exemption followed by a three-year <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font>% exemption, commencing from the year in which its taxable income is greater than zero. As a result, its income tax rates for the years ended December 31, 2014, 2015 and 2016 were nil, nil and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12.5</font>%, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">In 2016, Tarena Hangzhou acquired Hanru Education&amp; Technology Co., Ltd. (&#8220;Hanru Hangzhou&#8221;), which was qualified as an eligible software enterprise, and was entitled to a tax holiday of a two-year full exemption followed by a three-year <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font>% exemption, commencing from the year in which its taxable income is greater than zero. As a result, the income tax rate of Hanru Hangzhou for the year ended December 31, 2016 was nil.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">Certain Tarena International&#8217;s subsidiaries and branches qualified as &#8220;Small Profit Enterprises&#8221; in 2014, 2015&#160;and 2016, and therefore are subject to the preferential income tax rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20</font>%.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">According to the approvals from the tax authorities in certain locations in the PRC, Tarena International&#8217;s subsidiaries and consolidated VIEs and the subsidiaries of the VIEs that are based in these locations are required to use the deemed profit method to determine their income tax. Under the deemed profit method, these subsidiaries are subject to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">income tax at 25% on its deemed profit which is calculated based on revenues less deemed expenses equal to 85% and 90% of revenues.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> The components of income before income taxes are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">146,570</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">200,789</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">272,745</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Hong Kong</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(1,964)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(1,908)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(573)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Cayman Islands</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">22,039</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(16,154)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(11,542)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">Total income before income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">166,645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">182,727</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">260,630</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Income tax expense consists of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Current income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,985</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,581</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">37,671</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax benefit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(4,190)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(21,614)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(18,895)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">14,795</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">3,967</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">18,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The actual income tax expense reported in the consolidated statements of comprehensive income for each of the years ended December&#160;31, 2014, 2015 and 2016 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">PRC statutory income tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Increase (decrease) in effective income tax rate resulting from:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Cayman and HK entities not subject to income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(3.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Research and development bonus deduction</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(2.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(3.3)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(2.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Non-deductible selling, general and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Share based compensation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Other non-deductible selling, general and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.6</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">ANTE preferential tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(1.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(0.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Tarena Hangzhou preferential tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(0.1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Change in valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Tarena Hangzhou and Hanru Hangzhou tax holiday</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(20.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(31.1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(25.2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both">Actual income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">8.9</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Basic earnings per Class A ordinary share and Class B ordinary share effect of the Company&#8217;s tax holiday for the year ended December 31, 2014, 2015 and 2016 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.81</font>,&#160;RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.06</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.18</font>, respectively.&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Diluted earnings per Class A ordinary share and Class B ordinary share effect of the Company&#8217;s tax holiday for the year ended December 31, 2014, 2015 and 2016 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.70</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.97</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.11</font>, respectively.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif ">&#160;</div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The principal components of deferred income tax assets are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34,616</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">47,126</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Tax loss carry forwards</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,065</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9,984</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Advertising expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,666</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">23,401</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">123</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">Total deferred income tax assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">55,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">80,634</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(20,115)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(26,507)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax assets, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">35,232</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">54,127</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The movements of the valuation allowance are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.5in; WIDTH: 92%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="38%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Balance at the beginning of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,647</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">14,362</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">20,115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Additions of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">11,198</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">9,069</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">13,076</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Reduction of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(483)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(3,316)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(6,684)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Balance at the end of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">14,362</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">20,115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">26,507</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The valuation allowance as of December&#160;31, 2015 and 2016 was primarily provided for the deferred income tax assets of certain Tarena International&#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs, which were at cumulative loss positions. In assessing the realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment. As of December&#160;31, 2016, the Company had tax losses carryforwards of RMB <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 39,936</font>. Tax losses of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">227</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11,053</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8,165</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,491</font> will expire, if unused, by 2018, 2019, 2020 and 2021, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The CIT Law and its implementation rules impose a withholding income tax at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>%, unless reduced by a tax treaty or arrangement, on the amount of dividends distributed by a PRC-resident enterprise to its immediate holding company outside the PRC that are related to earnings accumulated beginning on January&#160;1, 2008. Dividends relating to undistributed earnings generated prior to January&#160;1, 2008 are exempt from such withholding income tax.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The Company has considered temporary differences on the book to tax differences pertaining to all investment in subsidiaries including the determination of the indefinite reinvestment assertion that would apply to each foreign subsidiary. The Company evaluated each entity&#8217;s historical, current business environment and plans to indefinitely reinvest all earnings accumulated in its respective jurisdiction for purpose of future business expansion.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Due to the plan to indefinitely reinvest its earnings in the PRC, the Company has not provided for deferred income tax liabilities on undistributed earnings of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">604,218</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">937,735</font> as of December&#160;31, 2015 and 2016, respectively. It is not practicable to estimate the unrecognized deferred income tax liabilities thereof.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December&#160;31, 2014, 2015 and 2016 is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Balance at beginning of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,764</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36,921</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">53,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Increase related to current year tax positions</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">35,436</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">51,050</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">66,122</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Settlement</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(17,279)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(34,567)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(49,704)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Balance at end of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36,921</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">53,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">69,822</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">49,198</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">69,263</font> of unrecognized tax benefits as of December&#160;31, 2015 and 2016, if recognized, would affect the effective tax rate. No interest and penalty expenses were recorded for the years ended December&#160;31, 2014, 2015 or 2016. RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">42,489</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">62,665</font> of unrecognized tax benefits as of December&#160;31, 2015 and 2016 were included in income taxes payable. RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,700</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,700</font> of unrecognized tax benefits as of December&#160;31, 2015 and 2016 were included in other non-current liabilities. The remaining RMB7,215 and RMB3,457 unrecognized tax benefit as of December&#160;31, 2015 and 2016, respectively were presented as a reduction of the deferred income tax assets for tax loss carry forwards since the uncertain tax position would reduce the tax loss carry forwards under the tax law. The unrecognized tax benefits represent the estimated income tax expenses the Company would be required to pay should its revenue for tax purposes be recognized in accordance with current PRC tax laws and regulations. Management believes that it is reasonably possible that RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">66,122</font> unrecognized tax benefits as of December&#160;31, 2016 will be recognized in the next twelve months as a result of such revenue being reported in the income tax filing during the next twelve months.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.4pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years. There is no statute of limitation in the case of tax evasion. The income tax returns of Tarena International&#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs for the years from <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2012 to 2016</font> are open to examination by the PRC tax authorities.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825627216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>RELATED PARTY TRANSACTIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>11</strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong>RELATED PARTY TRANSACTIONS</strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 24.4pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">During the years ended December&#160;31, 2014, 2015 and 2016, the Company entered into related party transactions with Mr.&#160;Han, Chuanbang Business Consulting (Beijing) Co., Ltd. (&#8220;Chuanbang&#8221;), which is wholly owned by Mr.&#160;Han, and Precise Advance Limited (&#8220;Precise&#8221;), which is owned by an executive of the Company&#8217;s shareholder. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The significant related party transactions are summarized as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>Transactions with Chuanbang</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Guarantee fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>112</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Cash collection service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>664</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,053</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,445</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>Transactions with others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Advances from Precise</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(1,432)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Repayment of advances from Precise</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,432</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> Notes:&#160;</div> &#160; <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (a)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &#8220;peer-to-peer&#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &#8220;Student Loan Program&#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">112</font>, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016, respectively.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (b)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&#8217;s accounts receivable. The fee for the service is calculated based on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2%~12% of the amount collected</font>. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">664</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,053</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,445</font> for the years ended December 31, 2014, 2015 and 2016, respectively.&#160;The amount due to Chuanbang as of December 31, 2015 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">879</font></font></font></font>.&#160;The amount due to Chuanbang as of December 31, 2016 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">79</font></font></font></font>, which has been fully paid by March 31, 2017.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (c)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In September 2015, Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp; Co. L.P (&#8220;KKR&#8221;), a shareholder of the Company, provided cash advances in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,432</font> to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.</div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836672720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORDINARY SHARES AND STATUTORY RESERVE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_OrdinarySharesAndStatutoryReserveAbstract', window );"><strong>ORDINARY SHARES AND STATUTORY RESERVE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_OrdinarySharesAndStatutoryReserveTextBlock', window );">ORDINARY SHARES AND STATUTORY RESERVE</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div><b>12</b></div> </td> <td> <div><b>ORDINARY SHARES AND STATUTORY RESERVE</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.4pt"> <div>&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div><b>(a)</b></div> </td> <td style="VERTICAL-ALIGN: top"> <div><b>Ordinary shares</b></div> </td> </tr> </table> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On October&#160;8, 2003, Tarena International was established with authorized share capital of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">150</font> or <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 90,000,000</font> ordinary shares with a par value of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> (being retroactively adjusted to reflect the effect of the share split) and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,000,000</font> preferred shares with a par value of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> (being retroactively adjusted to reflect the effect of the share split).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On December&#160;16, 2008, the Board of Directors of Tarena International approved a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>:1 share split, which increased (i)&#160;the total number of authorized ordinary shares of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,000,000</font>, and issued and outstanding ordinary shares of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,358,000</font></font> to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 90,000,000</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,580,000</font> respectively; and (ii)&#160;the total number of authorized preferred shares of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,000,000</font>, and issued and outstanding preferred shares of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,589,125</font></font> to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,000,000</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,891,250</font></font> respectively. All applicable share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect the effect of the share split.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 9, 2013, IDG Technology Venture Investments, LP (&#8220;IDG&#8221;), the Series A convertible redeemable preferred shareholder, entered into a series of agreements with Mr. Han, Connion Capital Ltd. (&#8220;Connion&#8221;), a company incorporated in the Cayman Islands with limited liability and wholly owned by Mr. Han, Techedu Limited, a company incorporated in the British Virgin Islands (&#8220;BVI&#8221;) with limited liability and wholly owned by Mr. Han, and GF Tarena Limited, a third party company incorporated with limited liability under the law of the BVI, pursuant to which IDG sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,146,059</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 229,212</font> of its Series A convertible redeemable preferred shares to Techedu Limited and GF Tarena Limited for a consideration of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">31,320</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,264</font>, respectively, or RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">27.33</font> per share. At the same time, Connion sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 916,848</font> of its ordinary shares to GF Tarena Limited for a consideration of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25,056</font> or RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">27.33</font> per share. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,146,059</font> Series A convertible redeemable preferred shares purchased by Techedu Limited and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 229,212</font> Series A convertible redeemable preferred shares purchased by GF Tarena Limited were converted to ordinary shares on December 10, 2013. To facilitate the purchase of the Series A convertible redeemable preferred shares, Techedu Limited borrowed a loan in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">31,320</font> from GF Tarena Limited on April 9, 2013, with an annual interest rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 19</font>% for a period of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">30</font> months.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On February 27, 2014, the Board of Directors of Tarena International approved the fifth amendment of the Memorandum and Articles of Association (the &#8220;Amended M&amp;A&#8221;), pursuant to which the authorized share capital was amended to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,000,000,000</font> ordinary shares at a par value of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> per share, of which <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 860,000,000</font> shares were designated as Class A ordinary shares, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 40,000,000</font> as Class B ordinary shares and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100,000,000</font> shares were designated as Reserved Shares, each with such rights, preferences and privileges set forth in the Amended M&amp;A. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">In the Amended M&amp;A, the Board of Directors of Tarena International approved that the Company to adopt a dual class ordinary share structure immediately upon the completion of the IPO. Upon the completion of the IPO, the Group&#8217;s ordinary shares were divided into Class A ordinary shares and Class B ordinary shares. All of its issued and outstanding ordinary share prior to this offering were re-designated as Class B ordinary shares, all of its issued and outstanding preferred shares were automatically re-designated or converted into Class B ordinary shares on a one-for-one basis immediately upon the completion of the IPO and all of the issued and outstanding options, non-vested shares and non-vested share units granted by the Company pursuant to the 2008 Share Plan and the 2014 Share Incentive Plan were re-designated as options in Class A shares, non-vested Class A ordinary shares, non-vested Class A ordinary share units.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2014, in connection with its IPO, Tarena International issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,500,000</font> Class A ordinary shares with par value of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font>, at a price of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9.00</font> per share to investors. Net proceeds from the issuance of 11,500,000 Class A ordinary shares amounted to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">567,360</font> (net of issuance costs of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">24,801</font>), of which RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">71</font> and RMB <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 567,289</font> were recorded in the Class A ordinary shares and additional paid-in capital, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Concurrently upon the completion of the Company&#8217;s IPO, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,500,000</font> Class A ordinary shares with par value of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> to New Oriental Education &amp; Technology Group Inc., in a private placement at a price of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9.00</font> per share. Proceeds from the issuance of Class A ordinary shares were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">83,052</font> of which <font style="BACKGROUND-COLOR: transparent"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9</font></font> and</font> RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">83,043</font> were recorded in the Class A ordinary shares and additional paid-in capital, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">As a result of automatic conversion of Series A, Series B, and Series C convertible redeemable preferred shares into Class B ordinary shares upon completion of the Company&#8217;s IPO on April 3, 2014, 25,430,831 Class B ordinary shares were issued. From January 1, 2014 to December 31, 2014, a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,924,365</font> Class B ordinary shares were converted to Class A ordinary shares. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,788,393</font> Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2015 to December 31, 2015, a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 18,158,128</font> Class B ordinary shares were converted to Class A ordinary shares. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,043,652</font> Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares. From January 1, 2016 to December 31, 2016, a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,679,647</font> Class B ordinary shares were converted to Class A ordinary shares. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,141,043</font> Class A ordinary shares were issued upon exercise of share options and vesting of non-vested shares.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">As of December 31, 2016, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 860,000,000</font> Class A ordinary shares and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 40,000,000</font> Class B ordinary shares have been authorized, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 48,735,228</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 47,160,248</font> Class A ordinary shares have been issued and outstanding, respectively, and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,895,249</font></font> Class B ordinary shares have been issued and outstanding.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div><b>(b)</b></div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div><b>Treasury shares</b></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On August 20, 2015, the board of directors of the Company authorized a share repurchase plan under which the Company may repurchase up to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">133,556</font> of its ordinary shares over the next 12 months. The Company&#160;repurchased <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 926,113</font> ordinary shares on the open market with consideration of approximately RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">49,355</font> for the year ended December 31, 2015. For the year ended December 31, 2016, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 648,867</font></font> ordinary shares were repurchased on the open market in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">44,406</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div><b>(c)</b></div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div><b>Statutory reserves</b></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">Under PRC rules and regulations, Tarena International&#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs (the &#8220;PRC Entities&#8221;) are required to appropriate <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory surplus reserve until the reserve balance reaches <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font>% of their registered capital. In addition, private schools (held by the PRC Entities) which require reasonable returns are required to appropriate <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory development fund, whereas in the case of private schools which do not require reasonable return, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% of the annual increase of their net assets. The appropriation to these statutory reserves must be made before distribution of dividends to Tarena International can be made.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">For the years ended December&#160;31, 2014, 2015 and 2016, the PRC Entities made appropriations to the statutory reserves of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,823</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">36,524</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40,491</font>, respectively. As of December&#160;31, 2014, 2015 and 2016, the accumulated balance of the statutory reserves was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">38,228</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">74,752</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">115,243</font>, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 49.05pt" align="justify">&#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"></td> <td style="TEXT-ALIGN: justify; WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div><b>(d)</b></div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div><b>Reclassification between additional paid-in capital and retained earnings</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">On August 19, 2014, the Board of Directors approved the Company to undertake a reclassification of the balances between additional paid-in capital and retained earnings of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">526,457</font>. The reclassification was due to the accretion of convertible redeemable preferred shares, of which RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">526,457</font> were charged against the balance in accumulated deficit in the absence of additional paid-in capital.&#160;&#160;</div> &#160;&#160; <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="TEXT-ALIGN: justify; WIDTH: 24.4pt"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div><b>(e)</b></div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div><b>Dividend</b></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 7, 2016, the Company&#8217;s board of directors approved to declare a cash dividend of US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.15</font> per ordinary share to shareholders as of the close of trading on April 6, 2016. The aggregate amount of cash dividends was approximately RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">54,026</font>, which was paid in May 2016.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_OrdinarySharesAndStatutoryReserveAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ordinary Shares and Statutory Reserve [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_OrdinarySharesAndStatutoryReserveAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_OrdinarySharesAndStatutoryReserveTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure for ordinary share and statutory reserve information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_OrdinarySharesAndStatutoryReserveTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825660432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PREFERRED SHARES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityDisclosureAbstract', window );"><strong>PREFERRED SHARES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_TemporaryEquityTextBlock', window );">PREFERRED SHARES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"><b>13</b></div> </td> <td> <div style="CLEAR:both;CLEAR: both"><b>PREFERRED SHARES</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"> <b><i>Series A convertible redeemable preferred shares</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">On January&#160;16, 2004, pursuant to the Series A convertible redeemable preferred shares purchase agreements (&#8220;Series A Purchase Agreement&#8221;), Tarena International issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,571,430</font> Series A convertible redeemable preferred shares to a third party investor for a total consideration of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,138</font> or RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.48</font> per share (&#8220;Series A Original Issuance Price&#8221;) (being retroactively adjusted to reflect the effect of the share split).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">The Company determined that there was no embedded beneficial conversion feature attributable to the Series A convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series A convertible redeemable preferred shares was greater than the estimated fair value of the Company&#8217;s ordinary shares as of January&#160;16, 2004. The estimated fair value of the underlying ordinary shares on January&#160;16, 2004 was determined by management based on a retrospective valuation with the assistance of American Appraisal China Limited (&#8220;American Appraisal&#8221;), an independent valuation firm, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif"> The significant terms of Series A convertible redeemable preferred shares are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(i)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Conversion</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The holders of Series A convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&#8217;s Memorandum and Articles of Association, at a price lower than the Series A Original Issuance Price. In addition, each Series A Preferred Share is automatically converted into ordinary shares upon the consummation of a Qualified Public Offering, as defined in the Series A Purchase Agreement.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The contingent conversion price adjustment may provide the holders of the Series A convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(ii)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Voting</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The holders of Series A convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &#8220;if-converted&#8221; basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(iii)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Dividends</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series A convertible redeemable preferred shares as if all such Series A convertible redeemable preferred shares has been converted to ordinary shares.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(iv)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Liquidation preference</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.68in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The liquidation preference of the holders of Series A convertible redeemable preferred shares as of December&#160;31, 2013 is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&#160;first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)&#160;second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)&#160;third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &#8220;if-converted&#8221; basis.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">From the date of September&#160;25, 2008 to August&#160;11, 2011 (the date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference of the holders of Series A convertible redeemable preferred shares was as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&#160;first to the holders of the Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; (ii)&#160;second to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &#8220;if-converted&#8221; basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">From the date of its issuance (January 16, 2004) to September&#160;25, 2008 (the date of the issuance of Series B convertible redeemable preferred shares), the liquidation preference of the holders of Series A convertible redeemable preferred shares was as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">In the event of any liquidation, dissolution, or winding up of the Company, the holders of the outstanding Series A convertible redeemable preferred shares shall be entitled to receive, prior and in preference to any distribution of any of the assets of Tarena International to the holders of the ordinary shares by reason of their ownership of such shares, an amount equal to the Series A Original Issuance Price plus dividends declared but unpaid on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of ordinary shares and Series A convertible redeemable preferred shares then outstanding, based on the number of ordinary shares then held by each shareholder on an &#8220;if-converted&#8221; basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(v)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Drag-along rights</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">Holders of a majority of the Series A convertible redeemable preferred shares have a drag-along right whereby they can require the ordinary shareholders to approve a third-party offer to directly or indirectly purchase all, or substantial all, of the equity interests or assets of the Company, provided that the transaction shall occur on or after the fifth anniversary of the closing of the issuance of the Series A convertible redeemable preferred shares or the transaction shall be at a price per share of not less than US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.58</font> per share (being retroactively adjusted to reflect the effect of the share split). Triggering of this drag-along right results in a deemed liquidation of the Company at the option of a majority of the holders of Series A convertible redeemable preferred shares with a required distribution of the transaction proceeds in accordance with the Company&#8217;s Memorandum and Articles of Association.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">Consequently, the Series A convertible redeemable preferred shares are classified outside of permanent equity.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"> <b><i>Series B convertible redeemable preferred shares</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">On September&#160;25, 2008, pursuant to Series B convertible redeemable preferred shares purchase agreement, Tarena International issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,630,630</font> Series B convertible redeemable preferred shares to a third party investor for a total consideration of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">34,099</font> or RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.06</font> per share (&#8220;Series B Original Issuance Price&#8221;) (being retroactively adjusted to reflect the effect of the share split). On the same date, an outstanding short term borrowing in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,230</font> was exchanged for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,689,190</font> shares of Series B convertible redeemable preferred shares (being retroactively adjusted to reflect the effect of the share split).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">The Company determined that there was no embedded beneficial conversion feature attributable to the Series B convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series B convertible redeemable preferred shares was greater than the estimated fair value of the Company&#8217;s ordinary shares as of September&#160;25, 2008. The estimated fair value of the underlying ordinary shares on September&#160;25, 2008 was determined by management based on a retrospective valuation with the assistance of American Appraisal, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.&#160;</div> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The significant terms of Series B convertible redeemable preferred shares are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (i)</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Conversion</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The holders of Series B convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&#8217;s Memorandum and Articles of Association, at a price lower than the Series B Original Issuance Price. In addition, each Series B convertible redeemable preferred share is automatically converted into ordinary shares upon the written consent of the holders of more than 45% of the then outstanding Series B convertible redeemable preferred shares and the holders of more than 45% of the then outstanding Series A convertible redeemable preferred shares or the consummation of a Qualified Public Offering, as defined in the Series B convertible redeemable preferred shares purchase agreement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The contingent conversion price adjustment may provide the holders of the Series B convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, if any, is recognized when the contingency is resolved.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="34"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (ii)</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Voting</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The holders of Series B convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &#8220;if-converted&#8221; basis.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (iii)</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Dividends</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series B convertible redeemable preferred shares as if all such Series B convertible redeemable preferred shares have been converted to ordinary shares.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (iv)</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Liquidation preference</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The liquidation preference of the holders of Series B convertible redeemable preferred shares as of December 31, 2013 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii) second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii) third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &#8220;if-converted&#8221; basis.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">From the date of September 25, 2008 to August 11, 2011 (the date of the issuance of Series C convertible redeemable preferred shares), the liquidation preference of the holders of Series B convertible redeemable preferred shares was as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i) first to the holders of the Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; (ii) second to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &#8220;if-converted&#8221; basis.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.45pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.35in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="34"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (v)</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Redemption</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">If a Qualified Initial Public Offering or a Trade Sale, as defined in the Series B convertible redeemable preferred shares purchase agreement, did not occur by December 31, 2012 (the &#8220;Redemption Date&#8221;), the holders of Series B convertible redeemable preferred shares had the right to request for redemption any portion of the Series B convertible redeemable preferred shares they held at a price equal to the sum of:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 28.35pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#8226;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">an amount equal to 150% of Series B Original Issuance Price; plus,</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#8226;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">an amount equal to all declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; plus,</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 28.35pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 48pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="64"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#8226;</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10% compound interest per annum on 150% of Series B Original Issuance Price for each Series B convertible redeemable preferred share from the date of issuance to the earliest redemption date of the security.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">On August 11, 2011, in connection with the issuance of Series C convertible redeemable preferred shares, the Company and holders of Series B convertible redeemable preferred shares agreed to defer the Redemption Date until June 30, 2014.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 35.45pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in"> <b><i>Series C convertible redeemable preferred shares</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">On August&#160;11, 2011, pursuant to the Series C convertible redeemable preferred shares purchase agreement (&#8220;Series C Purchase Agreement&#8221;), Tarena International issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,914,852</font> Series C convertible redeemable preferred shares to a third party investor for a total consideration of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">127,817</font> or RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.71</font> per share (&#8220;Series C Original Issuance Price&#8221;). Total issuance cost of Series C convertible redeemable preferred shares was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,397</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">The Company determined that there was no embedded beneficial conversion feature attributable to the Series C convertible redeemable preferred shares at the commitment date since the initial conversion price of the Series C convertible redeemable preferred shares was greater than the estimated fair value of the Company&#8217;s ordinary shares as of August&#160;11, 2011. The estimated fair value of the underlying ordinary shares on August&#160;11, 2011 was determined by management based on a retrospective valuation with the assistance of American Appraisal, a third party valuation firm, using an income approach which requires the estimation of future cash flows and the application of an appropriate discount rate with reference to comparable listed companies engaged in a similar industry to convert such future cash flows to a single present value.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in; size: 8.5in 11.0in" align="justify">The significant terms of Series C convertible redeemable preferred shares are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(i)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Conversion</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 28.35pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The holders of Series C convertible redeemable preferred shares have the right to convert all or any portion of their holdings into ordinary shares at a rate of one-for-one at any time, subject to a contingent conversion price adjustment if there are additional ordinary shares issued or deemed to be issued, as defined in Tarena International&#8217;s Memorandum and Articles of Association, at a price lower than the Series C Original Issuance Price. In addition, each Series C Preferred Share is automatically converted into ordinary shares upon the closing of a Qualified Public Offering, as defined in the Memorandum and Articles of Association or the written consent of 67% of the holders of the Series C convertible redeemable preferred shares as well as the written consent of the holders of more than 45% of the then outstanding Series B convertible redeemable preferred shares and the written consent of the holders of more than 45% of the then outstanding Series A convertible redeemable preferred shares for conversion.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 28.35pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The contingent conversion price adjustments may provide the holders of the Series C convertible redeemable preferred shares with a beneficial conversion feature. However, any such beneficial conversion feature relating to the conversion price adjustment, is recognized when the contingency is resolved.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(ii)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Voting</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The holders of Series C convertible redeemable preferred shares have voting rights equivalent to the ordinary shareholders on an &#8220;if-converted&#8221; basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(iii)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Dividends</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48.95pt; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The board of directors of Tarena International may approve the payment of dividends at their discretion to the holders of Series C convertible redeemable preferred shares. Any dividend declared and paid on ordinary shares shall be also declared and paid in respect of the Series C convertible redeemable preferred shares as if all such Series C convertible redeemable preferred shares have been converted to ordinary shares.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(iv)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Liquidation preference</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The liquidation preference of the holders of Series C convertible redeemable preferred shares is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">In the event of liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)&#160;first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)&#160;second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)&#160;third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an &#8220;if-converted&#8221; basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 24.45pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 0.35in; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(v)</div> </td> <td style="VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Redemption</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">If a Qualified Initial Public Offering or a Trade Sale, as defined in the Series C convertible redeemable preferred shares purchase agreement, does not occur by June&#160;30, 2014 (the &#8220;Redemption Date&#8221;), the holders of the Series C convertible redeemable preferred shares have the right to request for redemption for all or a portion of the Series C convertible redeemable preferred shares they hold at a price equal to the greater of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (i)&#160;an amount equal to 137.50% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; or (ii)&#160;the fair market value of the Series C convertible redeemable preferred shares as of the most recent year end, as determined by an independent appraiser mutually agreeable to the Company and the holder of the Series C convertible redeemable preferred shares.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">As of December&#160;31, 2013, the Company concluded that it was probable that the Series B and Series C convertible redeemable preferred shares will become redeemable. The Company has elected to accrete changes in the redemption value over the period from the date of issuance to the earliest redemption date using the interest method. The total accretion of Series B&#160;and Series C convertible redeemable preferred shares in the amount of <font style="BACKGROUND-COLOR: transparent"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,530</font></font></font> and nil were recorded as a reduction to additional paid-in capital first and then charged against accumulated deficit in the absence of additional paid-in capital for the year ended December&#160;31, 2014.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.75in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.68in; size: 8.5in 11.0in" align="justify">All the Series A, Series B and Series C convertible redeemable preferred shares were automatically converted into Class B ordinary shares upon completion of the Company&#8217;s IPO on April 3, 2014. As a result, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25,430,831</font> Class B ordinary shares were issued upon the conversion of Series A, Series B and Series C convertible preferred shares. Upon the conversion, the carrying amounts of the Series A, Series B and Series C convertible preferred shares were recorded in additional paid-in capital of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">704,334</font> and Class B ordinary shares of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">157</font>.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_TemporaryEquityTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure for convertible redeemable preferred shares not classified as equity on the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_TemporaryEquityTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825712464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE BASED COMPENSATION [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">SHARE BASED COMPENSATION</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0%"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 24.5pt"> <div style="CLEAR:both;CLEAR: both"><strong>14</strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong>SHARE BASED COMPENSATION</strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.34in"> <strong><i>Share incentive plans</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On September&#160;22, 2008, Tarena International adopted the 2008 Share Plan (the &#8220;2008 Plan&#8221;), pursuant to which Tarena International is authorized to issue share options and other share-based awards to key employees, directors and consultants of the Company to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,002,020</font> of its Class A ordinary shares (being retroactively adjusted to reflect the effect of the share split) under the 2008 Plan. On November&#160;28, 2012, the Company increased the number of Class A ordinary shares authorized for issuance under the 2008 Plan to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,184,990</font> Class A ordinary shares. Share options issued before September&#160;22, 2008 are also administered under the 2008 Plan.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On February 1, 2014, Tarena International adopted the 2014 Share Plan (the &#8220;2014 Plan&#8221;), pursuant to which Tarena International was authorized to issue options, non-vested shares and non-vested share units to qualified employees, directors and consultants of the Company. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2014 Plan, or the Award Pool, is <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,833,696</font>, provided that the shares reserved in the Award Pool shall be increased on the first day of each calendar year, commencing with January 1, 2015, if the unissued shares reserved in the Award Pool on such day account for less than 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year, as a result of which increase the shares unissued and reserved in the Award Pool immediately after each such increase shall equal 2% of the total number of shares issued and outstanding on a fully-diluted basis on December 31 of the immediately preceding calendar year.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> <strong><i>&#160;</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"><strong><i>Share options</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On January 1, 2011 and September 26, 2011, the board of directors of Tarena International approved the grant of options to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 124,000</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,533,020</font> ordinary shares of Tarena International to certain employees and directors. These options vest over a five-year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii) a liquidation event as defined in the Company&#8217;s Memorandum and Articles of Association, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&#8217;s ordinary shares on January 1, 2011 and September 26, 2011 was determined to be US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.63</font> and US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.83</font> per share, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On January 1, 2013, the board of directors of Tarena International approved the grant of options to certain employees to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,029,386</font> ordinary shares of Tarena International. These options vest over a four year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO as defined in the Plan, (ii) a liquidation event as defined in the Company&#8217;s Memorandum and Articles of Association, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On September 16, 2013, the board of directors of Tarena International approved the grant of options to an employee to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30,000</font> ordinary shares of Tarena International. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% of the options will be vested at the closing of the Company&#8217;s IPO while the remaining <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% will vest over a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On September 16, 2013, the board of directors of Tarena International approved the grant of options to an officer to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 458,424</font> ordinary shares of Tarena International. If the Company undertakes any additional round of financing or any other activities to effect an increase of the total shares outstanding on a fully diluted basis before the IPO, the officer will be granted additional share options at the same exercise price. The total number of share options the officer will be granted will be equal to not less than 1% of the Company&#8217;s total shares outstanding on a fully diluted basis on the date immediately preceding the closing of the Company&#8217;s IPO. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% of the options will be immediately and fully vested at the closing of the Company&#8217;s IPO while the remaining <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% will vest over a four-year period, that can only be exercised upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&#8217;s ordinary shares on January 1, 2013 and September 16, 2013 was determined to be US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.75</font> and US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.69</font> per share, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On February 20, 2014, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,805,784</font> ordinary shares of Tarena International. The options vest over a four year period. The option holders can only exercise their vested options upon the occurrence of the earliest of (i) a qualified IPO, (ii) a liquidation event, or (iii) the five-year anniversary of the option grant date. The options have a contractual term of ten years. The fair value of Tarena International&#8217;s ordinary shares on February 20, 2014 was determined to be US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.60</font> per share.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">During the year ended December 31, 2015, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 615,624</font> ordinary shares of Tarena International at exercise prices ranging from US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.89</font> to US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.36</font> per share. These options vest over a period ranging between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1</font> year and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4</font> years. The options have a contractual term of ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">During the year ended December 31, 2016, the board of the directors of Tarena International approved the grant of options to certain officers and employees to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,115,807</font> ordinary shares of Tarena International at exercise prices ranging from US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.058</font> to US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.36</font> per share. These options vest over a period ranging between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.5</font> year and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4</font> years. The options have a contractual term of ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"> A summary of share options activity for the years ended December 31, 2014, 2015 and 2016 is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Number&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Remaining</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Aggregate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Share</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Intrinsic</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Years</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Value&#160;US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2013</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>8,134,830</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>0.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,805,784</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.05</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,786,449)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.14</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(115,215)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.91</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>8,038,950</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.44</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6.19</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>77,658</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>615,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>3.38</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,015,872)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.20</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(56,926)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>5,581,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.77</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>5.68</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>48,412</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>1,115,807</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>1.90</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,106,043)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.46</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(263,671)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.98</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>4,327,869</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>5.84</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>56,743</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Vested and expected to vest as of December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>3,959,763</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>1.74</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>5.59</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>52,460</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Exercisable as of December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>2,536,418</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>1.17</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>4.09</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>35,045</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">The Company calculated the fair value of the share options on the grant date using the Binomial option-pricing valuation model. The assumptions used in the valuation model are summarized in the following table.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">The total intrinsic value of options exercised during the years ended December 31, 2014, 2015 and 2016 were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">153,860</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">235,831</font>&#160;and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">141,040</font>, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Expected volatility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>51.7%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>62.3%-70.9%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>63.5%-68.8%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Expected dividends yield</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Exercise multiple</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Risk-free interest rate per annum</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.81%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.68%-2.99%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.15%-3.18%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Estimated fair value of underlying ordinary shares (per share)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$8.60</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$9.28-US$12.85</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$9.99-US$16.54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">Because the Company&#8217;s ordinary shares&#160;had a short trading history at the time the options were issued, the expected volatility was based on the historical volatilities of comparable publicly traded companies engaged in the similar industry.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">The estimated fair value of the underlying ordinary shares on each date of grant prior to September 2013, was determined by management based on a retrospective valuation conducted by American Appraisal. The estimated fair values of the underlying ordinary shares on September 16, 2013 and February 20, 2014 were determined by management based on a contemporaneous valuation conducted by American Appraisal. The Company first determined its enterprise value by using income approach, which required the estimation of future cash flows, and the application of an appropriate discount rate with reference to comparable listed companies engaged in the similar industry to convert such future cash flows to a single present value, and then allocated the enterprise value between the ordinary shares and preferred shares. The fair values of the underlying ordinary shares on each date of grant after April 2014, were the closing prices of the Company&#8217;s Class A ordinary shares traded in the Stock Exchange.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">No income tax benefit was recognized in the consolidated statements of comprehensive income as the share-based compensation expense was not tax deductible.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 21.3pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">The fair values of the options granted for the years ended December&#160;31, 2014, 2015 and 2016 are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.56in; WIDTH: 83%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Weighted average grant date fair value of option per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6.35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.17</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Aggregate grant date fair value of options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,641</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,352</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">As of December&#160;31, 2016, there was approximately RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">71,282</font> of total unrecognized compensation cost related to unvested share options. The unrecognized compensation costs are expected to be recognized over a weighted average period of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.18</font> years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> <strong><i>&#160;</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify"><strong><i>Non-vested shares</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> <strong><i>&#160;</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On April 3, 2014, the board of directors of Tarena International approved the grant of two batches of non-vested shares to three independent directors. The number of the first batch of non-vested shares is equal to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27,780</font> shares, which was calculated as US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250</font> divided by US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9</font> per share, i.e. the IPO price of ordinary share of Tarena International. Conditioned on the Grantee&#8217;s continuous services as a director of the Company, a second batch of non-vested shares should be granted with the number equal to US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250</font> divided by the closing price of ordinary share of Tarena International on April 3, 2015, which was calculated as US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250</font> divided by US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> per share, with <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25,000</font> non-vested shares were granted on April 3, 2015. The two batches of non-vested shares shall vest on the April 3, 2015 and 2016, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On November 11, 2014, the board of directors of Tarena International approved the grant of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,944</font> non-vested shares to 8 employees. One hundred percent of the non-vested shares shall vest immediately on the grant date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.34in; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 3, 2016, the board of directors of Tarena International approved the grant of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20,000</font> non-vested shares to three independent directors, 25% of which vest at the end of every quarter within one year. Grantees of non-vested shares have no voting rights or dividend rights with respect to shares that have not been vested.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"> A summary of the non-vested shares activity under the 2014 Share Plan is summarized as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Number&#160;of&#160;Non-</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Grant&#160;Date&#160;Fair</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>vested&#160;Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December 31, 2013</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>29,724</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>9.38</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(1,944)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>13.95</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December&#160;31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>27,780</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.06</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9.63</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>(27,780)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>9.06</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December&#160;31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9.63</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>20,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>10.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(35,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.97</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">As of December 31, 2016, there was approximately RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">244</font> of total unrecognized compensation cost related to non-vested shares, which is expected to be recognized over a weighted average period of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.25</font> years. The total fair value of shares vested during the year ended December 31, 2015 and 2016 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,567</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,316</font> respectively.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65895303&amp;loc=d3e17540-113929<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68057994&amp;loc=d3e25284-112666<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836709632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS PER SHARE</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15</font></strong></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> EARNINGS&#160;&#160;PER SHARE</font></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in"> Basic and diluted earnings per share is calculated as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net income attributable to Class A and Class B ordinary shareholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>148,320</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Less:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series A convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,648)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series B convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,745)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series C convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,566)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net income for basic and diluted earnings per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>128,361</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator for basic earnings per share:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Weighted average number of Class A and Class B ordinary shares outstanding</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>41,223,389</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>53,767,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>55,540,670</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Dilutive effect of outstanding share options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,546,743</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,983,046</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,464,591</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator for diluted earnings per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>47,770,132</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>58,750,856</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>59,005,261</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>Basic earnings per Class A and Class B ordinary share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3.11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3.32</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>4.35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>Diluted earnings per Class A and Class B ordinary share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>2.69</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>3.04</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>4.10</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 25.9pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">The Company uses the two-class method to calculate basic and diluted earnings per Class A and Class B ordinary share. Under the two-class method, when calculating the basic and dilutive earnings per Class A and Class B ordinary share, net income attributable to Class A and Class B ordinary shareholders is adjusted to reflect the net income which is allocated to preferred shares.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836665808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>COMMITMENTS AND CONTINGENCIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16</font></strong></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> COMMITMENTS AND CONTINGENCIES</font></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (a)</font></i></strong></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Operating lease commitments</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 48.95pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 49pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Future minimum lease payments under non-cancelable operating lease agreements as of December&#160;31, 2016 were as follows. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The Company&#8217;s leases do not contain any contingent rent payment terms.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Year ending December 31,</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>116,805</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100,736</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>70,660</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>47,230</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>32,542</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2022 and thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>53,924</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>421,897</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.68in" align="justify">Gross rent expenses incurred under operating leases were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">77,493</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">108,992</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">136,076</font> for the years ended December&#160;31, 2014, 2015 and 2016, respectively. Sublease rental income of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,416</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">382</font> and RMB <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 460</font> for the years ended December&#160;31, 2014, 2015 and 2016, respectively, were recognized as reductions of gross rental expenses.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=68068213&amp;loc=d3e12565-110249<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25287-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836715136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARENT ONLY FINANCIAL INFORMATION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract', window );"><strong>PARENT ONLY FINANCIAL INFORMATION [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock', window );">PARENT ONLY FINANCIAL INFORMATION</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="clear:both;WIDTH: 99.98%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="99%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17</font></strong></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">PARENT ONLY FINANCIAL INFORMATION</font></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The following presents condensed parent company financial information of Tarena International. &#160;</font></div> &#160; <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Condensed Balance Sheets</font></strong></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>ASSETS</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Current assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>43,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>397,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>242,795</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Restricted time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>150,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Prepaid expenses and other current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,843</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,855</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>564,506</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>288,420</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Investments and loans to subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>786,264</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,316,552</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,350,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,604,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>LIABILITIESAND SHAREHOLDERS&#8217; EQUITY</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Current liabilities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,522</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,409</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="75%"> <div>Total current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6,522</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3,409</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Other non-current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,634</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,343</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>12,156</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6,752</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Commitments and contingencies</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Shareholders&#8217; equity:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Class A ordinary shares (US$0.001 par value,860,000,000 shares authorized, 44,914,538 and 48,735,228 shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>276</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>302</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>98</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(49,355)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(93,761)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Additional paid-in capital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>907,018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>995,216</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Accumulated other comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>30,232</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>58,204</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Retained earnings</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>450,345</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>638,173</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total shareholders&#8217; equity</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,338,614</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,598,220</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total liabilities and shareholders&#8217; equity</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,350,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,604,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Condensed Statements of Comprehensive Income</font></strong></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>General and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,047)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,241)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,477)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Operating loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(1,047)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(4,241)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(4,477)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Equity in income of subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>129,811</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>194,914</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>253,396</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Foreign currency exchange gains (loss)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,251</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(31,923)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,753)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Interest income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>14,059</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>17,610</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,027</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Loss on foreign currency forward contract</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,898)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Other income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,400</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,559</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Income before income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>151,850</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Net income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>151,850</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Other comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 1px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Foreign currency translation adjustment, net of nil income tax</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,896)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>34,748</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Unrealized holding gains on available for sale securities, net of RMB42 income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,235</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(235)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>148,954</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>213,508</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>269,826</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="center"><strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Condensed Statements of Cash Flows</font></strong></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Operating activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) operating activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>19,036</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>9,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(10,272)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Investing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Purchase of time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(569,312)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(588,426)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(298,688)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Proceeds from maturity of time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,071</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>603,501</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>620,607</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Investments made to subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(104,662)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(198,137)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) investing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(670,903)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>15,075</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>123,782</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Financing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>Advances from a related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>1,432</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Repayment of advances from a related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,432)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares upon the IPO</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>592,161</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares in private placement concurrent with the IPO</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>83,052</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares in connection with exercise of share options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,518</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,456</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>20,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Payment of dividends</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(54,026)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Repurchase of treasury shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(49,355)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(44,406)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Payment of IPO costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(17,228)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) financing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>659,503</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(26,899)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(78,044)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Effect of foreign currency exchange rate changes on cash and cash equivalents</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(27)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>398</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,029</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Net increase (decrease) in cash and cash equivalents</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,609</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,656)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,495</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Cash and cash equivalents at beginning of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>322</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,931</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Cash and cash equivalents at end of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>7,931</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>43,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Non-cash investing and financing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,648</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>107,994</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>592,849</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.7-05(c)(Schedule II))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879921&amp;loc=d3e569147-122900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=d3e5283-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.9-06)<br> -URI http://asc.fasb.org/extlink&amp;oid=6882215&amp;loc=d3e537971-122884<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04(c)(Schedule I))<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836665808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>SUBSEQUENT EVENTS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="clear:both;WIDTH: 99.98%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="99%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 24.5pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="33"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 18</font></b></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> SUBSEQUENT EVENTS</font></b></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.34in" align="justify">On February 28, 2017, The Board of Directors approved to declare a cash dividend of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.10</font> (US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.16</font>) per ordinary share to shareholders as of the close of trading on March 27, 2017. The cash dividend will be paid on or about May 30, 2017. The aggregate amount of cash dividends to be paid is approximately RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">64,900</font> (US$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,500</font>).</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6847386384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of consolidation</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><b><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(a)</i></b></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><b><i>Principles of consolidation</i></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The consolidated financial statements include the financial statements of Tarena International, its wholly-owned subsidiaries, VIEs in which Tarena International is the primary beneficiary and their wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of estimates</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (b)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Use of estimates</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimated selling price of deliverables in multiple element arrangements, the fair values of share-based compensation awards and available-for-sale investments, the collectability of accounts receivable, the realizability of deferred income tax assets, the accruals for tax uncertainties and other contingencies, the recoverability of the carrying amounts of property and equipment and the useful lives of property and equipment. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign currency</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"></div> <table style="BORDER-BOTTOM-COLOR: #000000; MARGIN-TOP: 0px; BORDER-TOP-COLOR: #000000; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"><strong><i> (c)</i></strong></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: justify; BORDER-TOP-COLOR: #000000; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both"><strong><i>Foreign currency</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">In 2016, the Company changed its reporting currency from United States Dollars (&#8220;USD&#8221;) to Chinese Renminbi (&#8220;RMB&#8221;). Prior years&#8217; comparative financial information have been recasted as if the Company always used RMB as its reporting currency.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The functional currency of Tarena International and Tarena Hong Kong Limited (&#8220;Tarena HK&#8221;) is the USD. The functional currency of Tarena International&#8217;s PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs is the RMB. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains (losses) in the consolidated statements of comprehensive income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income (loss) within shareholders&#8217; equity (deficit).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People&#8217;s Bank of China (the &#8220;PBOC&#8221;) or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 48.95pt; size: 8.5in 11.0in"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM-COLOR: #000000; LINE-HEIGHT: 115%; BORDER-TOP-COLOR: #000000; FONT-FAMILY: Calibri,sans-serif; BORDER-RIGHT-COLOR: #000000; FONT-SIZE: 11pt; BORDER-LEFT-COLOR: #000000" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(d)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Cash, cash equivalents , time deposits and restricted time deposits</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Cash consist of cash on hand and cash in bank, which are unrestricted as to withdrawal. Cash equivalents consist of interest-bearing certificates of deposit with initial term of no more than three months when purchased.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Time deposits, which mature within one year as of the balance sheet date, represent interest-bearing certificates of deposit with an initial term of greater than three months when purchased. Time deposits which mature over one year as of the balance sheet date are included in non-current assets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Time deposits that were pledged as collateral for line of credit with a financial institution in the U.S. with an initial term of greater than three months when purchased as of December 31, 2015 were reported as restricted time deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Cash, time deposits and restricted time deposits maintained at banks consist of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">627,148</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">867,811</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with a financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">52,680</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">152,792</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&#8220;HK SAR&#8221;)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,535</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">HK dollar denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">99</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">547,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">261,913</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">To limit exposure to credit risk relating to bank deposits, the Company primarily places bank deposits only with large financial institutions in the PRC, HK SAR and the U.S. with acceptable credit rating.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Short-term investment</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(e)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Short-term investment</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">During the years ended December 31, 2014, 2015 and 2016, the Company invested RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">622,800</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">945,000</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,937,000</font>, respectively, in financial products managed by three financial institutions in the PRC. The terms of the financial products range between 5 days and 91 days. The financial products matured before December 31, 2014, 2015 and 2016, respectively. The Company earned investment income of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,652</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,961</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,676</font>, respectively on the financial products, which was included in other income in the consolidated statements of comprehensive income for the years ended December 31, 2014, 2015 and 2016.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesPolicyTextBlock', window );">Accounts receivable</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(f)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Accounts receivable</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Accounts receivable primarily represent tuition fees due from students. Accounts receivable which are due over one year as of the balance sheet date are presented as non-current assets. The unearned interest on accounts receivable which are due over one year is reported in the consolidated balance sheets as a direct deduction from the principal amount of accounts receivable. See note 2(j). The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Accounts receivable is considered past due based on its contractual terms. In establishing the allowance, management considers historical losses, the students&#8217; financial condition, the amount of accounts receivables in dispute, the accounts receivables aging and the students&#8217; payment patterns. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Company estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Company takes a write off of the account balances when the Company can demonstrate all means of collection on the outstanding balances have been exhausted.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property and equipment</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(g)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Property and equipment</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Property and equipment are recorded at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. The estimated useful life of property and equipment is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; LINE-HEIGHT: 115%; WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; MARGIN-LEFT: 0.5in; FONT-SIZE: 11pt; BORDER-TOP: #000000; BORDER-RIGHT: #000000" border="0" cellspacing="0" cellpadding="0" width="85%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Office buildings</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #000000; BORDER-RIGHT: #000000; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45</font> years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Furniture</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 17.35pt; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5</font>&#160;years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Office equipment</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3</font>&#160;to&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4</font>&#160;years</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 12pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> Leasehold&#160;improvements</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-BOTTOM: #000000; BORDER-LEFT: #000000; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-RIGHT: #000000; PADDING-TOP: 0in" valign="bottom"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="right"> Shorter&#160;of&#160;the&#160;lease&#160;term&#160;or&#160;the&#160;estimated&#160;useful&#160;life&#160;of&#160;the&#160;assets</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy', window );">Goodwill</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (h)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i> Goodwill</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> The excess of the purchase price over the fair value of net assets acquired is recorded on the consolidated balance sheets as goodwill. Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">ASC 350-20, <i>Goodwill</i>, permits the Company to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test, using a two-step approach. If this is the case, the two-step goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">If the two-step goodwill impairment test is required, the first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired and the second step is not required. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test measures the amount of the impairment loss, if any, by comparing the implied fair value of goodwill to its carrying amount. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. The implied fair value of goodwill is calculated in the same manner that goodwill is calculated in a business combination, whereby the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit, with the excess purchase price over the amounts assigned to assets and liabilities representing the implied fair value of goodwill.&#160;</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_LongtermInvestmentsPolicyTextBlock', window );">Long-term investments</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(i)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Long-term investments</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company&#8217;s long-term investments consist of cost method investments, equity method investment and available-for-sale investment.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <i><u>Cost method investments</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">Investments in entities in which the Company does not have an ability to exercise significant influence over the operating and financial matters of the investees and which do not have readily determinable fair value are accounted for using the cost method, under which the Company carries the investments at cost and recognizes as income for any dividend received from distribution of the investees&#8217; earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. No events or circumstances indicating a potential impairment were identified as of or for the year ended December 31, 2015 and 2016. The Company determines that it is not practicable to estimate fair value of cost method investments as of December 31, 2015 and 2016, because the sales prices or bid-and-asked quotations of the equity interests of these entities are not currently available and the cost of obtaining an independent valuation appears excessive considering the materiality of the investments to the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i><u>Equity method investment</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Investment in entity in which the Company has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method.&#160;Under the equity method, the Company initially records its investment at cost, its share of the post-acquisition profits or losses of the investee is recognized in the Company&#8217;s consolidated statements of comprehensive income; and the Company&#8217;s share of post-acquisition movements in equity is recognized in equity in the Company&#8217;s consolidated balance sheets. Unrealized gains on transactions between the Company and an investee in which the Company has recorded an equity investment are eliminated to the extent of the Company&#8217;s interest in the investee. To the extent of the Company&#8217;s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <i><u>Available-for-sale investment</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in" align="justify">For investment in debt security, the Company accounts for it as available-for-sale investment when it is not classified as either trading or held-to-maturity investments. Available-for-sale security is reported at fair value, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive income until realized. Realized gains or losses from the sale of available-for-sale investment are determined on a specific identification basis.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The Company&#8217;s consolidated statements of comprehensive income reflects the full impairment (that is, the difference between the security&#8217;s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more-likely than-not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale investment that management has no intent to sell and believes that it more likely than-not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the rest of the fair value loss is recognized in accumulated other comprehensive income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 35.4pt; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">A decline in the market value of any available-for-sale investments below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectibility of the financial product, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue recognition</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (j)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Revenue recognition</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (&#8220;VAT&#8221;) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i>Tuition fees</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Tuition fees are recognized as revenue proportionately as the training courses are delivered, with unearned portion of tuition fees being recorded as deferred revenue. Certain qualified students are allowed to pay their tuition fees on installment for a period of time exceeding one year. When tuition services are sold on installment terms that exceeds one year beyond the point in time that revenue is recognized, the receivable, and therefore the revenue is recorded at the present value of the payments. The difference between the present value of the receivable and the nominal or principal value of the tuition fees is recognized as interest income over the contractual repayment period using the effective interest rate method. The interest rate used to determine the present value of total amount receivable is the rate at which the students can obtain financing of a similar nature from other sources at the date of the transaction.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><font style="BACKGROUND-COLOR: transparent"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> T</font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">he Company enters into arrangements with certain students that purchase multiple services, including classroom training and extended on-line case studies (&#8220;multiple-element arrangements&#8221;). Each element within the multiple-element arrangements is accounted for as a separate unit of accounting provided the following criteria are met: the delivered services have value to the customer on a standalone basis; and for an arrangement that includes a general right of return relative to the delivered services, delivery or performance of the undelivered service is considered probable and is substantially controlled by the Company. A deliverable has standalone value if the service is sold separately by the Company or another vendor. The Company&#8217;s revenue arrangements do not include a general right of return relative to the delivered services.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The Company treats training contracts with multiple deliverable elements as separate units of accounting for revenue recognition purposes and recognizes revenue during the contract period when each deliverable service is provided. The Company allocates the contract price among all the deliverables at the inception of the arrangement on the basis of their relative selling prices according to the selling price hierarchy established by Accounting Standard Update No. 2009-13, <i>Revenue Recognition - Multiple-Deliverable Revenue Arrangements</i>. The Company first uses vendor-specific objective evidence (VSOE) of selling price, if it exists, otherwise the third-party evidence of selling price is used. If neither VSOE of selling price nor third-party evidence of selling price exists, the Company uses management&#8217;s best estimate of selling price for the deliverables.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><i>Certification service revenue</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company provides certification service to students who complete the training course and enroll for the exams. The Company is responsible for the certification service, including organization, proctoring and grading of exams. All certificates are issued by third parties to the students who pass the exam. The Company acts as the principal in providing this service and recognizes revenue on gross basis because the Company is the primary obligor in the arrangement and is responsible for fulfilling the ordered services by the students. Cash received before the students taking the exam, is recorded as deferred revenue, and subsequently recognized as certification service revenue upon completion of the certification service, which occurs when the certificates are provided to the students.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify"><i>Loan referral service revenue</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">In 2016, pursuant to the agreements between the Company and a number of financial service providers, the Company promotes loan products of these financial service providers to its students, who need financial assistance for the payment of their tuition fees, in exchange for a referral fee at a rate of between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font>% of the principal amount of the loans. The Company does not provide guarantee for the loans, which are between the financial service providers and its students. Loan referral service revenue is recognized upon the initiation of the loans.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfSalesPolicyTextBlock', window );">Cost of revenues</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(k)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Cost of revenues</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> Cost of revenues consists of payroll and employee benefits, rent expenses of learning centers, depreciation relating to property and equipment used for operating the learning centers, and other operating costs that are directly attributed to the provision of training services.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising costs</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (l)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Advertising costs</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Advertising costs are expensed as incurred and included in selling and marketing expenses. Advertising costs were RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">102,820</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">151,533</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">201,298</font> for the years ended December&#160;31, 2014, 2015 and 2016, respectively.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeasePolicyTextBlock', window );">Operating lease</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"></div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i>(m)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Operating lease</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The Company leases premises for learning centers and offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, other lease concessions or contingent rent in the lease agreements. The lease terms of the Company&#8217;s learning centers range between <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years. The Company has no legal or contractual asset retirement obligations at the end of the lease term.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">Certain learning centers of the Company sublease a portion of the areas to certain students for their living accommodation. Income from subleases is recognized on a straight-line basis over the term of the lease and recognized as reduction of costs of revenues.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_GovernmentGrantsPolicyTextBlock', window );">Government grant</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(n)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Government grant</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company&#8217;s consolidated statements of comprehensive income when the grant becomes receivable. Government grants of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,916</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,851</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,199</font> were recognized and included in other income for the years ended December&#160;31, 2014, 2015 and 2016, respectively.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpensePolicy', window );">Research and development expense</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (o)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Research and development expense</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> Research and development costs are expensed as incurred.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementPlansPolicy', window );">Employee benefits</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>(p)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Employee benefits</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22.3</font>% to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 53.1</font>% on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2014, 2015 and 2016, the costs of the Company&#8217;s obligations to the defined contribution plans amounted to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51,510</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">69,370</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">85,325</font>, respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income taxes</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (q)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Income taxes</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to an unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredChargesPolicyTextBlock', window );">Deferred offering costs</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (r)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Deferred offering costs</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">Deferred offering costs consist principally of legal, printing and registration costs in connection with the IPO. Upon completion of the IPO on April 3, 2014, the deferred offering costs of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,788</font> were recognized as a reduction of&#160;the offering proceeds.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share based compensation</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (s)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Share based compensation</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, net of estimated forfeitures, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock', window );">Commitments and contingencies</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><b><i>(t)</i></b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b><i>Commitments and contingencies</i></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings per share</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (u)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Earnings per share</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Basic earnings per Class A and Class B ordinary share is computed by dividing net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders by the weighted average number of Class A and Class B ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities, if any, based on participating rights in undistributed earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Tarena International&#8217;s Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series C convertible redeemable preferred shares were participating securities since the holders of these securities participated in dividends on the same basis as Class A and Class B ordinary shareholders.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Diluted earnings per share is calculated by dividing net income attributable to Tarena International&#8217;s Class A and Class B ordinary shareholders as adjusted for the effect of dilutive Class A and Class B ordinary share equivalents, if any, by the weighted average number of Class A and Class B ordinary and dilutive Class A and Class B ordinary share equivalents outstanding during the year. Class A and Class B ordinary share equivalents include the Class A and Class B ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method) and conversion of convertible redeemable preferred shares (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted earnings per Class A and Class B ordinary share if the impact is anti-dilutive.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment reporting</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (v)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Segment reporting</i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company uses the management approach in determining its operating segments. The management approach considers the internal reporting used by the Company&#8217;s chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance of the segments of the Company. Management has determined that the Company has one operating segment, which is the training segment. All of the Company&#8217;s operations and customers are located in the PRC. Consequently, no geographic information is presented.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair value measurements</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 15pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(w)</i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><strong><i>Fair value measurements</i></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The Company applies the provisions of ASC Topic 820, <i>Fair Value Measurements and Disclosures,</i> for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell 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 Company 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. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.75in; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#8226;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Level 3 inputs are unobservable inputs for the asset or liability.</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management&#8217;s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The carrying amounts of cash, current&#160;time deposits, restricted time deposits, accounts receivable, loans to employees, accounts payable, amounts due to a related party, accrued expenses and other current liabilities as of December&#160;31, 2015 and 2016 approximate their fair value because of short maturity of these instruments.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The carrying amounts of non-current time deposits as of December&#160;31, 2015 and 2016 approximates their fair value since the interest rates of the time deposits did not differ significantly from the market interest rates for similar types of time deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">The fair values of time deposits, restricted time deposits as of December&#160;31, 2015 and 2016 are categorized as Level 2 measurement.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><strong> <i>&#160;</i></strong></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.4pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">Available-for-sale investment as of December 31, 2016 is valued based on the implied enterprise value indirectly observed in a recent transaction at the reporting date and is categorized as Level 2 measurement.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently issued accounting standards</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><strong><i> (x)</i></strong></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><strong><i>Recently issued accounting standards</i></strong></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">The Financial Reporting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, <i>Revenue from Contracts with Customers</i>, in May 2014. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In December 2015, the FASB issued ASU No. 2015-14, <i> Revenue from contracts with customers</i>, which deferred the effective date of ASU 2014-09. The new standard is effective for annual reporting periods beginning after December 15, 2017. The Company will apply the new revenue standard beginning January 1, 2018. The Company has set up an implementation team that is currently in the process of analyzing each of the Company&#8217;s revenue streams in accordance with the new revenue standard to determine the impact on the Company&#8217;s consolidated financial statements. The Company plans to continue the evaluation, analysis, and documentation of its adoption of ASU 2014-09 (including those subsequently issued updates that clarify its provisions) in 2017 as the Company works towards the implementation and finalizes its determination of the impact that the adoption will have on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On January 5, 2016, the FASB issued ASU 2016-01 (&#8220;ASU 2016-01&#8221;), <i>Recognition and Measurement of Financial Assets and Financial Liabilities</i>, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On February 25, 2016, the FASB issued ASU No. 2016-02 (&#8220;ASU 2016-02&#8221;), <i>Leases</i>. ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. ASU 2016-02 is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">On March 30, 2016, the FASB issued ASU 2016-09 (&#8220;ASU 2016-09&#8221;), <i>Compensation&#160;- Stock Compensation: Improvements to Employee Share-Based Payment Accounting</i>, which relates to accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification in the statement of cash flows; and (d) accounting for forfeitures of share-based payments. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect this standard to have a material impact on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In June 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-13, <i>Financial Instruments-Credit Losses (Topic 326)</i>, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In August 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-15, <i>Statement of Cash Flows &#151; Classification of Certain Cash Receipts and Cash Payments</i>, which clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In November 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i>. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In January 2017, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively on or after the effective date. The Company will evaluate the impact of adopting this standard prospectively upon any transactions of acquisitions or disposals of assets or businesses.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 35.45pt; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify">In January 2017, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2017-04, <i>Simplifying the Test for Goodwill Impairment</i>. The guidance removes Step 2 of a goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for the policy to account for currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates as well as short term and long term restricted investments, such as time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_CashCashEquivalentsAndRestrictedInvestmentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_GovernmentGrantsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Policy for recognizing government grants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_GovernmentGrantsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_LongtermInvestmentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-term investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_LongtermInvestmentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvertisingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 55<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68054294&amp;loc=d3e8384-108330<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=68072981&amp;loc=d3e8275-108329<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6052-115624<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6049-115624<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68068213&amp;loc=d3e12565-110249<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=d3e5614-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.3A-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355100-122828<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfSalesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 50<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68069731&amp;loc=d3e63676-111659<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfSalesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredChargesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of significant deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredChargesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27290-111563<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2,12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 5.M)<br> -URI http://asc.fasb.org/extlink&amp;oid=65877573&amp;loc=d3e87990-122713<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6453394&amp;loc=d3e39740-112701<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65670824&amp;loc=d3e14754-158437<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 40<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6456037&amp;loc=d3e48589-112741<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6455398&amp;loc=d3e45280-112737<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementPlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 70<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49170846&amp;loc=d3e28014-114942<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 60<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66047640&amp;loc=d3e39622-114963<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 80<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65877416&amp;loc=d3e29149-114947<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6412939&amp;loc=d3e15145-114933<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65897934&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PensionAndOtherPostretirementPlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65890831&amp;loc=d3e10133-111534<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e4975-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpensePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Research and Development<br> -URI http://asc.fasb.org/extlink&amp;oid=6523717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpensePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18726-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6132-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UseOfEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832337904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock', window );">Schedule of Variable Interest Entity Information</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">1,043</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">630</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Amounts due from related parties</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">25,109</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">21,650</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">26,152</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">22,280</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Property and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Long term investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">18,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">35,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Other non-current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">266</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">716</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">44,436</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">57,999</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Income taxes payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3,737</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">3,729</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">892</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Amounts due to related parties, including amounts due to WOFE for accrued service fees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">39,307</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">46,486</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">43,936</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">50,391</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div style="CLEAR:both;CLEAR: both">Other non-current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">267</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">267</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div style="CLEAR:both;CLEAR: both">Total liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">44,203</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="8%"> <div style="CLEAR:both;CLEAR: both">50,658</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif ">&#160;</div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="30%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="42%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="9%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">2,902</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">177</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(14,542)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,415)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(892)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash used in operating activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(4,252)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,201)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(2,166)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash provided by (used in) investing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">478</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(18,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">(11,886)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="42%"> <div style="CLEAR:both;CLEAR: both">Net cash provided by financing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">4,124</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">19,755</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div style="CLEAR:both;CLEAR: both">13,639</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Net revenues [Member] | Product concentration [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Schedule of Revenue Concentration</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Java</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">28.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Digital Arts</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">29.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">32.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">28.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Web Front</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">65.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">65.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">75.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Net revenues [Member] | Geographic concentration [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Schedule of Revenue Concentration</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.48in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Hangzhou</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">33.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">31.9</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div style="CLEAR:both;CLEAR: both">Beijing</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">15.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12.4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="43%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">41.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">45.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">44.3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=d3e5747-111685<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=SL6228884-111685<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=d3e5728-111685<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Variable Interest Entity<br> -URI http://asc.fasb.org/extlink&amp;oid=6528138<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=SL6759159-111685<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=d3e5710-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfVariableInterestEntitiesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13531-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6442-108592<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6327-108592<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_ProductConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_ProductConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_GeographicConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_GeographicConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6663909328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock', window );">Schedule of Cash, Cash Equivalents, Time Deposits and Restricted Time Deposits</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.49in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">627,148</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">867,811</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with a financial institutions in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">52,680</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">152,792</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in Hong Kong Special Administrative Region (&#8220;HK SAR&#8221;)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,535</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">HK dollar denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">99</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with a financial institution in HK SAR</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">RMB denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">547,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div style="CLEAR:both;CLEAR: both">US dollar denominated bank deposits with financial institutions in the U.S.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">261,913</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6826135424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>ACCOUNTS RECEIVABLE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock', window );">Schedule of Accounts Receivable</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Accounts receivable:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Gross</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>237,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>214,142</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Unearned interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(15,997)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(15,130)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Total accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>221,627</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>199,012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>Less: allowance for doubtful accounts</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(66,857)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(100,462)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>154,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>98,550</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock', window );">Classification of Accounts Receivable</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Accounts receivable, net &#150; current portion</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>146,999</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>97,374</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Accounts receivable, net &#150; non-current portion</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,771</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="65%"> <div>Total accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>154,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>98,550</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock', window );">Summary of Allowance for Doubtful Accounts</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Balance at the beginning of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>14,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>66,857</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Additions charged to bad debt expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>46,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>63,103</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>33,605</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Write-off of bad debt allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(24,694)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(31,593)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Balance at the end of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>35,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>66,857</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>100,462</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PastDueAccountsReceivableTableTextBlock', window );">Schedule of Aging Accounts Receivable</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>As&#160;of&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Aging:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; current</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>104,368</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>78,276</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 1-3 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,005</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>15,306</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 4-6 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>13,373</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,846</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; 7-12 months past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,748</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div>&#150; greater than one year past due</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>48,866</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>71,836</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div>Total accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>221,627</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>199,012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PastDueAccountsReceivableTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of accounts receivable that are past due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PastDueAccountsReceivableTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_SummaryOfAccountsReceivableClassificationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for the classification of accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_SummaryOfAccountsReceivableClassificationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for the changes in the valuation allowance for accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_SummaryOfAccountsReceivableValuationAllowanceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3,4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825611184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract', window );"><strong>PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock', window );">Schedule of Prepaid Expenses and Other Current Assets</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid expenses and other current assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid rental expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">17,925</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,038</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Interest receivable from time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,485</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,945</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid advertising deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">10,975</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid advertising expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9,991</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,193</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Prepaid value-added tax</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,176</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">50,587</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Housing loans made to employees</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,290</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,968</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Staff advances</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">423</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="49%"> <div style="CLEAR:both;CLEAR: both">Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,838</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,078</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="49%"> <div style="CLEAR:both;CLEAR: both">Total prepaid expenses and other current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">66,103</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">126,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; BORDER-TOP-COLOR: #000000; WIDTH: 2%; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-COLOR: #000000; WIDTH: 0.25in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000"> <div style="CLEAR:both;CLEAR: both">(a)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,751</font> and were included in other non-current assets.</div> </td> </tr> <tr> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(b)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.</div> </td> </tr> <tr> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">(c)</div> </td> <td style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both">Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for assets related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6836708944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>PROPERTY AND EQUIPMENT, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Schedule of Property and Equipment</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 3.15pt; MARGIN: 0pt 0px 0pt 21.3pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">Property and equipment consists of the following:&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Office buildings</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>281,541</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Furniture</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,510</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,078</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Office equipment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>211,385</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>271,862</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Leasehold improvements</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>53,126</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>64,383</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Total property and equipment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>275,021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>635,864</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Less: accumulated depreciation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(147,157)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(198,527)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Property and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>127,864</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>437,337</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock', window );">Schedule of Depreciation Expense</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> Depreciation expense for property and equipment was allocated to the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Cost of revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>38,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>48,553</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>61,967</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Selling and marketing expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,253</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,694</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,226</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>General and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,649</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,031</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,455</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Research and development expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>488</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>703</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,109</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>43,478</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>54,981</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>72,757</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the depreciation, depletion and amortization expense of physical assets used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ScheduleOfDepreciationDepletionAndAmortizationExpenseTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825730688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM INVESTMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsAbstract', window );"><strong>Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock', window );">Schedule for Cost and Equity Method Investment</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Sino-German Know-How Education Investment Co., Ltd.</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Juesheng.com</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Mxsoft.com</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Other cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(d)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="54%"> <div>Total cost method investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>24,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>26,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Equity method investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Hockey global resources investment limited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(e)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Available-for-sale investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(f)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>15,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>24,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>41,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 28pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (a)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,000</font> in cash to acquire&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.86</font>% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (b)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In November 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.50</font>% of the total equity interest of an online shopping platform providing education products.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (c)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In August 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5.71</font>% of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.</div> </div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (d)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">As of December 31, 2015, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.43</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.74</font>% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.00</font>% equity interest of an online platform providing vehicle sales and related services.</div> </div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (e)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">790</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 28.5</font>% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> </tr> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> &#160;</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (f)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In October 2016, the Company paid RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,000</font> in cash to acquire <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13.9</font>% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock.&#160;In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security.&#160;&#160;The Company recorded the investment as available-for-sale investment and recorded an increase of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000</font> in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular Disclosure for cost and equity method investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ScheduleForCostAndEquityMethodInvestmentTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820404752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock', window );">Schedule of Accrued Expenses and Other Current Liabilities</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="24%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>VAT and other tax payables</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>29,995</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Accrued payroll and employee benefits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,396</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>59,512</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="54%"> <div>Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>24,092</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,360</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>79,835</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>117,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayablesAndAccrualsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PayablesAndAccrualsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825667776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET REVENUES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>NET REVENUES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfNetRevenuesTableTextBlock', window );">Schedule of Net Revenues</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="36%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Tuition fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>835,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,174,596</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,545,680</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Certification service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,038</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>27,466</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35,980</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Loan referral service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,750</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,873</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,136</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="41%"> <div>Business taxes and surcharges</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(19,245)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(25,190)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,681)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="41%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%"> <div>Total net revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>836,941</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>1,178,008</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>1,579,604</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ScheduleOfNetRevenuesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ScheduleOfNetRevenuesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831132432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAXES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock', window );">Schedule of Income before Income Taxes</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The components of income before income taxes are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">146,570</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">200,789</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">272,745</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Hong Kong</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(1,964)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(1,908)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(573)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Cayman Islands</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">22,039</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(16,154)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(11,542)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">Total income before income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">166,645</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">182,727</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">260,630</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of Income Tax Expense</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 24.45pt" align="justify">Income tax expense consists of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0in 0.5in; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 82%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Current income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,985</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">25,581</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">37,671</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax benefit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(4,190)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(21,614)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(18,895)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="45%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">14,795</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">3,967</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">18,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of Income Tax Rate Reconciliation</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The actual income tax expense reported in the consolidated statements of comprehensive income for each of the years ended December&#160;31, 2014, 2015 and 2016 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>PRC statutory income tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Increase (decrease) in effective income tax rate resulting from:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Cayman and HK entities not subject to income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Research and development bonus deduction</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3.3)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Non-deductible selling, general and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Share based compensation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Other non-deductible selling, general and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.6</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>ANTE preferential tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.7)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Tarena Hangzhou preferential tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.7</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Change in valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6.4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Tarena Hangzhou and Hanru Hangzhou tax holiday</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(20.0)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(31.1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(25.2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div>Others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>Actual income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>8.9</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>7.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Schedule of Deferred Income Tax Assets</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The principal components of deferred income tax assets are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both">December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">34,616</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">47,126</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Tax loss carry forwards</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,065</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9,984</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Advertising expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,666</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">23,401</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">123</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">Total deferred income tax assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">55,347</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">80,634</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="60%"> <div style="CLEAR:both;CLEAR: both">Valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(20,115)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(26,507)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="60%"> <div style="CLEAR:both;CLEAR: both">Deferred income tax assets, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">35,232</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">54,127</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SummaryOfValuationAllowanceTextBlock', window );">Summary of Valuation Allowance</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify">The movements of the valuation allowance are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 0.5in; WIDTH: 92%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="38%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="52%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Balance at the beginning of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,647</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">14,362</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">20,115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Additions of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">11,198</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">9,069</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">13,076</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Reduction of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(483)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(3,316)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">(6,684)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div style="CLEAR:both;CLEAR: both">Balance at the end of the year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">14,362</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">20,115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">26,507</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock', window );">Schedule of Unrecognized Tax Benefits</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December&#160;31, 2014, 2015 and 2016 is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Balance at beginning of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">18,764</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36,921</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">53,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Increase related to current year tax positions</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">35,436</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">51,050</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">66,122</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Settlement</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(17,279)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(34,567)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(49,704)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="33%"> <div style="CLEAR:both;CLEAR: both">Balance at end of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">36,921</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">53,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">69,822</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of income before income tax between domestic and foreign jurisdictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the change in unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 55<br> -Paragraph 217<br> -URI http://asc.fasb.org/extlink&amp;oid=75116239&amp;loc=d3e36027-109320<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SummaryOfValuationAllowanceTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Valuation Allowance<br> -URI http://asc.fasb.org/extlink&amp;oid=6528051<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SummaryOfValuationAllowanceTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6662655024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>RELATED PARTY TRANSACTIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Schedule of Related Party Transactions</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The significant related party transactions are summarized as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="41%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>Transactions with Chuanbang</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Guarantee fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>112</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Cash collection service fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>664</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,053</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,445</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="34%"> <div>Transactions with others</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Advances from Precise</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(1,432)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div>Repayment of advances from Precise</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(c)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,432</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> Notes:&#160;</div> &#160; <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (a)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &#8220;peer-to-peer&#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &#8220;Student Loan Program&#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">112</font>, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016, respectively.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (b)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&#8217;s accounts receivable. The fee for the service is calculated based on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2%~12% of the amount collected</font>. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">664</font>, RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,053</font> and RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,445</font> for the years ended December 31, 2014, 2015 and 2016, respectively.&#160;The amount due to Chuanbang as of December 31, 2015 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">879</font></font></font></font>.&#160;The amount due to Chuanbang as of December 31, 2016 was RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">79</font></font></font></font>, which has been fully paid by March 31, 2017.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;</div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 24pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> (c)</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">In September 2015, Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp; Co. L.P (&#8220;KKR&#8221;), a shareholder of the Company, provided cash advances in the amount of RMB<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,432</font> to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6698351472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE BASED COMPENSATION [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock', window );">Summary of Stock Option Activity</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Number&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Remaining</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Aggregate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Share</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Intrinsic</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Years</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Value&#160;US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2013</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>8,134,830</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>0.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,805,784</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.05</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,786,449)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.14</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(115,215)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.91</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>8,038,950</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.44</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6.19</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>77,658</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>615,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>3.38</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,015,872)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.20</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(56,926)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>5,581,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.77</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>5.68</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>48,412</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>1,115,807</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>1.90</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,106,043)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.46</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(263,671)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.98</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Outstanding at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>4,327,869</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>5.84</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>56,743</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Vested and expected to vest as of December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>3,959,763</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>1.74</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>5.59</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>52,460</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>Exercisable as of December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>2,536,418</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>1.17</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>4.09</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>35,045</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock', window );">Summary of Fair Value Assumptions</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Expected volatility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>51.7%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>62.3%-70.9%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>63.5%-68.8%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Expected dividends yield</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Exercise multiple</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.2</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Risk-free interest rate per annum</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3.81%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.68%-2.99%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.15%-3.18%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Estimated fair value of underlying ordinary shares (per share)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$8.60</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$9.28-US$12.85</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>US$9.99-US$16.54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock', window );">Schedule of Fair Values of the Options Granted</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.56in; WIDTH: 83%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Weighted average grant date fair value of option per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6.35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.17</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Aggregate grant date fair value of options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,641</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,352</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock', window );">Summary of Non-vested Shares Activity</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Number&#160;of&#160;Non-</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Grant&#160;Date&#160;Fair</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>vested&#160;Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>US$</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December 31, 2013</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>29,724</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>9.38</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(1,944)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>13.95</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December&#160;31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>27,780</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.06</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9.63</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>(27,780)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>9.06</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December&#160;31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>25,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9.63</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>20,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>10.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(35,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9.97</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10.82</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested restricted stock shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825691792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of Basic and Diluted Earnings Per Share</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net income attributable to Class A and Class B ordinary shareholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>148,320</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Less:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series A convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,648)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series B convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,745)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Earnings allocated to participating Series C convertible redeemable preferred shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,566)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net income for basic and diluted earnings per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>128,361</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator for basic earnings per share:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Weighted average number of Class A and Class B ordinary shares outstanding</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>41,223,389</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>53,767,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>55,540,670</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Dilutive effect of outstanding share options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,546,743</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,983,046</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,464,591</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Denominator for diluted earnings per share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>47,770,132</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>58,750,856</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>59,005,261</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>Basic earnings per Class A and Class B ordinary share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3.11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3.32</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>4.35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="63%"> <div>Diluted earnings per Class A and Class B ordinary share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>2.69</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>3.04</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 700" width="10%"> <div>4.10</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825609360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>COMMITMENTS AND CONTINGENCIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Schedule of Future Minimum Lease Payments</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify">The Company&#8217;s leases do not contain any contingent rent payment terms.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Year ending December 31,</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>116,805</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100,736</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>70,660</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>47,230</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>32,542</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>2022 and thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>53,924</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>421,897</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6661744464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARENT ONLY FINANCIAL INFORMATION (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract', window );"><strong>PARENT ONLY FINANCIAL INFORMATION [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock', window );">Condensed Balance Sheets</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>ASSETS</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Current assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>43,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>397,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>242,795</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Restricted time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>150,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Prepaid expenses and other current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10,843</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,855</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total current assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>564,506</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>288,420</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Investments and loans to subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>786,264</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,316,552</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,350,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,604,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>LIABILITIESAND SHAREHOLDERS&#8217; EQUITY</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Current liabilities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Accrued expenses and other current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,522</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,409</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 700" width="75%"> <div>Total current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6,522</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>3,409</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Other non-current liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,634</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,343</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>12,156</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>6,752</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Commitments and contingencies</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Shareholders&#8217; equity:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Class A ordinary shares (US$0.001 par value,860,000,000 shares authorized, 44,914,538 and 48,735,228 shares issued, 43,988,425 and 47,160,248 shares outstanding as of December 31, 2015 and 2016, respectively)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>276</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>302</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 10,574,896 shares and 8,895,249 shares issued and outstanding as of December 31, 2015 and 2016, respectively)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>98</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(49,355)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(93,761)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Additional paid-in capital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>907,018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>995,216</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Accumulated other comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>30,232</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>58,204</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div>Retained earnings</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>450,345</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>638,173</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total shareholders&#8217; equity</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,338,614</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,598,220</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 26px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="75%"> <div>Total liabilities and shareholders&#8217; equity</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,350,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>1,604,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock', window );">Condensed Statements of Comprehensive Income</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>General and administrative expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,047)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,241)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,477)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Operating loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(1,047)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(4,241)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>(4,477)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Equity in income of subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>129,811</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>194,914</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>253,396</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Foreign currency exchange gains (loss)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,251</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(31,923)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,753)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Interest income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>14,059</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>17,610</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,027</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Loss on foreign currency forward contract</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,898)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Other income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,776</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,400</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,559</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Income before income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>151,850</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Income tax expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Net income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>151,850</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>178,760</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>241,854</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Other comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 1px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 3px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Foreign currency translation adjustment, net of nil income tax</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,896)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>34,748</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,972</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Unrealized holding gains on available for sale securities, net of RMB42 income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,235</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="53%"> <div>Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(235)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>Comprehensive income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>148,954</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>213,508</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>269,826</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock', window );">Condensed Statements of Cash Flows</a></td>
<td class="text"><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.34in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%" colspan="8"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>RMB</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Operating activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) operating activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>19,036</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>9,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(10,272)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Investing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Purchase of time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(569,312)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(588,426)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(298,688)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Proceeds from maturity of time deposits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,071</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>603,501</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>620,607</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Investments made to subsidiaries</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(104,662)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(198,137)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) investing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(670,903)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>15,075</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>123,782</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Financing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>Advances from a related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>1,432</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Repayment of advances from a related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,432)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares upon the IPO</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>592,161</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares in private placement concurrent with the IPO</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>83,052</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Issuance of Class A ordinary shares in connection with exercise of share options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,518</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>22,456</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>20,388</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Payment of dividends</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(54,026)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Repurchase of treasury shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(49,355)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(44,406)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Payment of IPO costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(17,228)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Net cash provided by (used in) financing activities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>659,503</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(26,899)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>(78,044)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Effect of foreign currency exchange rate changes on cash and cash equivalents</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(27)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>398</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,029</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Net increase (decrease) in cash and cash equivalents</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,609</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,656)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>37,495</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Cash and cash equivalents at beginning of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>322</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,931</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Cash and cash equivalents at end of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>7,931</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>6,275</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>43,770</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="57%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="57%"> <div>Non-cash investing and financing activities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series A convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,648</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series B convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>107,994</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 13px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="57%"> <div>Conversion of Series C convertible redeemable preferred shares to Class B ordinary shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>592,849</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6848878368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Organization) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 810,672<span></span>
</td>
<td class="nump">&#165; 513,938<span></span>
</td>
<td class="nump">&#165; 261,035<span></span>
</td>
<td class="nump">&#165; 159,368<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,450,858<span></span>
</td>
<td class="nump">1,326,918<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">437,337<span></span>
</td>
<td class="nump">127,864<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,760<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">91,849<span></span>
</td>
<td class="nump">53,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,085,012<span></span>
</td>
<td class="nump">1,653,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">91,240<span></span>
</td>
<td class="nump">56,293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">117,867<span></span>
</td>
<td class="nump">79,835<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties including amounts due to WOFE for accrued service fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">79<span></span>
</td>
<td class="nump">879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">479,749<span></span>
</td>
<td class="nump">305,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,043<span></span>
</td>
<td class="nump">9,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">486,792<span></span>
</td>
<td class="nump">315,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,579,604<span></span>
</td>
<td class="nump">1,178,008<span></span>
</td>
<td class="nump">836,941<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">241,854<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">524,030<span></span>
</td>
<td class="nump">347,698<span></span>
</td>
<td class="nump">175,343<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(156,449)<span></span>
</td>
<td class="num">(72,309)<span></span>
</td>
<td class="num">(734,539)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(78,044)<span></span>
</td>
<td class="num">(26,899)<span></span>
</td>
<td class="nump">655,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices', window );">Investment amount in PRC companies, which are engaged in provision of educational products and services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 35,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions', window );">Equity Method Investments, Percentage of Equity Acquired through Options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLoansReceivable', window );">Proceeds from Collection of Loans Receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,096<span></span>
</td>
<td class="nump">1,608<span></span>
</td>
<td class="nump">2,468<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember', window );">Beijing Tarena Jinqiao Technology Co. Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromContributedCapital', window );">Proceeds from Contributed Capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember', window );">Shanghai Tarena Software Technology Co., Ltd. [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLoansReceivable', window );">Proceeds from Collection of Loans Receivable</a></td>
<td class="nump">&#165; 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrHanMember', window );">Mr. Han [Member] | Tarena Entities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrLiMember', window );">Mr. Li [Member] | Tarena Entities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=tedu_LoanAgreementsMember', window );">Loan Agreements [Member] | Equity Holders [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_DebtInstrumentInitialExpirationYear', window );">Debt Instrument, Initial Expiration Year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingTarenaMember', window );">Beijing Tarena [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity', window );">Equity Method Investment Summarized Financial Information, Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_ShanghaiTarenaMember', window );">Shanghai Tarena [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity', window );">Equity Method Investment Summarized Financial Information, Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember', window );">Tarena Entities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 630<span></span>
</td>
<td class="nump">1,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,650<span></span>
</td>
<td class="nump">25,109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,280<span></span>
</td>
<td class="nump">26,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,000<span></span>
</td>
<td class="nump">18,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">716<span></span>
</td>
<td class="nump">266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,999<span></span>
</td>
<td class="nump">44,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,729<span></span>
</td>
<td class="nump">3,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">176<span></span>
</td>
<td class="nump">892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties including amounts due to WOFE for accrued service fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">46,486<span></span>
</td>
<td class="nump">39,307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,391<span></span>
</td>
<td class="nump">43,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">267<span></span>
</td>
<td class="nump">267<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,658<span></span>
</td>
<td class="nump">44,203<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">177<span></span>
</td>
<td class="nump">2,902<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(892)<span></span>
</td>
<td class="num">(2,415)<span></span>
</td>
<td class="num">(14,542)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,166)<span></span>
</td>
<td class="num">(2,201)<span></span>
</td>
<td class="num">(4,252)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,886)<span></span>
</td>
<td class="num">(18,000)<span></span>
</td>
<td class="nump">478<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 13,639<span></span>
</td>
<td class="nump">&#165; 19,755<span></span>
</td>
<td class="nump">&#165; 4,124<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_DebtInstrumentInitialExpirationYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The initial expiration year of the loan agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_DebtInstrumentInitialExpirationYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of total equity, that can be acquired through exercise of option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_EquityMethodInvestmentsPercentageOfEquityAcquiredThroughOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of PRC companies, which are engaged in provision of educational products and services during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PaymentsToAcquireInvestmentsInPRCEntitiesWhichAreEngagedInProvisionOfEducationalProductsAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(b)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity, including noncontrolling interest, reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.g)<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLoansReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the collection, including prepayments, of loans receivable issued for financing of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfLoansReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromContributedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received by a corporation from a shareholder during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromContributedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_BeijingTarenaJinqiaoTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_ShanghaiTarenaSoftwareTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrHanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrHanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_TarenaEntitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_TarenaEntitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrLiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_MrLiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=tedu_LoanAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=tedu_LoanAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_EquityHoldersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_EquityHoldersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingTarenaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingTarenaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_ShanghaiTarenaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_ShanghaiTarenaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6847373328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Significant Concentrations and Risks) (Details) - Net revenues [Member]<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Product concentration [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">65.20%<span></span>
</td>
<td class="nump">65.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Product concentration [Member] | Java [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">34.30%<span></span>
</td>
<td class="nump">28.80%<span></span>
</td>
<td class="nump">36.70%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Product concentration [Member] | Digital Arts [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">28.00%<span></span>
</td>
<td class="nump">32.20%<span></span>
</td>
<td class="nump">29.10%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Product concentration [Member] | Web Front [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">12.70%<span></span>
</td>
<td class="nump">4.20%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Geographic concentration [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">44.30%<span></span>
</td>
<td class="nump">45.30%<span></span>
</td>
<td class="nump">41.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Geographic concentration [Member] | Beijing [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">12.40%<span></span>
</td>
<td class="nump">12.30%<span></span>
</td>
<td class="nump">15.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Geographic concentration [Member] | Hangzhou [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">31.90%<span></span>
</td>
<td class="nump">33.00%<span></span>
</td>
<td class="nump">25.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_ProductConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_ProductConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=tedu_JavaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=tedu_JavaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=tedu_DigitalArtsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=tedu_DigitalArtsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=tedu_WebFrontMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=tedu_WebFrontMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_GeographicConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_GeographicConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=tedu_BeijingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=tedu_BeijingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=tedu_HangzhouMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=tedu_HangzhouMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6848436208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Apr. 03, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireShortTermInvestments', window );">Short-term investment</a></td>
<td class="nump">&#165; 1,937,000<span></span>
</td>
<td class="nump">&#165; 945,000<span></span>
</td>
<td class="nump">&#165; 622,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_InterestIncomeFromEquityMethodInvestment', window );">Investment income</a></td>
<td class="nump">12,676<span></span>
</td>
<td class="nump">5,961<span></span>
</td>
<td class="nump">4,652<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingExpense', window );">Advertising costs</a></td>
<td class="nump">201,298<span></span>
</td>
<td class="nump">151,533<span></span>
</td>
<td class="nump">102,820<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromGrants', window );">Government grants</a></td>
<td class="nump">3,199<span></span>
</td>
<td class="nump">5,851<span></span>
</td>
<td class="nump">9,916<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedBenefitPlanContributionsByEmployer', window );">Contributions to employee benefits</a></td>
<td class="nump">85,325<span></span>
</td>
<td class="nump">69,370<span></span>
</td>
<td class="nump">&#165; 51,510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredOfferingCosts', window );">Deferred offering costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,788<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_CN', window );">PRC [Member] | RMB Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">867,811<span></span>
</td>
<td class="nump">627,148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_CN', window );">PRC [Member] | US Dollar Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">152,792<span></span>
</td>
<td class="nump">52,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_HK', window );">HK SAR [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">3,535<span></span>
</td>
<td class="nump">645<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_HK', window );">HK SAR [Member] | RMB Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_HK', window );">HK SAR [Member] | HK Dollar Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_US', window );">US [Member] | RMB Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">547,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_US', window );">US [Member] | US Dollar Denominated Bank Deposits [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CashCashEquivalentsAndRestrictedInvestments', window );">Cash, cash equivalents, time deposits and restricted time deposits</a></td>
<td class="nump">&#165; 261,913<span></span>
</td>
<td class="nump">&#165; 55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember', window );">Office buildings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life</a></td>
<td class="text">45 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember', window );">Furniture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract', window );">Operating lease term</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent', window );">Contributions to employee benefits, percentage of salary</a></td>
<td class="nump">22.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_LoanReferralServiceRevenuepercentage', window );">Loan Referral Service Revenue, Percentage</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member] | Office equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract', window );">Operating lease term</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent', window );">Contributions to employee benefits, percentage of salary</a></td>
<td class="nump">53.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_LoanReferralServiceRevenuepercentage', window );">Loan Referral Service Revenue, Percentage</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member] | Office equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SignificantAccountingPoliciesLineItems', window );"><strong>Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life</a></td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_CashCashEquivalentsAndRestrictedInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates as well as short term and long term restricted investments, such as time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_CashCashEquivalentsAndRestrictedInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_InterestIncomeFromEquityMethodInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investment income include interest income of financial products with bank institution and from an equity investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_InterestIncomeFromEquityMethodInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_LoanReferralServiceRevenuepercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the percentage rate of loan referral service revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_LoanReferralServiceRevenuepercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_SignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Significant Accounting Policies [Line Items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_SignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 35<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420018&amp;loc=d3e36677-107848<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredOfferingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Specific incremental costs directly attributable to a proposed or actual offering of securities which are deferred at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 5.A)<br> -URI http://asc.fasb.org/extlink&amp;oid=27011391&amp;loc=d3e105025-122735<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredOfferingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedBenefitPlanContributionsByEmployer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contributions made by the employer to defined benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)(5)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=65897934&amp;loc=d3e1928-114920<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 60<br> -Section 35<br> -Paragraph 123<br> -Subparagraph B<br> -URI http://asc.fasb.org/extlink&amp;oid=64937487&amp;loc=d3e36068-114959<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 30<br> -Section 35<br> -Paragraph 63<br> -Subparagraph B<br> -URI http://asc.fasb.org/extlink&amp;oid=64937038&amp;loc=d3e12551-114930<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65897934&amp;loc=d3e1928-114920<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)(5)(iv)(01)<br> -URI http://asc.fasb.org/extlink&amp;oid=65897934&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DefinedBenefitPlanContributionsByEmployer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of the lessee's leasing arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeLeasingArrangementsOperatingLeasesTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue earned during the period from non-repayable sum of money awarded to an entity to carry out a specific purpose as provided in grant agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueFromGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_CN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_CN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_DenominatedBankDepositsAxis=tedu_RmbDenominatedBankDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_DenominatedBankDepositsAxis=tedu_RmbDenominatedBankDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_DenominatedBankDepositsAxis=tedu_UsDollarDenominatedBankDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_DenominatedBankDepositsAxis=tedu_UsDollarDenominatedBankDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_HK">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_HK</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_DenominatedBankDepositsAxis=tedu_HkDollarDenominatedBankDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_DenominatedBankDepositsAxis=tedu_HkDollarDenominatedBankDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832925904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetAbstract', window );"><strong>Accounts receivable:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AccountsReceivableFaceAmount', window );">Gross</a></td>
<td class="nump">&#165; 214,142<span></span>
</td>
<td class="nump">&#165; 237,624<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables', window );">Unearned interest</a></td>
<td class="num">(15,130)<span></span>
</td>
<td class="num">(15,997)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableGross', window );">Total accounts receivable</a></td>
<td class="nump">199,012<span></span>
</td>
<td class="nump">221,627<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Less: allowance for doubtful accounts</a></td>
<td class="num">(100,462)<span></span>
</td>
<td class="num">(66,857)<span></span>
</td>
<td class="num">&#165; (35,347)<span></span>
</td>
<td class="num">&#165; (14,041)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Total accounts receivable, net</a></td>
<td class="nump">&#165; 98,550<span></span>
</td>
<td class="nump">&#165; 154,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AccountsReceivableFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The face amount of receivable, including unearned interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AccountsReceivableFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For unclassified balance sheet, amounts due from customers or clients for goods or services that have been delivered or sold in the normal course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5074-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unearned discounts (other than cash or quantity discounts and the like), finance charges, and interest included in the face amount of receivables, that are shown as a deduction from the related receivables. For example, 1) finance charges booked as a receivable when a loan is made and recognized as income at a later date; and 2) interest charges deducted from the face loan amount, resulting in a discounted amount actually advanced to the borrower (wherein the receivable includes the amount actually advanced to the borrower and the as yet unearned interest income).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65884687&amp;loc=d3e4519-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825566240">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE (Classification of Accounts Receivable) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net - current portion</a></td>
<td class="nump">&#165; 97,374<span></span>
</td>
<td class="nump">&#165; 146,999<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetNoncurrent', window );">Accounts receivable, net - non-current portion</a></td>
<td class="nump">1,176<span></span>
</td>
<td class="nump">7,771<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Total accounts receivable, net</a></td>
<td class="nump">&#165; 98,550<span></span>
</td>
<td class="nump">&#165; 154,770<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, more than one year from the balance sheet date, for goods or services that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833083216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE (Summary of Allowance for Doubtful Accounts) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Balance at the beginning of the year</a></td>
<td class="nump">&#165; 66,857<span></span>
</td>
<td class="nump">&#165; 35,347<span></span>
</td>
<td class="nump">&#165; 14,041<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Additions charged to bad debt expense</a></td>
<td class="nump">33,605<span></span>
</td>
<td class="nump">63,103<span></span>
</td>
<td class="nump">46,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs', window );">Write-off of bad debt allowance</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(31,593)<span></span>
</td>
<td class="num">(24,694)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Balance at the end of the year</a></td>
<td class="nump">&#165; 100,462<span></span>
</td>
<td class="nump">&#165; 66,857<span></span>
</td>
<td class="nump">&#165; 35,347<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5074-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of direct write-downs of accounts receivable charged against the allowance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 310<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68075217&amp;loc=SL9156395-115594<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6826197968">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCOUNTS RECEIVABLE (Schedule of Aging Accounts Receivable) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AgingAccountsReceivableCurrent', window );">current</a></td>
<td class="nump">&#165; 78,276<span></span>
</td>
<td class="nump">&#165; 104,368<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AgingAccountsReceivable1To3MonthsPastDue', window );">1-3 months past due</a></td>
<td class="nump">15,306<span></span>
</td>
<td class="nump">37,005<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AgingAccountsReceivable4To6MonthsPastDue', window );">4-6 months past due</a></td>
<td class="nump">10,846<span></span>
</td>
<td class="nump">13,373<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AgingAccountsReceivable7To12MonthsPastDue', window );">7-12 months past due</a></td>
<td class="nump">22,748<span></span>
</td>
<td class="nump">18,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue', window );">greater than one year past due</a></td>
<td class="nump">71,836<span></span>
</td>
<td class="nump">48,866<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableGross', window );">Total accounts receivable</a></td>
<td class="nump">&#165; 199,012<span></span>
</td>
<td class="nump">&#165; 221,627<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AgingAccountsReceivable1To3MonthsPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable that are between one and three months past due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AgingAccountsReceivable1To3MonthsPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AgingAccountsReceivable4To6MonthsPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable that are between four and six months past due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AgingAccountsReceivable4To6MonthsPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AgingAccountsReceivable7To12MonthsPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable that are between seven and twelve months past due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AgingAccountsReceivable7To12MonthsPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AgingAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable that are current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AgingAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AgingAccountsReceivableGreaterThanOneYearPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable that are greater than one year past due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AgingAccountsReceivableGreaterThanOneYearPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For unclassified balance sheet, amounts due from customers or clients for goods or services that have been delivered or sold in the normal course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6853898880">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidRent', window );">Prepaid rental expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 25,038<span></span>
</td>
<td class="nump">&#165; 17,925<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivableCurrent', window );">Interest receivable from time deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,945<span></span>
</td>
<td class="nump">11,485<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PrepaidAdvertisingDeposits', window );">Prepaid advertising deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,875<span></span>
</td>
<td class="nump">10,975<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidAdvertising', window );">Prepaid advertising expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,193<span></span>
</td>
<td class="nump">9,991<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidTaxes', window );">Prepaid value-added tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,587<span></span>
</td>
<td class="nump">7,176<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PrepaidEmployeeHousingLoans', window );">Housing loans made to employees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4,968<span></span>
</td>
<td class="nump">2,290<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PrepaidTravelAndRelatedExpenses', window );">Staff advances</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,404<span></span>
</td>
<td class="nump">423<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">12,078<span></span>
</td>
<td class="nump">5,838<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Total prepaid expenses and other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">126,088<span></span>
</td>
<td class="nump">&#165; 66,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentAssetsMember', window );">Other Noncurrent Assets [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_LongTermLoansToEmployees', window );">Long Term Loans to Employees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 12,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Before 2016, the Company provided one-year housing loans to the employees to help them finance their purchase of apartments. In 2016, the Company provided five-year loans to the employees, which amounted to RMB12,751 and were included in other non-current assets.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Staff advances are provided to staff for traveling and related expenses and are expensed when incurred.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Others mainly represent other deposits, professional fees and other miscellaneous prepaid expenses.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_LongTermLoansToEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate amount of loans to employees at the financial statement date. which are usually due after one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_LongTermLoansToEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PrepaidAdvertisingDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consideration paid in advance for advertising deposits that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PrepaidAdvertisingDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PrepaidEmployeeHousingLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Housing loans to employees to finance their apartment purchase.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PrepaidEmployeeHousingLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PrepaidTravelAndRelatedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid expenses for travel and related expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PrepaidTravelAndRelatedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidAdvertising">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consideration paid in advance for advertising that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)(6)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 35<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420018&amp;loc=d3e36677-107848<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072981&amp;loc=d3e8275-108329<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5865-108316<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidAdvertising</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidRent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for rent that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5865-108316<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidRent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for income and other taxes that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5865-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831105200">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment</a></td>
<td class="nump">&#165; 635,864<span></span>
</td>
<td class="nump">&#165; 275,021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less: accumulated depreciation</a></td>
<td class="num">(198,527)<span></span>
</td>
<td class="num">(147,157)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">437,337<span></span>
</td>
<td class="nump">127,864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember', window );">Office Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment</a></td>
<td class="nump">281,541<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember', window );">Furniture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment</a></td>
<td class="nump">18,078<span></span>
</td>
<td class="nump">10,510<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember', window );">Office equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment</a></td>
<td class="nump">271,862<span></span>
</td>
<td class="nump">211,385<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment</a></td>
<td class="nump">&#165; 64,383<span></span>
</td>
<td class="nump">&#165; 53,126<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6850835264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation Expense) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">&#165; 72,757<span></span>
</td>
<td class="nump">&#165; 54,981<span></span>
</td>
<td class="nump">&#165; 43,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember', window );">Cost of revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">61,967<span></span>
</td>
<td class="nump">48,553<span></span>
</td>
<td class="nump">38,088<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Selling and marketing expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">3,226<span></span>
</td>
<td class="nump">2,694<span></span>
</td>
<td class="nump">2,253<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">6,455<span></span>
</td>
<td class="nump">3,031<span></span>
</td>
<td class="nump">2,649<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">Research and development expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
<td class="nump">&#165; 1,109<span></span>
</td>
<td class="nump">&#165; 703<span></span>
</td>
<td class="nump">&#165; 488<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6852476688">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM INVESTMENTS (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="6">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1">13 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Oct. 31, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Nov. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th"><div>Oct. 31, 2015</div></th>
<th class="th">
<div>Aug. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>Item</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 24,000<span></span>
</td>
<td class="nump">&#165; 26,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesNoncurrent', window );">Available-for-sale investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">15,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Long-term Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="nump">41,760<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember', window );">Sino-German Know-How Education Investment Co., Ltd. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000<span></span>
</td>
<td class="nump">12,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireCostMethodInvestments', window );">Cash paid to acquire equity interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.86%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_JueshengDotComMember', window );">Juesheng.com [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireCostMethodInvestments', window );">Cash paid to acquire equity interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_MxsoftDotComMember', window );">Mxsoft.com [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireCostMethodInvestments', window );">Cash paid to acquire equity interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.71%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsMember', window );">Other cost method investments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,000<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_NumberOfEntitiesAccountedUsingCostMethod', window );">Number of Entities Accounted Using Cost Method | Item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax', window );">Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 5,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsOneMember', window );">Other cost method investments, one [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.43%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsTwoMember', window );">Other Cost Method Investments Two [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_EquityInterestOfOnlinePlatformMember', window );">Equity Interest Of An Online Platform [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireCostMethodInvestments', window );">Cash paid to acquire equity interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_CostMethodInvestmentsEquityInterestAcquired', window );">Equity interest acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_HockeyGlobalResourcesInvestmentLimitedMember', window );">Hockey Global Resources Investment Limited [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Equity method investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 760<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Payments to Acquire Equity Method Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 790<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember', window );">Beijing Crouching Tiger Hidden Dragon Internet Technology Co Ltd [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems', window );"><strong>Schedule of Investments and Cost Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities', window );">Payments to Acquire Available-for-sale Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 10,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired', window );">Available-For-Sale Investment, Ownership Interest Acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13.90%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="11"></td></tr>
<tr><td colspan="11"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In October 2016, the Company paid RMB10,000 in cash to acquire 13.9% equity interest in Beijing Crouching Tiger Hidden Dragon Internet Technology Co., Ltd., which provides employment course trainings and recruitment services. Because the investment terms contain both substantive liquidation preference over common stock and substantive redemption provision that is not available to common shareholders, the investment is not substantially similar to common stock. In addition, since the investment is redeemable at the option of the Company, the investment qualifies as a debt security. The Company recorded the investment as available-for-sale investment and recorded an increase of RMB5,000 in fair value of the investment with nil income tax effect in 2016, as a component of other comprehensive income.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">In October 2015, the Company paid RMB12,000 in cash to acquire 2.86% of the total equity interest in Sino-German Know-How Education Investment Co., Ltd, which is engaged in provision of training for senior mechanic in vehicle maintenance and repair.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">In November 2015, the Company paid RMB5,000 in cash to acquire 0.50%of the total equity interest of an online shopping platform providing education products.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">In August 2015, the Company paid RMB4,000 in cash to acquire 5.71%of the total equity interest in Mxsoft.com, which provides IT environment management and monitoring solution to customers.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2015, the Company paid RMB3,000 in cash to acquire 1.43% and 0.74% equity interest in two other entities which were accounted for under cost method. In June 2016, the Company paid RMB2,000 in cash to acquire 2.00% equity interest of an online platform providing vehicle sales and related services.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">In October 2016, the Company paid RMB790 in cash to acquire 28.5% of equity interest of a hockey program management company through investment in its common shares and accounted for the investment using equity method.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AvailableforsaleInvestmentOwnershipInterestAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The equity interest acquired in available for sale investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AvailableforsaleInvestmentOwnershipInterestAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_CostMethodInvestmentsEquityInterestAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The equity interest acquired in cost method investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_CostMethodInvestmentsEquityInterestAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_NumberOfEntitiesAccountedUsingCostMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of entities accounted using cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_NumberOfEntitiesAccountedUsingCostMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PaymentsToAcquireCostMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an cost method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 percent or less of and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PaymentsToAcquireCostMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ScheduleOfInvestmentsAndCostMethodInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in unrealized holding gain (loss), net of tax, on available-for-sale securities included in a separate component of shareholders' equity during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Available-for-Sale Securities<br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66010992&amp;loc=d3e26626-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after adjustment, of cost-method investment. Adjustments include, but are not limited to, dividends received in excess of earnings after date of investment that are considered a return of investment and other than temporary impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=29638308&amp;loc=d3e40346-111594<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire debt and equity securities not classified as either held-to-maturity securities or trading securities which would be classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66010992&amp;loc=d3e26853-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_SinoGermanKnowHowEducationInvestmentCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_JueshengDotComMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_JueshengDotComMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_MxsoftDotComMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_MxsoftDotComMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_OtherCostMethodInvestmentsTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_EquityInterestOfOnlinePlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_EquityInterestOfOnlinePlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_HockeyGlobalResourcesInvestmentLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_HockeyGlobalResourcesInvestmentLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tedu_BeijingCrouchingTigerHiddenDragonInternetTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>106
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841593088">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesPayableCurrent', window );">VAT and other tax payables</a></td>
<td class="nump">&#165; 29,995<span></span>
</td>
<td class="nump">&#165; 18,347<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Accrued payroll and employee benefits</a></td>
<td class="nump">59,512<span></span>
</td>
<td class="nump">37,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Others</a></td>
<td class="nump">28,360<span></span>
</td>
<td class="nump">24,092<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">&#165; 117,867<span></span>
</td>
<td class="nump">&#165; 79,835<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeRelatedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeRelatedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832221952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET REVENUES (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Tuition fee</a></td>
<td class="nump">&#165; 1,545,680<span></span>
</td>
<td class="nump">&#165; 1,174,596<span></span>
</td>
<td class="nump">&#165; 835,275<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueGoodsNet', window );">Certification service fee</a></td>
<td class="nump">35,980<span></span>
</td>
<td class="nump">27,466<span></span>
</td>
<td class="nump">18,038<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueOtherFinancialServices', window );">Loan referral service fee</a></td>
<td class="nump">8,750<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Others</a></td>
<td class="nump">1,875<span></span>
</td>
<td class="nump">1,136<span></span>
</td>
<td class="nump">2,873<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExciseAndSalesTaxes', window );">Business taxes and surcharges</a></td>
<td class="num">(12,681)<span></span>
</td>
<td class="num">(25,190)<span></span>
</td>
<td class="num">(19,245)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Total net revenues</a></td>
<td class="nump">&#165; 1,579,604<span></span>
</td>
<td class="nump">&#165; 1,178,008<span></span>
</td>
<td class="nump">&#165; 836,941<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExciseAndSalesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 45<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68080631&amp;loc=d3e61097-111654<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ExciseAndSalesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after sales adjustments, returns, allowances, and discounts, of revenue classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueOtherFinancialServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of fee and financial service revenue classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueOtherFinancialServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueGoodsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueGoodsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueServicesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833147504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT (Narrative) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>May 19, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Gain (Loss) on Derivative Instruments, Net, Pretax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (12,898)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeForwardMember', window );">Foreign Exchange Forward [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="nump">&#165; 564,095<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Gain (Loss) on Derivative Instruments, Net, Pretax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 12,898<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="text">Jan. 29,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeForwardExchangeRate1', window );">Derivative, Forward Exchange Rate</a></td>
<td class="nump">6.7070<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="text">May 19,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 13<br> -Sentence Column B<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeForwardExchangeRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual rate at which a foreign currency can be purchased or sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeForwardExchangeRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInceptionDates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the entity entered into the derivative contract, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInceptionDates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeMaturityDates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the derivative contract matures, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeMaturityDates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDerivativeInstrumentsNetPretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeForwardMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeForwardMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833323664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Schedule of Income before Income Taxes) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="nump">&#165; 260,630<span></span>
</td>
<td class="nump">&#165; 182,727<span></span>
</td>
<td class="nump">&#165; 166,645<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_CN', window );">PRC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="nump">272,745<span></span>
</td>
<td class="nump">200,789<span></span>
</td>
<td class="nump">146,570<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_HK', window );">Hong Kong [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="num">(573)<span></span>
</td>
<td class="num">(1,908)<span></span>
</td>
<td class="num">(1,964)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_KY', window );">Cayman Islands [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="num">&#165; (11,542)<span></span>
</td>
<td class="num">&#165; (16,154)<span></span>
</td>
<td class="nump">&#165; 22,039<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income Taxes [Line Items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_CN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_CN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_HK">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_HK</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=country_KY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=country_KY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825542576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Schedule of Income Tax Expenses) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current income tax expense</a></td>
<td class="nump">&#165; 37,671<span></span>
</td>
<td class="nump">&#165; 25,581<span></span>
</td>
<td class="nump">&#165; 18,985<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income tax benefit</a></td>
<td class="num">(18,895)<span></span>
</td>
<td class="num">(21,614)<span></span>
</td>
<td class="num">(4,190)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total</a></td>
<td class="nump">&#165; 18,776<span></span>
</td>
<td class="nump">&#165; 3,967<span></span>
</td>
<td class="nump">&#165; 14,795<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=63044130<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6847708560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Schedule of Income Tax Rate Reconciliation) (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems', window );"><strong>Effective income tax rate reconciliation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">PRC statutory income tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential', window );">Cayman and HK entities not subject to income taxes</a></td>
<td class="nump">1.20%<span></span>
</td>
<td class="nump">2.50%<span></span>
</td>
<td class="num">(3.00%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment', window );">Research and development bonus deduction</a></td>
<td class="num">(2.70%)<span></span>
</td>
<td class="num">(3.30%)<span></span>
</td>
<td class="num">(2.70%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract', window );"><strong>Non-deductible selling, general and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost', window );">Share based compensation</a></td>
<td class="nump">6.50%<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
<td class="nump">3.80%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther', window );">Other non-deductible selling, general and administrative expenses</a></td>
<td class="nump">0.10%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance</a></td>
<td class="nump">2.50%<span></span>
</td>
<td class="nump">3.10%<span></span>
</td>
<td class="nump">6.40%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays', window );">Tax holiday</a></td>
<td class="num">(25.20%)<span></span>
</td>
<td class="num">(31.10%)<span></span>
</td>
<td class="num">(20.00%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments', window );">Others</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Actual income tax expense</a></td>
<td class="nump">7.20%<span></span>
</td>
<td class="nump">2.20%<span></span>
</td>
<td class="nump">8.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_AdvancedAndNewTechnologyEnterpriseMember', window );">ANTE [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract', window );"><strong>Non-deductible selling, general and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent', window );">Preferential tax rates</a></td>
<td class="num">(0.70%)<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
<td class="num">(1.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember', window );">Tarena Hangzhou [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems', window );"><strong>Effective income tax rate reconciliation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">PRC statutory income tax rate</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract', window );"><strong>Non-deductible selling, general and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent', window );">Preferential tax rates</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="nump">0.70%<span></span>
</td>
<td class="num">(0.10%)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to differences from preferential tax rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_EffectiveIncomeTaxRateReconciliationPreferentialTaxRatesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxEffectiveIncomeTaxRateReconciliationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to statutory income tax expense (benefit) outside of the country of domicile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other nondeductible expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to research and development expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to equity-based compensation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income exempt from income tax because of a tax holiday.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_AdvancedAndNewTechnologyEnterpriseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_AdvancedAndNewTechnologyEnterpriseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833595312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INCOME TAXES (Schedule of Deferred Income Tax Assets) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_DeferredTaxAssetsAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">&#165; 47,126<span></span>
</td>
<td class="nump">&#165; 34,616<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards', window );">Tax loss carry forwards</a></td>
<td class="nump">9,984<span></span>
</td>
<td class="nump">7,065<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpense', window );">Advertising expense</a></td>
<td class="nump">23,401<span></span>
</td>
<td class="nump">13,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">123<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGross', window );">Total deferred income tax assets</a></td>
<td class="nump">80,634<span></span>
</td>
<td class="nump">55,347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Valuation allowance</a></td>
<td class="num">(26,507)<span></span>
</td>
<td class="num">(20,115)<span></span>
</td>
<td class="num">&#165; (14,362)<span></span>
</td>
<td class="num">&#165; (3,647)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNet', window );">Deferred income tax assets, net</a></td>
<td class="nump">&#165; 54,127<span></span>
</td>
<td class="nump">&#165; 35,232<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_DeferredTaxAssetsAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accounts receivable, net of allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_DeferredTaxAssetsAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Asset<br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before allocation of valuation allowances, of deferred tax asset attributable to deductible differences from reserves and accruals, compensation and benefit costs, and other provisions, reserves, and allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Asset<br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accrued liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6841728080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Summary of Valuation Allowance) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Balance at the beginning of the year</a></td>
<td class="nump">&#165; 20,115<span></span>
</td>
<td class="nump">&#165; 14,362<span></span>
</td>
<td class="nump">&#165; 3,647<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ValuationAllowanceDeferredTaxAssetAdditions', window );">Additions of valuation allowance</a></td>
<td class="nump">13,076<span></span>
</td>
<td class="nump">9,069<span></span>
</td>
<td class="nump">11,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ValuationAllowanceDeferredTaxAssetReductions', window );">Reduction of valuation allowance</a></td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(3,316)<span></span>
</td>
<td class="num">(483)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Balance at the end of the year</a></td>
<td class="nump">&#165; 26,507<span></span>
</td>
<td class="nump">&#165; 20,115<span></span>
</td>
<td class="nump">&#165; 14,362<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ValuationAllowanceDeferredTaxAssetAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in the valuation allowance for a specified deferred tax asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ValuationAllowanceDeferredTaxAssetAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ValuationAllowanceDeferredTaxAssetReductions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in the valuation allowance for a specified deferred tax asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ValuationAllowanceDeferredTaxAssetReductions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6850833120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance at beginning of year</a></td>
<td class="nump">&#165; 53,404<span></span>
</td>
<td class="nump">&#165; 36,921<span></span>
</td>
<td class="nump">&#165; 18,764<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions', window );">Increase related to current year tax positions</a></td>
<td class="nump">66,122<span></span>
</td>
<td class="nump">51,050<span></span>
</td>
<td class="nump">35,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities', window );">Settlement</a></td>
<td class="num">(49,704)<span></span>
</td>
<td class="num">(34,567)<span></span>
</td>
<td class="num">(17,279)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance at end of year</a></td>
<td class="nump">&#165; 69,822<span></span>
</td>
<td class="nump">&#165; 53,404<span></span>
</td>
<td class="nump">&#165; 36,921<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Unrecognized Tax Benefit<br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in unrecognized tax benefits resulting from settlements with taxing authorities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6852963712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Narrative) (Details) - CNY (&#165;)<br> &#165; / shares in Units, &#165; in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UndistributedEarningsOfForeignSubsidiaries', window );">Undistributed earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 937,735<span></span>
</td>
<td class="nump">&#165; 604,218<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense', window );">Interest and penalty expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate', window );">Unrecognized tax benefits that would impact the income tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69,263<span></span>
</td>
<td class="nump">49,198<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69,822<span></span>
</td>
<td class="nump">&#165; 53,404<span></span>
</td>
<td class="nump">&#165; 36,921<span></span>
</td>
<td class="nump">&#165; 18,764<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit', window );">Unrecognized tax benefits reasonably possible will be recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66,122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Tax losses carry forwards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 39,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">PRC statutory income tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises', window );">Income Taxes, Preferential Income Tax Rate Advanced and New Technology Enterprises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod', window );">Income Taxes, Calculation Basis under Deemed Profit Method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">income tax at 25% on its deemed profit which is calculated based on revenues less deemed expenses equal to 85% and 90% of revenues.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxExaminationOpenYearsForExamination', window );">Income Tax Examination, Open Years for Examination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2012 to 2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RegulatoryAssetAxis=us-gaap_DeferredIncomeTaxChargesMember', window );">Deferred Income Tax Charge [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,457<span></span>
</td>
<td class="nump">&#165; 7,215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=tedu_BasicEarningsMember', window );">Basic Earnings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare', window );">Per share effect of the tax holiday</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1.18<span></span>
</td>
<td class="nump">&#165; 1.06<span></span>
</td>
<td class="nump">&#165; 0.81<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=tedu_DilutedEarningsMember', window );">Diluted Earnings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare', window );">Per share effect of the tax holiday</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1.11<span></span>
</td>
<td class="nump">&#165; 0.97<span></span>
</td>
<td class="nump">&#165; 0.70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetLocationAxis=tedu_IncomeTaxPayableMember', window );">Income Tax Payable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 62,665<span></span>
</td>
<td class="nump">&#165; 42,489<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentLiabilitiesMember', window );">Other Noncurrent Liabilities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,700<span></span>
</td>
<td class="nump">&#165; 3,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_ComputationalErrorsMember', window );">Computational Errors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxExaminationStatuteOfLimitation', window );">Income Tax Examination, Statute of Limitation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member', window );">Underpayment of Taxes is More Than RMB100 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxExaminationStatuteOfLimitation', window );">Income Tax Examination, Statute of Limitation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_TransferPricingMember', window );">Transfer Pricing [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxExaminationStatuteOfLimitation', window );">Income Tax Examination, Statute of Limitation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityNameAxis=us-gaap_StateAdministrationOfTaxationChinaMember', window );">State Administration of Taxation, China [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_WithholdingTaxPercentageOnRepatriatedEarnings', window );">Withholding Tax Percentage On Repatriated Earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises', window );">Income Taxes, Preferential Income Tax Rate Small Profit Enterprises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember', window );">Tarena Hangzhou [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">PRC statutory income tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.50%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome', window );">Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_HanruEducationTechnologyCoLtdMember', window );">Hanru Education Technology Co., Ltd [Member] | Scenario, Forecast [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome', window );">Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2018Member', window );">2018 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Tax losses carry forwards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2019Member', window );">2019 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Tax losses carry forwards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,053<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2020Member', window );">2020 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Tax losses carry forwards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2021Member', window );">2021 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Tax losses carry forwards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 20,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxExaminationOpenYearsForExamination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the open years for income tax examination</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxExaminationOpenYearsForExamination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxExaminationStatuteOfLimitation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the statute of limitation of china subsidiaries for underpayment of taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxExaminationStatuteOfLimitation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the basis for calculating income tax under the deemed profit method for certain locations in china.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesCalculationBasisUnderDeemedProfitMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of preferential income tax rate applicable to the entities that qualify as &#8220;Advanced and New Technology Enterprise&#8221; (&#8220;ANTE&#8221;).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesPreferentialIncomeTaxRateAdvancedAndNewTechnologyEnterprises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of preferential income tax rate applicable to the subsidiaries and branches qualified as "Small Profit Enterprises".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesPreferentialIncomeTaxRateSmallProfitEnterprises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_WithholdingTaxPercentageOnRepatriatedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The CIT Law and its implementation rules impose a withholding income tax at 10%, unless reduced by a tax treaty or arrangement, on the amount of dividends distributed by a PRC-resident enterprise to its immediate holding company outside the PRC</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_WithholdingTaxPercentageOnRepatriatedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income (loss) exempt from income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount effect of the income tax benefit resulting from the income tax holidays granted by taxing jurisdictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 11.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330215-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UndistributedEarningsOfForeignSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of undistributed earnings of foreign subsidiaries intended to be permanently reinvested outside the country of domicile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6487024&amp;loc=d3e29054-158556<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479915&amp;loc=d3e66715-112838<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 995<br> -SubTopic 740<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6503627&amp;loc=d3e59836-110443<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28200-109314<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6424122&amp;loc=d3e41874-109331<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UndistributedEarningsOfForeignSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Unrecognized Tax Benefit<br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RegulatoryAssetAxis=us-gaap_DeferredIncomeTaxChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RegulatoryAssetAxis=us-gaap_DeferredIncomeTaxChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=tedu_BasicEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=tedu_BasicEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=tedu_DilutedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=tedu_DilutedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=tedu_IncomeTaxPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=tedu_IncomeTaxPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_ComputationalErrorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_ComputationalErrorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_UnderpaymentOfTaxesIsMoreThanRmb100000Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_TransferPricingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_IncomeTaxesStatuteOfLimitationByTypeAxis=tedu_TransferPricingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityNameAxis=us-gaap_StateAdministrationOfTaxationChinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityNameAxis=us-gaap_StateAdministrationOfTaxationChinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_TarenaSoftwareTechnologyHangzhouCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_HanruEducationTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_HanruEducationTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_TaxFuturePeriodAxis=tedu_TaxYear2018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2019Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_TaxFuturePeriodAxis=tedu_TaxYear2019Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2020Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_TaxFuturePeriodAxis=tedu_TaxYear2020Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_TaxFuturePeriodAxis=tedu_TaxYear2021Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_TaxFuturePeriodAxis=tedu_TaxYear2021Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833304272">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to Related Parties, Current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 79<span></span>
</td>
<td class="nump">&#165; 879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=tedu_GuaranteeFeeMember', window );">Guarantee Fee [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 112<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=tedu_ServiceFeeMember', window );">Service Fee [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6,445<span></span>
</td>
<td class="nump">2,053<span></span>
</td>
<td class="nump">664<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_ChuanbangMember', window );">Chuanbang [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReceivableCollectionServicesFeeDescription', window );">Receivable Collection Services, Fee Description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2%~12% of the amount collected<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to Related Parties, Current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 79<span></span>
</td>
<td class="nump">879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_ChuanbangMember', window );">Chuanbang [Member] | Guarantee Fee [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_ChuanbangMember', window );">Chuanbang [Member] | Service Fee [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,445<span></span>
</td>
<td class="nump">2,053<span></span>
</td>
<td class="nump">664<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_PreciseMember', window );">Precise [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Proceeds from Related Party Debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 1,432<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_PreciseMember', window );">Precise [Member] | Amounts Received [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,432)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_PreciseMember', window );">Precise [Member] | Repayments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related party transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 1,432<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Starting from the second half of 2011, the Company began to refer its students who need financial assistance for the payment of their tuition fees to Chuanbang. Chuanbang is a person-to-person or a &#8220;peer-to-peer&#8221; (P2P) lending intermediary that assists students in obtaining loans to pay for their tuition fees by identifying potential third-party individual lenders (the &#8220;Student Loan Program&#8221;). The Company has no direct involvement in or is a party to the P2P arrangement, other than serving as the guarantor of the student loans. Under the Student Loan Program, the Company allocates the total consideration between the fair value of the tuition service and the loan guarantee. Subsequent to the initial recognition, the loan guarantee liability is recognized as guarantee fee revenue over the term of the guarantee on a straight-line basis. RMB112, nil and nil was recognized as guarantee fee revenue and included in other revenues for the years ended December 31, 2014, 2015 and 2016 respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company&#8217;s accounts receivable. The fee for the service is calculated based on 2%!12% of the amount collected. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in General and administrative expenses in the consolidated statement of comprehensive income was RMB664, RMB2,053 and RMB6,445 for the years ended December 31, 2014, 2015 and 2016, respectively. The amount due to Chuanbang as of December 31, 2015 was RMB879. The amount due to Chuanbang as of December 31, 2016 was RMB79, which has been fully paid by March 31, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">In September 2015,Precise, which is owned by an executive of Kohlberg Kravis Roberts &amp; Co. L.P (&#8220;KKR&#8221;), a shareholder of the Company, provided cash advances in the amount of RMB1,432 to the Company in order to fund its share repurchase plan. The Company has fully repaid the advances in October 2015.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ReceivableCollectionServicesFeeDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the basis for fee calculation under the receivables collection arrangement with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ReceivableCollectionServicesFeeDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of transactions with related party during the financial reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAmountsOfTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=tedu_GuaranteeFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=tedu_GuaranteeFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=tedu_ServiceFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=tedu_ServiceFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_ChuanbangMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_ChuanbangMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_PreciseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=tedu_PreciseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=tedu_AmountsReceivedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=tedu_AmountsReceivedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=tedu_RepaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=tedu_RepaymentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R64.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6952516928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORDINARY SHARES AND STATUTORY RESERVE (Ordinary Shares) (Details)<br> &#165; / shares in Units, $ / shares in Units, &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 03, 2014 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 10, 2013 </div>
<div>shares</div>
</th>
<th class="th">
<div>Apr. 09, 2013 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>May 31, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 16, 2008 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 16, 2004 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 07, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Apr. 30, 2014 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Feb. 27, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 15, 2008 </div>
<div>shares</div>
</th>
<th class="th">
<div>Oct. 08, 2003 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AuthorizedShareCapital', window );">Authorized share capital | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Conversion ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,000,000<span></span>
</td>
<td class="nump">90,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,580,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,358,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,580,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,358,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred shares authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,000,000<span></span>
</td>
<td class="nump">60,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,891,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,589,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred shares outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,891,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,589,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 567,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,052<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Stock issuance costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,801<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Ordinary shares issued upon exercise of share options and vesting of non-vested shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,106,043<span></span>
</td>
<td class="nump">3,015,872<span></span>
</td>
<td class="nump">1,786,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 44,406<span></span>
</td>
<td class="nump">&#165; 49,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Dividends Payable, Amount Per Share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends, Common Stock, Cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 54,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=tedu_TecheduLimitedMember', window );">Techedu Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 31,320<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Ordinary Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 71<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Ordinary Shares [Member] | GF Tarena Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">916,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 25,056<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 27.33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember', window );">Additional Paid-in Capital [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">567,289<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(526,457)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember', window );">Retained Earnings (Accumulated Deficit) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">526,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember', window );">Treasury Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1', window );">Share repurchase plan, authorized amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 133,556<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Shares repurchased | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">648,867<span></span>
</td>
<td class="nump">926,113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 44,406<span></span>
</td>
<td class="nump">&#165; 49,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,735,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,988,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,160,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Conversion of Class B ordinary shares into shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,679,647<span></span>
</td>
<td class="nump">18,158,128<span></span>
</td>
<td class="nump">8,924,365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Ordinary shares issued upon exercise of share options and vesting of non-vested shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,141,043<span></span>
</td>
<td class="nump">3,043,652<span></span>
</td>
<td class="nump">1,788,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A [Member] | Ordinary Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,735,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,712,758<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 71<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement', window );">Shares issued in Private Placement | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares, shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A [Member] | Ordinary Shares [Member] | New Oriental Education Technology Group Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement', window );">Shares issued in Private Placement | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B [Member] | Ordinary Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,733,024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,226,558<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering', window );">Value of shares issued in IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement', window );">Shares issued in Private Placement | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement', window );">Value of shares issued in Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares, shares | shares</a></td>
<td class="nump">25,430,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings', window );">Reclassification of the balances between additional paid-in capital and accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total consideration of Shares repurchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=tedu_ReservedSharesMember', window );">Reserved Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,571,430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 0.48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member] | Techedu Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,146,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 31,320<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares, shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,146,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 27.33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member] | GF Tarena Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">229,212<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares to ordinary shares, shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">229,212<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AuthorizedShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum value of shares permitted to be issued by an "entity's" charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AuthorizedShareCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification of previously recognized accumulated deficit amounts in the absence of additional paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ReclassificationAdditionalPaidInCapitalAndRetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period for private placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodSharesNewIssuesPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period for a private placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodValueNewIssuesInitialPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period issued in an initial public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StockIssuedDuringPeriodValueNewIssuesInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableAmountPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stock repurchase plan authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramAuthorizedAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187143-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Stock Split<br> -URI http://asc.fasb.org/extlink&amp;oid=6525746<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredCostMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValueAcquiredCostMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_TecheduLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_TecheduLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_TarenaLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_TarenaLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=tedu_NewOrientalEducationTechnologyGroupIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=tedu_NewOrientalEducationTechnologyGroupIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=tedu_ReservedSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=tedu_ReservedSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825610752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORDINARY SHARES AND STATUTORY RESERVE (Statutory Reserve) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StatutoryAccountingPracticesStatutoryAppropriations', window );">Appropriations</a></td>
<td class="nump">&#165; 40,491<span></span>
</td>
<td class="nump">&#165; 36,524<span></span>
</td>
<td class="nump">&#165; 15,823<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance', window );">Statutory reserve</a></td>
<td class="nump">&#165; 115,243<span></span>
</td>
<td class="nump">&#165; 74,752<span></span>
</td>
<td class="nump">&#165; 38,228<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit', window );">Statutory Reserves, Percentage of Appropriation From Net Profit</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StatutoryReservesBalanceAsPercentageToCapital', window );">Statutory Reserves, Balance As Percentage to Capital</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit', window );">Statutory Reserves for Private Schools Requiring Reasonable Returns, Percentage of Appropriation From Net Profit</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets', window );">Statutory Reserves for Private Schools Not Requiring Reasonable Returns, Percentage of Expected Annual Increase in Net Assets</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StatutoryAccountingPracticesStatutoryAppropriations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of statutory capital and surplus appropriated during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StatutoryAccountingPracticesStatutoryAppropriations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StatutoryReservesBalanceAsPercentageToCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Under PRC rules and regulations, Tarena International's PRC subsidiaries, consolidated VIEs, and the subsidiaries of the VIEs (the "PRC Entities") are required to appropriate 10% of their net profit, as determined in accordance with PRC accounting rules and regulations, to a statutory surplus reserve until the reserve balance reaches 50% of their registered capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StatutoryReservesBalanceAsPercentageToCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the appropriation percentage of increase in net assets for private schools not requiring reasonable returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StatutoryReservesForPrivateSchoolsNotRequiringReasonableReturnsPercentageOfExpectedAnnualIncreaseInNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the appropriation percentage from net profit for private schools that looking for reasonable returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StatutoryReservesForPrivateSchoolsRequiringReasonableReturnsPercentageOfAppropriationFromNetProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the appropriation percentage from net profit, that has to be contributed till attain the statutory reserve fixed by PRC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_StatutoryReservesPercentageOfAppropriationFromNetProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 505<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6486098&amp;loc=d3e24708-158529<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6840794032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PREFERRED SHARES (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 03, 2014 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 11, 2011 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 25, 2008 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 16, 2004 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 01, 2013 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 16, 2009 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Stock issuance costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 24,801,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember', window );">Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiquidationBasisOfAccountingLiquidationPlan', window );">Liquidation Basis of Accounting, Liquidation Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In the event of any liquidation, dissolution, or winding up of the Company, the proceeds shall be distributed according to the following sequence: (i)first to the holders of the Series C convertible redeemable preferred shares at 150% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; (ii)second to the holders of Series B convertible redeemable preferred shares at 150% of the Series B Original Issuance Price, plus declared but unpaid dividends on each share of Series B convertible redeemable preferred shares, (iii)third to the holders of Series A convertible redeemable preferred shares at 100% of the Series A Original Issuance Price, plus declared but unpaid dividends on each share of Series A convertible redeemable preferred shares. The remaining assets of the Company, if any, shall be distributed pro rata to the holders of Series C convertible redeemable preferred shares, Series B convertible redeemable preferred shares, Series A convertible redeemable preferred shares and ordinary shares on an if-converted basis.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,571,430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,138,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 0.48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.58<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,630,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 34,099,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6.06<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionOriginalDebtAmount1', window );">Conversion of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 10,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1', window );">Shares issued for debt conversion | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,689,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued during period | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,914,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Value of shares issued during period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 127,817,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | &#165; / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 11.71<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Stock issuance costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,397,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B [Member] | Ordinary Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Shares issued for conversion of convertible redeemable preferred shares | shares</a></td>
<td class="nump">25,430,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="nump">&#165; 157,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=tedu_SeriesBConvertibleRedeemablePreferredSharesMember', window );">Series B convertible redeemable preferred shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionTerms', window );">Preferred Stock, Redemption Terms</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">an amount equal to 150% of Series B Original Issuance Price; plus, an amount equal to all declared but unpaid dividends on each share of Series B convertible redeemable preferred shares; plus, 10% compound interest per annum on 150% of Series B Original Issuance Price for each Series B convertible redeemable preferred share from the date of issuance to the earliest redemption date of the security.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AccretionOfConvertibleRedeemablePreferredStock', window );">Accretion of Convertible Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,530,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=tedu_SeriesCConvertibleRedeemablePreferredSharesMember', window );">Series C convertible redeemable preferred shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionTerms', window );">Preferred Stock, Redemption Terms</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">(i)an amount equal to 137.50% of the Series C Original Issuance Price, plus declared but unpaid dividends on each share of Series C convertible redeemable preferred shares; or (ii)the fair market value of the Series C convertible redeemable preferred shares as of the most recent year end, as determined by an independent appraiser mutually agreeable to the Company and the holder of the Series C convertible redeemable preferred shares.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_AccretionOfConvertibleRedeemablePreferredStock', window );">Accretion of Convertible Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_AccretionOfConvertibleRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents accretion of convertible redeemable preferred stock recorded as a reduction to additional paid-in capital first and then charged against accumulated deficit in the absence of additional paid-in capital for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_AccretionOfConvertibleRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionConvertedInstrumentSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionOriginalDebtAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionOriginalDebtAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiquidationBasisOfAccountingLiquidationPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the plan of liquidation. Includes, but is not limited to, the manner by which assets are expected to be disposed of and other items expected to be sold that had not been previously recognized as assets, the manner by which liabilities are expected to be settled, and the expected date by which liquidation is expected to be complete.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64830158&amp;loc=SL35686388-199418<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiquidationBasisOfAccountingLiquidationPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The redemption terms of preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity. The redemption features of this capital stock are solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=tedu_SeriesBConvertibleRedeemablePreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=tedu_SeriesBConvertibleRedeemablePreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=tedu_SeriesCConvertibleRedeemablePreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=tedu_SeriesCConvertibleRedeemablePreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6851654496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Narrative) (Details)<br> $ / shares in Units, &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 03, 2016 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Apr. 03, 2015 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 11, 2014 </div>
<div>shares</div>
</th>
<th class="th">
<div>Apr. 03, 2014 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th"><div>Sep. 16, 2016</div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2011 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 16, 2013 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 31, 2013 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 01, 2013 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Nov. 28, 2012 </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 22, 2008 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,115,807<span></span>
</td>
<td class="nump">615,624<span></span>
</td>
<td class="nump">1,805,784<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue', window );">Total intrinsic value of options exercised | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 141,040<span></span>
</td>
<td class="nump">&#165; 235,831<span></span>
</td>
<td class="nump">&#165; 153,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Non-vested shares granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">29,724<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue', window );">Non-vested shares granted, aggregate value | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions', window );">Unrecognized stock option compensation expense | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 71,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions', window );">Unrecognized stock option compensation expense, period for recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years 2 months 5 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions', window );">Unrecognized non-vested shares compensation expense | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions', window );">Unrecognized non-vested shares compensation expense, period for recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue', window );">Fair value of vested restricted shares | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,316<span></span>
</td>
<td class="nump">&#165; 1,567<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember', window );">Director [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Non-vested shares granted</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise prices | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.058<span></span>
</td>
<td class="nump">$ 0.89<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.99<span></span>
</td>
<td class="nump">9.28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Exercise prices | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.36<span></span>
</td>
<td class="nump">4.36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16.54<span></span>
</td>
<td class="nump">$ 12.85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_JanuaryFirstMember', window );">January 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,029,386<span></span>
</td>
<td class="nump">124,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_FairValueOfOrdinaryShareByValuation', window );">Fair Value of Ordinary Share by Valuation | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.63<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_FebruaryTwentiethMember', window );">February 20 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,805,784<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_FairValueOfOrdinaryShareByValuation', window );">Fair Value of Ordinary Share by Valuation | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_AprilThirdMember', window );">April 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share price | $ / shares</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Non-vested shares granted</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,780<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue', window );">Non-vested shares granted, aggregate value | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthMember', window );">September 16 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthMember', window );">September 16 [Member] | IPO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthMember', window );">September 16 [Member] | Remaining [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthTwoMember', window );">September 16, Second Issuance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">458,424<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_FairValueOfOrdinaryShareByValuation', window );">Fair Value of Ordinary Share by Valuation | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthTwoMember', window );">September 16, Second Issuance [Member] | IPO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthTwoMember', window );">September 16, Second Issuance [Member] | Remaining [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_SeptemberTwentySixthMember', window );">September 26 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,533,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_FairValueOfOrdinaryShareByValuation', window );">Fair Value of Ordinary Share by Valuation | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardDateAxis=tedu_NovemberEleventhMember', window );">November 11 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Non-vested shares granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=tedu_PlanOneMember', window );">2008 Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,184,990<span></span>
</td>
<td class="nump">6,002,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=tedu_PlanTwoMember', window );">2014 Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,833,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average period over which unrecognized compensation is expected to be recognized for share based awards other than options, in ''PnYnMnDTnHnMnS'' format, for example, ''P1Y5M13D'' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionShareBasedAwardsOtherThanOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average period over which unrecognized compensation is expected to be recognized for stock options, in ''PnYnMnDTnHnMnS'' format, for example, ''P1Y5M13D'' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionStockOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_FairValueOfOrdinaryShareByValuation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the estimated fair value of ordinary shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_FairValueOfOrdinaryShareByValuation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of grants made during the period of other than stock (or unit) options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested options awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_JanuaryFirstMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_JanuaryFirstMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_FebruaryTwentiethMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_FebruaryTwentiethMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_AprilThirdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_AprilThirdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_SeptemberSixteenthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=tedu_UponInitialPublicOfferingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=tedu_UponInitialPublicOfferingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=tedu_RemainingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=tedu_RemainingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_SeptemberSixteenthTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_SeptemberSixteenthTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_SeptemberTwentySixthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_SeptemberTwentySixthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=tedu_NovemberEleventhMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=tedu_NovemberEleventhMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=tedu_PlanOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=tedu_PlanOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=tedu_PlanTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=tedu_PlanTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6847510624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Summary of Stock Option Activity) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Share Options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, beginning balance</a></td>
<td class="nump">5,581,776<span></span>
</td>
<td class="nump">8,038,950<span></span>
</td>
<td class="nump">8,134,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted</a></td>
<td class="nump">1,115,807<span></span>
</td>
<td class="nump">615,624<span></span>
</td>
<td class="nump">1,805,784<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised</a></td>
<td class="num">(2,106,043)<span></span>
</td>
<td class="num">(3,015,872)<span></span>
</td>
<td class="num">(1,786,449)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeited</a></td>
<td class="num">(263,671)<span></span>
</td>
<td class="num">(56,926)<span></span>
</td>
<td class="num">(115,215)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod', window );">Expired</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, ending balance</a></td>
<td class="nump">4,327,869<span></span>
</td>
<td class="nump">5,581,776<span></span>
</td>
<td class="nump">8,038,950<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber', window );">Vested and expected to vest</a></td>
<td class="nump">3,959,763<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable</a></td>
<td class="nump">2,536,418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding, beginning balance</a></td>
<td class="nump">$ 1.77<span></span>
</td>
<td class="nump">$ 1.44<span></span>
</td>
<td class="nump">$ 0.82<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Granted</a></td>
<td class="nump">1.90<span></span>
</td>
<td class="nump">3.38<span></span>
</td>
<td class="nump">3.05<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised</a></td>
<td class="nump">1.46<span></span>
</td>
<td class="nump">1.20<span></span>
</td>
<td class="nump">0.14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Forfeited</a></td>
<td class="nump">2.98<span></span>
</td>
<td class="nump">3.33<span></span>
</td>
<td class="nump">2.91<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice', window );">Expired</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding, ending balance</a></td>
<td class="nump">1.88<span></span>
</td>
<td class="nump">$ 1.77<span></span>
</td>
<td class="nump">$ 1.44<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice', window );">Vested and expected to vest</a></td>
<td class="nump">1.74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Exercisable</a></td>
<td class="nump">$ 1.17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract', window );"><strong>Weighted Average Remaining Contractual Years</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Outstanding</a></td>
<td class="text">5 years 10 months 2 days<span></span>
</td>
<td class="text">5 years 8 months 5 days<span></span>
</td>
<td class="text">6 years 2 months 8 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1', window );">Vested and expected to vest</a></td>
<td class="text">5 years 7 months 2 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1', window );">Exercisable</a></td>
<td class="text">4 years 1 month 2 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Outstanding, Aggregate Intrinsic Value</a></td>
<td class="nump">$ 56,743<span></span>
</td>
<td class="nump">$ 48,412<span></span>
</td>
<td class="nump">$ 77,658<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue', window );">Vested and expected to vest, Aggregate Intrinsic Value</a></td>
<td class="nump">52,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Exercisable, Aggregate Intrinsic Value</a></td>
<td class="nump">$ 35,045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount by which the current fair value of the underlying stock exceeds the exercise price of fully vested and expected to vest options outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>As of the balance sheet date, the number of shares into which fully vested and expected to vest stock options outstanding can be converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>As of the balance sheet date, the weighted-average exercise price for outstanding stock options that are fully vested or expected to vest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options of the plan that expired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for fully vested and expected to vest options outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6854828688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Summary of Fair Value Assumptions) (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Sep. 16, 2013</div></th>
<th class="th"><div>Jan. 01, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Expected dividends yield</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple', window );">Exercise multiple</a></td>
<td class="nump">2.0<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="nump">2.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate per annum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.81%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Estimated fair value of underlying ordinary shares (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="nump">63.50%<span></span>
</td>
<td class="nump">62.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate per annum</a></td>
<td class="nump">2.15%<span></span>
</td>
<td class="nump">2.68%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Estimated fair value of underlying ordinary shares (per share)</a></td>
<td class="nump">$ 9.99<span></span>
</td>
<td class="nump">$ 9.28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.75<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="nump">68.80%<span></span>
</td>
<td class="nump">70.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate per annum</a></td>
<td class="nump">3.18%<span></span>
</td>
<td class="nump">2.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Estimated fair value of underlying ordinary shares (per share)</a></td>
<td class="nump">$ 16.54<span></span>
</td>
<td class="nump">$ 12.85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exercise multiple used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiple</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6825824336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Schedule of Fair Value of the Options Granted) (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Weighted average grant date fair value of option per share</a></td>
<td class="nump">$ 10.17<span></span>
</td>
<td class="nump">$ 9.16<span></span>
</td>
<td class="nump">$ 6.35<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue', window );">Aggregate grant date fair value of options</a></td>
<td class="nump">$ 11,352<span></span>
</td>
<td class="nump">$ 5,641<span></span>
</td>
<td class="nump">$ 11,468<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6834490112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE BASED COMPENSATION (Summary of Non-vested Shares Activity) (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Number of Non-vested Shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding, beginning balance</a></td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">27,780<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">29,724<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested</a></td>
<td class="num">(35,000)<span></span>
</td>
<td class="num">(27,780)<span></span>
</td>
<td class="num">(1,944)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Forfeited</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding, ending balance</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">27,780<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward', window );"><strong>Weighted Average Grant Date Fair Value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding, beginning balance</a></td>
<td class="nump">$ 9.63<span></span>
</td>
<td class="nump">$ 9.06<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted</a></td>
<td class="nump">10.82<span></span>
</td>
<td class="nump">9.63<span></span>
</td>
<td class="nump">9.38<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested</a></td>
<td class="nump">9.97<span></span>
</td>
<td class="nump">9.06<span></span>
</td>
<td class="nump">13.95<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Forfeited</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding, ending balance</a></td>
<td class="nump">$ 10.82<span></span>
</td>
<td class="nump">$ 9.63<span></span>
</td>
<td class="nump">$ 9.06<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6835096032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - CNY (&#165;)<br> &#165; / shares in Units, &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to Class A and Class B ordinary shareholders</a></td>
<td class="nump">&#165; 241,854<span></span>
</td>
<td class="nump">&#165; 178,760<span></span>
</td>
<td class="nump">&#165; 148,320<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Net income for basic and diluted earnings per share</a></td>
<td class="nump">&#165; 241,854<span></span>
</td>
<td class="nump">&#165; 178,760<span></span>
</td>
<td class="nump">&#165; 128,361<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Class A and Class B ordinary shares outstanding</a></td>
<td class="nump">55,540,670<span></span>
</td>
<td class="nump">53,767,810<span></span>
</td>
<td class="nump">41,223,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Dilutive effect of outstanding share options</a></td>
<td class="nump">3,464,591<span></span>
</td>
<td class="nump">4,983,046<span></span>
</td>
<td class="nump">6,546,743<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Denominator for diluted earnings per share</a></td>
<td class="nump">59,005,261<span></span>
</td>
<td class="nump">58,750,856<span></span>
</td>
<td class="nump">47,770,132<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per Class A and Class B ordinary share</a></td>
<td class="nump">&#165; 4.35<span></span>
</td>
<td class="nump">&#165; 3.32<span></span>
</td>
<td class="nump">&#165; 3.11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per Class A and Class B ordinary share</a></td>
<td class="nump">&#165; 4.10<span></span>
</td>
<td class="nump">&#165; 3.04<span></span>
</td>
<td class="nump">&#165; 2.69<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther', window );">Earnings allocated to participating convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">&#165; (5,648)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther', window );">Earnings allocated to participating convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(5,745)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther', window );">Earnings allocated to participating convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">&#165; (8,566)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of dilutive convertible securities excluding adjustments related to ESOP convertible preferred stock, stock options, and restrictive stock units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1500-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6717370992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesRentExpenseMinimumRentals', window );">Gross rent expenses</a></td>
<td class="nump">&#165; 136,076<span></span>
</td>
<td class="nump">&#165; 108,992<span></span>
</td>
<td class="nump">&#165; 77,493<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1', window );">Sublease rental income</a></td>
<td class="nump">460<span></span>
</td>
<td class="nump">&#165; 382<span></span>
</td>
<td class="nump">&#165; 1,416<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract', window );"><strong>Future minimum lease payments:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2017</a></td>
<td class="nump">116,805<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2018</a></td>
<td class="nump">100,736<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2019</a></td>
<td class="nump">70,660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">2020</a></td>
<td class="nump">47,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears', window );">2021</a></td>
<td class="nump">32,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter', window );">2022 and thereafter</a></td>
<td class="nump">53,924<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Total</a></td>
<td class="nump">&#165; 421,897<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesRentExpenseMinimumRentals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41499-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 25<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=7661868&amp;loc=d3e34039-112682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesRentExpenseMinimumRentals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesRentExpenseSubleaseRentals1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of sublease rental income recognized during the period that reduces the entity's rent expense incurred under operating leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesRentExpenseSubleaseRentals1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6855887520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>PARENT ONLY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Feb. 27, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 16, 2008 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 15, 2008 </div>
<div>shares</div>
</th>
<th class="th">
<div>Oct. 08, 2003 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">&#165; 810,672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 513,938<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 261,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 159,368<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedInvestmentsCurrent', window );">Time deposits</a></td>
<td class="nump">416,724<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">449,878<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted time deposits</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">126,088<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">1,450,858<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,326,918<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">2,085,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,653,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">117,867<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">79,835<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">479,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">305,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">7,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">486,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">315,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonValue', window );">Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</a></td>
<td class="num">(93,761)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">995,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">907,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">58,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,232<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">638,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">450,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">1,598,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,338,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,119,086<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (407,735)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">2,085,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,653,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90,000,000<span></span>
</td>
<td class="nump">9,000,000<span></span>
</td>
<td class="nump">90,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,580,000<span></span>
</td>
<td class="nump">1,358,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,580,000<span></span>
</td>
<td class="nump">1,358,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">&#165; 302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">48,735,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">47,160,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,988,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury shares | shares</a></td>
<td class="nump">1,574,980<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">926,113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">&#165; 86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">&#165; 43,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6,275<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedInvestmentsCurrent', window );">Time deposits</a></td>
<td class="nump">242,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">397,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted time deposits</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">1,855<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">288,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">564,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments and loans to subsidiaries</a></td>
<td class="nump">1,316,552<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">786,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,604,972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,350,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">3,409<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,522<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">3,409<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,522<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">3,343<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">6,752<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonValue', window );">Treasury shares (926,113 and 1,574,980 class A ordinary shares as of December 31, 2015 and 2016, respectively, at cost)</a></td>
<td class="num">(93,761)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">995,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">907,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">58,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,232<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">638,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">450,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">1,598,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,338,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">1,604,972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,350,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member] | Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">&#165; 302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">860,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">48,735,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,914,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">47,160,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,988,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury shares | shares</a></td>
<td class="nump">1,574,980<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">926,113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member] | Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Ordinary shares</a></td>
<td class="nump">&#165; 86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Ordinary shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Authorized | shares</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Issued | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Outstanding | shares</a></td>
<td class="nump">8,895,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,574,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669686-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedInvestmentsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the current portion of investments which are not defined as or included in marketable (debt, equity, or other) securities that are pledged or subject to withdrawal restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedInvestmentsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6835182624">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Comprehensive Income) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedIncomeStatementsCaptionsLineItems', window );"><strong>Condensed Income Statements, Captions [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">&#165; (307,519)<span></span>
</td>
<td class="num">&#165; (251,298)<span></span>
</td>
<td class="num">&#165; (183,998)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">229,834<span></span>
</td>
<td class="nump">157,682<span></span>
</td>
<td class="nump">117,916<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency exchange gains (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,760<span></span>
</td>
<td class="num">(29,499)<span></span>
</td>
<td class="nump">7,359<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_InterestIncome', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,974<span></span>
</td>
<td class="nump">42,732<span></span>
</td>
<td class="nump">26,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss on foreign currency forward contract</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,898)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,960<span></span>
</td>
<td class="nump">11,812<span></span>
</td>
<td class="nump">14,568<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">260,630<span></span>
</td>
<td class="nump">182,727<span></span>
</td>
<td class="nump">166,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18,776)<span></span>
</td>
<td class="num">(3,967)<span></span>
</td>
<td class="num">(14,795)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">241,854<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,972<span></span>
</td>
<td class="nump">34,748<span></span>
</td>
<td class="num">(2,896)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,235<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(235)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">269,826<span></span>
</td>
<td class="nump">213,508<span></span>
</td>
<td class="nump">148,954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax', window );">Unrealized holding gains on available for sale securities, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedIncomeStatementsCaptionsLineItems', window );"><strong>Condensed Income Statements, Captions [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,477)<span></span>
</td>
<td class="num">(4,241)<span></span>
</td>
<td class="num">(1,047)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,477)<span></span>
</td>
<td class="num">(4,241)<span></span>
</td>
<td class="num">(1,047)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromSubsidiariesNetOfTax', window );">Equity in income of subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">253,396<span></span>
</td>
<td class="nump">194,914<span></span>
</td>
<td class="nump">129,811<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency exchange gains (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,753)<span></span>
</td>
<td class="num">(31,923)<span></span>
</td>
<td class="nump">7,251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_InterestIncome', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,027<span></span>
</td>
<td class="nump">17,610<span></span>
</td>
<td class="nump">14,059<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss on foreign currency forward contract</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,898)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,559<span></span>
</td>
<td class="nump">2,400<span></span>
</td>
<td class="nump">1,776<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">241,854<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">241,854<span></span>
</td>
<td class="nump">178,760<span></span>
</td>
<td class="nump">151,850<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,972<span></span>
</td>
<td class="nump">34,748<span></span>
</td>
<td class="num">(2,896)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized holding gains on available for sale securities, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,235<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Less: reclassification adjustment for gains on available for sale securities realized in net income, net of RMB42 income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(235)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">269,826<span></span>
</td>
<td class="nump">&#165; 213,508<span></span>
</td>
<td class="nump">&#165; 148,954<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax', window );">Unrealized holding gains on available for sale securities, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax', window );">Reclassification adjustment for gains on available for sale securities realized in net income, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes share-based compensation expense as follows (note 14):</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_InterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income from nonoperating activities, including investments and tuition fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_InterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedIncomeStatementsCaptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CondensedIncomeStatementsCaptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30700-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDerivativeInstrumentsNetPretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromSubsidiariesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) of subsidiary attributable to the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromSubsidiariesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=64808268&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e689-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) before reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e640-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e,f)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832694544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Cash Flows) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by (used in) operating activities</a></td>
<td class="nump">&#165; 524,030<span></span>
</td>
<td class="nump">&#165; 347,698<span></span>
</td>
<td class="nump">&#165; 175,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireTimeDeposits', window );">Purchase of time deposits</a></td>
<td class="num">(421,170)<span></span>
</td>
<td class="num">(639,019)<span></span>
</td>
<td class="num">(708,124)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ProceedsFromMaturityOfDeposits', window );">Proceeds from maturity of time deposits</a></td>
<td class="nump">678,741<span></span>
</td>
<td class="nump">690,250<span></span>
</td>
<td class="nump">22,325<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="num">(156,449)<span></span>
</td>
<td class="num">(72,309)<span></span>
</td>
<td class="num">(734,539)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Issuance of Class A ordinary shares upon the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">592,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Issuance of Class A ordinary shares in private placement concurrent with the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">83,052<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Issuance of Class A ordinary shares in connection with exercise of share options</a></td>
<td class="nump">20,388<span></span>
</td>
<td class="nump">22,456<span></span>
</td>
<td class="nump">1,518<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payment of dividends</a></td>
<td class="num">(54,026)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of treasury shares</a></td>
<td class="num">(44,406)<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payment of IPO costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(21,705)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by (used in) financing activities</a></td>
<td class="num">(78,044)<span></span>
</td>
<td class="num">(26,899)<span></span>
</td>
<td class="nump">655,026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations', window );">Effect of foreign currency exchange rate changes on cash and cash equivalents</a></td>
<td class="nump">7,197<span></span>
</td>
<td class="nump">4,413<span></span>
</td>
<td class="nump">5,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember', window );">Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">3,648<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember', window );">Series B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">107,994<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember', window );">Series C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">592,849<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by (used in) operating activities</a></td>
<td class="num">(10,272)<span></span>
</td>
<td class="nump">9,770<span></span>
</td>
<td class="nump">19,036<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_PaymentsToAcquireTimeDeposits', window );">Purchase of time deposits</a></td>
<td class="num">(298,688)<span></span>
</td>
<td class="num">(588,426)<span></span>
</td>
<td class="num">(569,312)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_ProceedsFromMaturityOfDeposits', window );">Proceeds from maturity of time deposits</a></td>
<td class="nump">620,607<span></span>
</td>
<td class="nump">603,501<span></span>
</td>
<td class="nump">3,071<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Investments made to subsidiaries</a></td>
<td class="num">(198,137)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(104,662)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="nump">123,782<span></span>
</td>
<td class="nump">15,075<span></span>
</td>
<td class="num">(670,903)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_RelatedPartyAdvances', window );">Advances from a related party</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,432<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_tedu_RepaymentOfRelatedPartyAdvances', window );">Repayment of advances from a related party</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,432)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Issuance of Class A ordinary shares upon the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">592,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Issuance of Class A ordinary shares in private placement concurrent with the IPO</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">83,052<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Issuance of Class A ordinary shares in connection with exercise of share options</a></td>
<td class="nump">20,388<span></span>
</td>
<td class="nump">22,456<span></span>
</td>
<td class="nump">1,518<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payment of dividends</a></td>
<td class="num">(54,026)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of treasury shares</a></td>
<td class="num">(44,406)<span></span>
</td>
<td class="num">(49,355)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payment of IPO costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(17,228)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by (used in) financing activities</a></td>
<td class="num">(78,044)<span></span>
</td>
<td class="num">(26,899)<span></span>
</td>
<td class="nump">659,503<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations', window );">Effect of foreign currency exchange rate changes on cash and cash equivalents</a></td>
<td class="nump">2,029<span></span>
</td>
<td class="nump">398<span></span>
</td>
<td class="num">(27)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
<td class="nump">37,495<span></span>
</td>
<td class="num">(1,656)<span></span>
</td>
<td class="nump">7,609<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
<td class="nump">6,275<span></span>
</td>
<td class="nump">7,931<span></span>
</td>
<td class="nump">322<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">43,770<span></span>
</td>
<td class="nump">6,275<span></span>
</td>
<td class="nump">7,931<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member] | Series A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">3,648<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member] | Series B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">107,994<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent Company [Member] | Series C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Conversion of convertible redeemable preferred shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 592,849<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_PaymentsToAcquireTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire liquid investments with original maturities of greater than three months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_PaymentsToAcquireTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_ProceedsFromMaturityOfDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale or maturity of liquid investments with original maturities of greater than three months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_ProceedsFromMaturityOfDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_RelatedPartyAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount received from related party not considered debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_RelatedPartyAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tedu_RepaymentOfRelatedPartyAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Repayment of advances from a related party not considered debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tedu_RepaymentOfRelatedPartyAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tedu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash balances in continuing operations held in foreign currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesAConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesBConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=tedu_ConversionOfSeriesCConvertibleRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6826022880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Narrative) (Details)<br> &#165; / shares in Units, $ / shares in Units, &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>May 30, 2017 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>May 30, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 31, 2016 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Feb. 28, 2017 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Feb. 28, 2017 </div>
<div>&#165; / shares</div>
</th>
<th class="th">
<div>Mar. 07, 2016 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Dividend declared per ordinary share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Amount of cash dividends to be paid | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 54,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember', window );">Scenario, Forecast [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Amount of cash dividends to be paid</a></td>
<td class="nump">&#165; 64,900<span></span>
</td>
<td class="nump">$ 9,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Dividend declared per ordinary share | (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.16<span></span>
</td>
<td class="nump">&#165; 1.10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableAmountPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>131
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/
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M77_XW81]:]W!_6/CJZ"NX-==Z"]02P,$%     @ @XB92IE<G",0!@  G"<
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M.AQG0GS/]O:1I24RS^_Y"NM./&<?5I:P7<_/Y)Z,<B.[W?98??9/1VXCUZG
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M&Y'! @DHD%ATM-X" &1C#Z2@1&KS\4IBA$0&THV0*,-1[,,Z&:B3V3K!2@>
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M(#N?75K_1WR+=9(/3E(=3TW=C?]G3Z]=W^POI20K^^K;^;H[C-?3I?SW,#D
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M>>'YH6^.E[/0XGH@N_P?4$L#!!0    ( (.(F4K:B_<':00  (X6   8
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M?U__J)<./V3BCO%UL]P=_W_U]?MNOUDU45PJJ_F_IY^+]?'G2Q._'<8/@&8
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M/I*>3H"42U2U4BN=4K5Y]L$"5FR6VN9(_[ZV(82VJ"_8N\S,SMKK;$3S8EL
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M[<+V@]^;:<ZFP&$_/R&VO./B-U!+ P04    " "#B)E*V#L=(;8!  #3 P
M&0   'AL+W=O<FMS:&5E=',O<VAE970Q,BYX;6Q]4^V.TS 0?!7+#W!NW1Y7
MJB32]1 "":3J$,=O-]DDUODCV$YSO#UK)Q<"!/[$WLW,[*R]S@;KGGT+$,B+
M5L;GM VA.S+FRQ:T\#>V X-_:NNT"!BZAOG.@:@222O&-YLW3 MI:)&EW-D5
MF>V#D@;.COA>:^%^G$#9(:=;^IIXE$T;8H(562<:^ +A:W=V&+%9I9(:C)?6
M$ =U3N^WQ],^XA/@2<+@%WL2.[E8^QR#CU5.-]$0*"A#5!"X7.$!E(I":./[
MI$GGDI&XW+^JOT^]8R\7X>'!JF^R"FU.#Y144(M>A4<[?("IGUM*IN8_P144
MPJ,3K%%:Y=.7E+T/5D\J:$6+EW&5)JW#^.=V-]'6"7PB\)EP2'786"@Y?R>"
M*#)G!^+&L^]$O.+MD>/9E#&9CB+]0_,>L]>"\[N,7:/0A#F-&+[ ;&<$0_6Y
M!%\K<>)_T?EAG;];M;A+_-UO%O\AL%\5V">!_7][7,.\_:,(6QRJ!M>D<?*D
MM+U)H[S(SA-[S].E_(*/X_Y9N$8:3RXVX-6F"ZBM#8!6-C<X0RV^L#E04(>X
MO<.]&^=L#(+MIB?$YG=<_ 102P,$%     @ @XB92DVJ[U&U 0  TP,  !D
M  !X;"]W;W)K<VAE971S+W-H965T,3,N>&UL?5-ACY0P$/TK37_ E2VKKAL@
MN3UC--%D<\;S<Q<&:*ZEV);E_/=."X?H<7ZAG>&]-V_::38:^^A: $^>M.I<
M3EOO^R-CKFQ!"W=C>NCP3VVL%AY#VS#76Q!5)&G%>)*\95K(CA99S)UMD9G!
M*]G!V1(W:"WLKQ,H,^9T1Y\3][)I?4BP(NM% ]_ ?^_/%B.VJ%120^>DZ8B%
M.J>WN^-I'_ 1\"!A=*L]"9U<C'D,P><JITDP! I*'Q0$+E>X Z6"$-KX.6O2
MI60@KO?/ZA]C[]C+13BX,^J'K'R;TP,E%=1B4/[>C)]@[N<-)7/S7^ *"N'!
M"=8HC7+Q2\K!>:-G%;2BQ=.TRBZNX_0G?3_3M@E\)O"%<(AUV%0H.O\@O"@R
M:T9BI[/O1;CBW9'CV90A&8\B_D/S#K/7@J=)QJY!:,:<)@Q?878+@J'Z4H)O
ME3CQ%W1^V.:GFQ;3R$__LOB*@?VFP#X*[/_;XQ:&_U.$K0Y5@VWB.#E2FJ&+
MH[S*+A-[R^.E_(%/X_Y5V$9VCER,QZN-%U ;XP&M)#<X0RV^L"504/NP?8=[
M.\W9%'C3ST^(+>^X^ U02P,$%     @ @XB92B>*LPRU 0  TP,  !D   !X
M;"]W;W)K<VAE971S+W-H965T,30N>&UL?5-ACYP@$/TKA!]P[*+;;C9J<GN7
MIDW:9'--V\^LCDH.' NX7O]] 3UK6W-?A!G?>_,&AFQ$\VQ; $=>M.IL3EOG
M^A-CMFQ!"WN'/73^3XU&"^=#TS#;&Q!5)&G%^&[WCFDA.UID,7<Q18:#4[*#
MBR%VT%J87V=0..9T3U\33[)I74BP(NM% U_!?>LOQD=L4:FDALY*[(B!.J?W
M^],Y#?@(^"YAM*L]"9U<$9]#\*G*Z2X8 @6E"PK"+S=X *6"D+?Q<]:D2\E
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M=/YJXP54B Z\E<V-GZ'&O[ YD%"YL/WD]V:<LS%PV$U/B,WO./\%4$L#!!0
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MU:8+J!$]!"N;FS!#;7AA<Z"@]G%['_9VG+,Q\-A-3XC-[[CX"5!+ P04
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M%U 9XP&M)%<X0PV^L#F04/FPO<&]'>=L#+SIIB?$YG><OP%02P,$%     @
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M-'82_'VMI31@4XD>;%=;^R M!H?:N&UJ]VH:R\DP<IA?'+(\>\5?4$L#!!0
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MSC]M?(!&:P<^E>3*SU#G?]AB"&A<.'[R9S/-V60XW<]?B"S_N/P+4$L#!!0
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M+GHMDW2?DZL76C"G&4,WF#<$<>IK"AI+<:+_T.DASD^B%I/ 3[;\Y#\&TJA
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MP.50D"UY"SRWU\:X "WSGEWA&YCO_4G9%9U5ZE9 IUO9!0HN!7G<'HY[A_>
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MV^'O[/:Y[>K=V$NDLBN_'3XW^^'S=>S_K1ENX,8&[MC ^A\VH+$!?6\0?MB
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M*R"''UW]-+[>LCB^8W/U'U!+ P04    " "#B)E*WB#<LM$"  !B#   &0
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MP_GM\-"4Y_%L.KP>D"__!U!+ P04    " "#B)E*)?3^%4@"   *!P  &0
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M=DE\%>8983!,#,+$ (P39MMKV"0,RRAS6'P1QC2=8:$@"P58,H>% F%2[L(
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M$-LJ9:6CS.^<27MWKQD[M=Q:WV2NK?O#O>]8U0T7EVR\/2W_ 5!+ P04
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MW-V>@P@+A%"5NQLO)_9;%0 D)"*"'.$S!Z@J$6WB"%7Y+2\&L#<#P,8K0WO
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M>SS4_*#MEIB][,=6?]"B&R9R,OXM6/X#4$L#!!0    ( (.(F4J3Z)9^4@(
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MA'Y2TH/4PTB->7M*MA/)FNX/P.M_0])_4$L#!!0    ( (.(F4KX;FSJ*P(
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MG81 NJ>WD$GS6P)!P8SBF?)+ (7N!@C2[0!!NA\@:,80!%;S1T+-QZ2_93$
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MZKWH!VIO*-X-=P48+ZS\/U!+ P04    " "#B)E*&;43"W@$  #9%@  &0
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MHDF=T&#R)>*%6UQ#3#."-".;IC!*))%%0L14,(.JC>(QB1UC)B 9 <@0@XP
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MXHDO]W=;#=;;6<_)#2CEZ&7N1V3J7"I'"K-L,*2#H9';QZQ,#&X1CHR@#8-
M82R)8>Y'5%O"Q)"P#UD#D*@/V9B0(( CI6#!:&U/>Y&ZL ,7=.#6#MR> T]+
MM<'X-29O@M3R6)N0L(/IQ>&!<7A '#[LP <=^.,K$8 . B""0-NNP$@38P(O
M$H*+A, B(>P@ AU$X]/$".88^CS1E0)U,_5=5VN,M4)Y'11!GL:4#8#R_:&8
M!W0! S$/]!<&.?V(R1V5@\F&J1%%@)!>.0@TH#X8YB0>0TH\@I4*XXVA)89Y
MB4UB!FB@Y3',3'P'-3',33R"G L %&*]:B:&NGK5/L=L%,8;HP08E@)L:D&
MZ( +6 SP'6I 8#4@(]1@ 8 \K#]S"4!S4S( %" 9D*\AR2"P9!!3,@(TY *6
M#'*'9!!8,@BD!EI-E@K4>ZRX=*";"*P9Q-2,  T\0 E,=>+=D2Y,=>*/Z283
MY&%?[R839!!58;I=\J57.-5,-UWUTX+EAYB*$*"!]S0"LYV$=Q079CN)QA37
M! '%-4%F<:/;3:EJ>]-3_P56%Z#^+,QB:K)8U_0%@ G0P$L5A9E.R><"MP!
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M2VO_2H,)?DOP.P**/R4$+2'X((2?$L*6$-Y+B%I"="\A;@FQ07";9.GL;[#
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MBX+LA;I-Y#UK!M9F(6C=#N-N]X]@]0]02P,$%     @ A(B92NTR^?8( @
M4P4  !D   !X;"]W;W)K<VAE971S+W-H965T-S N>&UL?53;CILP%/P5Q ?$
MW$(N J1-HJJ56BG:JNVS0TX K8VI[83MW]<7PA)B[0O8AYGQC+%/UC/^)FH
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MW&IME%493^Q[W=N3RF60JZUI;H6]K[IVO1L8?>B/(M'E/#3_"U!+ P04
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MO9,DK4(T9!U1YK7--I%U0ID)6EE/E@%EVF<;$C\YQT_.X>1(U-.]Q!^-XW2
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M\-JTU6:<I:.R*;[M/U?;X?-]G/_[,#R Q@%T&&"3DP-X', _!LC) 3(.D&#
M8A_*D)N\:(N[F[IZG]7[GW=7]*O(7DN7_8?^Y)#LX7]=>IKN[-M=9N5F\=9/
M-&+N]Q@ZPM@#8M'-?K@$H4O<DQI.Z?0*2P#)II!<0[S'+!@&RL-X/@["$YY
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M4( 34BC3HEV.O60NY PV-&RB%43#?&(B_89@/Q2TFQ$:N("]= JKDB5 ^:Z
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MMQ[V!VVU&]_H6!Q>*[G['U!+ P04    " "$B)E*V4_V\WH"   Z"   &0
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M9'%',9'; _&NW%TEKQEI9R7M=9(\<(T<H]%@()+;.U6^+J2&Y^8B_+0 PT5
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MM\\V55H26_=5B#1PKX-VY6M0010>99ZFDFJK)'N*"7M>\!8,*T(/E;"U'.0
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MBNYGU]K69"L^D#$.:0K=P"9M=SAF#UL]IFMBR^V\H;:36JT)[9O>=;F;2G,
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MPILM+TV'EBQF6I?-!3?+!/,[CDA&7::@O\V9V/GVY[H-=&U"!D61:SYYMZ5
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M\YI,)_7]GIV?7'P\53?'_[MYN]SO]H8#R/O>^S9HW7C8,2=5Q]0E3RCCG%6
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MC%2)9I;8Y#K4X*2 :0@B7(,L_H@#.-,>_)CD]W]_*#:'KI0O,VN,E$?,(A"
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M@&OZ<U8"C30SZ_6_^?G,QO"\8#7XY?MW&JN<-=GN@D_MZ^N8S79%622/FO3
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ME>4Y>)2+]J]D5Z\YZ/9HY[A>OU$,M^C*9=,('):SJ #9)N#AAO\HL%T?V]-
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MDC?$'6JMX)<9Q%K;4="/^MA]:S((IE._/+$IK;<#N$Q-TA9PP7<O A?%:;3
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M*$^_IB7U:.)PC9,B)Y$#-2. 'AP&=G^^D/5CHN8OM.2?26+%OR\<VS](V,W
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MD?&<I0/KU3"S,4Y8JQ6)8T0-:=#V(;/*.I- 1AY/T(S15U/Z%__#!M%#,F_
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M&'5_;)CP>W4\FY48IK!ES\[SR 3AK@';ZT]K^^YZZH+&0E6J[4FL^#F )V.
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M4M0;G+0TP+5>C%88Y%+7.Z&BZRD!0BA%8P T_@#>YO[MP8^JG=YO[ .SON<
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M;4@]7(2CP&1^-%%4JXTINQ25%&.MG2B;&(^JI TD[:R+R@K^T:?,@5[1Q3]
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MP6"QV\CV'=9IFDRXWAM[J(H2W<8#9-K9L?:'8M ZT(,3K(0BE2<'[5Z*5'F
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MCBJ@"3=+W-I1X&>/("!8KC\A9=<_7:]VMP_D49S?PR;\. <)?)F\7T_NB0#
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M\7'6I%,\5"MY3^I+??-&\LN3I0GJXVCH4IU$'P'(:H1"+RM1XY*:.5>:&<U
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M[[\G?_+-61I&D&1#;ZA5L''3]M\C"UI]1;#2FSYNXZG'WKFLPADV&%;UG=2
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M75A;*WEA#^IJY=IYG[Y(GJQ[D'4*L8F;ENC&GIW1_//-:B5&LTSM*+Y;8ZS
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MG1OA&.54W9H6;3"$E?W5@ ?C\JI%*1'"ROZ&(Y(S^\WB55_%\S]02P,$%
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MH/@TSPBD!2"M#X1,4OTRDTH#1E<BB&9S FD#2/N0D Z!= "D<SC(&U\12!=
MNH>$] BD!R"]PT'ZR0V!/ :0Q[R0$YD$<3A/PTAU8)>+)%0R2;Z(*+[V54@@
M3P#D"2]DLIC-_/BN TS":Q5>A8&O4N$'0;10*84TCM!,?L2+^<*3B%@&,KSU
M+Z>2HD'),%MF'LNY'TZ$_#J7*I&)\-5$1.F-C$6PB&.*B51C,+MF'D=S&:=W
M/9[\:Q'.NR'S12B94D0D&H/9---(7?^1RG@F0G4KD[0?TQ0."<9@-HQ^ N.%
M_*UN1HHQF!VCNU./D5NI%G(0.F04@UDITRC14[,25U$L]1S3QTNJX*Z[\+<_
M"!URBL$LE5#I5$&*U/\Z#!U2B,'LD%A.>\?-_6[HIK&O$C_HC#(@1/XPF 42
MQ9-0=09);OSX95AT1EZDD;Y(.]=$ C&9!:)GZ2NI'[O)"R?E0O8PF>W1T^C<
M/]%D73JMYQ:_ZU_*!RL49FU(/U:ANDZ$EL=SZ"@9LH7)7I?,9N&S(_J'3N>$
MJ2;5$TLX[%YD#9/9&GK<:D ]^4WU;*?'B8;SIUIO>N:;^8/TRD36,)FMD2PN
M$YT3=*B=.X;U,5*'R:P.F)Z:M!HQD3I,9G7 5-\\IIC()B:S37 T3R@F4HK)
MK)0=R;[XE&8:HOE,UT203RQ^G^S/^BV#8B*]6.S%R=ZLOPLIQ426L9@MLS/S
MW]GG<"&,V3BP!+!LBHF<8S$[AY8 .V.(3&,QFX8FV3OAD&TL9MOLS[9[5(J)
M;&,QVV9?SO@23XJ);&,QV^9]ZKBSPY%I+&;3P!Q2?*)KVT@V-K=L4!9I4]G8
M2#8VLVQ@%F2;%!/)QF:6#<:T*":RC<UL&YBLV=0V-MQXX5\7>Y^L);KAU=,F
M%Q7%1-ZQF;VS$S/89$U3Z!9H(F0C ]G,!MH=S:?M-JM_BFI-,9&!;&8#P4ZW
M:;UC(P/9S :"2;I-ZQT;6<AFMA!,TI,EW;Q$%G+82QZ Z5 +.<A"#K.%]M02
MD[S-BLT@]7"0A1QF"\%BPJ$6<I"%'&8+#8N)74%$\G&8Y0-W%IS!MC_<]__0
MHN>7'-<B+)?5EF(B^3C,\H&8#EUL<Y!\G _<IWF/2>7C(/DXS/+9CSG)UWE-
M,9%\'&;YO,'\/]40M]GF*6OIH10D'Y=9/ONCN2CKG#K21?)QF>4SQ%1976?=
M,;W/+U,GQ43R<9GE@Q8Z=&PI)I*/RRP?N+?HTA+(119RF2V$,:F%7&0AE]E"
M;[= =^K<A4?/N'=[]BYL]2.)8B(!N0=;?^NG3XJ)!.1R[_8@3)=6/RX2D,M]
M FT_9C?+TP.'2$ >LX!@-#U:_7A(0!ZS@'8MNA);4DPD((_]Y#-8>/5H]>,A
M 7G, H(+KQX5D(<$Y!WRE(%'!>0A 7G< H*8+L5$%O+8SQR\.0PQ3.0H)CP"
MW5MHW-_<7)RM\G51YBNE?Z+1UY?99CFO1??2'^$R;:<[QK5^VFP"?2TJIU76
M7>_;>/W'CXO_ %!+ P04    " "$B)E*K6+_>'$"   <+@  &@   'AL+U]R
M96QS+W=O<FMB;V]K+GAM;"YR96QSQ=I-;MLP$(;AJQ@Z0&C.D,.DB+/J)MNT
M%Q!L^@>Q)4%4D>3V5;VI"B3ZNC ^;60(,H;OZH% \?$EG^OAU#;E>.K*ZOUR
M;LJF.@Y#]\VYLCWF2UWNVBXWXY-]VU_J8;SM#ZZKMZ_U(3M9K\WUTQG5T^-T
MYNIYMZGZYYVO5C_K_I"'3>7>S^ZM[5_+,>>AN.N/OQL7&/_RT>7_6;[=[T_;
M_+W=_KKD9OBDXN\"E?L\2.:#A!ZD\T%*#PKS08$>%.>#(CW(YH.,'I3F@Q(]
MZ'X^Z)X>]# ?]$ /\FL@XYJ?A+#F:^T!UY[OM0=@>[[8'I#M^69[@+;GJ^T!
MVY[OM@=P>[[<'M#M^79[@+?GZRU ;^'K+4!O6>!=&[UL\_46H+?P]1:@M_#U
M%J"W\/46H+?P]1:@M_#U%J"W\/46H+?P]5:@M_+U5J"W\O56H+<NL%>"-DOX
M>BO06_EZ*]!;^7HKT%OY>BO06_EZ*]!;^7HKT%OY>@>@=^#K'8#>@:]W 'H'
MOMX!Z!T6V.M&F]U\O0/0._#U#D#OP-<[ +T#7^\ ] Y\O0/0._#UCD#OR-<[
M KTC7^\(](Y\O2/0._+UCD#ON,"W2O2QDJ]W!'I'OMX1Z!WY>D>@=^3K'8'>
MD:^W ;V-K[<!O8VOMP&]C:^W ;V-K[<!O8VOMP&];8&S)NBP"5]O WH;7V\#
M>AM?;P-Z&U_O!/1.?+T3T#OQ]4Y [\37.P&]$U_O!/1.?+T3T#OQ]4Y [[3
M64%T6)"O=YKH78YUGW<_AO[4',JM2_X9_F7-!.XR?)SS[3.N4[\\.SE1>AA7
MR>YZO3F$UZE_(MRTHCS]!E!+ P04    " "$B)E*RE7@E!L"  #[+   $P
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MF0$  &1O8U!R;W!S+V-O<F4N>&UL4$L! A0#%     @ @XB92IE<G",0!@
MG"<  !,              ( !MP(  'AL+W1H96UE+W1H96UE,2YX;6Q02P$"
M% ,4    " "#B)E*9<J!"HX"  "8"0  &               @ 'X"   >&PO
M=V]R:W-H965T<R]S:&5E=#$N>&UL4$L! A0#%     @ @XB92CE"1C]V!
MG!4  !@              ( !O L  'AL+W=O<FMS:&5E=',O<VAE970R+GAM
M;%!+ 0(4 Q0    ( (.(F4K:B_<':00  (X6   8              "  6@0
M  !X;"]W;W)K<VAE971S+W-H965T,RYX;6Q02P$"% ,4    " "#B)E*=;X@
M^K<$  !,%@  &               @ $'%0  >&PO=V]R:W-H965T<R]S:&5E
M=#0N>&UL4$L! A0#%     @ @XB92@,YZ*:P @  ^@D  !@
M ( !]!D  'AL+W=O<FMS:&5E=',O<VAE970U+GAM;%!+ 0(4 Q0    ( (.(
MF4I%ID+A6 D  'T]   8              "  =H<  !X;"]W;W)K<VAE971S
M+W-H965T-BYX;6Q02P$"% ,4    " "#B)E*(_KT.1L"   &!@  &
M        @ %H)@  >&PO=V]R:W-H965T<R]S:&5E=#<N>&UL4$L! A0#%
M  @ @XB92O9,!F^(!P  ,BH  !@              ( !N2@  'AL+W=O<FMS
M:&5E=',O<VAE970X+GAM;%!+ 0(4 Q0    ( (.(F4H&T9!-L@$  -,#   8
M              "  7<P  !X;"]W;W)K<VAE971S+W-H965T.2YX;6Q02P$"
M% ,4    " "#B)E*=(LOP[4!  #3 P  &0              @ %?,@  >&PO
M=V]R:W-H965T<R]S:&5E=#$P+GAM;%!+ 0(4 Q0    ( (.(F4K#[P)RM0$
M -,#   9              "  4LT  !X;"]W;W)K<VAE971S+W-H965T,3$N
M>&UL4$L! A0#%     @ @XB92M@['2&V 0  TP,  !D              ( !
M-S8  'AL+W=O<FMS:&5E=',O<VAE970Q,BYX;6Q02P$"% ,4    " "#B)E*
M3:KO4;4!  #3 P  &0              @ $D.   >&PO=V]R:W-H965T<R]S
M:&5E=#$S+GAM;%!+ 0(4 Q0    ( (.(F4HGBK,,M0$  -,#   9
M      "  1 Z  !X;"]W;W)K<VAE971S+W-H965T,30N>&UL4$L! A0#%
M  @ @XB92G!C2P&V 0  TP,  !D              ( !_#L  'AL+W=O<FMS
M:&5E=',O<VAE970Q-2YX;6Q02P$"% ,4    " "#B)E*((C*3K4!  #3 P
M&0              @ 'I/0  >&PO=V]R:W-H965T<R]S:&5E=#$V+GAM;%!+
M 0(4 Q0    ( (.(F4KP@*FPM0$  -,#   9              "  =4_  !X
M;"]W;W)K<VAE971S+W-H965T,3<N>&UL4$L! A0#%     @ @XB92E QF5NV
M 0  TP,  !D              ( !P4$  'AL+W=O<FMS:&5E=',O<VAE970Q
M."YX;6Q02P$"% ,4    " "#B)E*#-\54;8!  #3 P  &0
M@ &N0P  >&PO=V]R:W-H965T<R]S:&5E=#$Y+GAM;%!+ 0(4 Q0    ( (.(
MF4KN42G8M0$  -,#   9              "  9M%  !X;"]W;W)K<VAE971S
M+W-H965T,C N>&UL4$L! A0#%     @ @XB92HEY>A*V 0  TP,  !D
M         ( !AT<  'AL+W=O<FMS:&5E=',O<VAE970R,2YX;6Q02P$"% ,4
M    " "#B)E*$*FQ*+8!  #3 P  &0              @ %T20  >&PO=V]R
M:W-H965T<R]S:&5E=#(R+GAM;%!+ 0(4 Q0    ( (.(F4H+3I6RM@$  -,#
M   9              "  6%+  !X;"]W;W)K<VAE971S+W-H965T,C,N>&UL
M4$L! A0#%     @ @XB92EL W,"U 0  TP,  !D              ( !3DT
M 'AL+W=O<FMS:&5E=',O<VAE970R-"YX;6Q02P$"% ,4    " "#B)E*3!G[
MX+4!  #3 P  &0              @ $Z3P  >&PO=V]R:W-H965T<R]S:&5E
M=#(U+GAM;%!+ 0(4 Q0    ( (.(F4JOK&_YM@$  -,#   9
M  "  291  !X;"]W;W)K<VAE971S+W-H965T,C8N>&UL4$L! A0#%     @
M@XB92D+B 9;Z @  &@T  !D              ( !$U,  'AL+W=O<FMS:&5E
M=',O<VAE970R-RYX;6Q02P$"% ,4    " "#B)E*$M"&E>X!  "E!0  &0
M            @ %$5@  >&PO=V]R:W-H965T<R]S:&5E=#(X+GAM;%!+ 0(4
M Q0    ( (.(F4HZ32^VN $  -,#   9              "  6E8  !X;"]W
M;W)K<VAE971S+W-H965T,CDN>&UL4$L! A0#%     @ @XB92KBQ X;A 0
M @4  !D              ( !6%H  'AL+W=O<FMS:&5E=',O<VAE970S,"YX
M;6Q02P$"% ,4    " "#B)E*97O3,;@!  #3 P  &0              @ %P
M7   >&PO=V]R:W-H965T<R]S:&5E=#,Q+GAM;%!+ 0(4 Q0    ( (.(F4H&
M^<IWQ@$  #@$   9              "  5]>  !X;"]W;W)K<VAE971S+W-H
M965T,S(N>&UL4$L! A0#%     @ @XB92E?Y\#2W 0  TP,  !D
M     ( !7&   'AL+W=O<FMS:&5E=',O<VAE970S,RYX;6Q02P$"% ,4
M" "#B)E*9;9F=K@!  #3 P  &0              @ %*8@  >&PO=V]R:W-H
M965T<R]S:&5E=#,T+GAM;%!+ 0(4 Q0    ( (.(F4J*)XPBMP$  -,#   9
M              "  3ED  !X;"]W;W)K<VAE971S+W-H965T,S4N>&UL4$L!
M A0#%     @ @XB92HES#Z7Z 0  S 4  !D              ( !)V8  'AL
M+W=O<FMS:&5E=',O<VAE970S-BYX;6Q02P$"% ,4    " "#B)E*4NJ9C;D!
M  #3 P  &0              @ %8:   >&PO=V]R:W-H965T<R]S:&5E=#,W
M+GAM;%!+ 0(4 Q0    ( (.(F4JA1T\?WP$   (%   9              "
M 4AJ  !X;"]W;W)K<VAE971S+W-H965T,S@N>&UL4$L! A0#%     @ @XB9
M2M0FM)6X 0  TP,  !D              ( !7FP  'AL+W=O<FMS:&5E=',O
M<VAE970S.2YX;6Q02P$"% ,4    " "#B)E*-N6?4;@!  #3 P  &0
M        @ %-;@  >&PO=V]R:W-H965T<R]S:&5E=#0P+GAM;%!+ 0(4 Q0
M   ( (.(F4KK<3Y%U $  )T$   9              "  3QP  !X;"]W;W)K
M<VAE971S+W-H965T-#$N>&UL4$L! A0#%     @ @XB92O2EJNJ"!@  ;R,
M !D              ( !1W(  'AL+W=O<FMS:&5E=',O<VAE970T,BYX;6Q0
M2P$"% ,4    " "#B)E*WB#<LM$"  !B#   &0              @ $ >0
M>&PO=V]R:W-H965T<R]S:&5E=#0S+GAM;%!+ 0(4 Q0    ( (.(F4HR=IZ?
M?00  "P7   9              "  0A\  !X;"]W;W)K<VAE971S+W-H965T
M-#0N>&UL4$L! A0#%     @ @XB92B7T_A5( @  "@<  !D
M ( !O(   'AL+W=O<FMS:&5E=',O<VAE970T-2YX;6Q02P$"% ,4    " "#
MB)E*EOFD%=X!  "N!   &0              @ $[@P  >&PO=V]R:W-H965T
M<R]S:&5E=#0V+GAM;%!+ 0(4 Q0    ( (.(F4JM$/,-1P(  +@&   9
M          "  5"%  !X;"]W;W)K<VAE971S+W-H965T-#<N>&UL4$L! A0#
M%     @ @XB92A#RSF0F @  6 8  !D              ( !SH<  'AL+W=O
M<FMS:&5E=',O<VAE970T."YX;6Q02P$"% ,4    " "#B)E*TW=^^_4"   Z
M"P  &0              @ $KB@  >&PO=V]R:W-H965T<R]S:&5E=#0Y+GAM
M;%!+ 0(4 Q0    ( (.(F4I4_9K&C@(  $D)   9              "  5>-
M  !X;"]W;W)K<VAE971S+W-H965T-3 N>&UL4$L! A0#%     @ @XB92B8J
MP)&M @  P@D  !D              ( !')   'AL+W=O<FMS:&5E=',O<VAE
M970U,2YX;6Q02P$"% ,4    " "#B)E*7PA3^.L$  #S&@  &0
M    @ $ DP  >&PO=V]R:W-H965T<R]S:&5E=#4R+GAM;%!+ 0(4 Q0    (
M (.(F4H)\2,1^@$  #P%   9              "  2*8  !X;"]W;W)K<VAE
M971S+W-H965T-3,N>&UL4$L! A0#%     @ @XB92I!YVVN' @  (@@  !D
M             ( !4YH  'AL+W=O<FMS:&5E=',O<VAE970U-"YX;6Q02P$"
M% ,4    " "#B)E*D^B6?E("  !9!P  &0              @ $1G0  >&PO
M=V]R:W-H965T<R]S:&5E=#4U+GAM;%!+ 0(4 Q0    ( (.(F4H+T0L0A@(
M )((   9              "  9J?  !X;"]W;W)K<VAE971S+W-H965T-38N
M>&UL4$L! A0#%     @ @XB92OAN;.HK @  !P8  !D              ( !
M5Z(  'AL+W=O<FMS:&5E=',O<VAE970U-RYX;6Q02P$"% ,4    " "#B)E*
M++>5V!T#  #\#0  &0              @ &YI   >&PO=V]R:W-H965T<R]S
M:&5E=#4X+GAM;%!+ 0(4 Q0    ( (.(F4H+KMFP:0(  -('   9
M      "  0VH  !X;"]W;W)K<VAE971S+W-H965T-3DN>&UL4$L! A0#%
M  @ @XB92DZ+Z]9' @  M@8  !D              ( !K:H  'AL+W=O<FMS
M:&5E=',O<VAE970V,"YX;6Q02P$"% ,4    " "#B)E*&]D'7DD"  "\!@
M&0              @ $KK0  >&PO=V]R:W-H965T<R]S:&5E=#8Q+GAM;%!+
M 0(4 Q0    ( (.(F4H9M1,+> 0  -D6   9              "  :NO  !X
M;"]W;W)K<VAE971S+W-H965T-C(N>&UL4$L! A0#%     @ A(B92CP8V$6D
M P  %A$  !D              ( !6K0  'AL+W=O<FMS:&5E=',O<VAE970V
M,RYX;6Q02P$"% ,4    " "$B)E**\2,;^X(   ;.0  &0
M@ $UN   >&PO=V]R:W-H965T<R]S:&5E=#8T+GAM;%!+ 0(4 Q0    ( (2(
MF4IR5+W21 (  .@&   9              "  5K!  !X;"]W;W)K<VAE971S
M+W-H965T-C4N>&UL4$L! A0#%     @ A(B92JN3[Y$O!   MA0  !D
M         ( !U<,  'AL+W=O<FMS:&5E=',O<VAE970V-BYX;6Q02P$"% ,4
M    " "$B)E*W%&H_+P&  !G*   &0              @ $[R   >&PO=V]R
M:W-H965T<R]S:&5E=#8W+GAM;%!+ 0(4 Q0    ( (2(F4J6.%N@^P,  /P1
M   9              "  2[/  !X;"]W;W)K<VAE971S+W-H965T-C@N>&UL
M4$L! A0#%     @ A(B92AW=--_T @  '0P  !D              ( !8-,
M 'AL+W=O<FMS:&5E=',O<VAE970V.2YX;6Q02P$"% ,4    " "$B)E*[3+Y
M]@@"  !3!0  &0              @ &+U@  >&PO=V]R:W-H965T<R]S:&5E
M=#<P+GAM;%!+ 0(4 Q0    ( (2(F4KB^JC6Y@(  +4+   9
M  "  <K8  !X;"]W;W)K<VAE971S+W-H965T-S$N>&UL4$L! A0#%     @
MA(B92LC-_#-% P  &PT  !D              ( !Y]L  'AL+W=O<FMS:&5E
M=',O<VAE970W,BYX;6Q02P$"% ,4    " "$B)E*R\"9TY,"  !T"   &0
M            @ %CWP  >&PO=V]R:W-H965T<R]S:&5E=#<S+GAM;%!+ 0(4
M Q0    ( (2(F4K*XA&/R0<  !PO   9              "  2WB  !X;"]W
M;W)K<VAE971S+W-H965T-S0N>&UL4$L! A0#%     @ A(B92M-&@K,T!0
M#!L  !D              ( !+>H  'AL+W=O<FMS:&5E=',O<VAE970W-2YX
M;6Q02P$"% ,4    " "$B)E*<7MXRBP&  !B(@  &0              @ &8
M[P  >&PO=V]R:W-H965T<R]S:&5E=#<V+GAM;%!+ 0(4 Q0    ( (2(F4K9
M3_;S>@(  #H(   9              "  ?OU  !X;"]W;W)K<VAE971S+W-H
M965T-S<N>&UL4$L! A0#%     @ A(B92F=TJ2HJM0  6_<" !0
M     ( !K/@  'AL+W-H87)E9%-T<FEN9W,N>&UL4$L! A0#%     @ A(B9
M2F-/ELJ, @  (@\   T              ( !"*X! 'AL+W-T>6QE<RYX;6Q0
M2P$"% ,4    " "$B)E*]\2C'80%  !G,@  #P              @ &_L $
M>&PO=V]R:V)O;VLN>&UL4$L! A0#%     @ A(B92JUB_WAQ @  '"X  !H
M             ( !<+8! 'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QS4$L!
M A0#%     @ A(B92LI5X)0; @  ^RP  !,              ( !&;D! %M#
G;VYT96YT7U1Y<&5S72YX;6Q02P4&     %8 5@",%P  9;L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.7.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>344</ContextCount>
  <ElementCount>402</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>104</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>7</UnitCount>
  <MyReports>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>101 - Document - Document And Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/DocumentAndEntityInformation</Role>
      <ShortName>Document And Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>102 - Statement - CONSOLIDATED BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedBalanceSheets</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>103 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedBalanceSheetsParenthetical</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>104 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncome</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>105 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedStatementsOfComprehensiveIncomeParenthetical</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>106 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficit</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>107 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedStatementsOfChangesInEquityDeficitParenthetical</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>108 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ConsolidatedStatementsOfCashFlows</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>109 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks</Role>
      <ShortName>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>110 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPolicies</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>111 - Disclosure - ACCOUNTS RECEIVABLE</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivable</Role>
      <ShortName>ACCOUNTS RECEIVABLE</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>112 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets</Role>
      <ShortName>PREPAID EXPENSES AND OTHER CURRENT ASSETS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>113 - Disclosure - PROPERTY AND EQUIPMENT, NET</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PropertyAndEquipmentNet</Role>
      <ShortName>PROPERTY AND EQUIPMENT, NET</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>114 - Disclosure - LONG-TERM INVESTMENTS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/LongtermInvestments</Role>
      <ShortName>LONG-TERM INVESTMENTS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>115 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities</Role>
      <ShortName>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>116 - Disclosure - NET REVENUES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/NetRevenues</Role>
      <ShortName>NET REVENUES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>117 - Disclosure - LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContract</Role>
      <ShortName>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>118 - Disclosure - INCOME TAXES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxes</Role>
      <ShortName>INCOME TAXES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>119 - Disclosure - RELATED PARTY TRANSACTIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/RelatedPartyTransactions</Role>
      <ShortName>RELATED PARTY TRANSACTIONS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>19</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>120 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve</Role>
      <ShortName>ORDINARY SHARES AND STATUTORY RESERVE</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>20</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>121 - Disclosure - PREFERRED SHARES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PreferredShares</Role>
      <ShortName>PREFERRED SHARES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>21</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>122 - Disclosure - SHARE BASED COMPENSATION</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensation</Role>
      <ShortName>SHARE BASED COMPENSATION</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>22</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>123 - Disclosure - EARNINGS PER SHARE</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/EarningsPerShare</Role>
      <ShortName>EARNINGS PER SHARE</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>23</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>124 - Disclosure - COMMITMENTS AND CONTINGENCIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/CommitmentsAndContingencies</Role>
      <ShortName>COMMITMENTS AND CONTINGENCIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>24</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>125 - Disclosure - PARENT ONLY FINANCIAL INFORMATION</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ParentOnlyFinancialInformation</Role>
      <ShortName>PARENT ONLY FINANCIAL INFORMATION</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>25</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>126 - Disclosure - SUBSEQUENT EVENTS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SubsequentEvents</Role>
      <ShortName>SUBSEQUENT EVENTS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>26</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>127 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesPolicies</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <Position>27</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>128 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables</Role>
      <ShortName>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisks</ParentRole>
      <Position>28</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>129 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesTables</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPolicies</ParentRole>
      <Position>29</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>130 - Disclosure - ACCOUNTS RECEIVABLE (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivableTables</Role>
      <ShortName>ACCOUNTS RECEIVABLE (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccountsReceivable</ParentRole>
      <Position>30</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>131 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsTables</Role>
      <ShortName>PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssets</ParentRole>
      <Position>31</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>132 - Disclosure - PROPERTY AND EQUIPMENT, NET (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PropertyAndEquipmentNetTables</Role>
      <ShortName>PROPERTY AND EQUIPMENT, NET (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PropertyAndEquipmentNet</ParentRole>
      <Position>32</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>133 - Disclosure - LONG-TERM INVESTMENTS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/LongtermInvestmentsTables</Role>
      <ShortName>LONG-TERM INVESTMENTS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/LongtermInvestments</ParentRole>
      <Position>33</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>134 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesTables</Role>
      <ShortName>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilities</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>135 - Disclosure - NET REVENUES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/NetRevenuesTables</Role>
      <ShortName>NET REVENUES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/NetRevenues</ParentRole>
      <Position>35</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>136 - Disclosure - INCOME TAXES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesTables</Role>
      <ShortName>INCOME TAXES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxes</ParentRole>
      <Position>36</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>137 - Disclosure - RELATED PARTY TRANSACTIONS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/RelatedPartyTransactionsTables</Role>
      <ShortName>RELATED PARTY TRANSACTIONS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/RelatedPartyTransactions</ParentRole>
      <Position>37</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>138 - Disclosure - SHARE BASED COMPENSATION (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationTables</Role>
      <ShortName>SHARE BASED COMPENSATION (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensation</ParentRole>
      <Position>38</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>139 - Disclosure - EARNINGS PER SHARE (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/EarningsPerShareTables</Role>
      <ShortName>EARNINGS PER SHARE (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/EarningsPerShare</ParentRole>
      <Position>39</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>140 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/CommitmentsAndContingenciesTables</Role>
      <ShortName>COMMITMENTS AND CONTINGENCIES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/CommitmentsAndContingencies</ParentRole>
      <Position>40</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>141 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables</Role>
      <ShortName>PARENT ONLY FINANCIAL INFORMATION (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ParentOnlyFinancialInformation</ParentRole>
      <Position>41</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>142 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Organization) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksOrganizationDetails</Role>
      <ShortName>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Organization) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables</ParentRole>
      <Position>42</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>143 - Disclosure - DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Significant Concentrations and Risks) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksSignificantConcentrationsAndRisksDetails</Role>
      <ShortName>DESCRIPTION OF BUSINESS, ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT CONCENTRATIONS AND RISKS (Significant Concentrations and Risks) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/DescriptionOfBusinessOrganizationBasisOfPresentationAndSignificantConcentrationsAndRisksTables</ParentRole>
      <Position>43</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>144 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesDetails</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/SummaryOfSignificantAccountingPoliciesTables</ParentRole>
      <Position>44</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>145 - Disclosure - ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivableScheduleOfAccountsReceivableDetails</Role>
      <ShortName>ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccountsReceivableTables</ParentRole>
      <Position>45</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>146 - Disclosure - ACCOUNTS RECEIVABLE (Classification of Accounts Receivable) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivableClassificationOfAccountsReceivableDetails</Role>
      <ShortName>ACCOUNTS RECEIVABLE (Classification of Accounts Receivable) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccountsReceivableTables</ParentRole>
      <Position>46</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>147 - Disclosure - ACCOUNTS RECEIVABLE (Summary of Allowance for Doubtful Accounts) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivableSummaryOfAllowanceForDoubtfulAccountsDetails</Role>
      <ShortName>ACCOUNTS RECEIVABLE (Summary of Allowance for Doubtful Accounts) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccountsReceivableTables</ParentRole>
      <Position>47</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>148 - Disclosure - ACCOUNTS RECEIVABLE (Schedule of Aging Accounts Receivable) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccountsReceivableScheduleOfAgingAccountsReceivableDetails</Role>
      <ShortName>ACCOUNTS RECEIVABLE (Schedule of Aging Accounts Receivable) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccountsReceivableTables</ParentRole>
      <Position>48</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>149 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsDetails</Role>
      <ShortName>PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PrepaidExpensesAndOtherCurrentAssetsTables</ParentRole>
      <Position>49</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R50.htm</HtmlFileName>
      <LongName>150 - Disclosure - PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentDetails</Role>
      <ShortName>PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PropertyAndEquipmentNetTables</ParentRole>
      <Position>50</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R51.htm</HtmlFileName>
      <LongName>151 - Disclosure - PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation Expense) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PropertyAndEquipmentNetScheduleOfDepreciationExpenseDetails</Role>
      <ShortName>PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation Expense) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PropertyAndEquipmentNetTables</ParentRole>
      <Position>51</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R52.htm</HtmlFileName>
      <LongName>152 - Disclosure - LONG-TERM INVESTMENTS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/LongtermInvestmentsDetails</Role>
      <ShortName>LONG-TERM INVESTMENTS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/LongtermInvestmentsTables</ParentRole>
      <Position>52</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R53.htm</HtmlFileName>
      <LongName>153 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesDetails</Role>
      <ShortName>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/AccruedExpensesAndOtherCurrentLiabilitiesTables</ParentRole>
      <Position>53</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R54.htm</HtmlFileName>
      <LongName>154 - Disclosure - NET REVENUES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/NetRevenuesDetails</Role>
      <ShortName>NET REVENUES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/NetRevenuesTables</ParentRole>
      <Position>54</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R55.htm</HtmlFileName>
      <LongName>155 - Disclosure - LOSS ON FOREIGN CURRENCY FORWARD CONTRACT (Narrative) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContractNarrativeDetails</Role>
      <ShortName>LOSS ON FOREIGN CURRENCY FORWARD CONTRACT (Narrative) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/LossOnForeignCurrencyForwardContract</ParentRole>
      <Position>55</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R56.htm</HtmlFileName>
      <LongName>156 - Disclosure - INCOME TAXES (Schedule of Income before Income Taxes) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeBeforeIncomeTaxesDetails</Role>
      <ShortName>INCOME TAXES (Schedule of Income before Income Taxes) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>56</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R57.htm</HtmlFileName>
      <LongName>157 - Disclosure - INCOME TAXES (Schedule of Income Tax Expenses) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxExpensesDetails</Role>
      <ShortName>INCOME TAXES (Schedule of Income Tax Expenses) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>57</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R58.htm</HtmlFileName>
      <LongName>158 - Disclosure - INCOME TAXES (Schedule of Income Tax Rate Reconciliation) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesScheduleOfIncomeTaxRateReconciliationDetails</Role>
      <ShortName>INCOME TAXES (Schedule of Income Tax Rate Reconciliation) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>58</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R59.htm</HtmlFileName>
      <LongName>159 - Disclosure - INCOME TAXES (Schedule of Deferred Income Tax Assets) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesScheduleOfDeferredIncomeTaxAssetsDetails</Role>
      <ShortName>INCOME TAXES (Schedule of Deferred Income Tax Assets) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>59</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R60.htm</HtmlFileName>
      <LongName>160 - Disclosure - INCOME TAXES (Summary of Valuation Allowance) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesSummaryOfValuationAllowanceDetails</Role>
      <ShortName>INCOME TAXES (Summary of Valuation Allowance) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>60</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R61.htm</HtmlFileName>
      <LongName>161 - Disclosure - INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesScheduleOfUnrecognizedTaxBenefitsDetails</Role>
      <ShortName>INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>61</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R62.htm</HtmlFileName>
      <LongName>162 - Disclosure - INCOME TAXES (Narrative) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/IncomeTaxesNarrativeDetails</Role>
      <ShortName>INCOME TAXES (Narrative) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/IncomeTaxesTables</ParentRole>
      <Position>62</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R63.htm</HtmlFileName>
      <LongName>163 - Disclosure - RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/RelatedPartyTransactionsScheduleOfRelatedPartyTransactionsDetails</Role>
      <ShortName>RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/RelatedPartyTransactionsTables</ParentRole>
      <Position>63</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R64.htm</HtmlFileName>
      <LongName>164 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE (Ordinary Shares) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveOrdinarySharesDetails</Role>
      <ShortName>ORDINARY SHARES AND STATUTORY RESERVE (Ordinary Shares) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve</ParentRole>
      <Position>64</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R65.htm</HtmlFileName>
      <LongName>165 - Disclosure - ORDINARY SHARES AND STATUTORY RESERVE (Statutory Reserve) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserveStatutoryReserveDetails</Role>
      <ShortName>ORDINARY SHARES AND STATUTORY RESERVE (Statutory Reserve) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/OrdinarySharesAndStatutoryReserve</ParentRole>
      <Position>65</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R66.htm</HtmlFileName>
      <LongName>166 - Disclosure - PREFERRED SHARES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/PreferredSharesDetails</Role>
      <ShortName>PREFERRED SHARES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/PreferredShares</ParentRole>
      <Position>66</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R67.htm</HtmlFileName>
      <LongName>167 - Disclosure - SHARE BASED COMPENSATION (Narrative) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationNarrativeDetails</Role>
      <ShortName>SHARE BASED COMPENSATION (Narrative) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensationTables</ParentRole>
      <Position>67</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R68.htm</HtmlFileName>
      <LongName>168 - Disclosure - SHARE BASED COMPENSATION (Summary of Stock Option Activity) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfStockOptionActivityDetails</Role>
      <ShortName>SHARE BASED COMPENSATION (Summary of Stock Option Activity) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensationTables</ParentRole>
      <Position>68</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R69.htm</HtmlFileName>
      <LongName>169 - Disclosure - SHARE BASED COMPENSATION (Summary of Fair Value Assumptions) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfFairValueAssumptionsDetails</Role>
      <ShortName>SHARE BASED COMPENSATION (Summary of Fair Value Assumptions) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensationTables</ParentRole>
      <Position>69</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R70.htm</HtmlFileName>
      <LongName>170 - Disclosure - SHARE BASED COMPENSATION (Schedule of Fair Value of the Options Granted) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationScheduleOfFairValueOfOptionsGrantedDetails</Role>
      <ShortName>SHARE BASED COMPENSATION (Schedule of Fair Value of the Options Granted) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensationTables</ParentRole>
      <Position>70</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R71.htm</HtmlFileName>
      <LongName>171 - Disclosure - SHARE BASED COMPENSATION (Summary of Non-vested Shares Activity) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ShareBasedCompensationSummaryOfNonvestedSharesActivityDetails</Role>
      <ShortName>SHARE BASED COMPENSATION (Summary of Non-vested Shares Activity) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ShareBasedCompensationTables</ParentRole>
      <Position>71</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R72.htm</HtmlFileName>
      <LongName>172 - Disclosure - EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/EarningsPerShareScheduleOfBasicAndDilutedEarningsPerShareDetails</Role>
      <ShortName>EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/EarningsPerShareTables</ParentRole>
      <Position>72</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R73.htm</HtmlFileName>
      <LongName>173 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/CommitmentsAndContingenciesDetails</Role>
      <ShortName>COMMITMENTS AND CONTINGENCIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/CommitmentsAndContingenciesTables</ParentRole>
      <Position>73</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R74.htm</HtmlFileName>
      <LongName>174 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedBalanceSheetsDetails</Role>
      <ShortName>PARENT ONLY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables</ParentRole>
      <Position>74</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R75.htm</HtmlFileName>
      <LongName>175 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Comprehensive Income) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfComprehensiveIncomeDetails</Role>
      <ShortName>PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Comprehensive Income) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables</ParentRole>
      <Position>75</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R76.htm</HtmlFileName>
      <LongName>176 - Disclosure - PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Cash Flows) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/ParentOnlyFinancialInformationCondensedStatementsOfCashFlowsDetails</Role>
      <ShortName>PARENT ONLY FINANCIAL INFORMATION (Condensed Statements of Cash Flows) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/ParentOnlyFinancialInformationTables</ParentRole>
      <Position>76</Position>
    </Report>
    <Report instance="tedu-20161231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R77.htm</HtmlFileName>
      <LongName>177 - Disclosure - SUBSEQUENT EVENTS (Narrative) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://bj.tedu.cn/role/SubsequentEventsNarrativeDetails</Role>
      <ShortName>SUBSEQUENT EVENTS (Narrative) (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://bj.tedu.cn/role/SubsequentEvents</ParentRole>
      <Position>77</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>tedu-20161231.xml</File>
    <File>tedu-20161231.xsd</File>
    <File>tedu-20161231_cal.xml</File>
    <File>tedu-20161231_def.xml</File>
    <File>tedu-20161231_lab.xml</File>
    <File>tedu-20161231_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies/>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>137
<FILENAME>0001144204-17-022025-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001144204-17-022025-xbrl.zip
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MH9-W(7ZH\/F_O]T\6B,T-H\=+XQ,STK1XA30GKW>"7U9%+2B.V97+&ZPT21
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M*!PA[_7"QR(; SPK@&>>2-O#8*EH1SB6^!HPR.N)^AE]:3V_O8?^, ($5H;
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MM>R: PJ9XDYGBD'A=E.XU/%M<&#10:9FJL9[XJ2Y#'#K.G<03AQBL7EA&SB
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M(28/9XMV^TM(MN3_L=JA-JVY%\ZK$^'@(E@[1P84&!2X305>0R;H<<'J$,S
MH,",*7#K,S!C:V<;-!=F8%!@-A68E1F853U.KXS # SKFVU8$Y9G8,;60#9H
M+LS H,!L*C K,S!K>BRO])A\EF9Z?#H)'/=IY 1V4JU.OYM!_.9NZU"&C1@>
M68;;0X=< AWD)JFFE6Y 11NH2"U!I8:WYMK[U7+]:1BB"&H8-@NEKPN2>L*E
MTTG5:#"]Q--J+)PG9(T\W_5?/\[]FVBN%C9R;M"KZ5[&+,V<,SS9FYB(*S]
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M.)@796+GH0T+>VYOLP7-UTM'=W%X"$1"#*^XL5WMQLJ*&Y2!@NJ ZH#J@.J
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MXB:!3^J5;>[E@_O;-,0?'._OW##GG&:(Q@XFWZ=!(F-7*>688%4Q!@HO@=Z
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MWKGQ[O\\OG!Q:@W!ET4IX,BQS6Z/[%O#@8H@#"2]S/(@X!OPW0%\:\) ;^]
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M%XFL#X?FK=N'?K!AS8G[;H:<Z;J^%>>,(C_;1ZT&'J#%&;0X8V;#N2QUOYU
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MGJ.;[<Q4S;U1 =V [O[V1NT>NAGQ7IM-N[;8&[5[\4W-O>VZ'-\WUQN5I0Q
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M73L!O@1/AEW'%A--A(5WD>7D%JZW<>E]=#N\(+>M$(=:?^!_*_A-:#TYR_]
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M#@W(CV1M)XE95<HIKLNQHDD?E915A9SBVAP+4,;%OHCY\&)ZX-3TP?S,7:Z
MXY,6[YYG.L\8N=/W[25WYCOZ:HK\\-L5!N1V'?B!B?N%WZQ1=]<D":?^K;,A
MG90B3-R1\=%+_#AMKFXNCW[3!4G6I1AI&H>W3X*DX@4:7X(@O*0;RJ$2)!45
MT 0Z011%%S1-/5""I'Q_3:031)9$35>-$1'D"[PP\*^<.^!9[OR+!_5>]6";
M)M%)(^B\HNER<Z3)@;P_XA2$US293AQH:JKBH=*F()ZF*248!^[1.J]U2YS
MG?UUY?MK,#]?>U#XR+7XL3[^,7S6Q1OP9A9\3PVA44O@#K6)+,?U267 6D.M
MB.4U.FH2O$O7Q$&B5L2Q.ATU4>!57I8:16U/GK]TO06P@C5\7\3X-3BVA-$(
MA544E.:$-0?P_FA3P/)Z"?M140VQ06-I4*0I$!F]A"4IJI*J":.BS<7;R@H]
MPOHBI><9E6^^]<FQ[%^/ F\-CKA?^H.\B.'S;+[A0%[$CWD&6=N0QPSY?P*4
M[0+FTU?@F<\@TOEWGC4#Y3UX/6XZ?7LX_[X"WG<,0ERXQ*/?^!-=;,4A*<)C
M>.1+"YY:DGS"B=R@83Y:\J6E7RM-/JU!TWVTY$NK(+TT^71]^.3S*WE<Y4E8
M:@<U2I)2.N&KV*7-X30\<A9LZP9?FIQ2%<X\9'(6V!J&4%K0C2J!Y0&3,WIZ
M2_)NB*7M'J'*QMTH6H,D:I'42Z795&R23<=/U"+9E\N;F%7" L,F:H[GW; "
M*.OXB"=&E8A"PX@-E+!%2J"L2P2W?HD1MH(B*.LL08YMTJ;JF[ YT9J&"5O@
M1NT=T.D&NR)Y+/!L1H+=;C6N\ 6.1BGLGNA^\%-E/_@>+$T+C6)!B3\>!'5M
MVH_ 6XHU$!2.?KM3_Q2_ZN<IF>X6\N$2;S?O*SS4AG?*G_I7A1&OJEI4> D3
M3^"_B@.D7C/QJROX)LOQK=D?IKTN'_=5^)11'M^!^:/?-$U5V@FX)0$> F72
M(J<44D;69:&=<X3A428M3VHA9115DZO8PTU1YHR,!]@DHL(M&[X-A'6;-38L
M6LFD;NC)'.YB"!J!MVB/H"3WBB@]L6MXB]0RI7A0TE1M'WCW9;P_@(]TNC-'
MKYG!CX\N^BK&C]/G9P\\FP&H*TD"7RQ)HJPVF%Y;&Z&F=_W05$;5T\D7"15(
M)Q223H([6_IXHQ6(\RL"&E _ J7J3I U(Z^$A"H7C2D<@5++)AEJ7IETPP 6
M:!B!4A\FZ-"^J0-A@^Q4TG84:F"O0+-7_E-HU.JM 7G3Q*.KL19IJF)70FN4
MILTAU/T6V,CYOR)42)]H,/MD/_2:3^;:)5IUJ5H^JT)H,"FE)!XMDJ]B*8LB
ME$CD%15)E84&?>$,O-T+;U4ZB262>B5#,32U0?^O+!II\ETL%O!RZW5;F7@/
M#=M[ +&=6;9%H @NP1RRIHWJ)]>!Z[TG+JYNM(EQJW2U3DJ:A [AQ7C!7 ,P
M=H=V@24HBH>+=H$U($I]HUU;N"Y-R\,.S-3WU\O-&0<6L'/KU9H#9UY3!.0"
MHD#/K F'MBST0R%7D>@HC%Q51$X=+KG*R/>EZT&;R$E<<6[!&U%@RS+M&O*F
M%2NA8_Z$ERIJ(1J4'6)>)#HZ3?WRHC):Q(N$P* B'C^;Z OQ&]>9@_D:7@9M
MW#"@<@]\8'JS%VC/G8-78+LK)';5N5[BZ6NO52-!>7!;U9/WEO_7I0= U"6C
MWBXL%1FB,J:/I#=18%86A5X8J$!Y2%23E8]G=;7+0)T0HT"A2%1#=JS2%.W;
M?[@V?(QM!>\UY:G(JL444AJ)H93'H2D>R@?US*W195:1BHS94*CT_?EH-\B]
M$:5(TQ29K(0H<D4S921$*=(X%*L5$D4=!5%N@Y=T"*V4I-!M5[X!_#%T7:!:
MQ/]T:Y571X1J 5?+=*N4%QI&%6X,ZU)/NO/ QIP/+_#O@#<K:7]_G\Y?T7@K
M%(J] 3\>P>S%<6WW^?T"67DKS_+!5X "L7-@78-GTX;?PZTJTX1.D:DQ4EZ
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M%/_/$(PTG]>!J'6\TOQ/,2E40U2E[O J6I#O&U?DSGQ'D9XXNYZ:-K)<'EX
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MBJK-&![UFK*W2L)]8\B]<;9."U>K_*AYNTFKL+]%JISC<5!*HR%[5Z^>G'U
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M/^'N/,OUN'< 'QS](&B?X0X'H21Q5 YNO*8SLTR;LYR%ZRU)R/+%A#\] >!
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M\H;R,6U%"IN"B"+;M)J0B4. YGD<7\9<6\1S')#&@Z <1X",V0^G.-&9(P&
MTP_NHZDIY/(&/&]]J)YWLS78S/D>HO/].F#G.Y2X[:"B9GWO9H1D#%46M+.&
MM1^&].&KH"VPC-J)N.;L!1O 88L3M%/A5+--B:]/EBC,QLJ[/4J$#%/EB(%D
MQX9/X98WH5625R4[>[' (O9*-& 9[[)+\R^XA2$3"7Z*_P+WJ">XFY!-E3B[
MX28(=UQW[:%S$YSY-=\D/?M^U(PD/,O ,R*1LQ!^%2&:*J0\X;YN<4:G!HEN
M,&&X/IZDYCH@2[[HO",\Y4 G"T[LYQ-NNDT,S2-1^$",.;)$X#)#(S7LN!4Y
M^Z%9<'=_!HVM*/TZL*%)Z+C<,W"?/7,%H4C,Q[0*VZPTP,=I39 -X(['GBAE
M(*2M"DB:*4G&1W= ?08_AGW/&C,PC*$:&"RT?^#6Q=N K8M[,,/Z#[N&R!'>
MB"&'_4!4X#&68/\>"?IHW[[<9+9OE!>:UTQHP)VZZ,PW/@3W<OJ0F, <D7"K
MR6*W?UOA<^3X_=.';XG;;]P3G")WS!L3+K9 N)Z?-!0X"]M%A&U$SJ(M;KM"
MJ*LCW(W?\9/@EOGP+7IFE(2 =D<RR/.=%'F$Q^-1YP!<>P16UBS8#J1=D)@(
M-&904Y0Y]^RBFAM<,1-F8*!T\\V&"T% :0:Q[/DPRSU*F2#&4-@4SHTENH=P
MD?/OJ$,;_M+.R>X@M3X98"#:&PS]%W>-N@K:OHL[S=GH#G^->K=8R%KYUQIY
M\D&81@#-!I0-$/T=-P)0JTZ'Q$[\,&2:7PKADDHR+#T8)\=$9_J3D!X3+K"6
MN,\*[G3HA TF2*?$: FP_;)M1HBZ'N)9I(@'9DD>V% =M9[@SJ$XXP@67'2%
MY%HB-MVP)F2'D,V48Y2,N=52"3[;]8XXGY%%VV1R;@-TB'+12.,8_Q'CV(%B
M'"D67)&TN84DISCKA%D<E7=M6]N8"U2"L<$380E?H"6S8'!Q4%@Y%KXT(NWF
MY=M'_K<)W^J]<P)^E)ZMJ4#E@.M5V';1Q@L=-30TEYL\$#(R%.O2L)(#)8SZ
MI"@,6OOO_\;5;L@=*+!BMW!Z\.%^.$H6&GO8#M_DW>:BA"4WM+P3-3G.;K^"
M5MN3I,8*96-@8<>=@-;D-6!33#8AF/I6.*%[[L[66W*A2I$@'#,:_AU74#]M
MFT(2R4:SO2,#/6+A-5:D88;2S(:B@0I< C_61 D/C$9,@:+(<=?CA^O]A:#'
M98L1@>+KB5-P(!%L4OX4;#T9,YX8%))UX]IL$,)\]V*^XNPH*RA#WJ[\XD,K
M6;MU-G)+5(":K^[0+\>\D-YYH^_C.W!BU]T6;2&F^!JKVH),L#458K.RMU]>
M;RM"LQK37.)#M*BQD.F3K0YK_\U+)_$ZL4GD?FZ9--S*4*Y88B.*)3<BP46!
M:O2Z,( 4[?^023?)D"A[;;-S/25KX;9ID)-P(]B6M>%2Y&V:9+QV+.S_&CLH
M^BDV%)R(]J[:ZQ"N:*C=(FZ0;G;\T*1 ([K#NH10R.(RBC$#X.>0#ALEB67T
M":1VGH6%6K*%356IN\TDUK\6!W.LY6:K"D=Y$TCCCTUJTL2&$2G0\ PD5DJ)
M-0O^.HX#TR[M:Y=+\.1A]2(6ZI?0G(*Z1-RA8\0=.H8T!-PJB).8OA(YI!:L
MA16&)&-2$#8DQ#T%+U%S]U2GP4GB,5NAQTV* 4C:_"9)1SEV%\=K/][YP S;
MCFTZ(""6M]#QF_V>J9<-U5,R8YK<OS+?E^'1*^'9)]/&EHS_ D! 1&+#UMA*
MIT*,3&$;;!H4^E _QHZJ?3>6(1PFC&_!223^;!*5MZWT)B2M>9MRG9/@C UM
M%/@@BCHIF1OH$=>&"(1M N!GU_-):X?0$8DV@;_ >\+9()';$*S8O/$DBV3,
MY]7ZR;9F]OMQ0'*V<<=TQPJ[6.XRKHFE5JC&L/Z:4/4B-)TO3 ]2;6,06?B$
M=6D% 9@S_3<J_?<5-Z.2>+IQ9>Q0?,8.Q1=/^-X2XIA[P-D$\5\_<5>QJ3U(
M="ZB3'A\6'V,$\BY.Z)D8I&7K-E%BMW)D4=2F6[+2? C2=I>I+?2U@.4>P\)
M-7(*4<Z('3?@<C1USC.C\H&87,?MB9_,G^/U]/$>,9^YGYY^CLKZK>V!CDD<
M&E3];V%#*[2BT$ZQ-45)P].?9IDG6-%8X:B=#.YW'T4?PMM0?D<2M5AY!JZ,
M*$&]!FPOM0';:^X"'V>+D#A32KE #L$NG,FA6@W/(GUR0S^:J9UV6S1Q_[V&
M^^P.C5,SL(JUD2#%--#65;O:.DS'9Z2[T;6+Y?NG1W=ES3A)5'_.TR;A-H_#
MC!;1*Z%91/RKJ,U0V#+))@\E[!Z]/&QE0^:>!&'-5+0[8[3RZH30HST+*81)
MM(7&2K<F89&:Z;LD7(G^]-<K]%C\-P0!0.G>"&<X9"@< Q(UC8K:"Y+^3W@<
M!S$3?!Q7@X"$.7_XP#SI'2=1AL!G,(X;D.82(?QO;*[X00C4\]J:1RV)=BN+
M$I9+\G*:<C$V!@S!<1O4>0);0X984VB1H\5O'3"]LO&T,8*3RK=2<"ID)6)8
M;T,.G>FW<73OW*'(INMG^$4KJDR)J;*'^*Y]AG;M2WQF$%)($3Z3G,:$P1 U
MR,;7HR- :Q6N-OXFM*=R@E<DX!IYI9FP5-8TB3P<;$]X\3?A;R)#@6*#E- *
M.=P;TKI.>*>2^#;K]1R"X!ZB87*#W)#P:*U!B=[$CP2]A%2'1HDH\3]_0AV#
M V@2H#5&E\0C28CG-M*R,58P:YF[A P9%K89Y4V34]98@OJV+QD^%G;1_(CP
M_@EY2B+3'@>1PFZ4VW#*'/@SSWJ*&MAOX,?WNU[FJ]@CPQ$6R'R95'TR$8>=
MCXY.B9_ -G^<Q+NCFS-WA+W0T'P,Z%Z%)-HH%A1/"^F%!_4Y\]@WA'01!O#5
M/V@N6"I,5F@3U=-N-95;W!?;7H!/_Y//3V&PI3<VM#:M0%$?GL!SM^U(D8],
M3F'"$P%T#(].4$.PMWEY++@T)F4:'=T1?FQ8EVK'O!#3I:>(M] Y/.2.I_ D
M=Z-)=5Z!FO2,G"-'+'(.%E;4L1&ULXR>0+.'YJG[GJ(W;X[MW:?_"5D;\Q\6
MG(V>1J$I'[?HVC@69%K0EH&AVB$G:;'@45R:$J=JJ(9J1EIP1 -\R+!#U.\"
MO9\X8_#K"%#0N*JI%:NAFE,%BF2U51^HOQGI*+L(0+R$+,I0R4D:"6D-RJF*
MY,MP415Z4F)U\!EFU55@JF5@JH6HE7C&U /*'8DIC4<0=MCYXKISS$M7F_F>
M!:;9$IJ5/H0%K#B1:(WGZ/[8?-  ^$$F]F1R+^\K=+(>X+C0:NU!JPV=N7FH
MU\XVYQ^U>\Y[:-A"^0<2'QRZ)@E[3^]1ID*\/@'JM63B4/XL6;1SQM,&<)=G
M-_PYK,C+M)*.@$L1)R;<2/RBP4DQH0O+CS=MD\@)5S@G-5(XN^A)UU]&H2HB
M@Y;#EVS/UW:_+BRH"#M.A?V42#83>7\R$4WKRZ9IJO<BYOK=$S%'4])0M3HA
M4S,9MLRZ72 W;>K,T7\NML[$(WKE/K4-(C_HV@:2N'Z-,^R3Q0ZQV:9HD1M]
M]<[08;^8Y=1KQ#8\],^);,3N-A#OG][>GU_<'Y_=7E]/[QX@"#/7MLV5#SYS
MMW]<W%]>W_[S$X>R'^&SJ4(1[9NHY"&O;&,S(5A<O>659L2+$<A@O4C\'_^\
MAK Y*(W!3LU$#3 Y<=8J)B<'<;F]_\3]!X__EU$@V4(1N$2!NPPO_&<(H\;S
MF]FVJD)EH$Q1Q&YSAEZ(T3?N<@QWH7W40QZ,:H)"X#EA]<;A/264@($0)\X8
MHO2W(R0Q4"8@VRM5*159!5N*2<*$\0N]ZH>I%,8BXU8I(8"XGC('NIU\(PAQ
MC2-6)20JSV'<P[BG-O>HC'O8]L2VIW&CWI/Z" =P#)\^C#48:PR&-?;?6$@'
MBNI$.IV>_>/+_>VWFW-(J=D,@,6B#<K5V&L@NW!SX+BX?!8WO7?^0JT%T.R]
M\&@S6;EH!6MR1K;MTE.#W_HEY-*:SVTP'.TT<+;JF!JXVBV?''?3\_.KFR_'
M]R&04="\?Q+1 ^-I&JFB-A%D?73LPH2'"4_OPJ.KVD07A-&Q2W_",Q#C9X'_
M-Q#CY]L#-T>'=![-!#*':P35)NA!ZO'VV.M@]'B+)*JNQQ5QHNK\Z+B%R0Z3
MG=YE1X#"HQGBZ-CEP]M @PH E;:!=EM O[O.,_</]*\'U! '==R:HQ[<9#KU
M*^#NP3-*S(SG[O[^#^YA>A]/WV6V_! V >8(C\L15N4Z60A,<(9##28XO0B.
M-%$D)CJCLYT&%3^"1LQ>\2-L/!%#B!GQ ]#AS ,>EP=L&*/C%"8W3&YZEYO>
MSLU&*#8#L7L&%3,JD30T6(MGA*;W$*GQ<33WL+S6T3$*$QLF-DQL1B0V S%X
M!A7HV3M+^MO)0\X <F9TCX@:XU7=RIA]5476)I+>6YHT$YX/+CRC#O0<CXY1
M/KS=,ZA 3P/)07U;/R.TP(=(C?$J\*K6SZ <5X6E*#"Y&8?A,RBY$55A8@@L
M[%//_-DVV"QX3X(>M$Z,::"X+"S5_L +..B.I-4ZBD;]2*%]M?YT9_K!^1J$
M#4U]//SE%5^^=Q=28=!=2#>M.4E#Z9Q>TSNXIRD B!AVW08U]NJH$4?QRZ/V
MH.3JF%^2V[AT]?;)7 ?NYA&ZTE:[T@P\XV_?E%KJO3?@OI$KV$QJX3;X#F\[
ME[:HY2CZ//6WQ' 7V\\?H-=HIV&3ONG Q/V0Q+V-MEO8HSBX?I]L_2NN_X%U
M[&1*GBGY0>+6E@@?7&M$MKAL<0_VZ)*FL:?/EO/\Z> CO!_L_*/- XYAX-NT
M\<'8>5#+R]AYS.O;(CL/9)-N,:]Z-RLH\ 7A8,2^6**SC+1A2$!GF9IM:KC1
MI&*BSP(O3R3U\!.5&7]_3/[6](FHU0F!'BQ[#V1';S%CN'A'%XXE;NDZP8O/
MK4P_X.9KP R^8:-[0-JO6Y]&TB8\?_C)N(R]/R9["\I$XGO;W(?(W@/9W'MS
MU^5C=2B;^Q!MOR&B>T#:KV/779I(6F_% HR]&7NW')F:Z#+SW(>WN??FN6O'
M@CB4W7V(QM\0T3T@]=>Q;Z-/ZN7N,O9F[#U\]A;%B?8!QHB.;W?OS75_]H 9
M (\+7DR'<QW O0/3ZWV?'Z(=6+>N8>#\T3U!#L55DO6)KC)7B8D($Y&=>0#"
M1)>8B S/WN@V_?[1#4R;,\,6%9RWZ5'!+-$*ND*"NF+NKI_0^X=#D;UK=;HG
MV("]N=I4S'7VA(DJ:DS&F(PQ&6M)Q@3#F/!";W.5ARACK38'V_3;:KJC$[WI
M6"<O6;A.$+TEP0=_3SW[[Y._^ZBQUM\SB[TE$7I8],?X'CSFOFY5.K-%W=QR
M>L&YSAPX/IB?FK;IS,##"P#!_FW=Q [;NEU?W5P<1]Y-I.!*MF]+:<(ST[:>
M/&OBFXY_C#DIR4C"X3=\J_3J_/YNJ<M;ZNV&-K=#ZNRF*0T?*/6-W(=K];-S
M:6F=W5@'M\-M[L/$>NQBS3JX5:$ 8P_6X(WM 6P/&!-NK <86URVN)VJYV$<
M=E32V-.'AXO'!Q:&KX]N="IS?7%)0G^#R6/M+9=W2$1@K;,8WS.^9WP_]&V_
MV?Q"VK9_1OK$<:;O@\#OK<'K$!,-.]:#P\Z^[4@/=IM<V[\>9'S/^)[Q_3#X
MOLW]/R4CTF#,PUR;P/1?F&$X;'0'K/R&7<"K3D2-E:</'%W&W74K*J6)IO&C
M6^^/N:NW9_3E[>HH2Y*;@Y7K6X'/[+YAHWM "K!;UT8RM(FDL[[P T>7\7?=
M_C.R.-&,W@S8(?+W@'?X;OWV>^ 'GC4+P!R#U?MF/T1S<(CH'I R[+J/-C^!
MCQ_=@C/^9OQ=(4ZO".-;\X^YWW?KT=]Y8&5:<PZ\K5"1J\^9SIQS@Q?@1>/?
MPF-]9BVR#ENLPU91OV[6CIZ)"!.1G2(RT146<NC%!!'57BU46OH@Z4LW#&MC
MB+;J$-$=0B^LD7AK33:Z4E1YHK"I7T-'ETE'+](AZOI$%EDHC\4YLO2Z<EZ!
M'RP!ZGR+0ARV:SH^%[B<OW[RK;EE>A9@,0[FP#$';O<T<74BJC*3$28C3$9V
M!CDD09TH2F^M:(<H)2S0D0ATL !'9:W!^H$W1+ /X@A"-:SP+(F=21F3LE:E
M3.7EB:&QOOL?O0'$]=7T].KZZO'JXF%Z<\X]_#Z]O_C]]AIRV@,AFRX*VF?N
MXO__=O7X)S.-AXUND:J(:[S.R#%@Y[ ^C5A%_8C192+"1&1 (C(0FZ/;8$K4
M=,JVS"?+M@(+]-=Y:HB&Z!#194G\HVVVPUB<L3AC\8^ZM7>;JS&=S;PU**Q)
MB>WZS!)D!]+L0'IGIRI%9(?13$*8A.QL]C*1>8-)R&&G:^22JUI=R@ LCB$:
MJ$-&=WSI]TK7 M'D>7"OM@:3C?86?ACABU'+1J]6QA!E@Q6FA)2YQ7$-QW6.
M!V1I#-$N99X;\]P29%(FJL3*49B$, G9;75(K"O-H<<V]BA%&8"E,43;E&7*
MLTSY9C/EQ8F@L*X=3,28B+4E8NI$ZZ_J=H@2]B$S1_H/S [1ZATBNBR%O@L:
M#3+/CHD($Y'AT(B)R  ,BE&-2#ESETLKUDILYCJ!Y3P#9\;B*(-'E^7GLSD2
MC,49BS,6'\*^SP()HS(!AXCN 6F[;@^'1[SFC,49BS,6'_F&WFW"P\.+Z8$7
MUYX#SX_WI +_6EO!.^L<,7!T#T@%LK)ZQN*,Q1F+CWB7'U6!Q9EM^CXWY5QO
M;CFF]\[YR!3PN9^^/?Q__ G/"]S*]+A7TUZ#B:[B8=#HG^@R<QV\N)[U;S"?
M<+(\,01YHD@Z#OS+^D23E(DHZM'%EN^O\872Q,##:!1RH3:!ZS41Y<V%[CKP
M _B3Y3QS)OQSP9V#&5@^ 8^3A DG\@*Y$WY0)QR\8P5F@?4*[/>?F2D[;'0/
M2(]WZZV)6F\IDHRW&6^WRML2S[JPC,,XZ3B7 !LGIZ6,$_BP(N-$X">*)D]T
M0]W\"@T('7X!31392)HHI*76^(R0(5K:0T3W@!1UM\ZDH8]NK1EK,]8NP]HZ
MJT :APG2;7SDT0.FOXZ9'H:H3@1!PEN_@&T*0^>YV8XP2C7#8<*9 3=S_8"%
M,0:.[I#4[##PS5&I/\G&1%(4QLP#1Y<Q<QEF-J2)I@J,F<=A)70;J)C.YU9@
MN8YI<RO3FA];#C<S5U9@VLRH'#:Z0])]H_*7#%Z;\ *+!PP<7<;?=?D;!88%
M%A08QW;?;5!@.INMEVO;#,!F\H:[7'G@!3@^=.0YRX%_ V8I#AO= U*-71_7
M3D2)G=@.'%W&WG4[I^H3D6>M4\>Q\7?KY]^#P+0<-'S+]!S+>68-#8;28'?8
M#M)0&NQVZT+)"C^19(7)"),1)B.[.C-*^D30>FM#/409&7 ;ZF8-T7)MJ/W"
MVDQFI@Y$N>[-&@/LFCN^ 0"-]J6>2% YJP)S!9F,,1EK2\840Y^((L]D;!0&
M4,]S.'#>Y# -HB%:TFR. )LCT+1)I/ 33>M-73,I&PY_,"EK3<I47IX8&IO8
ML<,H^B4P(6_$'Q21XNSZ8GK_"2[*2Q+A1XSO#<3W'N.;P@0#E7G]<)_[F=R'
MN.]E2]#N7T+_ W,J6BWX& ]:;+\>068(X<(\\4G@^;]]YO UQ[;Y[JZ#3POK
M#<P_'W$S8-O^RIQ9SC.^#_V],N?S\._-\[W-I_F&X/&/WO9CQ#C_]<O:/WXV
MS=6GA]D+F*]M<+LX<YTY<'PP/S5MTYF!AQ< @D=TQR-X"TYM=_;7;__[?_WO
M_\5Q_Q7=?.>Y*^ %[W?PAF#JS"^@#;I"S<^_^6"QMJ^M!< =T.']]V#QZ]$=
M+WR'_T>E/X^N('Z7R.?OIVO+1FA]Q75":Q\]?.>S3]\?WU=@^F;Y1YPU__7H
MTIP%UOR[((C2T6]WLO+G%KD2\+6%TN7:<ZQ@[0'XC$OK#7WR]T1/AN@-!+NO
MEF,MU\LX0O>F\XS!_GZ[6%@SL'GTGE@K$&MI(%B;;UUAK2)6W@_K:^#[ %P#
MTX>2-?4\!"D>3' +GV2BJ03H-^ _ F^)I3_PX.OW7OXT)AK$1(AA4@^L+I$K
M6.4T<CI"CF\<.]R0\LZ#_)2$>.K?.A!D"*3(\T:Q%#X SP+^],X#"^!Y8/X0
M0 4>O_0A, ,,&^XS<;O %^0A:1QQ:ZC+, C?'LZ_0TR^8PB/N#F86="\\G\]
M$H]^XT\4/;:Q;'#(8(=>=(5;39RO/4B2.PBJ.\<W^' _QC_YJ;4RR%KQ^J,+
M/XL*_APB>;H_DA(?0Y)4K\:QN[JY//I-424>_C^&8BE$2J+_!^KCT1?V0@S[
MLYL_XZ@?PUU5DGG#@#8P%?4D$I78N@VTQ"1:.SE7/>'5,IQ[#IX"*+.OP/,M
MUR&? C"_<OS 6R. R-(3N@@=KZ%$YV!!U0W!B"UC-832Y+C (<>O('AQX2VO
MP \'WV06=Z-=E>^_0^C!^Q?;?3+M>^"[:V\&G[^Y^=I:6A" ! $V%FK^^[+?
M G!C+O/TM22G^?S-MSXYEOWK$<07<L4O^Z.H]HRB4BS*FLHG!'D'@FDZ3%]-
MRT:^P*7K/9@V>  S*/8H*'WC.O"C!V\J6O<TE&K5A=@3 #4-@%9,)D$A7O^6
M4&4 B("&R[O^=.;Z08:NA-Q7$$PH5L%T!O^$0K_#+E%B=HGR_1:56N0^]-8!
M;7&3'B/3:IU4G#+:\GE!EO[KEZH(]T2HQQ]N6X0RJ(3B-;DW0JE;2Q=^EGBB
MJ)*WWBYN'=MR '0Q@H7K+5NBE,Q3*24BN:M+*:K'],5S_<(]*@TPQ3@2-847
MA82N*'YW8Y"FE9HL%D.J2HJNRGU JH3N<5Z@YZOK!<_F,[AV30?><P],^\)'
M1L\Y\&>>M4*5Y<A-OEU$K\_C*JGJAK('+LW'=N2,89+:CGA%X/M<N(;B&C+%
M.A'1EJ/T@RAVS-'!^M5RY;FOQ&W?$]V,F9-$5Y$$4>U%<[0NCQ3[2M0%1>Y'
M:;8AOCI%?'5>T_M<YZ;$UZ!MA8*NBOT@VH+X*CQE/Y4E7=H#VU@A]3E8>?#9
M)A(N^-D&Z -\P'0)I='Z-_Y^Y\,K&#,*Q9B!@BLH6M+Q:0C*'K!/&T@*Q4 2
M#%T1N\'^'IJNGC6#CSTS_1=X)?H/NOH5^I:4"$,:J\JV3^@AQ8KVKW#-_C?'
M@]H>M0S^W<7[PA?3<JXAY]XZ6W=WZEDHN!T/^SV:;V5"ZVFX*4:/G-0D+0!=
MEB[H:?< =SFTH#K%*SV=_\^:."27GKN<WIY=A8&!V\7VM34)0[&22A)F'ZC3
ME-G2]!P2[]4,\%NB**%_ X([#P3EL/U^9Z)@"8+8=-Z)BIX#ZQH\0TO#":Q<
M@T*AF%+'@J@;R3VV+,P-XYH,1M3"-6,\T01Z3Y#E&,AR/9 S%E#7.@CB>+LH
M*6_U4*08/XHH*:TJK C#GBFY/[.H&;MJ8,RROPBK&3N+>M*P6( 9A.KB;?;R
M_]A[U^:VC65=^'NJ\A^F]&Z7G2J(P857.7:5+,F)SI(EO9(25SZY1L!0G 0"
MN'&1K?7A_/8S/0!(\"9>1 (#L'<M9Y,4+M,]3_=T]_1TPR;NC3 YKKSYQ@'L
M&W,O%N2DV\J^-[UCN,796F(T'4Y93*\EI"#&;&&.9^RNJ5W3J?6H(HQYO:9L
M+S'L3-WL[90SH!9L_\$#Q2"D_!/S6)]'8:(SQ _7S*.N5 V>D\61SWX,(?MM
M W.MO<1<RQ'ZBH'MGL8)B9BF<8GY514:)]3A-(U+8E:[H7'N%L>+@<K_$[-0
MK((/IS[(Y8ZV:=I+0EHS^Z-SZ7@ML>V"B%UFVA5";.O;EQ^AWX]V2FIG24RK
M6="\%D'JDEC7>J3*_<AK^IQL)/OIMN,*A*NT^=I98LN9&4O6H'8VLB6C9<)P
MB)[O NJ%\'+?.W[T8\A5Z.=^6\EF_3VFX@Y!TV<VD>:PZ#USJ%YBJ!G&9$!E
M#0IV3?PM"YZX_0K2EYAB[:G]X%))GS3)7TWZLKU&O66I0_NDU?UJVI>8:^UF
ML[4MVH4"?_0]F9:89 M>Y5K'O;3:)3?*M,9/FV0\=O+VVJ*,1[W5:79[[;R2
M7SS<I:0=CWKJS:4L2<SN3H^SNWR</7UV,5KX[E?/@-&:.\[>"ORT6MV7A[D.
M.Y.\TC58V5TA33L=XDMC3-X[N_F8S\%=;<+G,K)K+!]E>WJ^7W[[*F-]B9OS
MQVFNP,U6MV>8K9?'N3U^SI_U%5*;VS,"M%N&SA]H<V6&+AGHZAS=3-:[K2U-
M_0OBOM%HY_.UO2V^SAFN-'5'GCL+D]O$\L.I._H9(E+'SA.<BW2$3W_)OM\Q
M>^#YKO_P? 8V_##@X<RQC56B1]W\*C:=#RE/U1BMU![?TB#GQQ%',?7T03=,
MT&)S-]GO%C^>_6"/PRBY9B4CY@Y"A_16N'G?Q:?Q4/Z@WL-_!WY\XE]$SHHA
MQ>Y+B<B&/'LT'4Y<BZ"UP7 K7NU>!WZ?1VO._SH'S+HOI15+LLTUL#%_S(M(
M/Z&N#8D/@EF?:,C#/SV'!:=,6&9.\HS$$]P \CW]X&/2)(# GB2-B-EZ0X1I
MS(7O[,@WD*%\!?D^X/: <,'8=#3B3_<TA,X#'@G8$_/@L)3+PM&-+ FSA5 0
MA[HD\DE7/!PJY_3T-]".,+NK,<NY%4F>S[&S'_21>_+F*S&$OQD-PL]^D/MY
M$U89X*@8)M !?YX>\_*7+ATLF-MQQ*[Z\F#*R@/])ET" 30X*35*(82WY!@Z
MY]D+LZUZ9G:8<IVA[HP\V/*(D^N%7@H"/PA?3Z*5'F96@D*)[F$2XY&[H6!V
M?/&%JAY0[^;Q7F8<ZZ\G.CNWOC'10G,S_@1G;TY\UV72"TT]Y%"XR+F\U-5F
M=A!3[YY.9KTN<(##3\_YO\PCKR4D],W_-4RI7*(!(U0ZS6(H<JS,22E?G8HY
M69$V8TX(*3OYT<#IO?F'#"&4(CXGL<;6MVO(6PM7B26L0.^2T(+1M&8R0!>.
M?IT$+*'6&'_P3N11*SL9M#N5U+1BUL(T26OGV^QNG"]MPO6VEF3S^G&^N&C-
M;*<L&^<%_]^8.^.%]ZI_;-L@17!@?OPWR*I<;=<Z6'J<-HF: V]\#\+8LU 7
M,#[X>.Y)F0:;(0(!I]XS<<<CTHC#P]!WX^2+'Y#O//%NXF&F#]+-<TU^&:;2
M '7\7)?<,WA %/#[&$P;*J@.Y.UBO8?+^T)5^-_AAU#8,V*>V!%YQW_I\R",
MLFO28H#9ZY(3Q>0$& 7'>3F4GQ&L$&:,K$0SS'@SZM(<$:.EOYFY_RK@#QR:
M.H(S"DX%D8>B-3)T8S"W;)?"4\3(Q6Q#XT=!RA-WF">H$ZJ846&YR5? D]<=
MU7M!)O\E!)O=F4-H^KA/KR3RTTZ(7'E4&A#)?XD&/'B!R..UB-1GB#S>"9$K
MCZI![@9PP2/ET#2$T#!D43@C'%S*EC9?+H34D(!&=#&35@:6ML$LK3\1 K33
MS= %(X7VXOU#.SMF#YX,!S]D S7X<K#E1HSM,3FIPX+'U=S2M!+!R9C$FQ&%
MXZ=+6C:(UHM7''P4]*?&T<@YRX1RF4"^EUC5R)Q' %YV+*C9VPTQ6&AV)P;@
M$)[NW9(A"\2XO/@17K0J04*U!\FHUAP,Z0M#2DJ!0(.DAF</3J5#.($NAX$%
M(QB,KH6_ATEJY'-C4:QL"CZ[PMK)SK F7$FQ2LZ#F]5I*+C6"2B\DPN!F%W*
M _)(@W]91)Z@G,KFZ_I(R3[Z$@PVV##/ AU$C%N#OSM,0/A1]G2Z?Y;J2?B$
M0P:%X")"A\. "K=!#">.!/]<<<5#P)A\6PJU5'U+A3=6S)L.>5U )F?$:3B8
MRA$\]ISQ^9I5DV].+J= ]COS'P(Z''";NK*DDO")3YGG2[<5RN1Y_YZRH1_R
M*!<96'#!/) NR4IHFQVCV1UG8ZQ!9TG\^3,\%>8J#;;)I"7Y"RVSW=75X=$?
M_UG"HVGREN0HM--M>C6(^_?UT[L^AY:$&]*Z5&HP:!EMV]8@2Q)6+758\TK"
MO_UYNR9LEJ6O-CM65R'EN@W5N3Z3EJ6]*J-\VH6OSL:2/-ENN],UC"KQ9P>K
ML['L-'G+[/1,=9BT[N)C+$F7M5J60B)2ROIL+,NM58@_!2_/QA+;59GEN5WX
M\FPL/S*E!%]*69:-)2:OV39ZQA; DVR[^L'S.,AX#=6(84-R_+?A,/"' 5_]
MD.DT-4LK+7;-'#$;#&I'1+VP$V<:2\Q+J]TRFRH2]<*VG6DL,0>;>K-G;(6H
M<17A%1YQ0H<\$H+B.;=Q .&XM#_!"X([C4%SB3%G=4US,JWY52,KBLQI5)I+
MS+%.L],RJT?F-$[-955\A-G9M+9/YR3JA7YE@5"LURR N"I]8%?]";1#OH,L
MO"$3V=8@SUJ6\V=,2^!Z8WF9GI3HX]S#[OR4->M0T5PA87/]$;P\]L\^9*,]
M0:JC/?!]-[R!KGA0]N&&T=#WJ-QHB.+ V\&TM9;E\9H+*=[ZN-=DTZ4?K?9&
M.,,,)L6QY\4RN32 JFOGGGCQ<;*MNP;#VEMDV/8H>/TIWL7UAW=SJM,T5X@#
M%G&FMWC"MWI(74+M,H:1BK%!)CH<X$\6#.;\"35DQO>_LA+UKAB2-^'.A;>1
MYX@N7(=4H%:E<L6"#,O%85PC_6+<SS3/A'S3J0L_+58V2Z"US)+K3,WX@A%G
MA#F,'R6'#F[8 R2<4"\"WFY@/EMB54N./!!YJMM+<X<U\=5N_/;KHE?-RIT'
MVBHI;7+#PW_'ZFNZI<3\S?6Q>SGSJ#S'9_XXSN#]EAW1F+OY/A,V@?IQ8LF2
M:?5"CRYYB9@">P ;W/.FUWQA38"X0,,R>GEQ7LRJK;/U$^/_3)7*7<R2+<S!
M%KGZDD4IN6J8S<VX^F<(:BN,Q,.B38X_F5;SX.-4P[XOQS>_GU\>$7T8B7]I
M)\ND*1^9:MJG)3\D&5I]<K#-_G^RK^3YY>D9O%R8J]Q[3T9#XU[R#]I AD*W
M')$N7$$,HR%^7] O,.D$.$%ETC)34OGU_/3NCR.2- 1<E>1L2*,FHN)1*W4.
MG&JOG6^B"<F_O/\\V]\R\H?S6F^G P=[+4_Z_"F8[JJX<9//5[]5:&#?>\B^
M<?F$=_>_R#'PT= FKUISI"DGMS0Z(6N06,,R:=MLI(LZB8[ZD&Y+?L9B_&/\
M+Q&CU=$]1[8(=?F#]^$@S]P[F5G-AC116L FH8ID]UEY9*S//6%=<.'!AIG*
M#HEX9))O+>,/WWDT('\V;AOD]^/C:Q)(;T(,30R*)CW<(.?ID?[+QC,@TYYH
M&,9);E)(H@&-")7'#V4"E!B2+S,]DSPTF9"5YK_"K=.]W1T>VJX?QC)=5)(
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MQ1Q].;[Y_5QP6>=>\F\8I:-9S*.^+VS]="P3"'@[-8*WVMN0!;S_=F::DVF
M!\/#1E^V3/!R%LM9S5[S]?ST[@^X57\SDDP!UXOCZUOQ1-MW73H,4R0F;R!3
M(]"2'S1R"V0?$)NYT/'2YM[#AP,]^3ZDCI-^SWF:R[3<X;3<S KH6)?,7)Q2
M9H[ID@IOYKIIV8O\X>@.V"6:NJ%813\SVN4$ZPU3HKQ,HC=+*?\G#B/>?YX[
MNG5'\(GU_8 1:,JN$>&PDQ/_<4B]9^'2^T\<#@7['CM\9C0@@XDS$Y$O+Q\=
MF8 ?!LP=PJ^/I,\]R"R#+SP@PSBP!S1DQ.\3.J1!],B\*&R0<^^E%_?Y4_KF
M^6_4R/<!MP>$/OJQ%\'Q99^DO6"WI84,4^NTC E=)$,;WYG@&?=L-X:!"M68
MQ#H\WSN<C'<TU@@HK3;KA;K7VT3:9OEDVQS!9-(CH6(.1V 3V GEGX4XD"B@
M3\P%K,-D!\RE *^)X!;<G/X@X#!@'L !IM[!*7_E[NHV1Y!L_9-'RCWW6<SD
M,& A2&<BKUGA6PUPT&=AR'V/NJ3/)B*8CSR$M9EZ3"C F5#GZM,]92868REE
M7\8&S;T?."R0)D?Z=FDK'R6FC;SFT*7/?AP=]?D/YKQ?R509XSF9V-%@\A^#
M\<>,%;_]*D0K/KJU!^+_N>RJG]:E.$O9>^PY<@Y/$K5Z++7J'=Q]QWY$GUS?
M_O?CSS_]_!,AO\7AX0.EPZ,;]L2\F,G;/LMUB%-7&%U/'*3>%IP2=]ZP_H>#
M:]WX)OXGUJ#FG6^8WZSD\P'ACI@3:D?<^6:85N^ Q!Y/;CFY_/N _ CYD<?=
M#P=1$+,#\NLV1M#*C: U-8*FONX(QOP\Z_>9>,P3._=L_Y'=T1\W0IO=,#$*
MF[N<1@+SD_Q<,,!V;H#MZ0$:!Q^GA'+D/ A+6,]<YU4L8[),QG?HU^S SYCS
MLF0<!X2Z_,'[<)#7\MM4#&1",]P)TTE,5RST&Y=(@&HOF18#S>@'46++@)$E
M("###'+A$PMCQ*3)!@:<N%?H0+'BA0)4V;-@U614&&/B K@?S+:0, ^6UE-F
ML\=[%HR7)<O0P/!KRO^VI*H%4!&'"["*^Y+N/#!@:=K)5\8PDOMG83\.W6=8
MFN'OUS<G<G1QY ?/>;H",6)8T].?[A,K=WR!8*,3L\RD[ OWS?\N'CK;\ETA
MUWK+3F\&OR2M:_M"ERS:6=+8)!. !3F/>N%8)ESPZ<A>C]VWA8NACT-B.<=L
M[M_'.NG'$168&0VBL\2KOQ*FR.>+JZ]'Y(F'7 81)Z)S"X>2Q@YG+EBZIB[D
MR$;[SBNG[DW/[ XVF2UK,B;W:HM5)>*,+="V7K**2M1;+2'*0FH$K@5TNS.L
M^%NL"F-VG,'J,/XZ=YG86SB\/M=$)3Z@S%==YC?>C#+R*L&<X128@3C_>SW_
MFQ3XQ_FOS_QO4ANO'O-?6$+I#!<*RDJ>M^Z_Z+-O (5R6;!N!L*K+1\U9GP=
M=;!+;KPF?4=5%NFS/#);C1T64"I+.\P!PYO*4HD2@1*!$E%MB9@]SJ4JBU B
M%+>I=W?$9IY-?>[9 8,$JW<.2S[] CMY+-O[G=D:"U@8NQ%LH\%>V^RV5T&X
M*2SQ5PVSN[""-+O4F6K0.T<!XOPBN0CGO9S?/2,7X:P8O1@!7L=:/:'/8@@R
M[>N/_Q#F13SB<#K,CT@8W_\C3-9<ZI9,UJJ<7U--^[10-TX!#5A<.1;X_,YJ
MZ#NL-J;0U%8W9J4"@,L.TZX7=6ILLGU?O<E&2%<YSKH6I(V&N1>3C7'4&9;<
ML)#1 ,Z4"MO484_,]8=P\$$\S8M#\8L3VW!@IG(N3#7M414]MOIXY._,1J<T
M>[30J2UM\48 []BALA# ]:%R_P",&E@E6[/8*.BE[QVF!J4\Y,A<J#BAD0?F
ML8"Z294)YY%[/(P"*G?QLYH#E7-/JFE^UL+U5H->)3>$JC._>T8NPEDQ>I%<
MA#/.[S8,U<T/KI48%KT=0+FS>PJUSJ 6BS!"*89!U2=7)4WWREW-8AUSJ['#
M6L@*33;&E?8&TLWR-NH1TE6%]+H;]<5"NHV0WG'P=&D76)4"JE>C&LP85E79
MG%71L:MWDIZ.27HUHA(A+2&]2=F@ZDTV0GIO\D[UAK$7DUV)7(!B ZS'EW=G
MT%F@SZ#(/1=F:MD%L3#$6CUMIP:]\_*<C!)//BGDJM>%2D4MT&)!7>)RC9"N
M#*35H'>>3M8Q]U0A>[/84.D=%78F)7]0[^&_ S]6R_3$<&BMU5S!A^[%,HV'
M[NM#I:*F9]&1HLY>3#9">H^"G[A%I8PQ6FSP\V0@S% H44J>J!O+Q%)"H2$?
MM.FMG(=232.T%KYVI<)'[<8F?8^J-]D8/MH;2%L8$:T1E8J:I<5"NL3R9@I!
M6A&SM-P8J2Q72KT@'O\$D=*!;)/]7#GGI9IV:BT<<S7HG5N/1,<2I76B<O\0
M;!D8[Z\3E?N'8+/5,!'!RAB=Q<9"Y1FFT@XBJ1WT7*]'LN*37SQ#ZN*2Z^6U
MN5/()4>Q0+&8$@L,OJ)8H%C@:J&N+;U=[Z*S[%"5'<74S;<^30_Z5\ZY*M.\
MMH1^</SX'MZO#D=4Z#&])L,43C[<9AOJ;J-7.?DJP0Y!L4*Q6F\C&IL2H5BI
M*%:%YQ5O4ZPZ*%93[L&O$15@R-^?<>#DXNSXYDB\?3!)YS294P3(L<R\_O7/
M?9_<!^P8C.F=I''I%SG'0+!X3."PX,.!8&,Z+LG-(T/7W[PG\II#ES[[<734
MYS^8\_Z V,QUPR&UN?<@[X/O0^HXZ??1\X/1)V?$B_S'8/PQX_UOO\;AX0.E
MPZ-;>\"<V&57_;-^G]E0L.Q<>C1W],<-C=@-LWW/YBZ7B=-W\( []B/ZY/KV
MOQ]__NGGGPCY;?99IW#>+V".>,AQ&+(H//:<"T[OQ7.@%^_D8XAX0R2^W+#^
MAX-KW?@F_F?J1OO.-\QO5O+Y@'#GP\%G*@;H?#/,IGGP<6J:OQS?_'XNX"NF
M3OQ+=48RE=.2HB4_:.26!;Q/#K:)FM$PN)?\@^$T6MP[(-3E#]Z'@W_B,.+]
MY]'\]07UV5LGY/OMU+O>:F]#&/#;&2'.X1.>!M_N!HP, ^&<\J%P4J&JLN\Q
M+PJ)WR=..CMYWY7*:2)0B)F&I.]#@GQXM NYDIKN_/+T#*9'LN8]F<.UE*;%
MZ]"613R;GJ2"]E8QD=/M67WN228 "[Z>G][] 3>(96316!)5LF#%[;'[MLT
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MZ,6#W@IY[6V3UWZ9O(VIN_2])Q:*RV[$?P,.H87;2$SR+4AH> P^&1=CG0#
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MV55K7N2]HW6Z>N4048@ K(<(%)&:BDBOH;=10)0S)W;7W -WX,NV%-1N7K-
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M&E-Y3"R9Z['FS*O.O"NT<'EQFHYN=T?*^N+L\UWNUVP)R2X75.5UXV&J$:.
M>F)X ?.B\3W)H^0=*9UFL]$:1C,+4_+0_&(Q-:CTNIE1R8N!T>2)NOS!^W 0
M^<,1,RQKV?Q>G%^>'6:^8;8NC. DYE'^2\5;/D?(@.\]9 *S+<U!T@SS">4Q
M^:H-#(="9G:W4[FM^2/I,_^)PXCWGT>Z<4?3*09X*8BZS2WEHT_79S?D]H_C
MF[.-9WS1RC]ZQ;8TV@PGX5_#:F::[1,-N4VHYQ"'N[%8&0A+-3T9LH"$H.L)
M#XE-73MV*5Q 0]+W7=?_'A[M8K&7EM_YY>D9+  ZJ.(E\KRU*9^<S<4FW+:(
M3 S,"VG=3E*=T[=3RT%^$<IQ9>+RD: *^;\XOKX5+[7%A-%A*,S8*V'??KZX
M^GI$GGC(Q=.6+TRIX($9GE^8-@G,E=V$-1^%:ULUZZ%;;BB^;.KS4VNU\AV$
MNS.L^%LHN3$[SCR'.>.O<X^0[2T<ZM78'66^ZC*_3D!JG:;B&Q;,QOFOS_QO
M<D08Y[\^\[_)!FL]YA\7>:6)VV4J;HU$^.;+IVHP "<7)Q<G%R>WOMENS27+
M\67\R (:^<%L"'F/\P%4)%>ELT%JT#LGLZ7"\XMP1CC7:'X1S@CG&LUO_4]9
M[.Z<S5R[DT6$>[;_R B-HH#?Q\F.>N23$Y>&(3F6N1#)YT_$#QSNT> YR8,8
M^*[#@K L$*EX5$=%<E72B94ZA&8TNYIE8GTFQ<E%?&^*[TY7Z[01W\62BWC>
M%9[-IJ%U6Z6U^581SXH8M<4&4R]8."<5=X]=&Q7)54G+J4$O>NH5)A?AC'"N
M$;D(9X1SM4W.8N.HV7%@0EW7M^6QL,@G0QI$W.9#&D$5&SB?RR"B:L/Y8_$7
M"+0&S&'L4<9<AP'KLT#\D$17,:ZJ.+D5U9'%^N3O6EJ[V2VMXBUBN7I8KE3,
M*65"RZC>G"/$$>((\8J;N<5&5M<P<S^I;N:JZ#NI2*Y*>E,->N>;N9UF"QL[
M*$ZN2E@NNY)AQ6P A#A"'"&^KV:NLM'<$]7-7!5])VSWL"6&5#(BW-5:[39&
MA%$>L/V)NK8(B@F*"8I))<5$$9.]X (*XX-L?3\@]RN4\44W3Q'56L?6)H5K
M7K4ZFYA=S6H;*&$H82AANY&P<L_NH80I PZ4L-U(6,FG"564,$4\BV(W TZ9
MYS]RK]3B;"JZF2J2JX(R53 ^OTVU6&%TH#"@,* PH#"@,* P[)O-7&PT/F<S
MY\+QLR%XK-*A.+DJ91.J0:^2B@_AC'!&.".<$<ZUFM_ZFZ7%AG*_,L OM&Q^
M8@%]8,2+H;$I\?LK5#L.B1]'820N$#8L>CAJDZN29JQ42EW3T$S3TJQNKW)S
MCA!'B*\"\9:E==H=K6M@Y6/%R46(;PKQEM9JZEJ[@Q!7S^8M.!0+^<_\B1'Q
M3F9'8.OF[-C$M"7^,.*^AZ4X:I--IA!#%$X76TNGMH5*;6N=IH52@E*"4K+(
M?]1Z74O3FYOTCD<I02G9#RFQM&:[J;5Z>$)&/?.\M.QBF2FAWG%%%3VY:I\$
MQZ,>BF6N-3M:IZ-KAF6BD*&0H9#M1,A:7:W3TK5NJS37 (5,&7R@D.U(R'J:
MKK<TL[RS]RH*F2*>Q79]S,X2S^+3;,[U\B07]$?74#66$%+'C^_A_>IP9!.U
MTBF780J'=3;FXKRH3\/ @ \*& K8[@2L/ \>!4P=:*" [4C F@VKA0*FG&.Q
MW2V+98[%Z;PM"G5="Q4=TG(5\TXB%OD1[X=F+I&-\\I5-=J8LH\BAB*V.Q&S
M&GIIY>!0Q!3"!HK8KD2LV<!3.8L<C%\C:"R4?U#&BI.+L^.;(S$A@TF"[R2]
MEX+>&TGO-"7)?3"3@_$ )\>2_]+WO2A[Y01?WTZ]Z*WV-F0![[^=89Y\C7PP
M/&R;M'PYOOG]7$R&SKWDWS B9JO12]])7F#X+MX._QI6DWL'A+K\P?MP\$\<
M1KS_+$=S-V#DQ'\<4N^9Q*%X<B1^B+[[A[9TG1Y9-/!ESRF;NG;LTH@MJVB_
MW/]JD#\]1UPY[U4:^3Y@WNAM<# $+IMZISQ%LMY+-2%MH\+\-(H"?A]+& -Q
MRV\?^*X8<DAX2*@##$PZ<06L[\)9%AAC[OG?!]P>R&LGVG9-->)JO SR[(M4
M-G*D]V),+/AP(.0Y18D4ZR-#U]^\)_*:0Y<^^W%TU.<_F//^@-C,=<,AM06G
MY'WP?4@=)_T^>GXP^N2,!"/_,1A_S&3_MU_C\/"!TN%1UJ7LF@6W0-D=^Q%]
M$H3_^_'GGW[^B9#?L@M/?#'Q7LB<SX*UGLVI>^[U03_"H9^K_K6XUXM2.%YY
M[O,I#VW7#^/<(Z'+622^W+#^AX-KW?@F_F?J1OO.-\QO5O+Y@'!'* 9J1]SY
M9IC-WL''*>D:28F033U;IQ()(E,2IB4_:++/6I\<%*"$DME.'VV[ NF)(OAZ
M?GKWQQ'I]1J][IO9A^7QL63>L_6@U\LM"/D0TD+SP&DZNMT=+;879Y_O<K]F
M)D!VN= ^^;7M,%W1HH!Z8G0PV^-[DD?).U)"S6:C-8QF#(ODH?G%?FI0Z74S
MHY(7ZZ )GU)5&/G#$2\LZV")(KXXOSP[S&)JV;H^1]V/GQ-&@>\]9+.\+<00
MHS,!&OEE\E4;&'Z%S.QNIW);\S=OI=S==%X?WYQ=WI&KRXN_R>?SR^/+D_/C
M"W)^^?GJYLOQW?G5Y<:3O5NC;55V@APW6WFQV)H@3-E2$SS:LF%5/K5@J_5]
M85%\![-(6!.AD+(0%L1D426)W(D?$GNNGRVRPBP9K;)P[/8.KJ/D7"RD@2=_
MI6YC-5Z.KEE7S*23='YY>@;KK-YH@>#/X=Z4GW0B!/$^X%HHM,JAY,TD:XS=
MH&H#+"V#QP:$95K(9C!1.U9"(].,?**N@ TCMP/&HG MW5-//.S,V%M5>RGM
M[N:B'Q<R^#$YLSES#MR4G+69-W(G!"5W^<@.$.;%Q?'UK7BI+30@'8;L/;GZ
MZ^SF\\75UR/RQ$/H>KS<[$TE"J(T>;MWD_W21"HWB?5L?W.TT]IR^9&RB2LW
M1;MLZO-3:UIO#@#S M4"N*TYQ_9L!J7CQBRQ#&UO9_SU:1!E\P'%NDYBO7'*
MDY&7>G-VCUTW-DE_4IP#"(_MP6.3LVWU4 ^X!BA-W"ZKYM5(A&^^?*H& W!R
M<7(KF*F\NR.0\S3V\>WMV=WM!G->VX3U=<F=W$LR='6J*I56^54E)F"[ \0]
MXAYQK_JRO[L#2O.6_9,XD#NR- Q9%&+3YO+T8!TKOZO$!"7U(.(><8^X5P/W
MNUS_IV3$4L8\G&L3T'" AJ':Y"JL_-0N)]W6S [695"<7$3WIBT%+*C.6[GY
MWL]5?7=&W[Q5';(DB<.&?LBCTKH7J6CWJ4ANC11@L:Z-U>MH5K=;N0E'?".^
M5\&WV32U3J\T U9%?"N\PA?KM]^P, JX+<]RJ[#8JV@.JDANC91AL=Z.T=(U
M\?C*33CB&_&]1IR^951OSO=SO2_6H[\.V)!RA[ ?0S@7&\KB,'XT8 &Q)[;U
MT5JL2Q,9A1A2%X_*T+5N>8V*44101-07$:W;PI!#*2:(V2[50EV6/GCG1]15
MQ-I0T595D5P56D94Q%O;9C^(%G2QUK'7N^+DHG24(AUFMZLU30SE89QCEE_G
MWA,+HT=92@Y"'*Y/O1#*U8;Q?<@=3@/.,,:!#APZ<(NT:Z?;ULPV-F1 &4$9
M61SDL(RVUFJ5UA5112G!0,=$H ,#'&MK#6R;N26&[8DC*-1P2\<D=I0RE+*=
M2EE;;VJ]#K: WO<"$!?GQY_.+\[OSL]NCR]/R>T?QS=G?UQ="*3=)FSKFD;G
M/3G[__\\O_L;36.UR=VHSUPU,_%*Y!&>J*\PN2@B*"(*B8@B-D>QP92LZ)3+
MZ3UW><19>96G5#1$5207D_@K6VP'(8X01XCOZ])>;*[&L6T',7OQ3$INU4=+
M$#>D<4-Z8:6JEHF;T2@A*"$+B[UH3;V'$E+O=(VY[%KO7(H"%H>*!JK*Y%8O
M_;Y5M$!L<S^X5%L#96-W$Z]&^*+2LE&JE:&B;.#!E)0S5S*NX?G>H4*6AHIV
M*7INZ+E-L*FEM2T\CH(2@A*RV.JPL"I-W6,;KSB*HH"EH:)MBIGRF"F_W4QY
M4S-:6+4#10Q%;%<BUM8ZY9VZ55'"]C)SI/S K(I6KXKD8@I]$3Q2,L\.101%
M1!T>H8@H8%!4JD7*B?_XR'.EQ&S?B[CWP#P;XRC*DXOY^=A' B&.$$>(J[#N
M8R"A4B:@BN362-L5NSE<X3E'B"/$$>(57]"+37BX'=" #7S784&8KTG%_C?F
MT3-6CE"<W!JI0#Q6CQ!'B"/$*[S*5^J Q8E+PY <$S]PN$>#9Q*"*1"2=W_>
M_H_>T'6##&E GJ@;,ZW;ELV@X5]V&8VC@1_P_S)'(\VFUC.:6LOJRL!_LZMU
MK)9FFMWL8AZ&L;S0TGJR&4TKN;"CB?G2S.;H0C^.PDC\B7L/A(JO?7+*;/9X
MSP)B&1HQ=2.Y4WQH:T3<,61VQ)^8^_P+FK)JDULC/5ZLMV9V2DN11&PCMG>*
M;4O'*BS5,$X*SB60QLFGE8P3\;"7C!-#UUJ=IM;MM4=_%09$5_P@3)1F;])$
M24IJ5<\(4='25I'<&BGJ8IW)7K=R<XW01FBO NTNGD"JA@E2;'SD+F TC'.F
M1\]L:X9AR:7?D#9%KZL3>T$893W#02,T(K8?1AC&4)Q<E=2L&O3.4:GOFCW-
M:K40S(J3BV!>!<P]2^NT#01S-:R$8@,5QX[#(^Y[U"5#RIU#[A&;#GE$730J
MU297)=U7*7^IIW<TW<!X@.+D(KXWQ3<$A@T,"E1CN2\V*'!LV_%C[-*(C3IO
M^(_#@ V8%PI'GG!/?&=H*:I-;HU48]';M9IIX8ZMXN0BO#>MG-K53!U+IU9C
MX2_6S[]A$>4>--^B@<>]!RQHH$J!7;4=)%4*[!;K0C5;NF8U6R@C*",H(XLJ
M,UI=S>B45H9:11E1N SU=@W1U<I0AR^>S40S51'E^FIH*%@UMWH- +9:EUJS
MA')N&^@*HHRAC.U*QEJ]KF::.LI8)0R@DOMPR+Q)-0TB%2UI[". ?02V;1*U
M=*W3*4U=HY2I@P^4LIU)65MO:KT.=NQ88!3]&E&!C?R#,E:<7)P=WQR)21E,
M$GPGZ;T4]-Y(>J<HD8.:>;VZSWV?W ?H&XP96OQ+)K[T?2_*7CD!MK=3+WJK
MO0U9P/MO9Q UYA<\; DM%^>79X>959RA7,K"^>7IV:7X46^TN,#VE^.;W\\%
M.G7N)?^&T90XG%"7WP=<"ZD7'LJQ30[-2(>V53K)%/(SDE><RKGD;X=4(JYY
M\#X<V,R+6#":E# *?.\A^[8M-ISXGL.\D#GD-J(12RK'^WUR,I%2=3Y.J9K@
MT^28RF5;>0@I6O364B.YY2D!U+24@HQ^/3^]^P-N$.OA'/@E*QYH_6PTHRD;
M_CBB<>2/'M'3WXR68[& 71Q?WXJ1V+[KTF$HUJ8KL6A]OKCZ>D2>>,C%$P^(
MS5PW'%*;>P\?#O3D^Y Z3O9]T7@V\LTS'JR_1F_?Z6Y96\X!*INX<H.<95.?
MGUJK)01)H%[@6D"W.\.*OQD-QNPX$SK8&7_-#JR.?[$,;6_A\/IX7-E\0)FO
MD\QO[&L:>95@SI88TS?:ZU*< PB/[<%CDUPNQ3F \-@>/#8Y+56/U0--!*6)
MV^6QAQJ)\,V73]5@ $XN3BY.+D[NSM-EBMQ"7,B:><OQ[\QC 75E0@QU'KG'
MPRB@4$:,L!]#B*?CV215TA;WY-R%&AR95[K)T/1F!ZORHCR@/$AY:&IFL[Q*
M9B@/* ^JR4.S@^N#@C;U[L[;S;.IKX8,3&CO@;A^6)KYK.*)A%<6== K<T2E
MGH5.MYF<6K(QC=*!TJ$*.]0SK5$Z4#I488=ZAK:*TJ&(H5UL\/I,GM0DW$LK
M94*Z=QC?A]SA-. 8N2Y1?:H=B]CL,%A+'1[,.^UE]K2N82#F$?/[@_F>[!6-
MF$?,[PWFS9:E63TL**^>\;N[\L+SC-_/?L#X@T?L. B89S\3]L,>4.^!D0?*
MO9"\@^ S^D@5CB#40#466W&[HYFMT@Q@1'P]$*\&O?.B7I:A]4P+53H"O*8
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MH3>1#6D:P\!_X@YSR/TS>1>'\CSQ+\2?8_26A2,5S[A4\\27@F%Y!0]&;M8
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MMKAWL$0I3NNY;7*<3+!\8P/DU?3<9Q_X;BE\1Y/:Y*/7_'J_(>'IE+^>V.N
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M67+A&!7##2J26]&TDX+/.)J:H;<UO6GA,4?%R54)STI%AY<[=4W<Q%><7)7
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MM5:"5,M)0[(T0C;!@C\=8;35F05+6C ]'/]H:<"\# ?N+$//E2L0> 9F(8]
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MRZ#4XJJG.-@D+"*8]O*>,.?1\ER'!Z5@?CIF_"4&D*:N8P6NAY:3[]HA-YP
M+@,0[$Z9IXPGI9=KHZ84W"483Z\+'4<']^;7B]0?8)G,DC,?]^B/S!!QF[:N
M'<@^:1_>/M$;G7;./D%3HN3X4+^3FZ/ [ F>7.+R2Y3 GK$""V80UL\3/ +
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M;G)RVL'$31)'98^EA=L[*I>.X3'J,_+69.+5CWBP#!1E1I Z-4Y.:CWFAW:
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M TT%1*=\Y@#T<3#G&M[SJ".4FT8B94NG;@A+0CUMX7[J@#(Q+=!?UD,8Q,/
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MZ:M&0&(DUPZG-_8Q<\#D$@8"-:=@'J&1PN\A9M]GS/%9,@D::-A5GM,.K/B
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M9CCE2N<,9,NPA9U\YOLN.%!\<\A7<9U-14;GER1WX2QK%2_;;%S<5@7[\6B
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MRTVHT ;MMM8;YIW.Y,:VI*5-!),7-YJ*FT0EB\,G * 'EM)(4<K:R/+\@)B
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M38"'5Q_^?-+5L_5&S_#3\U4\50/720%W;+"E":<#<,C1P+,.UD<>%:"*B$<
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M/OUW7?5U5B*F1&Q_(M9I-%5.EQ(Q)6)[/.WI:LU.91=;RBAD:?_]IP ]VO1
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MVGI6X20$1/C*AJJCP]:8A\IC/J8K68_,GN^%A_D>>WG]\>(:=K1FHVO!GEG
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M<!^Q1R!YRI]#S  HU^3E3!G\E(D<TFKH@RQN>#7"X4HZ\N4$?N"YSCB6*:N
MKZU$X++/5LSP*Q9_[3JG:<[QJX7AJ%!^XT25:>VX1 ;+:1Y<ZG&Q,2V0LL#U
MN":Z!]P[E%SB.:W#A1/$GPO68U1U)V(EJ!J>0$1I8$Q$Z8Z3IR"*<# 1O3Y-
M-L/"'0RRQ+,)G>"$O$8S*OT1M9%\T.(A+9^P_X6P)!B[7 'O:_U!,ROB8LZX
MXA(UL$%M(Q2Z#MY%9^!EK:'5S<UO\CNG>%%IR5,-LQ,E1[4:L1JLP4EQ^?5&
ME"SR,%BF(G$5GS3(N>N8%KY9E'S_RJNX6*;0$2MI+2?$(EI8Y2.OB\3]+6&.
M7)6DAI6A#*MLU_&&/W%#V\1=(ZX<XR6LP8++$M8Y(.662D WQR>B,"VXW6-D
M1;VYDA<Y^<J5\JX&/DIVPF5&XJ6[,0_E:2#4UK.Z#_ZQ;8*?Q8*0&26I3]3
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M,)#H..D<UWQR;;=[>%3< TZW;OQP]Z4EIV<!.."9^K=P*GO3 J/J PE+%!C
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MF5P.9K&%"7PP$K_$2_A)9*R!5M%/,Y@ UIP%,$@_R@+<"0 A=@9Q-(;7HL0
MVIYS;>H@L*H$]93_$LPB^!/4G]D0-O4O]130'C X6E/L]PD2'J@J&-OHH34
M!SV&M:%I "J,.$N6.^,25VAS.O,MT:EON^3Q+.8!,G34R87=,C^@Y*U!%.\F
M#,;W*<)B#-L'=0RV)L[L@1! N.<23 OD_BV^[TK8 FK_SWC2XP#$&!8 NX[&
ML&EV+S%!O  CQ0#[Q('IZ<<,,#E.&2AV"J4B=,CFF-0G75-,UH\(0GHV6BW
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M.KTH^H$DF7'E6L2I\PEPN<!P^YQ[F$HA%HG/Q3P*IXL_6.QZNB?YUN=W\N!
MV &RT6^4)<%O18IYC$<=#D7^3-^/^]D84R H&R/T_#YF3:0C)I)6^BR.'S Y
M0A]SDF$:#/$4P.\'3(3"'!"9BR(2I*[4!YVUQ)P@"H>[Z(?VQ-NX$/'',(ZR
MB4PE&?% X$V&" 1H.0;N*2Y$P(8I.9[%?B*24PH+-'*%PIDSE)SCL-V$$DH0
M9!FZ V"\9.0,T+M-9-E/=:;/D(<\%FEE#[D?O33)GG,QF &X6<OB]X) ,/=J
MT;6Y.)IQP)AA);+A^M$P)#)3BQ1@F76@:O(B8 8P;I&PJ_?Z,7\.)O<X,B8_
M)!J'!X8C^"WVHRRA9T0T(^7]4>C_E7%U20+78FQ5[]$91QX/8*=_91'^,&;Q
M#YB99DMD0I0?8Q(;T@)@+I_@O0BDA,DD9G["\&56R(P*.6!Y IQYSSD5&"R.
M-N=81$0RHU!"#-:".8>#:52+34 %,#*%;VC0A >!2ZO$(<.(T)]CR1P9V4%N
M_24RSQ!F*--(0I=)C$-%NL8L)WDJXCJ(SK><9JG-RG.I?1[)FL6+O:X0V.L*
MY1B^\V94X^Q_Y_<H\N[\(%A[4L%&"HK42)6CF2GD?H]"2+'P21:#.I90]GF?
MYR'\H@A&;5M*!-:7F=Y2W%/F0+10\OM0GMV>/D4<!!4XD&AQBA+&=7H9B#UQ
MZ;BD1;(PS%B 5R!C$,XQ7B0 ]1-^@:_\@= O2>3-4RK]U!FC%8UB5XQ=);=J
MH6C7"7LJ+X!<GX'T:>UV6JZC"72:/EUG@FI9FA3RI$%'&8 I*M *T/$O.%JP
M(ZDUYX#UTTA<+M Z'=H0XB(K)8'L$ ($_@^\$@L'&R(:[>1J9A%]F52J4'G*
M0C$"Z4OT)ETZ*.E6=%6CQQ)?W))0R\ GB@O1*AVN%C8*3XM+$["A,%4[,K 8
M<=L%\X(F<]*[:!=P?4)*8\3Z(ZG ^R(UG13F1%XOT,\.-?44AQ4D*<B3QA%+
M-$"UBQO>18I; E)#,)U38@O5P%IB=3BS7F$]L;KN5"?MNZ60P957QI'>Z"5A
MQ_)D$0P O*X\]-Q\ROFZ7-RT_;8*5@U+0L(PI!3GSN_5<+RZ(S97QK-E5C67
M*[A34RFW4PGTTFF0E"X1E1Y%H]E%R07\T$5[67H7Y 4G>#+PIXQA#93J8YFV
M__/I]:NFQ3\]RP*V/?^++F=%@HL(A4+D\SVRZ&(NH;PRE[ QQSM<H<"&=,[C
MP).1<PI3=]S#VJ]T6>L.?7K2X[#(,>-=J#Z3OA6\HE-(322L"GSA/O)5XB(L
M#%]W1=&M-->D9JE0 O*H^21 Q7*NZ@GT;<G%#G^OR*2>(^O<%OFR)FV3+D,T
M_&[_&[_&1O@G=!.6BGPE=33(7[XV:-Q:-:X4)\*36SXBH4$EJ;B*2GH*Y>T;
MC[@4T4D?IG\2SN1;Y@=X2KM@Y^PF#*]TZR>>2Z'?5NK]"OZ6 J/(\(^S:KC3
M>C--+GXEX=3/@US3%5X8. ]/HEY%:I8?RFOTIB?"B[@P&.C:-4;)9-B0(N,\
M[F/0&C4X?^#W&54Q&X ^%IJJ'D9$1558I)*\GL"8KO1K9YLLIR?C1V(I7I1/
M#B:1A\4SE+N!% M#!63Y'7CI'A-^!.%[TXCE8O0.5C:]5[0*?&F7F(Q!WOR1
M20)2SU?Y *H & '+OP433#S%*5!$52(\X"JQW\O4M?W"9LU:!UAT V\IO&[C
M']<UN2^B]J*JX4PQ4#;CJSF\LH[S8*L_$"D1*E*(YPL#H_6Q0,B>["*,PPOJ
M*1 *\X ^@'CX8( E3U3ENBG[S! A&),T9JURY K'65Z)PLPSH((3^?I%J1B,
MDQKUZV:4KS,*UQ5J06@/9*(=R!*$$ZQ2 BM"(D5>(2%:VN ,02O7-GL5KM/C
M?98E7-K(6$N$#$R"3,_W=N')79;\@+U@B)J)0I$2I%**J^(VZON$Y\Q0'#<0
MOJB. VQ'2W?M5J'%(PA[6%1&\+="K#L/K+/)1!0')*,8G9[*7Z,X% (G]IE*
MR2CS()D>(>&^$08Q+T!3(]5AUHW;HB9Q/D-1LZK$&IVM9NU203H/U5K$B$EO
MWZ+*@XATE90/4?PH"@*D&5V92F6S%"JIH@-L#'27C,B1BZ&R<#?)>H);%G]U
MYVH.!8W?<"U](R5BZHERA6 ?N3!5_,)@H/0J&F:#4"U<^IZ6HT./\/4NA1,3
M42%L$D<#7W!^68RJI$J4W)!^H?1.P?Y9LL#I.\WQJ@;3JYY:\5AE<Q-Z2)Y;
M7J/FQ8NMMA@WW7.^A3IUD:HYD1R-69BPOF#Y*B72/!8RUD(#<+-P-K_\;2PT
M/SS8-\=^"*%RE@J_9\ISCW;5AC3JRDVK=8!H?=H0N"I4;S5()**4%IJ%TI'/
M35 A@J'Z"D**M-B^RHLK9D'E^6;T[H#'FXI6%2XA:-Y9(Y-W'0N<$ERG\YP(
MVY9>]7(OS%E1E;CZ2%+ %!(>[Z48L<IBH.PBYRZ4 ?1%R'O>R8@LWES][0<8
MV%!Z-O<I* X40R%!&!)3:7?3:)<JBA?Y"I:XFYY*+;-05A'$AQF:HMB+0?YX
MOX9"D((SQKK6'V:LZ/"/B!^E[%Z:(BYJJ:) -IFORBK5]J_@B)@#D/ )HT)N
M*#:BD.MR@-E85<2@C5>6S0;P^H'./,>\Y"(CUW).EUHD0. $<T]"5 '4V:ZH
M?3M8(AR5#&W_](5>3DD,FS6WR925__+Z#HO%.>JE*)8,\V7L\B>[;)>MR1[S
M 183E#'\K)@!\$;8JK+H9<7]"1G))H(K+$.G8@GC3^3 D%=+D^'/B'$F9_&5
M<5S4#$'$>SH;&;']+LH"C_)1=HW4G5V=PB\SR]0;L@>!T!=D+KRN.:D$=<5R
M]QQDA/-)2/HM=.'0$=6*%8M.]0K$A9? Y[>&^5]./:+U4[QZUD; ;D<'1*17
M[XH&4&1BBY9-%&4O\)A2ML"T6BF9EKJI(UA=HM\U<\.G0_A^N" 3VS#K> :"
M>T&\XQ3(KD\EEZ16;-Y*$,KLPWS$1W,!;S<0M4@F4:PH2Z@@$L6 !8$8QN0V
M4168S)RBODQ([65]7IEU@EE^&@U)^9].Z"N.!ZNI6D!1=<FK_&+N1NZV N,:
M^R*2W .ISV^96(-P9<D2L;[I@)IJHV'F-5%]8N&-=)6;+"\1G+A276!)%&JO
M69)-4',1GGM@%'V&WC=2G3P8*H@F.++V%=*UCEDW?N2247,X5P:+F005BD1!
MD4&I&JR@6I-(9H K2[3S,X>R2F0"5N3+BUQ>%K."]]YXV'#^"D1#-X-(O<65
MHE-U%UB]JS>,M9U%*B231I9I!+K:V!97F@*%Q1JT"KN'/!K&; *&*ZH\3#@Y
M/*"'^*'H%Q#Q%UKB<W6]:V:N2OW]?C9/YQ5?/?EOC;->KE 29%PI4<BG;,[+
M-M:G#J*HT(J2[WDJIZ@1B<(VE]AD.(]Y^A;%4Y(Q4G-+OD#08%#:D3CE]WZ"
MLM_C>"DR%A[3J"]NR*,T @9TZQ=+ML<8&=,YUR(E%&\1^/?BE4)LGVZK""FO
M @>T*ZE2/*!LSRB'^8:"=WTL2!_[S!'1A@?IVZ!H ^N/IO<^9O^E0OT"8O(*
M,2EHV$\L#P2"S@!C]ZCQ&[R*K@H-Y+R?AG2JZ!Q<]*C@%F1V@N<)+PN,^4;9
ME)W6NW^?WNA/[7<_HTM'"&L$-!6^ES;I_D\TVN%/KE2E8E$4  PZ&$,88^;4
M6C\2_A/=E4)[?_ M4&-$P$.EZ6+.=5+R\JA<7.VEGW>327AUA".,1I<:)D$C
M2T>1L(@W[S&>79WTQ07B-!>^,;K)V/CF\SG@3+CKJL&2]5(82; ++-LKNG<
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M"_H@0NR4GI@?M>@ 7XT0Q:[&QDW<_,OR1>='1@NC,'_73_G8Z%%H-@"(\X0
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M-!77:,)%RA1121Z#&K,4B%"[#F78F MU5BS%B_+)P<#S,.-+.4](L3 46C!
M,5D+E63I[!->$>%)U(CE@MH-^FO%7M'&\:6593(&EHKW14=Q:;60!]((=!&P
M_%LP*,53W+_%5<31&+[&U*J>J(91WJS!F"CV"2M^O@[SM63W0D$NHO:BJN%,
M,5!V2E1S>&7KPT=_+(Q$.JY88%<(-K*']#) 6XH<Q EZC\%<"X>"@HJ^8K+R
MQNQ!4D^!4)@'] '$PP<#WD]UA';*VC1$B/,E,F>M<DL+-^ D2G&9K.#%N<-M
M&.MG1'DPD!FGG1&F-0*TA6B]]J<FVATN03B)T1CJ$Y$BKY 0+6UPAJ"5:YN]
M"M?I\3[+$BXM_@ 60.8R0:;G>[OPY"Y+?L!>_LJBE(F$" E2*<5];( &4ZKO
M\3 4,Q3'#82?Q;$("6CIKIU$M'@$82]EPI>+G@Z WP2!"!#';=+,Z(X507 R
M\=&%J[Q/BD,A<&*?$6^=.OE$.$<TW#?"(.:%FVJD.LP*"Q<UB?,9BII5)=;H
M.C9S= 3I/%1K$2,F?9>+*@\B;E=2/L@1$T=!@#2CB!<SH*)L."IF#*$[;PQT
MEXS(+8V!OW WR7J"6Q9_=>=J#@6-WW"4?2,E8NJ)<B:<CUP8N(<(;4H?J6$V
M"-7"I>]I.3J0"E_O4G T\8F%3.)HX O.CRY4/J4WE9RJTAM:9?\LF<CS3G.\
MJL'TJJ=6/ 8-,%<S)<\MKU'SXL566XP"[SG?0E + QIL"$PX(3D:LS!!Z8,L
M7V6SF<="QEIH &X6SNJ -#,6FA\>[)OC=890N7Z%%Q=EKSJ<J@UIU)6;5NL
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M4?_*_/3A(DS2.,,OD\MTQ..;$0LO)SA$\CL,D287<M+3X3#F0Y;R?[,@XR6
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MU3Z^X=9>A[!\FYM>+:7\OUF2^H.'RM4MNX+W?!#%W,&F[*X#!KMS%HTG+'P
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M=7IY<7%R=0,K'+JV;4Y]OORJEG(6YS*.\I&6P)T6)1Y%2^U/@^+PPX(CR<=
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MQL4-$LM\?P2/&: BV%SE/\;!+3 VAC0PENU&YH<,6,=A(QKT80P\GIL@";+
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M"WB2S=<1]V )]\(-?4 ".,S ,X=!2"CA\;]" ;B'XZA9HB;MV  >,<"T[O'
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M^\;AX=;:PN\@_;[RE@PO:+ 0]6JPN#@^<P(1/,$0$]>Y">#'F['I<?\R#/S
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MF]CNTJN2X7R/XPT:%+OV?1[X,Z03^=<*J09H"OWYYGP@+8ULQAKGM?I!8(O
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M@%U*$]PW)])Y2,Z.M-O''[N>+#C%AFF>#'"H A_E%"G_9%I-HYU',O08\D?
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M@V5\^LQ'F R.#"!K&JG,88OJ)4C;&[O21K!=T+YC>P*DOOO$.7TQYO84OYV
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M5CM6S%0<6BT!#&AV%KNXX)$4OY=(C[-, )=Y^JDTHT&9\^!Z?R:96D.PRT7
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M *"N[[YI9Q^0!ZDJ[2AOTN,J51E0L1=AXFP .#4(=4;&H*F*:@3F(^.CD8R
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M3J8; >5=G%&;"Z!ONF9YOF&R(+4;^_$M%'0%\BW*ND:=U,\4]\3FQ ;H]J
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M/O)L^F)$NG42CO#Q_-AG<TARVC[YY?9F++"E!7J$?LVE?IHR+TU_?L)?3U&
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M8;*&:W)S["?7CHT5[W:NU%JOO4E[%_S*E<[?HF2F  M)ODTW'V3AWT3&H:B
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MT=U\T/(2!22XIRYF/0RIW;@\F26F/D'W,NU0&73I34-/2'PRA^_E7&'*+88
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M"BRS?Q/C29#++]779K6D/R+XI?(K3 !$F%"SH*W?D-UQ#E#U<D3FH-&"PBA
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M7B?(>%[PRNNW5[$.&35$X*NX63*9.K#GV-Y-M[G;:":2<<A[!4F65W4Y3(0
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M+G"I0;LG55O,F&8K)45-#J-"1VIOPXH*P" QJ+K@(IK$.>1-7P4OEY/@X[?
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M7M-U*V$BIF<?\$K'8[BOQ/-T-^G63<##L&$5\(KT$/@O$TSGN3E9HWUI:_!
M2+D&?'TLY]18K3&*]N!Q4?!M75=;'L;\Y8)_[!F%6,C_3U!+ P04    " "$
MB)E*(5W[SSMS  #F@0< %0   '1E9'4M,C Q-C$R,S%?9&5F+GAM;.V]ZW(K
M-[(N^'\BYAT\/K]MB[JK8_<Y0=V6M5M+5$BR^W1,3#!*19 L=[%*KHN6Z(EY
M]TE4\4XD+E4 D=3J';'=6A* RB\_7!.)S/_Z7Q^3^(=WEN51FOS]Q\[/!S_^
MP)(P'43)Z.\__O9R^]/YCS_\K__Y?_X?__5__?33#U]8PK*@8(,?7J<_7 =%
M\)(%X;_S>?T?.C]W?K[X 7XX//FI^Y;]='C0.?OA_SXX_-OAQ=^.3_^?'_[?
MQZ__WP\WSR\__/3#MV_??AY "T75PL]A.OGAIY_X=^(H^?=KD+,?0+ D__N/
MXZ)X^]LOO_#R'Z]9_'.:C7XY/#@X^F5>\,>ZY-\^\FBM]+>C>=G.+__[Z_US
M.&:3X*<HR8L@"9>U>#.B>IV+BXM?JK]"T3SZ6U[5OT_#H*A4I93K![0$_]=/
M\V(_\5_]U#G\Z:CS\T<^6,@%90;%XC.K#9S\4O_Q1U#7#S_\5Y;&[(D-?ZAD
M_5LQ?6-__S&/)F\QQUC];IRQX=]_!-I*SLAIY[#^U/^X3L-RPI*BFPQNDB(J
MIG?),,TF%< ??^#M_O9TMQ#A]8^?>1,_A\DO_$^_R&O_ L*U%.^YG$R";-H;
M/D>C)!I&80 ?"\.TA*\EH\<TCL*(Y=>L"*(X5\MKV)P% '<PD";L)?A@.>]]
M@S)FO6']RTL&NF(K!;1A-&K4 IA>!G,"Z.]Y'&0L!]*?8?"619I-GUC.LG>V
M^6]M1,U;W@6L]0+V0"'MVA@WO,5+F%H&5^GDC25Y-20?@@RF[LB %]UVW(X4
M^.43+#E/+$R3,(JC2@@;HT7>L%U0YLJ75K8@W"-PFQ2]))[>0C<$!03QROQ]
ME28#()P-+H.8KY;/8\8*_<[?JO'=@>-#DO$E+.\->1?/V!A^#XJNE6\;KN[G
M/"D@R,>W<?K-.LORCU@ >Y\FHX)ED[ODG>5%]25M#+*Z%D2;[2]RF&18]!Z\
MQFPY"VW_35OJALU:  2LYK!3&O!#@)!8M? :35@6=&V>,1-PHZI+P>KA-&8%
M[$SC%E)NM..2]'&0C%A^E]S\6<+^_YK!ICHJ6O0 I#T;$R+\GF49?,]L&X?5
MLR#239 E</#('UE6-;X<PK#GBD+8,EY'<0GU-@MJ"]_^"Q9@7K,\S*(WOB3
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M60ZO9YOVQ1]A.)O8KQHU:AG,?-#RZ:A>9V,X'/-C7B,8&LVY8N.W! 9E"AN
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M$+ XW0EKQS#;5K"<B%7QB04';D$%C1 ,[3EQ$ 88N3OAW^XE3/Y@?:T0R$?
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M3#L(>,WR.JP>ZPWOHTE45 )=3B5&>Z/Z',\>6:.:8$.XLA<,5D<>N>^@?@N
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MP38I&VW$$^7YH_DK^B4XV931LF70%H&H!,:]P"IZ8K[KV\KXDL%NV6B^K6H
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MG>K]XV,"9@[#)%_:N!!"?3[Q7#XUCF0FBXV2 (> @4)?\6+BA* 0CKP9FN;
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M"5  @4.LV8V&&39JB>96I->_\, K 4@"3_/,*%'2*L1(+:/<1G8S?;/@>@4
M1\!"H5*^_/ D0D0MI9L@#ZF:,KP2@"2P0V]&FPH5M61LVZE$M0:;N$[_^(+
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M*B*8=Y[8@+$)GX$>LUE.+KG-LG6; )^ 95,Y[M9IM83:WO,7;;(O'9"MWR;
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MA+74/STD8-'R-@7)U4+M_>GFXJU:C(3E 1H!<UB;?8@$%K6WJ0A,<T\#@$?
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M+M?M5L'^V0$!SSQS%2- D'OC!D=\1-/_9*^W69K@]TB"4OW.$84T5>9*%L)
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MWF]/"J#A<]T/[&($V%8_N:?4;14PQ^A](!@) F1\KLL("F.A 0/DWJ>WU8'
MG.EK0!B* H1\K@L4"D.B$0?4LD%:F!BV3*C^5@DC4?IGQY_K5H?"H&C$@;T
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MH<?!:CE 0N">39>#;<D_2\P0T7EB;G_^/8VAF3@JID]PU'*Q4=?_.FB=PHV
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MQ+WA, K9 J/Z&"DJ#\@('%M:$B=!1LP;_IX'X!NG\>!N\I:E[W7</25SDEJ
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MY]+8_+?7$#&SINR4\\3"-4_YY;:6A^WK]J[NX!S$+1DPT!;@FQ\SFWZ.*Y9
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MP"!D'4D,_?_U"__.:Y"S2A'_/U!+ P04    " "$B)E*MZ8-;;JF  !4( D
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M)+SK@UFW@5=1)K)N,Y< [SA9-03MC5X%O.-DJ*C?!KRS(4>%E/)YEP([-#_
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MWI8 1D&X&OAGX(CEHVMAJX D,D$.H.3LS^!<N:0["Y5Y,NMA?H[,>9>9'V>
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M.P=%Q1;Q%'@P\L]D@JAOJ5_A+2+[^;4%H&X8<@.@'5:L#VPW\#%9!G$2T3#
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M$:>8UE\ 9=>&ZNHCZ57;O9!62ZU<]>"8Z4"$;+^$8H24&NE'2)G#UI'$#>Q
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MT<-]X@2Y8)<>7'8>X,4DW'Z,(/EW^J=7?AC'KP'QBO@+6/[@1.B&1\C*XL3
M29((/9X2<O&6]"]$C5FW8^N(F[[\,Y+KJ[XL&]/OV;4LO-Z31Q7+X(9P'V'7
MX7R=QS%,8O(F@AU^^G[XA=RU'+A05/J2E4M'-5WUGSO8=\BSJNQ+M"W[%L@_
M!O*O7<P*<Y@&"[T\YSIPLO:7L9[L ;<^*\S>6+/+.>%?_ACZB#Q_'NA\*I2L
M="Y56?L[#_*'E) -J\WQ5$ $V[,_7P;66ZRW#Y8[3=<NK-(-[-S[YRE.Z-/+
M@8!MDK,2M2U2]X<NBZF4J%W,O"ZA!MKD0J(^7;;<![Y\0S:-X>M\Z[?.=W[*
MR&TG8@E>.R0<$-F9%I+D37H_2$I*.G>3$ZV@68\YV(I-GHW*(5)LH/IPF#.6
M3NKYOZ]8P(<$#>@)$P>&"C2THU!%/LX[GGP)6_I=1H% D!WDFIP7APA*!&!Y
MJ=B;_RR<F-BTQE6VU#H8>YJI/BQ^"CQR,$6BG-!;.!%Y[ABO=^E5W,WI,48>
M<B($>7.B"A'M:%22L)G^KM099+V)K697W,L$3&)Q1#%AVML\_M2MLP[ OJ:I
M$X%%MKZ28\@]Q3T,')\\'I@'WI(\[8=QDIZ8<B$Y@*H!C [1 3=G97G6K$RE
M.4UZ$)51S2XNF(7RF-K()2-B'FG7LT57$$8P_R;F1[)]XTY@NW>2OX<GWUL>
MCHZ;Y$O[K? );%^"MD!?++DTZDG&O@108H!1*SV1S_:X%N)]H K(0OJQHH(O
M5 6(J8"LM:U[Y#H,!I)^0 D#QEV .L;M ;$*2LV^ NTI0!EC$PG $D%O$B=*
MQA/BRO')P2=Y\O\(GU! D]S@30W)PCRI'(O FT0*&'A\_BWP8HINRECZ9+PO
M0COD.D&2G:%W+:CB!^C$8> \^N?[,([)7<[Y(3P%R7K'ND0>]-+6'#\VV1?U
M)T">3'>-UPO%ETJ79;K70"@&Q0=!]L498-\DV"F^FO4RFK]8FR:[%TU1H;!C
M2AA\0;Y?S;!OWM],C-A&;F(=<-7H[Q*\Z"/GDEUYB+L:ZO<N=4X;3B%KP,\-
MK-4V6[7;,"F.:@<EK/QZ>TI.$4Q+?']%G>GB6IOJ3D#9QFW;'2#6+*MX\YFT
M-)W)C*/J6F)!@9['&^Z;\."@QM7X#H:SQD:'/.=88M!96\N&O:IRWL"WZ7O8
MT/^,U_[X#W\1):!M--0^Y U.VX:;- *DE0WY8L4LZ^!4,A7LN/K5":5V$Z[#
MB&>_HT#HO2R$WIN&T'NI(7YO$X2Z6=;!J2*$QM&O 0B]EX)0J_V. :%WWTE"
MJ&AH"$(E3CE#_.X[BR#$85D'IVH0XC#[4"V+1T(/YTS=II\0=EIR.Y+:S5CC
M'O[T&,-?3UB7BV>RB\3?Z]CL"7OHW]5W\M[8WN<M 6T*2%OCVS_),6AL^64&
M0)\%I;=B@Z>[,(ZOG2@Z[\*(EC7D&!&ODW8[XDK0>(J0-0:D-:@T-QGV51*"
M3%#D#3>I0TN: KX$.L$@-J<Z'F1M21\DKDF.CB"&WBT*G,!%CK\LJF.L=_>D
M1$1"\O\XP7D=^.<;%+MX./ 67R*CX!C$M4-L%(TT+D+/'Q:K+5BO[GX&M\O5
M?'6]G-^!Y>IV_?!QOEVN5\)T@3H->SRCJ -@;(LP )3T0'JSAS"1/E:0ZFW.
MU+DR-9ZG9[U =C9/^P$+#R84!JW34F5'3)\I5E#2N0?EMM9N:NT\-]PD;072
M9A9$'"147C<<H;YM\5EX <*JQ=YQRBSU)V69-VN55MFUQ3.0T;&DQ-#0L5;S
M>Z*!UF?;+,^'Q"*TWE"[738X;;Q490EO[$@8+>9VLUEL-^8-OMT ZN;,&WW=
MQGI]BLC4(&VSC?:&3+?)=[L%8]_(6EIERF+N,ZX=VOX'6TR[PUS:+9QK*QI7
M'$Z\YZTBZ)_UKPP85\WR/?'>I'WJ9TOAGCF'.?K(S"4_P%]/Z-GQZ?&&C=?,
M^P@AO&4^_' )[E" R#+JPPEY;2D'AQB)UD5G">Z-A60#Z_K<T ,DSX%)SM%E
M\ S3C#2IB^2X)WXW[6Y+($5+P9^T.2BUSR=EDYY.49(M.D#@P6,8=SZYT6GE
M,M94MWYY4S*!"H+->4#_LRB\GQ0RNKH:1$>G-!R$Y%, _:'4S>P3M6%");;B
MAF]OW=B1,3:-<=<('AWD995[ H_E/"NOOWEQ6)G>^N.R4C*U)$$GO;(\"A1(
M:5:_ZD[0Y*0S3+0L>0*5+:2RN95]H@V+P\L442KW6S_1MH0TR=@^1$"M!POR
M/J5QT*#J4 S%NV3C7*;C6^*XEDD\R%F^'OPJ!]\&\6LL\B85<3.77S'?5BR#
M^6Y'$W?"N)SL"O,9NO2WV#G\9XB"Y"?<_!1QT[P-I&L@#^,P/30S*>7TR&-K
M,G/,O6=Z%IB$H/C K)(4;@:*C\QH)_H=D'W(; +'Z31$)/5#)Z"55V)AECR]
M:1U' $@SU>-HZ- ]&PNG86/S;^?$:WZ^[9RX)IU@)8,% UC4/Z?R)U-3T+A#
MSB/&<)HG;I.$[B_[T/>P6R7QAN0L<58K3T([O!2DJYM0J2MU\JR#)0>[0^1:
MSJ^6=\OM<K$!\]4-V/PX?UC\N+Z[63QL_N6/?WK_5[#XKT_+[<_F8:-JFG5@
M];-+(]"3OQC!ZV027N)+!J7&MMV34)(C8]TO.EEP8T)L3!QX6')W8NZZT0EZ
M3<9X*[?N/OH7<QS^F\49:%O0A@JC48L>,G"BC"60V! NOCCIY%;J"E+1E;%Y
M=R6$>F.5+(=SC4\IB264V%EAP87>BM=)_U-*G@3M9< KWJIH;_0MI;H4I)BY
M/@BGS]\=21<UM3Q:WX<*,=)X'RH)$".K=+EEN=EU.'_A;7*6XC/)(C;3HU$R
MLC0*LX;6_Q(+?G/OL0X'Q*+'Y%8+K=;U! .7#RYN+P.OK'@R-!]4Y:W9;:MR
M>Z-WKP>)X8K%T/OV2VA7S6=>DD:E#QU;>#B&D1.=I4.OG3VTHZ*;]X;SS%K:
M%5*5%^ C_.TW)R!/'R%M:D'T1V Y==N7,AN=N8E[G#I8=<Z@%($O-TXC[@P(
M\X25\")/Z\EQ<OH8W Y\J(E(BOU51+0&*NKG"/:=')"Y*PPH7S\Y_HF?=Z/>
MU,B"J<9MV_(B# !M,P.TU0PLX_C4E7A>WQI)P/DZ\E! )C-:Y=.2I5";;;2M
M?[H-0^.BA]0?.$5GR@EC2F33W5WT+WNZN6^L>]*FF96SUJFUCVWE[QG[ 7QR
M$NAMI19 /41A1@]>O7_WY]G;MW^B6X.WLW_]M^]G[__R'7!])X[!'(15C "'
MEA:]@2[-#0+^]'9&\JO^*^U-K&0&<*LC*U?EGV?D3:(;QLEK\^ 2&6MCH25E
MJ1I/V#R/'I4X_KV#O&5P[1Q1XC2LHARH[^JA_W2MD_?&R4W>$I"FY!9CVMCH
MR5H?_LG]]C>8?Y?'O]:#&[X%-8YM9,Q'ZPGSZ7#RB4^DD6:2I @O5&$0YY7D
M26+"%4S6NZWSE7_NK$;)Q&FTHJPM)Z 9A?1Q4X5&5F;V%2'S>@8P)>+7,2W#
M!]@CBIV>]U;$9O4D+8!B/V-N.5GM;\DZW^XF#@J*ZM8EMF_@#KG<VFLRG0V\
MWY60J/G8E74JJK2_*MMKVK%CJ:0'@</DLJ<LN[S%-=_OJIF;R5 ;1KA_PNOS
MI_LP(C-U.0BU#<GY:Q@D6&V8E:>LC+126*[?!RP(X?74C&RXCY9I9Q\ Z1<:
M$<#J1_+R[2:/<2?3$SM4C3LBA^;S 4TF>)IGT'2J(#/RF0W]#G%^XC#Q<,]G
MSSL0N;LO'5VM>_?!OR53>N]AR84962$:%U.H*&H^U:8G'A)7621,SLC!S.I$
M@IOK'3T*B^^=B ;^LB0%15IWF0RNP\B://#IHP7^X1"C2 (-C.:,').R('HI
M"TN)LB7GIR,KQ>9SI]ZFSSFC&FCWALZS&+>R1UE9:[.G6#G/H@.L#<?R]&!*
MD6];H,(Q$>X!4IM]&,BESV*"ZI4_VON9RY+?(4=W2OPTWFUSF0_>V'0FNA</
MC'DKZU>K08*(-?:G6)^A;HP74)A!>DAE+=6>8@P?8  CQ\?KD;EW0 $B:Q!R
M?2'-3<:Q56%/[08JEJ5NE6F/-%=0N4^6(-&"^RW#Q'*J8F6/0LVC2]+RZI!2
M,CL#!2J+@T<.=EI;FRM)6>&YNQ9EY=C<BC*4DHRCE'%_2L9E(F/]&#>/58YU
M=Q;*[#)MG8GV,@YNL43E3%\2]V1D.AM(F2<A43/K6PFV@ QN+0&>'?=?>LF6
M/D! 089Q+(=MR>QDC;"9L4[- O4!ZS:,('H*6"(#][R-G"!V7/I.W$$!X?@*
M[G ;/L*4J&B'FIJ,=;M,>X.L.RCU!X1 ?OGLD5(Q#;YQI'4S:>%7=X\;0/"$
M>\?33KR2#Z,U2 C'E[''=F$J0=-2WJ^HP-AP ]AQG4.G=^WAB>INMK<;DO&W
M>-!.U(N^?9?Z4/*;?V2'YLS%M_C(UE;:?& [C\UU!6N0[@M,N"]%1GG+Z<&,
M>J%[.F3Y4GKS.C^$IX NQU"5:[9P"\(@S'<'Q$J?TYPV*+^2A6I)?I,3O<@.
M=A#&WYA#+,?N,T0*C5YC6"R%_CJX@1%ZIA&&91 G$1UBL@"[CV#"7=[(D] ?
M*).7KA%:*M8N !M5T1^4"- MQ0PP(B:7-0,$)=V(A+OZA(A_\<6)6"8)<EX[
M[93_$B546[B9DU!K-%31X33"HKV\C>:L<ZO2[,7\N_B80=313/8YGB3MN<[*
M/?)(:MK);#"UGSS6A":E#*LU79ND5>D.6.*-1LK'%0S@COL^J+.'H=!D&^\=
M\4C<-*]"]BIM;</^65D0[%6S8S639POR?%N22E5@[>WA4(&IZRPI&.*O"\[Y
MRHT,% @L<5BW 1+SKSV#O<A7/4(A)]WS2U8S-,FBY"I;R"0)_YGW&4W4-6OK
MM4-.\U*WXS%R=[!Q'GCT7SZ-'\V]?YY8$$?BJ'*J#YI96D^AN?8E+#<I /<$
MA\352M\$Q4<UG*9*(EJ;,AM'!DE),TY),P'33(#\+*9I.#QT(2JRX1A[6J?6
MNCV;V*/9,2%DO+6^M&1Y%"7>68WV!:M<OIIN>OCXPE7/.M>\5N6RG%I;\OEB
M;)C%II*8>U_!%J?;PW&H>-G>7L/ BXMK)][?^N$7]9<]73W-O:WHE*7[007I
M D@?JQ_X\ >I\^&$S AI-3GLMV(,B/6.OFR[.G\*T*\G> -C-T+T3<?\*Q(\
M\9$D8<((9:5KS14#"@*@U 7/G;B3';:H-'HM1MECZ Q:Y\HYP)OPX*#&?12>
M5LJ]S-M@1886)Y@9''E7GSZTQSW 9];'1JMKCHK0T+J&9, 5M,HW("U_S7Z5
M(.Q@'Z 'X8&XVGM,!.*M%DM6\9%FONVZL#:,IM[K;0/E%U@B)0CFH$02%#1!
M3I39+/C,Z$ZUMQ"LM:?01ZZ!B4437P^<2C#QT+*DT1,K0.K:H1YC=TL:B0J-
M''.-L#P&IB\ACN'Y*E<6QW-[H_KSJPG\N0I-T_Y<27XI$[^Z:'\^2!^Y!BST
MY^,(=MG^? ICOUA_KN[Y!/Z\K]L;U9]?3^#/56B:]N=*\DN9^/5%^_-!^L@U
M8*$_'T>PR_;G4QC[Q?IS=<\G\.=]W9X-AQO]$DI)D;'HV$,QJ53+&<@%Y)52
M&%OY Q)[<DNM8$*XNX_"9^1![^K\B6;"RC.$S//WBQ)7'/H0TV[/O21NNVU)
M[3DC Q[/X!6A!%#P&A3980IJEEQ/&$7\=<O[5@O*;_8WYCITAUJRC0"^IF6H
M3_AWZ1^Q_QD%S.V$+09VAR9& /D,%+1!0?PR *^@%I>HY5A6RRE32]O;=Y.O
M#_3(KU%JR5M9T\F=#K6"S'9. CR'V']"$'M#XY/#DJ:?&&EUQR5FRR3 EUC1
M\>?$+F9UIR9^(=\EK.XDC%D2S-*6/"!D?.^<Z09P&\[=7T\H@EMT@#?P&,8H
M:5N-R732&_0525"WIJP]V(8@[0%(%Y#U,?B>N)] F).]$],\A@D1Q)M($)7H
MI*H0VSUDDWEX2G8D)I.$&.UL='R$_^M5DA1]00EN&J$G1 H''YSD%#&WAW7P
M%$&LZ @D>R? _Q-!" YX#MP;#U)*8:T2A50 VA ?$(4NA!Y-&?F1J?*\W@F=
M@*"79B\@DJ&!FK0#(#U U@6L=Y/Y >G3C?ZRT'Q?ATP6J_R!JDRY0T !]0=.
M'(<NHG5?*?@3_/?8\;'7BRH2OQAG(07*JK=00*3&I =U'W9UBE$ 26+(>> 5
MJ=OFNQWRR0!SDR/T(*8_B4(?B3N7*4FQ3"GHT-?$I1R%H*!E03J4412P+"'X
MX'CT89U=:9K[6W8C <% LS:^@[_%KC5P1]K!<XG9LH/G2ZRX@\^)7<P.7DW\
M0KY+V,%+&+/D#E[:D@>LWA\@K;5^[T3)>>X]D^K#G6OV]K9Z5^H=_-9-)FT&
M:#N0-32V)I?D.OL36XD[($JE.))^)M??LORS5,(1="%ZQGQ3,2I"@"!,R*T@
M/ ]#<O_'@X^)Z;4R#P*5%;+8_@<!\<BF\?5.#9.";KKA*9*BB=2T!]E/Z8&M
M7+[;,>1Q= ):-5)X2;*I.:OIY++3?TEYCIHK4W ;6E,<YC&(91R?"#/+ *]\
M'/_^].@C=[W;P0BOB'B;?'D:)A(D2LO'#]-EO4':';#^("-@./U@;RESN3 2
MKWTG)J_\PFH!;W ZA@&-X"WOU^:W <HVVY(_L(_!FD7E>G=/DW[#>]]QZ2U0
M14BV$; "CZV228(1&VW:&>2];4.BE'PR,$0!.*;"'C-29&YD*>>2(M!N+4R[
MC5@&HR(+-@-0^I)@S>YC+[["R$4Q]"2QV='7*"R[Y.$CDCVB2KN!O)\M6)05
M2A*&& (!9'E"*>A@2I+6)B2M0'CDW-PT!4.NJ?(0*&&G^D^HUKL;1,)W@2=S
M!%5I;>R,J<ISYR$2-J.\G=GB,TJ,$[X]/7PK'6PI,V\!;+N-O.LTJM/"]4/S
M-HSPAC>]Z+3>78>'0QA0)R*!5%YG8\#E2M2)XUT8@:(;G51H1S9=6H00)?&J
M$B41=.)3/CW:X:ZFEL>$*Q"#JLLSR"+*Q!Q.V<B67==AW'J#3:Z;P5F]50K>
M],[6R_ERDW:QR!^H240$PGM.O"SNE,+,W-EM7-V3J,BR;+R\,<[;/&G"%E_J
M&.=M7ML%#\UO\P:\31NF%L[;O%W+O1 K7ZF-K %YN>V\#C/"2[5>OD&?JUSL
M=M!-UKM%6LK\ <]XZX (,@]H_H3%KR?T[/@T>8*:LQQ.6KN['$$;=5PPDF2B
MSX@"0I647J5^E%QPI3^42%OXFGE2S31JT,),51%1%?N95JMU,Y71'V#Q3;/>
MU"+MF'>O8[F4NH,=UY]H3%?4RN$]C%"(YP>7[)KA#63_Y;A3-3+ZTQ6I2=E(
M5]3M"QD-D!$!KS(RDY4&EEE"#I0WK6V82N1E$M$S$C4?IS4[4P]3;F1GZFW'
MIB$[QPN\*#ICI_*3XY_4L=KH;PE(FW(IH-,A^T'6&]#N$X'R2 UDDSA1T@^:
M"E+6@4>$?(1/* B(E'A*/D,GFE3.12",V$XB)<2_Y\IGWMMTH%#.S7 A:+ :
M";N/GF9>A-Y;GF\1]S5?F:1%'JGZ).F]_+RCR2W/<*$DDXI:@#19>Q168^$;
MHSZ$;=P]]$X^7.]*[RLEGNH)^FE'EDB.1HK?M#T]62B]+!4]LM-I;5)C4[<T
MA8$Q;&6B"GN\3G;85U==O4[CLJ6BGG@\I,S*:!V]@B.R;DG.'V&R)SNCC+OF
M;R$D-; $M?6&D35HE[VTT/W(/JN!9DG=O3%&N]NFAPZUQG.(#IZ$)?I$'?6?
M(8@D$=NF-?7YY$:E$:A5&)(![U W* @_P.C@!'\+PB\_AE\6WLFEH=Y"H]?A
M7>+Q"W\HD]'[3E5=RL:LC2D 1@(0&@ 3 3F5TD2.MUT $S)?]F(<F=^49'[#
MD?F;&9'Z&RN*70R7_ 'B[65,EV4HV(68%)7XB+=C&'PD?I6$H(=Z##\=[0GV
MRE/204@?X*C^\P3C/0R>;D),_L#W1NUM];J<#G[KEI8U [@=N9YKWF\H,OZ-
M.SW34JB7Y%L*VF7A3(.69_@59(JM?@#\/GZ-PUTB [ZVEGJAU\IKW0Y8(WM@
MI\"T-9"3XED*<(5@IN'6;>@5L(FL?,B2O#5(%WCD-G!]%\JMT32(FN8%>E^9
M9:-K]-P5$P.,6C7R=F=#\:81QKZZ4!MAX'4>YK5PQ3W :VUOX-"NG>_FF5:K
M[9F]<:?$_($QCR9G7O)<48[UNY!,,'B_(F9<[UDAQ]R;YX-"6Q\SJ;\L%)5Z
M&T[S+VLN;?G^]4)7(N-W7^'HI96C@[QROGQ(XXP8'2QMK,'D:_T'K?1^TM7J
MJOI5-Y"5JU'FH"VM>?GQ:!@5Z<S($ ==ZIB!+WOD[@')%5%.?HX"\,\0FP)X
MQO\\16GJ:/PS2S*+_\SZD0_3WYX!_C;Y4&I&X9< V^\>'7.# @%9\OL^S;?^
M[CNR[G?IH[T(^#"FKQ'I-]*\#C&(T5. =LAU@H2F<S]!+(_I78&:D^2791C)
MG4]U9"1:>77VL."0J M)K*5UZR]E 1I(-OJ:19I[L@A[0Q=A^6QCT5I,  'Q
MP=RXZ[%6]\ ^FN5V3QU)6YXG=1)Z5V9JTDGNHD *C[S&04;"8,WY(6(NJFNR
M;*TVE3B2%>2'2$26,K!#*I;2JG6=8GK:[X'%6F'XGD#4>HLZ#GWDT<&_QS^Y
MYRW\FESY_'0Y_&XF[D[SI&BY85PTGP'6 7Q._TMZ MK5:#$%19GN(Q2XZ.BS
M4D5NN;/Y.5;&REJN14N:F#ZT?"(9;!9Q@@Z"VD/UAMH1T>"T;B^?V)XQ;V(K
M#&0%@5D3\];>;B5U^^:9B#Z+OF4/HZ_3=]';R EBAR:7)(<%])\^>_HK/SD,
MH*D=)T/D;U2N21^99\1 F1H-<Y3I68JW*122O;HW#\W!YEY'\4BV/F3#Z,3[
M^@N]P'O _C!";@++2T\QA =3U+R='")[6WQ\UGB=2W%;4*R>'-L!W:E447_<
M.JN6"*6:B0K-6%,_=%15;)W'D^]$P$.QZX?Q*8(TL2:-O;/1IZ<I+GUS2?Z2
MIQ@) [ G*G)B\ 7Z/OFO!P_D-[D&:1C_T0E^B4E /,WTY/AX#XS7!<F)^HUO
M2-8&_^21A3W^:@1^08'' N?LJS$I2)K@;SU#RM83#&"$B;A[A[SK@A'"Q%S:
MH_;];\#<CT.20X'1C_=AE-!(W0SLT=/>/[>52*5?(T<'CY@?; ".AW##\CM-
MK)%?@O!+ )P#8Y#L2+(GT_B# 72H!E&I'"NEBG]W!NE](:*$TED EN(72B=-
MU8("\$R>'X-'Z#JG]/2G^%L>9B#Y7>+R&% AV9DP8<?/3XA+IEPY*XE/Y*@D
MKMJW\=#$8*]?C52,Y/+U+5P+CN07IIP^VA>>//YYKUOL7#6J2+/)O8SP)$/G
MTE!H4/6EGZ0UZ8/$ ZW$1]Y=*FS6>)VT@X(K0?-F:=[85E@HR3//IO,H[V4>
M%6*;JL-"UJ"T%DPAUXW/]UC="9[6R"1W5)LYY$F8*)\B*UU+%17:=09H9[H>
MRKO;BJD1Y&573K)^YD&F:J MU5)Z6*<^ 'X(0^\+\GU6GQR/"-DES.,8)G'V
M)\8I!X$*-+1#4$6^NDUF#:A-%KT!ZSX#V=\-P%'R&LL8TIO'H+*-UD'8TT '
M1/[(O1JRC%:/\,GTU!O)DY*E^V*1F:B< "!C"&;))=9>4MP4(;,B6D5>?*6!
M,Q(M\]LD-1U<D0=6)8BBBBJ=.\-G&)P@7IJ'3Z36J,I5#XF^!O:)8GF:VT7:
M!Y0ZV;K$'2)>5'0R/ZE*VUUS$ZED='H?JJUW&T<IQL+K9.3)6J<$K3<N26I)
MQ^(H2R^)(F9A%EP7$9M4VXLP&7O2!XNY1P]_8CR[TZI%\M@0]M0.$+$LC<A=
MT8,5T[(5*<-$LZ3"EJ2MU4&C9&CZD'-'<K3+PZ6]N7:,='#=V,>09K:"05*&
MM/@%MG^?=#!O_SR+J1N]V%P&Q!\^A!A1 =GG?(@<^>"#L)O>R(-8BF;0*NL!
M6!=;+'NX/$^DB\E @SKW]T4P(=W[_$; ^E03RGA001(ME8B"$E1TAA-BB$4G
MM0%N\#+:#^EAP^+K$0:9M^$&%"1Z&P@IR,C4W'6S7C1Z7^H'THZVSGTC2.N5
MI(6LH_FY4<$RFR$'1;/4>("-6< ^$W.V)C< [_'R-8()BB ]X\-#% M!)T]"
M_P&VO'0-W\^Z4GNDG4&U-SW7MG8W-D#PQ>'HAV=(;C\&<-=YWU;K(;:BD38.
ML7M9J,X+AVYX@%OGJ\I]PZXN!JX;=G+?O&U(F@+<UE;@J N3.%]M"/6);*AY
MQ5#&@/1AX"8MNG.]=Z(GE0BXJ*-V/ @E:1QF9O6&TAZV8J._8.$._V!1G$_.
MV.J04;$TC05)2)&J*R?&?(4'LJ*DF^#U,6$S'L8YR:?T#.46<[VHZ2\_TDOF
MYFUQ3.7-(R$#RG1F@%%*[TVEM-B"SU)HCJ@0P!3BENB8!^P (V^47QEJX3I/
MA \'5$JO2J^XP,!%:B?$\D0,G!@K2-@\;\T[IUEX2]UMG41'E=@M=S>/4G5[
M;1X_]S-6C6GMG(BD%B<5D:DGD0>BL*?^-'="61K!@;0'J?H-:!\#.//@#K&;
M.Q].R"-)*:>1\8AEI"5 S2-+TNH:&>543$[CDA4^$8@_P&,8$8 SMN21)-E?
M_[)44J[&NHOU WE'6R>OH0)&64?SB%*RP<8:4MT 352H;"^R3<MG2L%,D9#!
M*I22DO)J.N2%UQMI.EC]5&LP.+;0S<0D,[ E"0ENRMDX2GE**G^T ,F][+V[
M*J>ZL6O$=I&V8IX_>J!^!Z^0I3 M24 _EF4E:]82+#)Y%#U!UA6CUQ+<]A;P
MT\>/\X>?P?H6;)8?5LO;Y?5\M07SZ^OUI]5VN?H [M=WR^OE8F,!%I7LLX'!
M'L9I) >"1*7ZUM8FLQYPJM*GIK0!#XOKQ?*G^=7=PJJ*]!S-<U($F*X^GR5=
M*%A:P43"<@3]]%]:%\C1F6RBZ# #N(O0I/3XX=[B%+DS?C /"2GC:MQ3E[>L
M 7=WFU^Y=5PXI_FZ6LQ>HH_>6[L"_J7,G?0 K(NQV[J*<GR(PMCH0V!%?DGB
M]QU1,\L$QQY>%2/ ,L^1E>")Y(0+:.HUEKC-]'5=&8!4[NK*HT/_?0WR$ILR
M=TM3#,+T<)RE*J#J3G,,XG^7)F>)"QV]*1N[\=%?%YTW)W*2V*<PHMDMD2RK
M!\M%F!$F"0I+I*<MNK55N34RGG(^U0%M?CH>"0U=-TY&@8+)E2^=7)36O&D/
M"U:[&>]2$_^4LV@2)HZOOKSMXG]+R!697FU*#2<P(/&ZML5Z-)J_[X=?"$QO
MP^@F/#TFNY/?9)&'!DD"^L$A*UD#*UE'^I@JZPI:(&3!C-5;RCL8QS\ IR*K
ME\F: 6TBYW"$$0J]3>)$R63R73D^E8NE4P:/\ D%M,XZ7GN37YSQO#RI>(N@
ML]#GV,+!P!.+I=4G*GF5AHOLX5(,A\I40V16+!88W[(A,;L6"NV\=RX39B#H
MDL!X)$PI F;L,"_!4Q()B[ SQUN,4)F3!7XW_0=W?"D:5QC7J\WZ;GDSWRYN
MP&:+__-Q08X>UK?@>K[Y$=S>K?^^L>KT06:8&B=9TF-DP-SN4 "7^$?>AJRM
ML3G3*G/<.![-&H'/I!F@[6PRFX:Z.XVE0]<Z<RW]\Y2F%UQA*;'E4G:V(<F6
M%KB(NDOV<NP.;["V(3'N^RA\1A[TKLZ?8A* R+.:S-T$/=/ZWC*G7I-_VD"V
MI\FUV<RIE'\2+S#81QDB9J1T2OYA>AZ7/F!\13[^FOR9W@/*& "/9_"*\ !0
M\!H4J6H*/FPYT#.J9J*W*%<K7A&1DP?Z+C2D_Z(C<"SI-,PUZ>2?LN% 41/T
MF[FS=.)>Y_G($9L%HB=>^&<?IN^+Y@=R9?2WUI.P2D!9IKN!DPXIJ9K'&46W
M&<@[TB.,<E>SKUL'BV8>Q2I6USQL4#4YK74VGA')X= 2ON"@B-_-1#T-GA0M
M-258\_:@J>%*&2J27#DDJ<^C()O/8-8EJPHH,C_W/,3*JKKTV,TC4_NCE$2:
M*WT((=)2W4,2'QHK>C@H(#/].B!9:->[2@62O/P(!_2R!/37\I"5K'$U!W?,
MENG8&]R@F-Z])YXAW(&\] RKM+/@%Y_1>I+26V+2B8CJ45$=G\AYM+3$CIK!
M-FI[]+!6_;=\\FPQ:=*R*Y8;2N(63V=/8[=TNF7IO(53Y"W*LN^!5VFWUS9D
M9.DA$LJS%V6)OLPC2=+:NF[)2)F:Z<0LO)AK1P=+TJNTQ5X[,JA,=0C,RO<Z
MDD^_U<1HR7LRU7*UQTS::TCD93&?RZ4S."X!"MV9^LA\?8OE(M-S<OX(DWU8
M+F/,@;AD?T,Y_,1R=>3 2]>F9*P!ZPQ8[W+UK&E1) )07PE9[D\V6YK'CI+]
MM:?\4S(^K<B*2$;Y&\C^NPR4KLS)=3>!*QFI6F!%FX-76<?7Y&*WG=?E>LIH
M94UB%2ML@9>B"9I$UWT$CP[RLK5SNF3.4N2RXI)*>),C: $")267Q&1*+=\7
M%OFB&24K =I3!9FLZ5*2/4$)J;#N"1,B=9XY0IL%LHK!BZ&M;NV&I]+H!//'
M(K+7+%4)60!N@:3R$RVA4CROFOC>YEBSKHKHF8S9(ZHL(H2WB@E)\.)9D^"E
MGSU+3<^2QFP2N]2AD*L1S,/VF)D[*%B UB[9)&'*YMFBO\U3KJRH3*8@#-[8
M/Z5R35.,/PF[M&'_>>^<>V\^\[X6@*TIC^JV,^UIN#Z#LE@Y_T<>_\9GM#9C
MD]]CMEJ:2?C<G""YQ.<3GWGO1.1.GA*$6OM; *-VN22AA#NS>[BT.TC[VP4H
M.0%9]HD8>$PB!T2I3$?<Y6PCQ#@&*8:9T!JMV-ZEYY^P[YS51<4"V/%DE 1?
M<8H/[9W+5(3,RP]9/K/QC5-AH\:W3*.S71H(>F"UW]5FNGI?"^#6E$=VALLN
MF*0][0*86*R<_XC'O^&9K-W8)&8QGJ49#W+4EK+DZCD#_AUR'I&/E)>0"E0M
M@)R*#I0")/7]&WMVD8;_2G3M@NH0=63"<0XJ?)'<%H165  A&6Y11X-QMU!$
MB ;Y@0XRM@"_2\J^H5"[<2TK;3,:>@FXY5JL<ES4 F1B;T$O!VW#N?OK"46P
M<DL=.Q&9=QDJ1/0_S5*1L'$NGG8F@9"T>_XJ8\:>9<SH%&33VXQA$F/.]L0+
M6?PN0]UH&\^C>EJLUG>1+H0>O=#7\GY$%IDJ5$R\FE20L>41)>W-+J>2_N4W
M4WK0J?BR<C1I+^'U5 \+;GG%V,]\S>#THY.<(CJ=TTM$Y[S:H>/[\7JWV8=1
M@DWE('>C?#!EHWCNIPN^U1<T9Z!$-:WMA.D2.%#*;PCI*:^H]P7^%&HY,)IG
M(GU,"  J/1));\H9#( )ST$,QHC!5?==&#PI> :I[N97VNU2R:RQ2<_),:SV
MS*2G='XN28%'&_<(DF-5VAVT26:#IU' EG!;( 2609]Q=8I1 .,8QJ(<[.*N
MYGU%4QH9/U'TFBA!^T ?(2T5303CD$Y%^H<?G2 ZD?]]^FT?GBQ$5H<%"E'%
M-3]]B*+E(!E''EE S OU<\#$[:4=1WP9&BE:2<JZK#E;/)8ZF%PC]Y##J<AA
M.78D;*T.&VE#&U+1ZU!ZQ@:]=5"Z"'6^@GO'W[5 0;ZKYOI>4M)TW7?+NI%W
M$N5K?&? NIHK]S5(K*@DUB-M3/ A=:MOL&QRU<&F%\]X73!YF%7+@ZEB;( K
M>,CWS"I>0-1+KP,0RE"WHJ*#+M0K[-4&BD1Q<"E.0*.8IIV!'- J?D %97K7
MS_>T>DO]I%NP?.[J9&3UW"E!VZ)S!EAST')9PV3)#R5!5BR5->,?!2R1-8FA
MTQ_("=*SX]L1S!&;6-NJ6<:^-&8+.QV//JT"X/A9R8@%^X5441"I[OHSB<E)
MU4AB5>K&LM*3CB#K:4GB^3&$\U#L^F%\BFBPE$)K1T1%P2Z,#G0RM" YO(IQ
M-A)X*5NF[G1>Z8L"Y''PU6AI*$57F=>.%R'9^Q;D&;[X)\=N]H"EBUW]Z;4:
M]M">2*O#&/2NK B:LKH)]/2!%$$(/%8GME(0X2;W-!+3R7#21E9I [71&D D
M-$NU5#*R="F4$RY712E(6S)/3:"9%;F12_2!*OK8Y?JPJK;)6$!I6T6.AQ*=
MCN.(\&Q,DQ9Y*,$<Q4MVV]B[.B6K,/D9)H+Y4)Z$ 4<@+5T3\+0K*/<%66?P
M>$JP'TC &>^,3$^O X2D#SZPD.0L\5@ZJ;?H4J"J@3:!V<<ZC51^3!V%X]^G
M*?W5*D!RNINL!,F3JKN 'S;"O"/(>MI:"U(X<)R:D)*CIM$@71@X$0H_!?$1
MNFB'H'<3'AS$35?>W4>_Z7'X;]A;VG8&2JW!9];>!AL3C47#L.0&PG YYVOV
MFHEC4/QN=A1W+J20K?$\ VD?HS42>\I2J_9,STF,E+>7+.TTEIQO\G?"1U+\
MS(;2;C*@DBIWW8HH?<[A >^1(N0FL)QUO'CMR/$/PI[:7818EN:!9-:C?&=Y
M5GJY:])-J,NSM2M5J*1QU7&B9%F&YU$IJ A[VC&;<DVK>T*U RP#)'H1TVH_
M4=]47O/;/;N*'8<2SK0^-VQ__\C/]\WO9N*A($^*EN=NY3>]U2>]DZ3MSJXN
MP1T*D&11JIY"59_M4B@9?JQHN10R]V&FED+STTDAY%O>14KB76/YUS#TOB"_
M,6SE@IMY$_TE7 ON&D5:TS^9A&5O]G1::GV$&Q516X=7GP62UWQ;Z5>VK:VU
MVV4[S\VJNAK>R_:9%.79EWRTK@=NH[.M$X8<,Z\C4FCC^K?$:?XZ^:!RO8.Q
M#7"#\\ZM4]K2J@"R//?6I"3FFTS7CHYG+QKK;S?3CHM-GM=)?]5MG@2-Y+NM
MZ?&G!H!D$$1)DC[I\?4@>8@892'(53<4N/[)H_>]J@W_OKY=I(_562;6&$;/
MB 2WH UY&\6P:M08E\24UIFPEA1=:C+LZF-B/NSDORN?;_F&\]1>0;'8N(HX
M\JG[M4WN$_"N>8[G@Z%EFI=!@L:9OIJ:76*6[^B@?X;OXKPSM7[:THJ%K3KW
MUA0&X)M,8P:3L!>-098BJ;'8U-L:ZP^QM''<V.L7C2:W;ID(MQ336T))/C&^
MIMC*!)QK#:]T&G@CNB*P;GV@_,F)$)G/LXJHBR"A;%V=KWTGCM$.N70YM-[1
MOYSG7Q$O--J/G'9@]Y2Z;HL9F:)H<$8(?"9=++A9.F1\ZU8[?' UOG>I<=3*
M^UEXX5F-C/YW+VI22MKO&<]C%<(6W93N,ZZ-IR*]!]6P7S[?1^C@1.<K&$#,
M/L(_SI^>(I8QIGAK]A$>'F&DZJ45B=OALU4U(H^ E# H49Z!@G;ER2<C;_3!
MYS3:62ZF%DXR$#N)>%L'K[R<TIS-%=7XK-T+_5)S^ #HZTS<D)]$WCHH^LGQ
M3[#@C>/M1!T-I'402-(,P)6NC9,N@/8I^2#S)BLW/,VT"O)C8^2MYB8)W5_V
MH>]A)TSN2N%5K=)C35Y_DZ\UN7(UWDBO5YOUW?)FOEW<@,T6_^?C8K7=@/4M
MN/YQOOJPV(#E"BS^Z]-R^[.M;S?% \EYO"D[BEJ/@DZ'$SV;HK7#KL/#,8)[
M&,3H&;(0MW 9J$##Q%&1M'PM1T=9W[1(7J5W=J3TZBZ,X]=6K-YT2.M+2*OY
M_$;-@EO.<_J8[X!,J-0-+./X!+WK$,]<$5D>G2(4/+'$<G3Z8G^)Z<X2LW0(
M ]JM!8<CT-2;176@_,TL /CW@-$#KW**KP&CF694G+'%S@P4A,GC&48:4!K&
M$C"/K)":A"1, :Y &'DH(%O1>.^0Y"1)F/YI7O^3R3RM(ZMBNX?@F2YR2>TB
M:B@H-12W,!2/&0I&/SBR])NG(U8>^;=;T:7+K(42,IWF=0PO4DD".YX+F= W
M;JB%CNP<!43M\HXB#?1UCXSN1?I'594,=9"S"W"4JCI9G<@:AY5XH^)+^4DG
MIA<4XY-/GZ)>ML>4\BU*+E/!L>@,2^1,-]P[9?C*B8D\AR-> [?:8&5KK$[,
M0,"BA\1</]J^M*2TWCP28J!,C3XAI3FJPF@'658QLX'P431"^M-WY[D3;7A*
MMI""7V'D(I8KCOX>A$="DU76S-) XC^2!][DG^3:+\?#ZHW]]$5+,Q T#"K&
M/03S9F.Y"#XU6WR$0&85)Y$ML"[>2RCJ1(.;X"_(+' 7,M"1]!?RN-$81O;^
M>4K/7[;AW//HZTW')XDRET&:4I-R_%CG^ &RHF-PPYYY,!D?H!L^L3>@U#WR
MHL^3?UI_T'IZ;3:BO\4G:?G+_*,T72TIXI%^E^>^\J^#]/-9,9,2 T;#X_KU
M6E:66R)HWE'I@FPCW*X5KT-*%THP>A^E5^.IKR8O0R"["_8 /7B@DQ<YAB8/
MW+IB4Z-_1G-)Q-&UU-LU@?P[+%P%\B^1-4/Q+9!]S$PM7UUJ*PN?QG 0N:*&
M"4)XH+?5CKG"S,>SIM?( TP?YL4T3L7>G1+M>+"H5>44YG5,S<M-S>O5_'YY
M_3J-=I&5:%H7MJ1G&ADKE$JM,"H,STN9:P;23(?&)G)VU6*34WHZ?6O=KD-B
M<@U@_NP@GT +;^$VCH]G*A>/-+D56 B/-WGKW=;YREG3CO<)[6O7$;53QZ_P
M#L8,Y%]XLPNC-S'^!B@^ HJOY%MM_"4;LMA,J+5/ ?9M/OH-^R-R\XBXG2<'
M!;0>J=-45\RHG_/LD@\?K[Y_1Y[KYV]WS:]=QX9@?8TZ#?[&.15MA@)6\ O]
M4[PD]H9]Z.G11^YZAQTI;BEQ)JI.TMB): _I^X3H,%'6 O^<T@6,,,@HFXG,
M3:&/RG$?7N\L[]<VG/2.()I$Y''&0H\H'>0C&^0PI0E>_<L?__+NW7=_Q3JA
M/[W]Z^O<,Z*,NAO&F:M\]_WL+]^]M>Q\> 1-%J?# 89&Y2)-\U"8+*.#+MR8
M7NF.X$J[CH"'^5'CQSLM]WOR76,QR_4\"Y:@:\N1C[0>>IP0UR_7%-OR@K+1
MPK0CJ^2Z=AE$*@Q!PCQZKB2.<%JN32OFE]VC^ V54W%%IV%'#. !NI6'P<6V
MX!9K=+Z^7J8[A_6N$&1@4&#@-ZV*$@S57X^P0?V3I4@!"_*1K]*D=.2[!+/%
MEZ<,)50#REL9!ZY3LPVU.26U864UXPSTU^4X PG+Y/$)O&XD2VL6:U .0$P=
MMS>AX3L8QS^00A@6Z=F60,\H?E8E\C.BD]68' X](P\&'F_=7FJC/P5<B;]&
MWK3L;Q;XU0%\:DWL5A_N1BZW]K'69Y!;>#B&$5[9LP>P2K7E)?IJ-V 9>1KE
M0!X6MXN'!_(*^L?YPV)CU6-GZ0&JFY;BZ!@SN33/5/H<>TOF2WF;:^ULVNC:
M)6J\A<LZ =9K!A[/:5B4K&AI\.(S[6R?%7+&3&"&P@'3&'?#.UL87U7/N(7/
MZ[F]],?,N#(T(F*T-;AJ7,VQX;5\3U'L>?HN84^-:(NL,>E&Q74O5'3T,H2*
M+ADZ3.G:8E0HBV(;*KCVU(X*"6/2F=3[,2F%/R/TA +')[]EA17>\O9SXKX&
M4GV+Y6GFS7Y,2B<F,Y!U ^0O,\!ZFDT!KBY5-?COX;;F,2-M;<W4X$JF9@H_
M^>/<98"W(O3PG!W0LH,'>3")"1E&EH2D0ICE-$!!)+L;DQYOV@.Z'@)7;[S0
MHLE$!<7#==L *6N^?'2JV:X^J"Z<*$#!4WP/(\J/1""HNXMV^'&XK]O=8OZP
M6JX^;,"KN_5F\QK<+QY8 $@8_]%UT-U'&'DI= )(9%1UJ,A9E,9=D;N'WHF<
M)=0YNT'^"8/XZLQ22=#HABB(U8N:_EU4+YD;WCVE0E97&1UR#8=-8#.0TF+1
M+Y:=A-(C-SVSFF3;+UGNEX\PV8>>/7&Q 7;1V/4,-0IS4T3*X!T*X#*!!][A
MEKBK\2FC19J&MQW-D,E7 /V,!=8L.ZXB;\T?5'UVNH))RTN!;5C*^I.F?TTY
MEECK#*"IW;*'R-^X<@R36HK5G"!-S55*3);2S"$Q_7I*:J,RJC;P>CTB9ON#
M>=0.MO(ZG$<R<1MQ?N7$R!T%W2DEBS&=R3H&DBFMRP O3^ST.I63)!%Z/"6Y
MR.EC%)+7ICW]8$K;9 4XFS5@I[NK@+V_DVM!NLX+8]C#HN?2)>O%;@?=9!U0
MMNHK+WIACGNWK \Y ]?0>DG=O G&R%3N!S-*Y'XFI=6]*24=[7L2,I)J<JD=
MGUHO7J5A-T#+@;OHZ-"$"A?S$F((2)HW\H8BQ,9U3[I0&W-?8_7:IY!WQ'W,
M9<S^?-'3^9^<LCQ2]T=F?"_=I\',*1RQ*Z3@-H_MWC8^>%=C"M5_A^AI3W95
MV/DZ3Y"]]5WOV.'0^I3$"1XS/$PIF\7%3AIKD0AAC/4![?@?33-U9&2$04H9
M% ^LT]/)$G6:/R]PD8_2,II61#<FT\T-#,(#W@C8$>P8%QQU'S$%,NQS'*(@
MB"(=:]U USY8">T6Q#Y&D]=)Y0UR><7[_AB$Q1<N!__<O?\  ]=9&=.-:*$Z
MQT^7*)2]>2ERLPV+O,/WSIDTGD<1'GK:CW<,-P9Q Q4V1]!(LPIG3C1?_#.[
MG]=B9'E0((L@["K)=]//@?+W3'J-2;25ZP#F.BBYAVJ:<//.8CP(-2N<CHL?
MXXN$=$73<('JRX1N2K8L%#BR#EPJ6! H&"YS:<'/;F-:'!WH:<V2"P(Y4S9W
M[T:TD.]H;_R&3=="M2T4/^7JN^<US"[VV7E"!2;B];7))8(!P4Q>9^+N"22P
M8OR"G?J].@O WAV/YMRBLPOPW2+<M,V-EP5Z3<)9<(]1\?JBL6QFT9,3H-]H
M</D:[Z-"'WDLPTW@W;.4^0[+PGZ+M1ZXR/'SHO8RX?^1Z.O/4C:27AIFOMA<
M/RSOM\OU"JQOP=6GS7*UV&QF8/WP8;Y:_N\Y^0M>B,PWRPUI</^PV"Q66_IK
M,%_=@,WRPVIYN[R>K[;@>KVZQG]\H'_=T#\_+#=_LRNGR*@6ULC9-+YYF7CG
M\9,3(;*-7P;8J\(X600)O0T@_[9#0,'@>PZ1;+PW'%E?D'4&66\;7V5(C6+W
M2PR%(=1GH]=$"0&&":W"A.)?KLY7,'#W!R?Z9?X5\<*^XJ[:K5)"FI8GVT47
M0/J O OVL[B3!38H.TIUXU,;(HT7$4^0Y-5[@#ZY+'9/+HK!^/H41;"UF)9<
M-_T7"_E2-)8&)\@RCJ8=0-IC!M(^1F\"JLG",@#$P,MDBE*9CJRG><C(F%CC
MNIZT?6E.1SR/8YC$*RRY$",=[<VD 6[ANSV%+VLX T53DV!0XYU4K$W; (=V
MLJ;LT.@R:$\0VV7YK<E=^6:O<>'O^#!^@,\P.,$5Y*&UT5+_0K[!:S,5-/TC
M389M-'N5D%-R)S5B#8R^KA%SNB5D:'9F/K]:-SKM5MO8T/!,5NMU]6LGWM]'
M(4EZZUV=/\4D^\DR2&N)S]T$/=/]%5X$XU^<\._61\B6PKQMS5#")BZR#]-$
M&XP(19"1)*_07Q&J  6O04X8%)1I8J&4-BB(FXV\3Z(8ERCF6%;,*5,,RA7C
MY)0-7_.W5'[-=_Y'<!0M#P!&\Q(#B@>F=X%(T57WUQ.*(&. _FX9W#]<9T&F
MO^^1NY]'<!$\.4^$4\HY*[^R\$XLZSVIT1KB?R3Q//#22MQMKE+?I_46(]2C
MS4;&\/2KM (V^RXH?9B4=,"?+B*C].. W(U+/T];9 S0U#@%"R#C@9ZQ95P8
MJP%H1L/%1[+*T*E.W?!P= (Z?WW)M0H+K1[+6H4EK1[+6HVGU:I424 SBMWN
M(9L0PE.R\\,O9.\8NHA&@KZ@9,\J!V*!]Z0$-];A^$JWK]ZV1I]<J5:HW2'K
M/*4X'!"3!'/#9M0G&+A8&*4B$XIT#)Q?J,G9.,Q8?_RXW'Y<K+;LM/AZO=HN
M5Q\6J^NE994H>HUH\WBC]W!:9KM;^#6YPDS\,M1X2X3LM-ZRI,VSN)P NQ)4
M)@$*&N SH0(H&:/O)(=+S /LA:"T8;N]8-IAN!H/6MCN+'BZ@WBQ$C]@=A=?
MCS"(X4<4H,/I\$!?:/!"1_(D]!_'R$O7."'(N@+6E]14Q$OHM/L,I 1 2L'H
MP4U_*3]$84SJZ&')(.MB0>Q"U28;IR*]#-(&S&U.CS[Y7<H@+XN["A&+<-<B
MH2KR,A)V0T]"T%R0B+V=9(E%;,9?EWW*(Y!OG,8P>'M*\&R<NH=L2WESDME=
M*5,RC48)6<609$3R63"/YMV0(]-;O+[!]OPS="+PT4E($JBS)3D^ANLBE?R0
M2LX0?$R[6I#>HZ=E"R"L9M;6X5A\RTZ5D*TH[KZ]I@CB%=EL;K] _QFWP+N7
MO4T3K;KTV'[^[6+ *;BQ-\16K8/F,MA^"<E4H;#'E*%E*T K\O;&Z(R E)P;
MD'SXE-H%H),K.K:BOUP,0)M&VQ.C719K(TSQ5^%X0"U1LQBJ99E' "LA=TEP
MY8F/[>G])0&V8;[](=MANQ:"]A9;T&B8+1&S%[)EB8<CEE"[(,#RA'_WW;OO
M+@BO#<OM#=<.L[41K>AYO!FV1,QBM)8D'@&M)*_:!:&5(SQ&Z]M+0FO=<ONC
MM=ULK4/K=@\CZ.P2;K&('K1LQ6I%WH%0+6A= $ZY@F.8OJ.W-A*!2!:BMFG!
M/4';9;[6878X4NW%Y]"(K\DW&_U%I$_*+@9Q W%F/J5+A3-VAIOQ=QM&-3%H
MB@^9.WXCT3>8#F:87GC)8FJ(9;0+X)+LHG68IUED@"77!0UHB5+(E63>/8P*
MH.Y<.Z.AQV F'E%RJ*X.YK/N=*5^:LFU8TV:)[[ZA8EU+$OBE"7YN0D/#FH\
M&N)F%JIW-6].36G4DCBQ;C;:6,<XB=,X\0;)6)Z+CY!DNN:M;MK;F\YYD?/=
MF%=).U#.?P$^L\9FEQ&2[)?380@8-YAGHFHU@FP3;29C-%G>%G]3/4]>T<L"
M[UJ60<*QDM8V)\:KCXA$3KSVX3"Y],-?5)^ZR[W,VU5%!FF[LG>N;HZ)>%'8
M,2#Z+"M]P]O@3#A5BSIJMR^A)(VT"JP#:-MT6#")]Y;'K<ACS[0N9VIUS*C8
MF3[8?(#A4^0<]\A51XY$7^W@D9&G\2 N[V,KA 9*92N0I(VOCB5%RS.XOKE#
M :MRJK*\*74RO[HI2R 3YB+M >U@@86)QT.XM.D8#*N2ZRN=MTA0L3')ON2I
M@##1OH8C$LFL?9,+?<;_WH71@=JR>3#V,.0>-0;ZGVYT9)Z[@NB?*'CJ7 ZU
M-=*;S:W.8:,0&?O[U$L9J?1=X_"J+<55Z^!7DE%Q1GZ T?V(=?+;/CSQK:[>
M2J_9-7BLCV76P K#&XM;;:;7;@(5V^.-O_;0RSI*DZ<)HL3MS4V%6>I<=P0C
MJEDEK8D*\U3?$8#@Z%V[R90S[@FCP)P^IHRGE7])"[(F_BL<BPY#$@W$@-GO
M/YUGAS_SE5OHG?4JO-7'FOS1BMEN*)?:9KGF4%=FN*YQ'F!<-^@))0Z6,(GY
M-M;24*^IM7':K#9*VP#2R K+&YEI;8;8:185>Q38A,%(XSV,R"^<)\A+(<;O
M9C[:6)5"'&^<@:*'V?R8 P0Y"D0P&C%ML2MAS+33J+3BPR/)Q[R\7&HI%K;>
MW3LD3<HU3=!]7@?^635#[0C43:!M!)VTV#*C"G*RY;@C389.*8.4-""T[4QR
M.X5^[N</B]46K%=W/X/;Y6J^NE[.[\!R=;M^^$CK'5L!^K' TN(;QD6*B8.7
M7(@KQR?5Z#9["),>3UVDZ!@\?)&3L]L!I-T [6?MDY11I;3JI8F"G7:?K"@;
MJ5%$+FD"U;P4^A!0"DC9@$N1M-U&RWJ"O*O]Z.PO:]XG)HL/,KE$<(__1#)%
M+"U)N-O7E"5PJV#'1J%+RHK=^N&74< K)&8#?,42=QLUK5-(.E\2AH<(7$-Q
M)KZ=$ZZD+4N@5\F0->)WCU?J5PYA$/M3S"E=P,^C" \>9?/J7#1)7Z#.OSB1
MMS[20H ?<$-:G8E6KOH[1$_[!'KS9Q@Y3Y#^\0;+>^N@Z"?'YV9MT,Z)?L^A
M7=>-RT6$_)M'ASJ>$@^@Q 0IB5ENES("*"<SD/(R XP;6HB.\C,#&4<@98DU
M 80I0+@"E"VCKLSX".0Z<E(=/5$=>41'.Z*C9]*1>,;PF 4104QXLL _FO$5
M#>=JTE$,.* :E^_YTU,$GS"C4DY6-P-Z#]1T:E:O2\UYL<>7&M=XH1.![S1:
MS]2DADA54Z>JI3?=6F(-L%F6"I%&\!A&- \-*TD*G!BXCN^>?%H:%=NS<SSZ
MYZRYQZ*[^"_9K!4AE_SQ )-]Z(5^^'0V7=54N_NM'# ;\KWZ-A)%@)]L>@H1
M'R UF>LP3N*&A%)/' 93UK[0'ZZ+YLV*_%0M#7WE\TQ*%%"JL[9Y)K;F)&Y\
MQ6Q^G#\LP-5\LR"U)S_>+U8;2P[?1@)$??4[*AI,Q D[/*&;H&>4G'O$"M4(
M&HP7*DK.>QG4M>K$*\:4G+5!Q*%:.!T.3G2F2DAPDW3UG,MM'OC#3+T[E-C?
MSLW"O+R:H4.6+FG(<H6)$,>G _O=(/@/^9 5;F&0IF3=16WS60817C[DGP*E
M;UV +QE7=86/*?;:9878Z62& TW&^8R%LA=[QB'OP\SR]=+//\0PM^ TQ#;7
M:ML0E1,#YTJC)\<D[I1^E:D6>A:X91M<C>$#$SN<_BH,GF&,^7S _QLA%_]$
M9RLJ::R\W>Q'3KN+[2EU(_%F1@84=-*5(J-DZS9S)/E+"T!,\4VJBYKHYKW-
M$!NO.XGA!GXY"[KU*8D3)_!0\/00^OYM&)$_3KA2Z_K@Q2W!.C4WY=JJ]%'P
MF7P6I-^]Z*62M"I7)_(@,=_&9WHQ[WZFA>'8JQ@9#%ZD"V/VH<=[9=^Z9,>5
MZTN3SYH!]L6)G!4[H-\D3I1H=%F=2JP(_@B?4! 0O_W('IU,JH-%X%FG <BF
M+:[X%^JSJWYG0G?=YG0NQU/CB68'$:GFDV^A)_35K5^[.&_=KK,I_77IBT40
M;VQO]9YI+Z!7=[RMCE6FG";35B\A@L:!V]@N2HBURW%2BZ]'Q/(\Z'!2K5^[
M."?5KK,IG53IBR_*2<EIDK9Z"2Z* [:Q7900:9?CHGZBT<EYX&&9( E/;D/R
M*YT;87D6+LZ9*6AW2@_'V* I%3-&0!+27^O?4VO83PY0>TE5L*0J$L2_?!>I
M"O:Q_68_I%^.,UU\A9&+8G*:,[G7;/G6Q;G'-GU-N]++O_=27)V,"DMM+M^'
M=6)L_$4>%V"7XY5*[K5VRR05$=Y'R(7D^&:G\\Q6FIF+\VN]-*[MW*1QA2YC
M"E"NP.?Y8YQ$CIN\E(/@_F,@4-7E>]/^OF'"DXE>CN'%^6/S3OCE>EZ+W.V+
M.K]6U/GOYE1[B%Y>\%FWC/LS-,]8.[G$0ZZ5CS;!C,F%?9/,J#KN,]'$(SZ0
MT3+=C+.DGU3OE_.:97R(*SO1J?!]08XTD\*X+U5DY/+<J:JF)_6H.3._%Z<Z
M5/O9WU^"9^V%^=&=ZP# 7Y!_;;GG9<K#*K-R>3Y67=N3>MG6BZ$OV\\.'X%+
MND\Z$?I'][6#H']!WK;ERIJY]:PB*Y?G;=6U/?&:MN6&Z\OVML-'X'(NQDZ$
M_0G6M0. ;Y&O'7S+S="QWU#&[//#4X^$'9=RS?AI_*W'</I[&J./T>_\!J^)
M,[4Q'<OE^/G2!4%##EV:@XOSW/*ZU79?^$5[X?[Z?JF7BTWXT5YXOAR'.?<\
M1'YP_"+=>IQ=-IW030J^>W'.4:3'*5UB\>U23?+XA=P95E5L8TIX@ <'T3ML
MUV% >YVPHGZ&3O0"$DM)P7=LEZB 7<V.\%$LU*/R';3<@$KVLX71X9W(/>KF
MQHS3U*YS<[>$VUT)X<NXAS4^"B4JEKA5,\Z@U=F:] 27XX*50Q9=&G@[H6<>
MD\F+<]BCCI"E@=R7Z>0G'3G[P[NV:&Z2*6(JEW0Y,T=WD,;$%-&+FXN;"_KI
MW%QH6+M?5PD3&Q\'^T+&9MS!V+YYL"^XG%!R:;Y98HE0$".WJTJ[AF]>7 B9
MIS]M,8_\R^;*KIO09T4'1=EU*6U<4KQ8B-$)G_;R 'HY7DZ\V,[-1YL7',#3
MQ7G)(?JW(^*@Z%XNP]F..2R<<,*+=LZ#78O^.V12?N4BXPA5@32%"QH?O>2H
M0%.#VC;_MCE670JM*,%V3SDI3B?<QW-!>@$+V3L4P&4"#_$4*](2\<M96I8U
M,KJ/ I\)>4#I=]S$NHA%2L-L1EMM=-C,!4 IKP1<J@2?K95^"GU,QD?)^0'[
MX"FPIO+URP&CDDXG6%&4*I:7.)@5N[J""4"X,+ZXT*[D7!//><L+]FOJ&![-
M\?4%\(5[QAOTC#P8>";\8O7;+\,KUO1IPB=F++Q,CRA0<*X%+VT7@S."_B4\
M4Q\+OEI<8C=V91PB)G"B;N[MN]3)D=^,S2E[$O3QY"?HZ+=Y-QT?U>;6M&A0
MJS]+GP]FGS?ARHPH-9?\,*WD7NB>"*]4'%N$W^XA@'4%@!,Q'!2 9TR07!MR
M A!2D@#_'TIB$'X)0$SXB+\QY^KU.;',Q^OV8!>ZVGU \2^W$23A0HA-)-&Y
MVFW_]F6O=COTJ7%V(!P P@+(>'A9RUU)#9-F;W9$#2A30T1.&8XPPCXR.'7<
MI[S8=2\/R).N>\4HO@#7N/CUA)+S,HB3B$[\\3K9PVB[=X+T9&45!L_TG)F4
MD;F=KMA53T8NQVGVU?0$'I2Q DJ\ ,H,2# WQ9EMSE!6^0^$.T8V!I\)DR#E
M\C)?L(\U((5N<(<WK$>JI@MVM8,<PVA^=P2O\**<\'0U4M5Y>(FN=\J:JGV]
M[@67NQI!\2^TX-78FGDQ):_Z^D(#4\Z%UK@5"LCNE6;Y9HU,-G467M!<T]"N
MN:DFO<F=Y[<>VYN^9[H.Z#5';VMV-2_4.VOPDEUG.[#U>4X>JE^"X\RK31CU
MG2U<O"#WV:9C<QXTY^9WXD1EM'])-5?&A[H^;RK ^4MPJ/E2N_8XG]92O,%X
MR./RUD2GU3A]08ZY[UA9$6EII".A7 /"=OF\\<)SMFH;0SEUON3Y89#G,A#+
MZ.^V?E_SC.63R^]T1KFL:>1W$=#O,V:_^UC_8*7]#H\!I%VVC;/JRYM*N67N
M+9E/E7E\09.J^OB8FUD9K]SZFSHG6,.;L^$C1QN][+A<3_>C;VX8Y'M>P@11
M/02R<X)0YO$%31#JXV// ?;O>X(8/G*_MR-P"^>'0:[G)<P/Z;$6*5IEY^2@
MQN +FAD41\;XJ3QA]/<](PP<L=_32;Z2O]%^R-_#V>B;"Q9.1.*T,9ZRJ)1;
M^#6YPM_[A>.>.7VT>TP>_XV'^&E;LN!DG@I\)NT![3#5L;!DK0HE0>8/J^7J
MPP;<+Q[ YL?YP\(\R(6&5,>=I!5I7!:Y>^B=?+C>U5G#T$?N//!ND'\B][A(
MJDH9H/2FJ'_AT5OVQDHAI43>U#4!-P.4'DU G5+$&"0TP?1(E)O0)]%$4^JF
M;LQC>" "&C/K&.:O#__W47B$47*^QZ.8D,S<>'X_DHE]!1.)LMURW;4C6U*J
MNO'>/ZSQY++]&<Q7-V#Q7Y^6]Q\7J^T,K!9;X4TJG2:K,FAU^U0?,1.342>7
M%#52LX^(A,'I1BA=PS#3#C- N["J$%FG="ZQP"Y5QZ_;=ZH,GC[[7 9N>(";
M!.]A""]WY$MDV_05\7)?<WMIMT*^#'7#8ZU!WAQD[;$_Q#TLL#F),:F;F?2
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M][0DS=-Z^;Q\W-!?H_GC+7J^__!X?W>_F#]NT&+UN"!_7-._/M,_K^^?_^K
MI>&U5+95NN&J^FJP IAW 5-;RR"@+K\DI3)?\TLJ0RO2?+%8?UK>HN5_/"T?
MGY<,O:O-S\LU6GQ:KPFLT</]_.;^X7YS3_[J4A4FC<EJ%?W2G2ESD,M3OO&N
MM1-6D+[2RBB57Y4:PV-?=-;4J3]D'-B3CY0PAR/_0F>ZF1E=6EEEI^IA6/FE
M61%C[LJ">OV1ZV5%[)N.ZRA=T]I<4^,,YIN&L @N N^3Q,ITMC:?+[JSSQUI
M#7%%V7E#FXJJU^]?YIM*-BCZ?(.O:_8U2X*65B9F%53,87QY/(7Q!>,U>R)3
MT4<UXC5HC>-?1YXFJG*:=_D[H=JBYX!R#!$J7\")@B1PH@9J@SD?].+,\9(V
M_IHZU!-\AHN,ME<\M3JI".V4!I5)TEWUL]-U=$"+AHGC@([H(:JSJ*0FG&Q<
MJ31]1+XQQ2.#%H:PM7BM,F@49%<)S:U<F484?QTQ#-<8$2K\LII/E!<HYMM5
M95)5.S<NPU5$?.<R5C\,'DDF^.0%>8K3?,?(PC+XQ.D<4?;A8O[(LI>,390_
MK9=/\WOIX</\^7FY<>STLO^\MDXSATZJ<?2NY3Y?K94M]*V[W1_^5[2V[+?I
M]1+FW L=JKO6 0 !C-NS;_*Q)ID#G&9EW17U1D5"8^&9IKC_[3>:K&VEUI(3
M&Y-!,I2U@EB6A2PX8K3%-)V) ^A7XJK]8E,+5".RJ'%MJY2;N.7#U8%U)879
M#&G2OHM,8K6PQJT4&=?%^7 )O(H$<FR/ED KN5DO(<I49D1GTF!+B^O$$:*2
M!1$(5R8QZQ 490<O@]+3KX0V1?#X(#X&?G%X1Y.I !^T.V<0Q<+R)L,'XX@E
M,T:$->1.B^+D2!;'N*C1Y%]\,'[!#H5QM,>)[31I:MVL)47354SC[EZE1VJO
MK];8EO-7[[&&*7' %=3KL]>N*^3 PB@&BL [%*+$.+CIM94:UKR9+4#GO13!
M0O+8W2B(5?V$?)?XG;?=LG26SB"WA@(!9CL@,-YQRV]\?H[/*2U2YXFSW4I)
MK+AN@MZ+9C]OCGA[1 EL>V^:0N1]#N'OZ.AM:3'4_/;1!0]ND"!5&> ?.QK1
MB<'#"H@+=_(26C09G4C/#UZ*'7&J9'K3Y56IE6:\+F\2[Y6,1+3EU[?YV;Q"
MG\5D5G1:(H5P]:$D] J"$Q7W$K:5NX<TSYFWV^4;&!?T><!,%.7E8/^5E=.2
M!X'D?W=$BU4:TZ7)>NIB.C2B>DJO#(>H-[84 M'HL2#L@5='<>! 4;_7#FR(
MQ*#HCF@0(V("%Y,K2'ZCE-\EL;*+DCB$(4SLN*&Z$@H=4_$M.D^68#OV>QIQ
M=:]6'5C\!@NYC+(@P6A;/H2C9Y% 5\N9KCR^]..T<5[9<5Q):&H'E?Q!@5<<
MD[*H7E9EBC'S2&-8AWW>DQ?(Y>Z%])DL_6R4DE':YB>A7^NQ9S^ST^FS#[ Y
M(\QE&4ZB]7U5%-<$/,T:TY'RRZ*5^MA9%P*XG!D/FX9X8OE)@W-(S%B784[_
MWS*;L,Q36+B:H9[.O)G;KSU HOY#'&[OCP >]FCY(SZ^X*3#BFM1&=_!R65H
M:E[1&E6;H]\8@=4(V:&"!/J"F-SV:6"KN?_3!I8Y#?D8)]G>VV-Z2+J*UL0$
M+E-XWW^+4S\)3C11(.D$:#T8N^PR?PMD=VA#&1K7J\&2MXO9D86 D<X04+!5
MG]&@WX#* ;B.F^@FDJ>899/7OZP/3V3>,K)<+7\_!R=0O@])G,HOA.6$%JZ(
M%9*T3ST8P0Q1$NH6%40S1,GLWB4/%(B]!\Q;V]<O/8RUKYOU 68TL<7Y>*9.
M^BT^)=AG"6/)SR'FJ6'F1V(!>-H8H1 2S9KN$S:264PU.AUO7G/6J,H;:I-Q
M[NPY5(7_##5T?%97<@=*DUUQQ!YPFOXK\BKCMJU\P;Y9F%J5.A)57$&/'%B:
M=1Y-ZA"[LT3++R<DR[0C!V6C!*R?B%66<(6=<F()5[Y.[ O$24ZN=?2=G]'T
M/< >P=K6.?:8T9!G$==;AHNZ*VXHJX71D1==,7V./:7$'<?91'8X!M[6T+&M
MH<.KHH,'XP#=Z7!) ]\+\^/H<XJW>8UX?JQ,#!:41(?6+Q##1IP<RC**H?IC
MAB.(J873<3*07F@]3F]"FR0X<I[((#G@U_3+IMN/C3N^CEXJ5[G7XV!ZV['R
MKE=/R_7F;S068_GOG^Z?/BX?-S/TN-PX[/WT2"8['*[F-).'$CYYI)^;Q(M2
MSZ>%X352,:A)C6N@AC2M\^KEPWRSO$5/<X#B9CU_?)XO6/YCE[(LZ,Y3$X/]
M)LE&XB!1#V\NM;_ .B8!XT!^%E,%]9-;YG;FD>>4 %5YS=#+I?%GYI [@.A1
M"! GQ!D\_2-VH8O#V8M>R/0(+].[FYG=';9[V2JIGK>X]@VYUNYENOX:<_T%
M0*BY\5(46%_X%??94BI7EGOAS;3 3#IS*ZTQ)YKKN\W[94&7;N.C%[2472U]
M3N<*N@HY>N"+T;B+L/K<:&*L:V)&+*(?SA[AG6%\A[%\'>UJ:78I[>QK$P]%
M(T1:.;&B3MYM8PNK&!RUM56%C!'P9.E?4I;/"&_E"!4T-@M248^[$]ND*&_H
M!%2OU'EC@)7"I899#:R,@.T:G[R+/-!7T,XL6#OZV5Y?\R9.('3*'AN#I0@.
M-43*L3#FMA8GKX&O7N#;[0S?H[;[V3I_84V<6=HG[;*YJS(!(.KW7E(T6-_7
M/ 01OL_P<<"VN4+JRNZF*DV/#0Z0(4KG[B:G-5&:^QS!+%D''G<<5KO*[P8<
MW71R<06. AFUD3E#N8,8[ZJ_MWEM.HVH)RIJ5CGA=E;Q9$#5/<]2HM1@/'A>
MT/PN3F[C\TNV.X=Y&OXRW>VO29#AU6XG6Q9Z<S(?W=U;UM8&+>= (W1R'F5=
MBVKR9LKG74P8N1"F/5KT0AP:N>1!,/9+AKR<KWU]'8CD5M3U&!C;K%7S&&<X
MI8^VYM&6%_2-]F67AY6JZ<'5@4HU?<9 IU#-#%&.,Y;AD 8Q%5PKRNY(8*BY
M<:G(;E_Q)U %=4F:@7HPYGSA?#QZR:7L0B7[?.BE:; +?+J+UHP '\K.\&G%
M8*E;N&6<!+!%=6Z.:/#$0]"0L8\"&SKHF4Q405H2"+SV6Z/@Y:-0%JJP'F<]
M3MOK9TQ3J/IU+-<O7GBFGR[<K-'62\W2&0NF(7U/*U9P1.76Y.LP92/'0KX1
M<]2F#9!99M<.I"%.\_<EKP44O-K@?%W&3M= Z!J\?M9A3)9.+\UNS[C= ST#
MITUN.#.GME2M!Q&$$A'23K/ED(D:+F%M8[2'':%CWM5PT;I?Q758DC+AV@GF
M>WNV;EMZZF$]8>40)1P3A@.HZ7#2A/FGM:@,!^:H9&B=H8I4Q6IZZF&R^%?M
ML%YL4>_QEVDQ%\BV$NLI1CWRJ(=63*^R[S?QCQ_C*#NDW(;T5-X.>B?4N$NN
M'@K]'M)O_H@8!Y2[!*[IMXZ0[]_]B(Y,C'RE<U#KM:9+IO\O./N",<N)"J?=
M&5$&W!3<4>L@U$$=.Z%0P.DMQD^;^$]C+$8'O1,6HTNN'A;C)[ 8?W+=8N@(
M^=.[/WT%%D-KNG0LQHYTFYJ,-'C[2@R&4 5U#(9"_Z8W&'_>Q.]_&&,QNA@X
M83(Z)>MA,_X,-N/]#ZX;#2TQ__R.".*^V=";,AV[D>)7S)+JD'^'KU^+LR'6
M1AWCH5+%Z:W'AP1[!+F;@Q>M(OPW["7#C(B$CQ.V1"9G#Y/"V2#@@P@C!)R<
MM2Q]A-YSR3*0K"A]X+"IZ36C,HLCE]Q1.Z/46QUSHZFT!HLW0" -#:G9)-X6
MYV4FRAZG_7)I#>1GON##0+E;J7&!3Q&<1GE5:L]4V+F8:6NJ09@O%JM/CYMG
MM%XNEO>_S&\>EO:#T48ANU548CRLK3_LZ*G)O;BX\K!#$[#BU$8NJNE(6869
MR.SKZ "DZF8B<T@?U5FDE)$)PUDYF(JLUWV^1%7=B%TP+K=]M1T*Z/[IU=S(
M,_OLD05^#<<C9_R(,XTDED(*\^HH['L3?8_+#7'@?ED^?EJZE:12,?PM5.F,
M_8AS'<*3<U<7>^YN:_9\1M#?UO3C#.7MK+L^O3I>P:W-4Q/-[G:74\[BS M1
MPN@1Z ""I..P$NSC>,M>/*4L90$<JD1;G$ =EG,")V<0=9K@$Z3I)O]BY3EG
MK73GYX3E1L^SG<\(S?;L$S8O%_HU8)R=$_Z^J@A>Y84^60OH-SW4L'U,(U/#
MVE&,6@<GJ111_8Q>)+T.J:U*#S)I9&Y+PXJXX*!=03(WJB_TD404O?[_9F=P
M&0:EP@O*+&AJNQWWEF?%24DG-=W;&H55][;>]Y8N4QSQIC.4-YZ!8EO=-VI+
ML#D']%7)#KOPUE<.&IE3+D2,'<A_ $.GC_>RN56P5WJM0#IMZ13,)7U?8+*8
M%"]$^<KC'N*;F)'!O1LP)J\#:#?HA05_+^^%N0Y*+P"D=!:._.5RM _YN0*P
MN[B"I##]5U*'5YR\Q#JG^OW$@2LHXBCM<)(0&9S2#"V$M0_NM>%E3E=H;QH'
M2!(5Z6YN7#,$O6XB*+^3YFIA>4'HTVD'SKQER&A"6PT+<XA>OOE!"A?6M#\;
M[TUJ\SM;&\=S=Y];!VFT%=TC,H^'-G0@Q9=>]V_RFH,9-&!;7=*K@Y?L15*8
MQ+L$-TVX*T%CT*\_OZ3X]S..LN4K9!K6N:H1DICW[\6];_GXGVZ>E__^:?FX
M07#TO7'LQD8Q#2UW66L.K,%(626LL[EM^ AK?!7-$&WG4.TNR; K(#.P\M9U
MX$*^IRQ+(Z&Q#IQJ_Y7H@=8.E:)1SH4*2(*)L(8F84Y[17O;*!(GC&_9'^M9
MX[6&7@$<NUGD;X/78(NC;?KD7< 4LLS&3V0;0AQ*V=JE(C0.(Z4D33P5!(A3
MY-FY$2%"E,KF/G>P/&B+_="#Z[83D2-.MD$$.;=2L4 F544/<$V=Z8,V"\JS
MB(_'.'K.8O_SPDL/.FK3(K&G,.W>"U5EAEAC1%N3?Y'V3BB)6@:NV_$.^:0!
MVA;:G\7H!;(?!5N'M$. **%>2.%D;Q^M%9LLIK'MBT@#LIK^B/WHMT%2- \$
M["N!$D2J8X#IP[4V^'B*$[*,+G\_!]E%&:,E;F\V,$O2[U:40-X4L;;6T=Q7
M@*?U\FZY7B]OT?//\[7=F,X>W;ZM1U81'7F%NVP(@",^',9'&@MW8C=XQ*FC
M?ER*HC@K\B*3WWHIPFS:8A9&]>*%-(%H>L#8>C8PE?K4(I[T=,?<FD:65C+Z
M!QREP2N^C_SX"/<RJ]W&>R/_"L_$O]X_02Q;',VS+ E>SAD-SXH?R<C$449&
MB?1I?Q\1M.-4=J0\^9>,KY_3CU4KT*/Z!<0^@;YYB-/T6WHU22LK>6\S5'P/
M\0^BZA?!ZZM_$^4?O9:M@Y!)U<IM>OP"^@G[2_Z5=*SI*%Q5P4Q:I(@X_2G>
M/I-5",-BM-HQ:1;>B;Y_>M"H MB+BP5+TD?&-LHY-2K(P3!P<Y%S<*Q0X(!I
M;0-\X)R:?]6:KG8+&!>B5=256NW60?KYY@+_O?-\\O4^#UM[<;/VMK6?S*)7
M!;1Z8(T/??A)>,P@-!Y^0(R;(R\IKC,,[+4K>X%08V=?DT=@7/36=3# ^VIV
MBOWO]O'K/VYQ $K]$_P NOQ319?)K_[KEN^#X.*K0T';38QI74?O6ILN_F=Z
M"VD/+Z)QS$$@'\1KS^P3?9BSC+:W9"U13'&CK96Y;O97..FL(2(M$31U8_X[
M1[L+")*AOA8BYN2[6_CV7>CM!4AHM#&*@&;_VF?__.\(&MB=[\ZQK,ZS9""O
M-;_PMCB[K/$^@/BI*'OTCB*%[VYJ=+8%O>UZ,)T1=ZAHAZ"AW<F7#705 ^I1
MOBX4%M3/"._);N+MK_@BQ4*KK04PM/LK0 -OB&A+1)JZ@ ?!:+<!(1WJ*R."
ME6%8Y\]V88-Y[CI>4)/8P(>H]R*8L/:H($",P@FT2&>B S0:TW M[/!OWP6I
M[X60ME+N38J;&\6,I->M@R8.%-:6)9EUPZ]4#7T5*'KC?ET#<Q>$.%F0C^[C
M1+[@-%I:,"?-O@JL"&V&\G8NV([.06Z;#,D(7Q<$O^(P_&L4?XF>L9?&$=[>
MI^FY,XI5@\8",,3]%T $"-Y]!@J4DR!&XP)<%-/1!H[67%S[W*(T8W?D-R(?
M1=C:RME%N\_"TXOJ4D,;NW%^(1CUKA,,Z9";NXFX\X($JHOBCP2LYX1>ESS%
M8>!?V']U[A]Z\#!^Z]!'OB;:@);6)L:H0CU#C!+]QO_?D8N%T9*^4DF/);4#
M+RE[P[-Y=3 0F^84\(;%*#U#B-)#S')WS-\"V:6UF,2X>DEZWWJSRX.Q:%N4
M-T:_07,'+IY5\] $EMXD&,Z^T!';\2E*L!<&_X.W/\<AQ'9\\(((0H56Q#_Q
MSTF0!3B=)T%*_G1+4Y.QL_4\)D2"P^M]TDX6B.N,7G<F"6D(5_E5Q#^+X+O\
M[Q#=6'X<\:\C]GE^KU,- [.;JL7@R%:&[<"';4^8IC!@WJL7A#0.  ),:9Z^
MM/C,#$5LM-8?;W[Z@0>$L=P"5QH\,AII'C_[X1QLP93\7QM$XQE(KF@=.[.8
M7-TTFEM=[J-7G&;@//%^:[UJD5(9M_%R&9IZ4+;.;;"1MRV:5K6?+ ^KQP_O
M-LOU1W3_^,OR>?/1C3<N&J!JZI4VHB9(2WP7$PU.LWFT94'X'W%VB+=E#_IE
M*N[+S4[RXMXR"P/38(4 5C0Y#W]-P[BABFH9B\U3Z)7-07 A(?)HD?,<R:V7
M/%QX_C#GR(0/"L:V7^6,4_;.+,5C-'V$V>(N1YHUOY<*LV!HTIDU11IRB+94
M!&LM[4H5*3*N>S@W3B*J/2V5N;I$6I9C@%!KS+<]*9%F!RG.Z0G0"2<9\8)I
M4O08Q3+);5L+71VKV85^"F;.IY_GNSEBL"#[7+D!@9<^[#9<XMSKD1OW\C6E
M:D5'YF3O"##?T:WM<V5K6]+:]?NGDRY0^!\F-P)]D-C<$?2'X9CR16=0V-6.
M7O3"3IT5J<7;3[!A+W5<M-;JTQLN<Z0O5ZN"$"6%<Y^<&!74B))7%V:K-8:&
M"[F!FAR%H#@7U"L$/5-!*ZN6[96J+U+K57\&P?0JONLJPD/=UPJI*QYL59I^
M3BQ4;[^RVZ>S11XCFL"GF]$JYFZ[M#+AQGNU= 1L&XP>*JCIW0KTSYR#^^1=
M:$<V\=PG._$$=^_'95?M^BR,.[H]I&MEB>&D@$Q.+#R=NG)2<)7#.T9*FA&<
MU<\*XVC_CNS4C_E!5* 2T*3_VQ>H31]X&$H-YM'O[,[J2X23]!"<GG ";WJ]
MO2S79@\>YG/N]Y"O%0,KT+L9*NA1R< ^5GO/92OC_;")').XS'N#.,L?OO_A
MO=R7[&AH.%591T_;)^UO+.X56MD_W-3ILD9/S:7A$H&AGG]+CH11%9"_K)(
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M4FI-@@QSX8HK8D<3J#>0X ..TN 5L_H4#W%*O"D_)&:3QO" A9UO__O,DL>
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MYGA8!^EG97E'&9F%TB52*=H)2_+F;A9^5$])NX")[GP,O3D.:/TI -:/_&>
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M?XQM_ &;P-(]+>*=72WX4EL*[#,4S-+[Z(DD-![_B]#I#-@:?I#$GY+BCS=
MWSI\I;Z2N^P7<(SBR+3',>%>O+TQ*3[&A>,1&3_#_R8T@)^J\1-,-QE-F@.)
MHO ,V9_"-I=*IY^WW/I)1*-INHK/XNY\4>^)QLE!5,4[OT#@UE7O'4QUQ>7M
M#0WSC#2QS!FU"$) ,63E)"GOD\PA=_K47\VHNPX)FY:374)F,-^M[];<^;&L
M.Z;MP[)3P[MH\H[,5AP6H"-**P+FRE>56M>D&6_P"<?#!"D=_,'8 &<?<O':
MS4L(<D'AFM2 3,$4K8#:F]RZ+1(7@B10> RIN!*,>Q&@/F2]Y8V#4O6O_?($
M^J"1,LV@%28[%-<PUF8 <_"63DINEX5M)VM]QW;O L?C<G/:! L #UYO?"R8
M)8%=-A;PI#- I1S( (6IVQ;%''!MO1TN2X*C,K7UJW.>/R=QFCXE\83*AG*E
M%(@!A>G6%L<[T"PELLWBS _=WCR0$-J<#J/Q%S_YG63P\]+)639I"RN!=%#8
M4ZS-WPJD;?/?HAOI)"*)'[*W@.,YC2@[^#)'9;5.*&J"N%!$^;,V(^C ;9M0
M%YMV/ -E(.X9,RW">A?&1;0&M6Y(ZX&H4#P,M*49&F!;Y^C%IABC=\+4/YJ6
M GN U5*B#IS2(!<4EC];2B"$:"V%;XN=@^#][WT$)PJ29DO#^2Y_G%( "JW%
MSH0W(;3^I/ M E4\QE&\K9KJV5M>T;O X5=G;>1JH.U/FM_//HW8Y#2*;DA"
M/_SR41IL9O+B2NV19$\)R?QOLHV?9A,LK6JO#OZ&P&VE"-X-?7-XM5D^K2[#
MW@15%_.54,IGV:]2S3%H!29CM';A)KIC#-U6-F(,VK/9$]V!@$&D,,WF,-,N
M-TT@Q-JC?I+>?H/S%8"FD9\L"O&R9&Y0$T"%Q21=+MW*._:]?!56A5[-;'L7
ME;4DS,[M9X+0 $H]W*D!@NF5R50*LW6N96P'X-(VK#CW;@J!%'IE)JTCLY9&
MV?GX?B7S]SB!.6V9+3((DB*^Z&O\3,:D?)M0INL9_R<OXQY*-*!!:R#07AE.
M&XN@=9IF;',&'! V"^WPPZ=AX:<95S)#+3.5%OZ<,F=ULY9 GKVRN#:";RT#
MM/,IBNO]:^ 0OA)*KPRP$I#]2?M<![GT]S;@?ED#!-,+,ZX6S/[D8C;?=:+P
MM-S+KE,<>ZV#9MDRJ/2NOR'#"JO=: +GJB<6W1YXR[*$ON59N>0]^9K9;"Q]
M 03?*[N<5;'82M*,P68G$XS8F#F,QL6_PE(?UCOZE2@;*FCS#WH7QRANJZSJ
MF;DJMQ5@?])-BZ3$PESY(0MR]2L<'6 OL;GM>2%!GA11]88)3>%/-_#/:%H^
MPFZAV6T_R>Z94)@0'2JW)1G:RI==)>!S3L<LX!XV36?2>2;!5GK2S;AG%P##
MT?4]S!C,EWTTV8BQY23>ZIN,)Q065,<3N0TAMDX,OFU8<_PB84=,*[3PKS!G
M4P*7#N/K1,M?@G6U5U>(>Q&/0%-;7RL<ZM7Z?$Z729:B<7FK.H7ME]-L09).
M&65A,&K'.SM#$&/R+L^@3U]H1.?Y_)EQ'*YBH<"DN?;@?"!^VB@0=8OV04!(
MCM7&K/*G XM2Z73DBG+5'T7AXHY&L!ND?G@?3>)D[CANY7K:YW5K-"F[S>9T
M/UJPWAO.#6T;]\X_G;N?,-8XKOR0[>1?9H0T2ZJA; < XS+5MJ1.-2MHBZ2'
M@2K7V&MA1]IHEK0ID"22U>7 RJ4AE?Z$E-R%?^VGL[LP_FI%PQ2->>?('O(?
M2L>TY+*GJ(N'V</<D#1(Z'LIP*L\A?-@FHZ2J1\MDRVSN_849%ME/!J_T&E4
MV"F8O&&*C[*E+RG\[9FFOV\U<4,RGX9.MD+5;FP"C948JI!@*[M2J4T,,IV;
M-QOM>V?NLMAOE/Z??D*9=J].Z;=P/EAGF]&:3J0M $@4?DH6&5--(QKRZ$/8
M,!',J\7UECES-"G^LE!$%&O2' @3A<.3$?=\]6D.OS?QQRH8N=)8Z$4FTVP&
MA(?"7:HY\0*CK;$,^A#EC(_R*:$L95;Y; &F]&0QG$Z3\HICLTG\0N9O)#&=
MFHP:!T'C, 48*X?!;-5 (I;BI&%PKMG:#[.]\!431# #B:B"::JJ@JQ0G/4M
M+'-Z4"T%5W,==[&&=(53O8PIJGJ#3Z<HG$3TV-35!"Y(2TGGW$92W 3Y+M[+
M?"'9+![?%V'XB[@R.[\EY-&?$U4,WA;-,NFBN*NV,*=8D(.E4'!.M4P$4SG=
MR"MZ@R,<)W@+-//U1PM_VR!Q[31$$.WGBM#_T&CZRN3G"[>QHJ(,&8KCLQ8!
MV]PI,+4-VK87MEYF?C2=^52'+EY9A@W%D;4I7Q)0K:.I89B!;\A;M@D>HUB]
M=PLS4:!X)FQA31:BLQ4[#1'16HNLJ(K'Y@@,I L9TR%X!X^MD&MV9^"'V(^&
MTX245GWY#,PKR\"A.'@II,^9>R5P;$5"<SHD1=F2KQ;5ORCF9/U&F.A0W(U;
MF*N-4=N*@H9&892S]VYA)@H4B[4Q>VHEV$)H*VB9W9F\W(+^6D:$D$_DG*(,
M&HHSK5#JG!E<C,-6)"Z[%'U)?O4C.365(@#E!,4^R(22W?ZW#HJU)RH>J(J)
M50D&!,4>QXR(6O=M!:^RL$2E)/AY&G_\,B:4K4XG[ ?&T4EE48)?>0]DZH=2
M5PE.*282%&_H6NQ#Q+!:AXLZ/(L*3X5Z$0;4Z=V>6/B[)'$Z;BL"D]WYKC0P
MK11//O/QRK))Q.GN7B!MSLPGZ;ZM&$E[M%G_-XW^H'[\2H)9%(?Q='$=/V1C
M TNVK %O<.SVFE2?15-,ML(?[=/ _1)/LJ\LT;8)N09-,%$X7?KTZ35'92L,
MDMM[[_PM)7_D[&[N@SG1P_=45]K\&DRR*/RG;-Q62R':"C>$C7>EA458APT(
M%+=><N*TR=Y"92L&#R:ZE>Z4W/),(#B&N((R+:*W,-D*1(/0P?9!(W6PHB83
M$@HOA'TY\>] ;1VK!8,^L"=R,A=&^+-WAN.*1(\5/J,;'-;BECA_57J3$Q98
MJ&)? ]TNP\C)WKS)JH&(4-@,VU"MQB=0 6-SE'L5&*8IR30XWRH'0D!QX]6&
M9 X@P?,7\R#BSEE]2EC"LVSQ%/I1-HS&[,;H?1GX44*RK!J(",5%61O.U?@$
M*M#!B!0/<31])<E\XQ8KVYIQ2H- 4.S&VA NA"7@N8.1(8IX@N5DQH*M*2=R
M;GD0"HJ3=1NN)< $;'<PE'B)3[E. VP41^CV"W2)1$!@)Y\'LAPY^2IZ39%M
M36/W):H#XD'Q(+ 5T7)P NX[&)UZ"?0!)$5#JG?6$M;QSMQ>3%ID7@1.P+QY
M7D'GS,.)DF7$,CYF"RJ!>%!X2+4\9$O1"<@WMHVY)]]HO'/'0N<M*B)4 I([
M:$HK=I\5F/I[<6XE$ \*9Z[6&W().@'Y'32B54#J#6T00.<-:#MP!"$\C,UG
M&#;I+,A^^DP^2)03N<VL5A)$T7DS&1>2@-T.6L9,\ZR=G73>#E9'(R#3V/R%
M8:B"AK*[.8#X0<=D?+7XK8@-NXX]/@PR^E%N/3BISR4JT*YA$'3G36HV)"!0
M-6/;&V)5*ZW+>U US89!T)VW]MF0@$#5.FDE%,AC&9+4OJII-@R"[KR]T88$
M!*IF;)1LIVH"[^M5!H[7>!C\D=.$5*Z_[J.GY^N5&]._9C28#1-R&TW]*9-!
M(9.TC#$YSLO8@'X(OX5_%$E#7DCR00/N,>=0G_;.<,2K:J*"AY610$D[:#_E
MQWEZR>=S(.%/?CCXLHYD)FS>*(N'T7GS3&OX O5R_,*5#XOE#F=!!F$<K:*&
M+0??^'66Q/ET-GH7K9PVFF4BZ^P>S:( !#KCXC6NK: _=WY AO,XE]_E"*HP
ML71^0Z4 )^#<<0RV[4[?1[#B^N'MMW=:[O/^37SATS2-JNPM2&>M1H8@!3%Z
MNQ6QC3^]C;Y&L/>9T??--&>\H>"TP037>>.0*5J!FG0KWAOLM0-"QBGS#V>G
MPR+5*4L3]$XSADIF3Y949(+N_(60%D2!%G0K2<4VTC D1:"ET82%5F-)G G]
M4.3,T6R!":WSUTEF6 4*TN:]<[<3:2D+?,^NI<K5=.$LN]9.;'M5,BU^!8"
M8AJPR =_KI#![T.JK+WF!KE <>*04:A).A=9+[);[3$5R-D%BB.%'IFZBL##
MV(<L5347&W6D!%YY$ <*FZ(>;7S*)< LI81R?WO!&1(:$7 DM4 ^*(R&5J;Z
M;5"]3/BD%?=&4LL[NT3QUD/)GNZFKH:L#ZF=EK>P.UB54[N\(@@(Q6VWDD/A
MV5\)SE+*)??S_&<23Q/_?48#<RU0U@59H7@&TE 1-/%92J[D7A?6Q]X-<#]4
MQ;P3U0'9H' W,%_O%9#<9F>RQ#29U@&J8]R)ZH!84-P#*'@3D"U'Y3BSDSP*
MK5:DV?5,A<(8IQ WYTZ7 \-Q%B8!*;_ZT?3/69S+6=DN!7A0V+_,:>'A<)PV
MR>J>>)0L_1(5ZQ^O.$@#IUE+N?2)T?0BS1+'ZU2Y[ GK@%Q06++$G$DY%@%R
MG!Y),+G^M_^AR#FY*0$X4%B:%(+F3*IU##BS%]W0*7..&":J)'0[!;WS3RAL
M0N;,"*#@S%WT+_)VE\226,:<4M[@&,>#+'-NN$ <IS+:DU'V02-BL;@2Z"Q2
MNYRQ";Z&"5'")(ML;]P1!R9\5ZJ!=' :X&K\:;*^@\Q6BJ6Z[>TPWE?ENY7%
M:%)QEQH& 7-#AQ/O4QS2@!*7KE*[G='P?Q)7\HZ.K*UQ>K(3>2Z9-N'A>#JE
M$"UG;33%V =_I6<_FJJ.[>LRGMNDY8U(XL^6VY#ZX'E4(%+>0E5*>4<HC)S;
M3$C8JO2Z#PY"7VA$Y_E<R=A6.>\(A06TS@>?M=V>6W+X<<N;_TV/MVHY[PB%
MC5.3MYV>]\%G1Q@:7LM72Z.VY_;]K\7%41=L3[QZ^%BU7+HT:GLXGO_J<FJH
M$36<ECQ]G&K$50Z"E%T8\PMZ@\$Y;J9K7/&9YH+JC=/.79Y$-,L3 G*YH]_8
M3V*SO+J2AR/K53O&%? L>?"XYWXT@?60K&6CI)U;WCM&811NQ[@8F2T/'O=L
MVW7/.W9JT;*XM9-#=.PKA-%=#T<>-#EM JJEF!"Y'Z4D^'D:?_Q2Z'*R*)E>
M_J-.\O+7WO4CA\W-'ST<J<SD%&S35NN\+1<B6S-Q$Y)^_8>$I%__X>$(H-.$
MI&7G;;G_N"3IMQ<)2;^]>#CR3#4A:=EY6WY![O<T96:-8*%Z5U@IYKG-'F5Q
MY[*#RK$[$7?<+?NX''C+?^V,O.7OO6$8+E%1B6^EK+B'(T74#C>U :E"X-C_
M2!A +HKG-&+YBZ[\Z/<;\AZG-$L%HT]5Q7.;$,3"2-1"Z-BYR(Q*X9A35_(&
M1VZC%&NQH4_@%BI;GD)V27R>OPDZ+_?=5-5CH)TZ?FGSPJ%3$YS P\'QTZS?
M %X8^DDC6K4J,_CN;3<-N35!*"#8]3.OWUL0K%69P7>_L#8DV 2A@.!#&6Q$
MGH6RC<2#Q ';H#83@--MKJV]DQ%< =^'<G(2\,WR:K#_9Y<''WY(HN+MP3-)
MLX0&&1G+D]&;-N&Y3;5F3AJ'=%.X MX[&!5I)PW&RRQ.LE>2S.5:8E3?<YN[
MK:V*F&,5Z,=!S5F"R6$5.[9,],VBP?)#2(MF!MWZGMO$:U:F!2.L LZ-35T8
M\EX)KZY_2\DD#Q_H1!%6657;<_LTS]J,H(E4H!L=C*XT'(-^9C0%4=U^>R=1
M*E.$W<*>V\1EMG@7 !/0W$$?K >2IH0\$)]!'"8)\TDNEK=UUDGV-]A*P^(W
MFA1QYN5OJ)HUZ&$X4[17EQ;@!2K50=>N97A1MHI^!@E(=Y4[93T$=EP+BL#'
M)7@ITT&'KALR 3F,UWDG !%;&I>/%891E/MA]8\L<=7M_#V,%X0LG\)*M,)"
MZQX"([(%/;(E"8'F=3"=^%(B5R2"'S(FC"W\5XLE?)DSJ78;'@)SM3TMTL0K
MT!5CVR8*72FZ.YK ?T%JUW$J78VXY3T$%FT[.B# )N#[H,YM AL&RUGS7/3!
M#Y<A598KZ[LL0YAV79"8VYCN5JP7!D@%7%O(V7V8N!-+^53R&+T$,R@0DM%D
M]V\.XT]L.J$3>()3VCL^/W8U;ZX=G%7I<[8+>H-/ISA>UHK$R9\:N2CZ$$YB
M#>PZ]--T-'G)XD"5]T98A\D%A_<ICRX%LP(P?0@U486FSGJP4YA) L5+2157
M?(:%@/H0E6(MD@>-X&F[A4$29R@\4IN,V#J*/D2KV-VA/)),/RX5OQZL;+A>
M1=69$UC6U9@L!;K8P[EDM_/2M.3*.H 7Q1,I#5(XYP\U,DNQ*?!8%&YH6F(N
M$R^2ZYF?3 GS):E<)8?YF'F45':C&K:'ABV#G%&\WS+6(*OXVT:\N"SU+")3
MYOWWZES==J7Y.8E3F1H):H!X4)S,&JN'%)>MB!AQYH=N^0[#^"O3^KLXN8GS
MMVR2A[O(9?1K-0!20W&2:ZX-!C#;ALS /R> T$PWCR :%(<^B_/!&I6UL!FU
MZ<"5A;,XXA;V8=9Z[^R<E[65J1-VSC,4VW6A.#7MG&<]2?-MV\YYAF(KS:7+
MW,YYUI=DWJWMG&<HML JK@SLG&=]2<_=WLZ)8C_;9,364?36SEG&&C#>J2ZK
MP;J&B^(Z;P;;U"U(EHR<&!X3<,$^QE'0C/E-39 4BM.*#?+KJ"R91M'R;WPR
MO;S =6?5@NL2BZV$VTB.H^NGMS(C3+=/I*=GSG="YB=2%*%0A>+4/9&*XYUT
M:@=D_42*(A<6EZX&)U)Q")1.D6SA1(HB-Y.**Y,3J=A_O%/46CB1XG+*,!BQ
M=12].)$>Z&+M$H<#K)#+5M=IEV*_6./SZCM):#R&?B:9ZP?P'S0%,!SH$G60
M50,Y(395")5 #:E/1U4MC?]70C,RFDRD#A=F+8$D$9LR6LX0-92]\\8YU"*"
MXRRWIT5$?,0S=M@I%Y';:(S!++)YAS1EC_][=DE_=NE\*VYN$D$QTPK%J6L2
M$;NT=&H+;MLD<H[+3%RER]PD<BZ. -(IDMN;1,YQK7T"K@Q,(N?BP!^=HK:]
M2>0<J1%3/6+K*-R:1$2/4OC[#O&]NT8M[Q+9-%MG8ILX;42(GQ;Q>S]XC8^_
MQ%$V2Y_\-+O)A6$/=.N#''#-M,V9%6!#\.C(C..3U_BL#<<[]4$.N*;<YAP+
ML-FZ6S\8Q^>O\>"H#<F[#8 D<%TC-6=9! Y!RELSFC\G!(21O,[\:!21?Q,_
M:<:VL!V0"ZX+IN:D*S#V)N6MO<=\ESA>"VMRKX6FVX]VGA+R[M/Q,D0L>ZPZ
MRF8D66XYAVE*G+I$;7=OU;NR6ZL^JNV"!JUX%Y>GSL^IQO9"',NHL9@U[8CB
M=?0O;D?$M8Y6Z6I@1Q3GIND4R1;LB+B62 %7)G9$X2K9+3OBE1^R6\*7&2'9
M0UP^:E4,7U$5)A6<3_7$HU>!I0_.5CR(RD$LKN0-CBY1&"$5U.GSO87+DBG2
M*>/%%F7SLJ7<K CSR6G48K)!89Y4TL=G70W-DG42QU:LZ970T06**_HFFZ\Z
M"DN62*=\+H\>S_+'>I52< #!M?[66>&3N(, @7W1#H.K&%DZUW_*.B ;M-[,
M$G85>!#8$P6VY*5:5G(.K7*/BJS&XAJ %:T3,H<[+336;(3.A^DN4O5\6RD,
MXL"U;AI-NSM !+QV,#G)$N&K_TT:Z[%:S+O\A.)PTXS+"@0!BP=-&R*?6%>)
M<7Z-<Z9\+&V":F;E50&X*(XF#:96,1P!>QB2@*Q4+?$_2%ADZPW9>X#598N"
M05$U@(W6-T+!HAR2@,D.IBS>O?A0&1.V"H,X4%SH&,ZL(B "7@_JLW:PZ\AV
MUY @,%R7.D9KJAJ90!7,7=M:!+P59FR*IBR[9;&TO,:K!4<X2XO*>X/C09<.
MGSI@!+2UL1$=QKWA.H[2.*1CMMBLY9&R!*9S^,@,M)5^D#)W]E,AU!G):  8
M'?@ZE-U8]U+#KT%0PSN_[%Q@TG,<YT*I1+7<%<XEY\).F51KHM"\\)34\BZ0
MG1<KA(GL<0HP?7!8$(!47GM*ZX%X4)PTE0P:$5_%U@>'!I9)<S1Y\4.BOO+<
M*0MB0'$,U>"*3[( D24_!O>'E1<2ALQM.1I_\9/?"4O-N=R@*\E6505)H3B@
M-N9>#R""MU9V5.$SB4CB,\/+<#RG$66[F@QVOKKZH%4?9(;B[-I8*0Q0(GBA
M92O 0DI O#, ?4,^2!B_,YGIZH5&;9 7"G_&QEJAC1'!BRX<SC$7GW"Y5BCW
M^2(,EIPKW#NX<<P=#W&:WL4)H=.HM- %B]?$C]*PI&G\GSS-2N%]4]FNV[7N
M#8YP/%\0:8'$V&T%N26W#@S!R5YF(.DK/R5C)AD02P%:-GMP*X#<L5I0)1HA
MP]+: 01;1#&1^O\6)<0/Z9]D_&L<CF%;_1F65S8F1M$+"?*$9I2DPZ3TD8%_
M1M.G(A16LVFFQ=>\P> "US+5:MII+PE;OBP8YB'9Y/Q,@JVT9)LI^0ZX&8ZN
M[V'Z9E:!T60CN>:K8-//,58Z. GN412VW'1V%?103VWC=Y)D"SA(W/Z1T^(8
M\4BR3?@]7@&G;V_+[CR%?I35.JWUZ%9=W;L<'#G;J^S(?:>GRCLLS28 )HH=
MKCXE@AV.$=X^7(()<5XM7N';BLLPC=H@*A1&,S-J15X@FG#[<&TF%A-\67EY
MIE$;1(7"<*;-JJ%2U)'VX4+M+D\BFN4)<X&ZH]_83^J;-7$E$ R*(XHVAWP5
M4 'LS8W;: );6[*6COH9*:\\R 3%OK\EZ1)LO;E6>R!^2F9PWKZ'\T[\43J7
M*5F7U +YH'C[U))[)<+>7)]]B9-LZD])X3<YBIZ)']ZF[,!\0](@H05")K/*
MX4Z^96S6('N9C<(9P\8VLI4(^O"862B 1W].5IBUMIF&+3$9HCBHME(!0ZV2
MBJ(7-X#%2GR5T\(NK+DIV2[.I('BF-J,1=D.A0O4TI4<S@.JSJV^NC+,X"@\
MMO=JN*BAM?6,&Z=>J&)ZRBMZET<HO+MUN334A K&_CSZ'@9!/L^+EY@W!#H?
MT-(GBKR'I* M&@_G,./2/XO?"X4C41I;GP#1HW H;Z=>=J71^D(,FU.!['ZB
MX4T32 K%P6A/T](:H;57\(ZB$"NN1JNC9>EZV?.;T?,+=ZG<#W@S>H[#R4&?
MDI8WH^<23X9.;2/M/P\\OT!A^S2CDJ\.2IA]N '=S\/!<QR!%94,&A%?Q=:'
M>\YV#P?/<03%U>"*3[( 46^N,??Y</ <1W#<QMSK >S-#>=A'@Z>X[B\:JP4
M!BA[<_.Y_X>#YSCNHAIKA3;&WCP<W/>5PSF.2R@;)P1=M'VX@-0Q=4H40Z<Z
M" NWLV2-5KY2Z"/=4RCHPUC[6+ Q^/+\/OH@Y?L/ERG&-J.YTA\-*YZTGG=\
MY"Z-&*]C^@:[>B6 @L()54/>*ML<'UH?K'$;C&S&R19?2#:+QQN\N[\EA<N$
M*OM8BV9!N"A,NRKZ54K3%'D?3'PBE$H;G[PB" B9J;<IR7SET4'OU@PHB('Z
M0J/X,ZS,?O2/*/[Z:_SU=IR7QYV-4*[CAVPL/. U:08$@L+FJT/;-N'-T2(P
M%@ITX+]SDLY(-+V)H==S.=&\LM[Q,0KS;D,VQ9 0&/4$E'WYEL:33(>PW9*
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M"#2G6[Z$.Z-%O/":S#GB5I@M\"\Q[2A%(-"?;CD-BE%>S_QH2NZC1Y()\U7
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MPK+>F?M@4QH[#WG_\=C!VYY;F"WP#J3#[GYHE--H.GHG2<%&NG/*NOT&6V\
M2R,_61328"&JV:U1'$+_IJN06LISSUZ^ZITYO3F7:PQ_M[-O:>S)&]CY^1]^
MN8ISUJN3_T7M6-8%S\)/.!X_*<6J.%E6T?3*7&#'N? 3LB=05;H4S K ],%J
MT/ZU,;+W+P*N^ P+ >$Q$[A\;8S#X[O)B*VCZ(/[X#*\2WW_<D4B,J&R_8*\
M(JQMN";F.G>"H:L!JC=/D&^6W37G7E'3NT!B,C0C7PL5 @N(Y5."-NMBN>":
MT?78EJ*Q%=/,R=,W^0&5^5D\$SB9!S2DQ==Z=50=G#<(BJ6R*=Y.)B18NBF)
MI*AWCZW=$@!!?WXM9"VS3QJBQ7.^71G_QX0R93YA/S %.:GH,/S*>R!3/[QE
MV=$6@C,LIQ2 =9\IKBE'VW0+T>$YQ>I262(0GE;K13S'B6*%DM\E:+?;;@^B
MHG0CXP\_"LAX&(T?R==-&OM;9CE^3VA*A ];C.I[CO-U\BGA3*-F@!!<<@N(
M?67B\%_B2?85?MK@^-6/IG_.XOPZ?LC$CY9,F_ <)P_2IM<8$X*#IXV-DO[U
MK%%K("-$-[BM5M764NC-(54'^S"[(X#/#]D!,(>.++8*2\X1%EH'>2.ZW6V@
M*OS#L37)]"8XN(Y$EB]/MTK<4*C(&*0,?RM55#4/$G?Z_L^A+NJ)QI+; 88H
M<SI">8R9R2B'8K#.+*U<SZ 1P.8,]I0WY(.$\3NSF+543/T/ 0].'QT[5%%3
M(?4MJEI3&6G8 ]LV#0)W^JP$F59NB\5:&+C.:N#+#-B[\E,ROH[G[#=%298!
M= \Z*?X8T('"(FQ'K>RJK$IJMAZ4=E>)B]BL>]#7HET0,HK;?HRJ61&0K2>O
M>[#@Z*![*CI9;JB7!=(GD@3\#:2-9KV!VR1*EA=F>R(1:)*^!;^+N\/K(D[
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MQ%ZM!8+"_M68V"T<MA[1XB V@FZD[/%)*9:KQ6\1_2,G-R0-$EJ 5*R]NDV
M\'"9R91+L1FRUB]B<<S@-<B/_IRHUVAQ+9 -"ON9&9>:^E"':>MYJ5WOU*UN
MDX22=%C^J@@2\$S&A,S94'A:]5%N4FO=)L@*A>%-2>>V%EC"W?K-Z/Y",.R"
MN]J#HNBW"0)#8;&SHRBFN#&\^]16E.L]*(I^FR P%(8\.XIBBMO: T\\II^'
M9@]=3I%E?=$W]M0P""@UMN8Y=J6H.Y;<1T&8CVDT?8J3@I,L2^A;GC$QO<;&
M*5/M?  DCLM$6-,%D>;8PR[0-F.CXCM,7S%S2$LR!-:*0D)%6+;T/DWSC6N=
M_-J_6@/$@\O2J*4:4C "KQUC.R,6KI^2>$*S![D7^Z80" &%B=&,T7K_!20>
M-)B@8&M8J%VI<,MM#!G?Y F;E@J-85[7I+KGJ6BK:&O8IDWO]!R7U4E*N"6X
M OW $.9/!:Z<L2PKB+11$!D*"Y5%#=' *U 18VLEAD/#6A@[HX0?E56UI31J
M#,39P16E*4Z!VAA;.#'<?0AD4 X>6YHC:PU$BN):S(KJJ($*=,?8\HE!=T1N
M5VR/MDP%46;R#1:OB0]B" I.HW'QK[!D>!WI[9%DH\FK_TVB7OOY(/#<00W<
MIRP$2MI%5\I-(,'76.!#6@S7M_IP?29_Y#2E&7DAR0<-2#G 6:BZ:52T4BP3
M4C_<_7X:J.K0IOZP4A$H\$&MP<+\BFH!;)NYV8-\4H3&G#!+^+R Q:*ZL5@R
MHM. Y<^ 6+MV/MB+! 2*I6^3WGX7C7;Y'G[X-&1&4UA*7OP0QEP VQP6#,+:
M@FWR"6\P.$-QN65OC6X 7Z!\QB;J,9G0<LK\G--Q&0S!OF5C=U_\2+X6?TKO
MV==A].5O(0U&+#\8E-2P:Y@V"=R@N#MO9M5HAE;P6/&@B8+,E*-8MZWJAD:+
M("P4_C?M54,;K$ SD!G,U= 2^@$R>PK]@ BRYK5N$P36H>7&$ER!?B SF$MF
MQ9::H6C-.SW'Y5AA:S'A Q5HPT%MXP)M@#,?\T>G$QHLS1C<S?TP&M??BHDT
MHGF+(*RNK2-MP0HT0]_\C2TVE&SJW+X_6KND;7;K#>]1E.V"K+OJD=,.LD"]
M.OB"7SK][D&Q-!L&,7?0H<<&9H%J=="N+;,L[,[O*WO"'7 P'%W?+TT.S-=V
M):"6QIQ6W_0&Q\B"![6V[MB0AT!;]8W8V-;9&_I!QR22Q_Y>E?$&@R[MMT7]
M%Y#8U&#LGL2MP#O%NCX,_LAIPBYKTNP+R6:QS,E4ISI,UATRVYDC$^A$=Y/*
M=\;)_;Q#5IU]8!<$/FOH^'P;N;W LNCB?M'!I48*1L"TL;&7Q_3AD][E\[F?
M+$:3W7#5_4IW5XN0ZN+5F7FZ.Q3V+Z5819,K!TVO0OC:2G>':T=6I4O!K !,
M'R+W6DAWAVM#).!*L/Z) /4A7F_[='<#7%L:@Q%;1^$VW9TEV\?^,Y*@M:&5
M+ KL);K(+,7U;?]D4W IR=N:;D-;W;,);R$-F@"98/7'Y+'=#!Z"@+Z-R7Z&
M8D%+MC=M@#Q0[++MTEW'US9$+S:SV"'F?%S[-YMSOG C9QP !(<-(YC!7]B%
MSV]14CY:^+,0P16)R(1F:;\L&;6(PYVP9 Q0+*E*L6I:,@;B6'R=VCG;MF0,
M<*VD5;K,+1D#X;+Y5[-D#' 9J 1<&5@R!N*;PDY1:\&2@6N38S!BZRCZ8,D0
M;%\DI IJP&J&U0^M9(M/KA0-&BO%7KF&+0IS=B#I,TGSD*6M9UY-Y7/SK/3+
M@])/<2JT=]C] ,@>:_B1!IK4"#P"6\E>5>Z&\(3R0K(L+!.__HMF,R@/?QCF
MV2Q6^M!:_0YP@#6$1 ,%;".#OMEP;*YV*(Z7UE8[X?&RF_:91S])H,6/?GF4
M#"XOG._[#>TP1_@=2@JI:IEACMS[DPBN, #979X!JG)'(3"HB(H",%SG[8JX
M.7<10@1N;2=ZU CM(>+" ,[IF5DN=#5!511N;2!BBOY-_ 3^<"&/Z+]3T#L:
M.'W7IQ(WGQP>!@19E)7L7.JR<[E&YM0FT8J=+0P(\B"KV#GZI,G.JB @<WK.
M;\/.-@8$QW4E.P-==I8%X1QQTEUZMD$@RQ:<DN#G:?SQRYA0M@$_83\P[DXJ
M^V[XE?< Q^;P-LIHMA!LZ#BE0"-Q&2^$>SEAYRT=1"W8U769*A$(MW;U(@#3
MJ7>?4/*[!.UVVVVZ7N$\!WC]EWB2?86?7DDPB^(PGBY^]:/IG[,XOXX?LK%J
M!M1N @3AU/K#)X8[(1IBLI6S=P]+&?0YR6_'>?D$>X-%@UJ-JMX 5HU.<*H/
MQE:Z7K<7SOE;2O[(07*W'VPU@>^IW$7X-4"@*$Q1ZH51"XBME+W8R%7ZBPCK
MP&;O"(<92\:;-M5;H'J1B7>M^9])/$W\]QD-_%#7]ZM>APFF:^-9@<5QKEU+
M))-I':)Z2(OJ@& N<+D+":@3$*[ 92MQKE/"GV$OJ5J2UV48<!QSM/:HK??=
M5A);]Z0)-\V<4FQ+B<*N4*=#0MI6SVVEE'5*VQ?_&YWG<R5Q6^68 % X*^R2
MPB>/U_M>I(]=WT*O'&T6+)NR8NX45V*BP>4IIYQ,E6!L)6Y%R+-R&R2KQL2#
M8N%4,FA"_!8V6WE<W9]QAN,YC2AS+\F*()8 N_CI>D8C7SEYZS;!Q(9B<ZS!
MK>1 I(_45HY8NZ;GZJM P)-G9#1YH'-:TG"UD%BLC.HS(73DP-L$EZT$KX<G
M5^[1H]\"" *!,XDA;0V)WT)L*W&K7>I9+-B\[+,?WB9)G*3R6P9A!0;3O1^*
M,2T<:E40;>52M<OD;Q%TX]U?L#FK6%]8<+TO<4)>9W[T/'\;?&+_)R?7I TF
M#/>N$S;X;H :1TI4T34QRY8)G7A*:$"CJ>)"F%>8H71J!['&K0R>K92A3K?B
M5W[(@D^\S C)'N)EY&[Y65M4A8D%8P NR4E; <563DUT#"M/V>)*()H+%&]8
M%=SI$[Z%JW6VR_WNL)_\!=-I^9S,+\T HC!.*SF0;9=YD&PEB70Z3(O4"BR0
M=?GH]8'Z;S0L7ADJ;2&JJDQ,*$R@ALP;XK.5!M*]:8RM72\!B?R$QKI7_]7R
M3""X,BGI7_MS<-C*XNB6V"6NWZ+TG01T0HGXE9.RCC<X/L(5^I)#FX!H!29;
M*1E1D'T'I\# 9ZDP5.9L;@4F$A27DBK2Y%1S0=E*MHACMK83J.OX",4&K<&L
M+<#2.F\B!I);!^HZ/D.Q^U*1Q:=8",A6TD*[)Z4K/Z7!*GFG_)C$*<J@H1B"
M0JESSD9B'+:2_]FEZ(:&>;;)L"HGB5N8P4.Q_3&A28:D==X[#//D,YGF(6M\
M44:V5G@[[I9FPD!A6C+P>Q2B:)T%#R&ERM6/6QX$@L/P)"9+B]PM-*T3VF&@
M=Q65>FU=NY[YR53#XB2OR$2$8GJ6$<BG7 N8K91R.(XN#PUCE![CL"DV.*S4
M0=A*'(?#G?+7.*1C?['^]RI^V1-)BIQY.KZ5JC:\P24*ISHAI7P-,,0GT MC
M4Q2&")-CYCS(,F9N=J"C"3/,T&G$WM71,?435?A(W49@%.*Z"-93#U.  OTP
M-F%AT ]16-;EK1L!A.S"91B-5^E5;[^]DRB532<M6@4!X[K T-6@EH@%*G70
M"%-[5:G7F9_]*\[#\?W\W0^RV\F$!"P$)11Y!E&;:Y.B0<]QQ *[BJ0%5J!#
M!XV#A2T2+;8W0*VTP),\ CHQ-NZU\R&T=!B!]95.:.!'&1RXHBFYCT13:?I,
M_!0@OX6+ISA-*6SZA_,X9ZZ79160PWA96G:BV<\7/22O" T5;:_2$"BJL\AB
M+7QTW@E[@!--'P#YM9\DBTF<?/63L6Q*$E?RCI!E<-%3%A4@ =_&ED_W?*_7
MU_4&CJVRSZ#D44!#6O*4W1$ Z(>ECW&<++8*2Q3#0NO>T5$7#UK6D M4S=@*
MNX=(7!7O\Z>B+R =ZH=;((;C#^8/-X;3P"/YNHE2=<N.!N\)3;GG<9O->X/!
M)0K;O*8&[0&[(&ILMZRY.B,*?GG[C<S?L[),RYFIUAH3)@J;_QZF(CY4@=[@
M>6@K'!LO<S\,GY(8=FB69AI^BTQ0N![C6II<I' %>H'GC>ZU'P;L6HP]@O)3
MFA;OUVX("&A<8OI"LED\UM 'S9:88+JTT6T'4\"_XX>Z:SBWW_PYC<HP N\D
M8J&@T[LXJ?Q:2;RZ"?;NN4L;TX;X!%0[?LG+P\%Y &E",Z<Z$T&73/0-L GH
M=>SAR#*1S>)P# ?PXD8A"9C0IV04/9-W/TNH7[F]$I%LU B39^?6\28(!82W
M\9<\3%*O9Q(R.$]^DBV*)\M^P!JM9& 7E7"8^DO4)8W\7ZJJWN6QNV3L2IE?
M+;;^HLH5UJ0]$ "*:R\]H@1&Z>; ^Y $7@^TTLM6MQ$0'(XKLN:L\]7(5 1]
MR"U?1:;AM%LO#() 810TI4ZM %5\*+.L7<]R/WKS56%7:L4 $(IK1Y&H.?LS
M+@*WR>(%E#PE)*"I(N;"5B$X/QRA6WX5?/  6$JHAF8JK,PAS=;-Y52#PYAU
MH(5R@]E2!C>,ZF"T2.[4 _&@<(=6,FA$?!6;I>1P=B?FS[D/O<T(N2.*V7FW
MI'=Y@L)ZI2%[SF0MPN,V*9R IM(]*'TF :$?1)&%BEL8P*%;3O7)DD!"F2:.
MV<>*8(:*I[GU<@ )Q0FR&4M\-+92O=EEZ(4D'S103WOU<H )\[E.P1 ?32_R
MMYFEA[D\P>%I87T#NHVP%\G;S'/(7)[@.,IODR%AK-KO7J1@$ZCS@\9#6555
MD!**D\*A#H\UX+U(WB8Z997;O-&D\KL&%@9.*][E*0IG"CV.S8P+0KBVTK[M
MP;6WW,FS$7$=AR$I.KW<G*2P.[DA:9#0=YF/A7X++)HMBAFC"?G-L/8B=]Q-
M3E[CBLPH2:_+\*62.4%<B1ED.S\'*.'U(OW<4Q('A(S3.Y#=EOV=O,FXEU5C
MXL%LK=)B7P/@'O+7'<;_9I2,:>0GBR)X!'O<O7ZT\@R?2#[(=H%&3C>"Q4CY
M:8D[C5D#WOFQJS&UV:X6H=:N%D7@-7W/F9U:WKG[_!1F@N</*A7$/CC"V VR
M>H[,=L+G3<"V%%4?'%?:QEH]1V$[D?/$YU8 QJV3BB52X_D\C@J 0Z4I;+>P
M=X["^5A D(!-/@I+_BT80C94$%Z9D'JU$@<*)XJFI%916/*2V4LNK^5.8ESN
M,53W>;MEO7,4Q@<MFN0@^N"\\D)8\+'ATZK'A3S4N07$M;P+%$8%HU&H@F/)
M5<5]](GU+N+VCYQF"Y96,H[8!;7NWI=7ST.2&*;=_E>(S*T#C*6W_-O@E-M@
M;GD/1Y(V-6-\IL68W+K,V-P[Z<W>.V4]''%WQ0S)-D]U'+;\:]S/UL/QF)8P
MGGPZOH^N_7>:^:&27VD]#T?@=%.NU9AL>>VXY_V9V7(CC706\@H>CHCIIDQ+
MP-ARWW%/\6M"_#1/%GH3-J>T=X'"+&5*K@B)+2<?6\RF)/AY&G_\,B:4D7K"
M?F!<GE2XA%]Y#V3JA[=11H7/)CFE/"1/WXTVS"(<B/QO=$DK$0@WP?4BWH53
MNY)(\+OT['3:EL.+75=C%CD-_EO$QE#Y[O/*>A=.#4A<27/,1L*N.W9&$;'"
M0/MZI.P6]2Z=6GVT.1'TW):7R%X,KH_DZRBA3)KA[3@O4QQOH@]^3N+\_3X*
MY)29M.$-H ==8+,!J#VX@[B]T7S0\"#FEO<N.VRU$R,2$.SX_=,PSV9QPN)>
M%Y<(R\.K:+#R2WN7*,QO8M%S1J@$B<"UH(-FFD(4+"X4]*0\#SW&&2E^^_(>
MTNPZCF!=2 'H,R-K(!FIIDUYER@,=[HZT0JF0&$Z:-^IV"V7CEKK8:)GM:W7
M\G $7#95 Q4B >/&YAX\O@T%UB<_&27%+<;XGWZ8$XTL:AJU/1RQDEOH@!29
M0!<ZF!AK1^OOTS0W&_EE#>\2A0FP]:BOH!&PW&%OI@K.49ZEF1^Q\)$F9%>J
M>3AB7[=FO Y)0/N!_9ULO=6H.I$8K._RBAZ.<->FU&N $I#?R:13VW ;+/1Z
M#7@X4J6V4P8I.(%2'-@@M[\90;GFBRMY QQQT&U,!55$ LJ-37-8*==;_A4U
M050HS'8VR-^!)=  8]L=!@TH<);J?9,G !&F-QHO?8@?R=?B3W*72YT&0'"=
ML@HV02=XK])52^$NZF+Y:Z$3V_5!:-TU"NJ!$VC$04V!HCA:.BCN(\H2 #WE
M;R$-1A/H,7]1:-DB"*M3-B$K< 6Z<6"CH9EVU*:]IX1^P+;X*?2#PM'94#,4
MK8&8.F4W:@U5H!'&IL-#:@1?W=OIA5:;(+).V9@L 1;H2"<-C\/Q?_(T*^).
MOL8"O^F*Q-C_LKR6UW$JS8/>IED0<B?-5^TQ"Q3KH#&G#G"BV=S8CB;ESQE+
MX_U" BC*HO(T/>DH&_8&@TZ:0VR@%BB7L>D4@7(QV# U!]+@*^M" +^39I Z
M @&!'7Q9RD(NW4=IEN1LMKQG*4Q)FA6930L3[R9;FH1@_49 ?)T\Y)HB%"A(
M!Q/?;R-_)<E<6Q%881!')WU<1$@$Q&)(,_], @:23FCI4BO8]PRC<?VIENA
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M*[L\\I6EAKH/%LL"TA>BB,=7*07041@+:EQ("*OVNP^6R"\THO-\KB1MJQS
M1W&8V6&$3QRG[WVP!7[QO^E15RT'\%'LZG6IV^V[)3-:-U-TZ5P+M&\<!(W#
MI^\0Z[ M<5DRMW53+WE'Q96SV#]C9A,/:;9XAOWU/A17_^M %0X'/DM*9UFE
M3079G[1&^Y#8#?V@8Q*-7:A]]=O>^1D.-[_N*?VN&"W9^MJH/+/A%8H\.%JJ
M<9$=WK( RA?E7_(PH^]< ]'^/PH2[W;T&ZGB'DI^;;,C]7.2?J;I[W<)81[
M!+0J.^0DS?LV<(7#8[,[D[18C*V3)>'2>:VH+LO8'V<H;.P'T*(*7EO)@W9=
M'9S>PZU/OVOE'TVJ<9YA>_+]-F[G>F;@[C9N*P&]CJ/VTLUQ,$ Q]=N0O&#
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MZIG;%YW;H52'M1:WS=X1CJB4EBV1$JP"M>BH>7)Y.-M.K_3D)\7F?>5@MPD
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M1J>L*@#THZQ:=@PCD;*RVI!?/C!!&#A 974&.[ZPG,>S#YB)TQ?V "-BG@J
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M9@ 2Y1"AUI,'9C%"B^%&O]H#Z$=NM>P8T!Z12.(3$X2! Y1;9[#C"\MY//N
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M*P 1              "  0    !T961U+3(P,38Q,C,Q+GAM;%!+ 0(4 Q0
M   ( (2(F4KP+G]W.1H  .4O 0 1              "  =]L @!T961U+3(P
M,38Q,C,Q+GAS9%!+ 0(4 Q0    ( (2(F4JG*#0'O!8  $&5 0 5
M      "  4>' @!T961U+3(P,38Q,C,Q7V-A;"YX;6Q02P$"% ,4    " "$
MB)E*(5W[SSMS  #F@0< %0              @ $VG@( =&5D=2TR,#$V,3(S
M,5]D968N>&UL4$L! A0#%     @ A(B92K>F#6VZI@  5" ) !4
M     ( !I!$# '1E9'4M,C Q-C$R,S%?;&%B+GAM;%!+ 0(4 Q0    ( (2(
MF4J%RI9Z=H4  /WP"  5              "  9&X P!T961U+3(P,38Q,C,Q
>7W!R92YX;6Q02P4&      8 !@"* 0  .CX$

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
